An Update to the Economic Outlook: 2018 to 2028

Source: Congressional Budget Office, publication no. 54318, August 13, 2018

From the summary:
In CBO’s updated projections, real gross domestic product (GDP) grows by 3.1 percent in 2018 and by 2.4 percent in 2019 before slowing in the following years.

CBO regularly updates its economic forecast to incorporate changes in the agency’s methodology and to ensure that the projections reflect recent economic developments and current law. This report presents the agency’s latest economic forecast, which includes the following key projections of real (inflation-adjusted) gross domestic product (GDP) and other factors:
• In 2018, real GDP is projected to grow by 3.1 percent.
• Growth of actual output is expected to outpace the growth of its maximum sustainable amount through the rest of 2018 and 2019, creating excess demand in the economy.
• Excess demand will put upward pressure on prices, wages, and interest rates over the next few years.
• From 2023 to 2028, real GDP is projected to grow by about 1.7 percent each year.