Tags: economy | grow | 2.3% | survey

WSJ Survey: Economy Will Grow 2.3% Next Year

Tuesday, 18 Dec 2012 08:30 AM

By Dan Weil

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The economy will expand 2.3 percent in 2013, picking up a bit from 1.9 percent this year, according to the average forecast of 52 economists surveyed by The Wall Street Journal.

"The economy is waiting to grow," Ram Bhagavatula of Combinatorics Capital tells the paper. "Just give us some normalcy. I don't see any piece of the economy that should be subtracting next year."

To be sure, 2.3 percent growth isn’t exactly going to fly anyone to the moon. And the economists expect unemployment to dip only to 7.5 percent by the end of next year from 7.7 percent last month.

Editor's Note: 'It’s Curtains for the US' — Hear Unapologetic Warning from Prophetic Economist.

"It's very disappointing to say that 2 percent growth is where we are, but it's going to be hard to generate anything stronger," John Silvia of Wells Fargo Securities told The Journal.

"Too many people are waiting for a solution to the European situation and the fiscal cliff, and thinking that's enough. You've got a long workout for the U.S. economy."

But some economists say solving the fiscal cliff will make a major difference.

“You would think there must be for most businesses a list of projects they’d like to do which they’ve just been pushing a little bit into the future,” Nigel Gault of IHS Global Insight tells The New York Times.

“When they know more about the future, and what tax rates they’ll be paying, they will be able to dust off those plans and finally execute them.”

Editor's Note: 'It’s Curtains for the US' — Hear Unapologetic Warning from Prophetic Economist.

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