Economic Forecast for 2023: Short Recession, Manageable Inflation, Report
The US Chamber of Commerce recently released a report on business' economic outlook for 2023. The forecast comes after a meeting with chief economists from various businesses as well as top economists from the chamber.
Highlights of the forecast include;
Mild But Short Recession
The committee of forecasters suggests that 2023 will produce a short recession caused by consumers and businesses spending less because of high-interest rates.
Businesses Less Likely Pass Along Fees
Based on a recent poll, one chief economist suggests that in 2023 businesses will eat more of the increased costs they occur instead of passing the costs down to their consumers.
The Federal Reserve's Role
The committee of economists agreed inflation will come down significantly in 2023, bringing prices down closer to the Fed's 2% inflation target.
The report was conducted by the US Chamber's Chief Economist, Curtis Dubay.