Business Economists Lower Growth Forecasts

Washington, DC, Sept. 13, 2011 -- Economists with the National Association for Business Economics are scaling back their growth forecasts for 2011 and next year.

In their latest forecast, NABE economists predict that the economy will grow 1.7% this year, down from its previous prediction of 2.8% expansion.

For 2012, NABE is forecasting growth of 2.3%, compared to a May forecast of 3.2% growth.

NABE said that factors hurting growth include low consumer and business confidence, as well as high unemployment, federal deficits and the European sovereign debt crisis.