A panel of top US business economists expects the US economy to rush to a 20-year record growth pace in 2004, fast enough finally to shrink the jobless queues.
A panel of 28 economists in the National Association for Business Economics (NABE) yesterday said investment would boom next year, adding power to an economy brought to life by huge tax cuts and low interest rates.
The NABE expects the US economy to grow at 3% in 2003 and 4.5% in 2004, the speediest rate for any year since 1984. In a similar survey in September, NABE analysts had predicted gross domestic product growth of 2.6% in 2003 and 4% in 2004.
The NABE expects investment by businesses to jump 10% next year as firms catch up with consumers and begin spending some of an expected 15.5% increase in profits.
It says President Bush's $350 billion tax cut package appears to be driving up consumer spending.
