16 December 2004 19:08 [Source: ICIS news]
WASHINGTON (CNI)--Top US government and private economists said Thursday they anticipate solid if moderate US economic growth in 2005 with good job growth, low inflation and low interest rates that will be “good for businesses across the economy.”
Kathleen Cooper, undersecretary for economic affairs at the US Department of Commerce (DoC), told a meeting of economists and business leaders here today that the US economic expansion will continue through 2005, although she expects the rate of growth next year will moderate to around 3.5% compared with the 4%-plus growth rate that is likely to be this year’s final measure of economic expansion.
“We will see good, solid growth next year,” Cooper told an economic meeting at the US Chamber of Commerce, a private trade group not affiliated with the ?xml:namespace>
“Growth probably will slow somewhat next year to around 3.5%,” she said, “but it will be a solid improvement with underlying and continuing low inflation rates of around 2.5% and unemployment falling to about 5%.”
Cooper, the top economist at DoC and formerly chief economist at ExxonMobil, said
Daniel Laufenberg, vice president and chief economist at American Express Financial Corp (AEFC), echoed Cooper’s forecast, saying he too expects
Nariman Behravesh, chief global economist and executive vice president at consulting firm Global Insight in
Behravesh said that while economic expansion will continue in much of Asia and in Latin America, economic performance next year in the European Union (EU) “will continue to be disappointing” and one reason for the reduced growth rate expected for the
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