WASHINGTON (AP) — Business may have good reason to celebrate the coming year.
The National Association for Business Economics says it expects a stronger job market and falling oil prices to lead to the fastest U.S. economic growth in a decade in 2015.
The NABE says it expects the overall economy, as measured by the gross domestic product, to expand by 3.1 percent next year. That would be the strongest GDP growth since 2005 when the economy grew 3.3 percent.
The 2007-2009 recession was the worst downturn since the 1930s, and the economy has struggled to regain its footing. The NABE forecasters believe growth this year will average an anemic 2.2 percent, matching last year’s performance.
NABE President John Silvia, the chief economist at Wells Fargo, said NABE is also forecasting that inflation will remain restrained in 2015.