Category: usa

Key Assumptions and Implications Major assumptions underlying the projections and selected implications include: Economic Growth • U.S. and world economic growth reflect a recovery from the global financial crisis and economic recession, with a transition back to steady economic gains. • Global economic growth is assumed to rebound to a 3.3-percent average growth rate for 2010-19. A resumption of high growth rates in emerging market countries, such as China and India, and a return to strong growth in other developing countries and countries of the former Soviet Union underpin this macroeconomic result. • The U.S. economy resumes growth at 2.5 percent in 2010 and 3.2 percent in 2011, followed by an average rate of 2.7 percent over the remainder of the projection period. With slower growth in the United States than in the world economy, the U.S. share of global gross domestic product (GDP) falls from about 27 percent currently to 25 percent at the end of the projection period. • The return to broad-based, steady global economic growth supports longer term gains in world...