• Sun. Apr 14th, 2024

Business Optimism for US Economy Increases as Cisco CEOs Forecast Higher GDP Growth Rate

BySamantha Johnson

Mar 7, 2024
CEO Confidence Rises, No Recession Predicted

Business Roundtable CEOs have expressed optimism about the US economy for the first time in two years, with a 11-point quarter-over-quarter spike to 85. This is above their historical average and suggests accelerating economic activity in the U.S. over the next six months, according to Chuck Robbins, Business Roundtable Chair and CEO of Cisco.

CEOs forecast a 2.1% growth rate for US GDP in 2024, up from their previous estimate of 1.9%, indicating that they are aligning with growing calls for a soft landing of the US economy and reducing the likelihood of a recession. Official data shows that the US economy grew at an annualized rate of 3.3% in the fourth quarter of 2023, exceeding the consensus estimate of 2.0% growth.

The IMF expects global growth to be higher than anticipated at 3.1% for 2024, largely due to the strength of the US economy. This is consistent with improving sentiment among Americans as reflected in the University of Michigan consumer sentiment report, which showed that while it dipped slightly in February, it remains higher than last year’s reading.

However, CEOs also expressed concerns about government policy and regulation, with many expressing worries about excessive regulation and overreaching antitrust actions. Joshua Bolten, CEO of Business Roundtable, urged policymakers to focus on promoting economic growth and creating more American jobs instead of stifling economic mobility through burdensome regulations and antitrust actions that could slow down business innovation and investment.

By Samantha Johnson

As a content writer at newszkz.com, I delve into the realms of storytelling, blending words to paint vivid narratives that captivate and inform our readers. With a keen eye for detail and a passion for research, I craft compelling articles that resonate with our audience. My love for words drives me to explore diverse topics, ensuring that each piece I create not only educates but also entertains. Join me on this journey as we navigate the ever-evolving landscapes of news and knowledge together.

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