AnUpdatetotheEconomicOutlookfor2024to2034in20SlidesJune2024TheseslidesrepriseinformationpresentedinCongressionalBudgetOffice,AnUpdatetotheBudgetandEconomicOutlook:2024to2034(June2024),www.cbo.gov/publication/60039.Foradditionaldetails,seeChapter2ofthatreport.Definitionsoftermsusedinthisslidedeckappearattheendofthedocument.Theyearsreferredtointhesefiguresarecalendaryears.GrowthofRealGDPEconomicoutputisprojectedtogrowmoreGDP=grossdomesticproduct.slowlyin2024thanitdidlastyear,asthegrowthofconsumerspendingslowsandasthegrowthrateofimportsrisesrelativetothegrowthrateofdomesticdemand.Outputisprojectedtoincreaseby2.0percentayearin2024and2025,beforesettlingatagrowthrateofroughly1.8percentayearthrough2034.1UncertaintyofCBO’sProjectionsoftheGrowthofRealGDPCBOestimatesthatthereisapproximatelyatwo-thirdschancethatfrom2024to2034,realGDPwillgrowbyatotalofbetween15percentand29percent,andtheannualgrowthrateofrealGDPwillaveragebetween1.3percentand2.4percent.GDP=grossdomesticproduct.2UncertaintyofCBO’sProjectionsofEconomicOutputCBOestimatesthatthereisapproximatelyatwo-thirdschancethattheannualgrowthrateofrealGDPwillbebetween0.8percentand3.2percentin2024andbetween−0.5percentand3.9percentin2027.GDP=grossdomesticproduct.3AverageAnnualGrowthofRealPotentialGDPandItsComponentsRealpotentialGDPisprojectedtogrowbyanaverageof2.1percen...
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