Business Economists Up Growth Forecasts

Washington, DC, Feb. 28, 2011 -- Economists see faster growth than they were predicting in November, according to a quarterly survey from the National Association for Business Economics.

However, the economists expect unemployment to remain high and the pace of the housing recovery to be sluggish.

The 47 economists polled in the survey expect the economy to grow 3.3 percent this year. That's up from November's prediction of 2.6 percent growth.

The faster growth will be driven by pent-up demand from consumers ready to spend again, strong growth in Asia and business spending on new equipment and software.

Economists are "concerned about high levels of government deficits and debt, excessive unemployment, and rising commodity prices," the president of the association, Richard Wobbekind, said in a press release.

Wobbekind is associate dean of the Leeds School of Business at the University of Colorado.