Stagflation: Economists expect elevated inflation, declining GDP growth

conomists across the U.S. expect ongoing inflation as the growth projections for the U.S. economy have plummeted, according to a newly released survey.

The National Association for Business Economics released a survey of 234 economic experts Monday that highlights major concerns about the U.S. economy. The report found inflation ranks as a top worry for economists.

“Inflation continues to be of prominent concern for a majority of the NABE Policy Survey panel,” said NABE Policy Survey Chair Juhi Dhawan, Wellington Management. “More than three out of four (78%) panelists expect inflation to stay above 3% through the end of 2023. When asked about what can be done to mitigate high gasoline prices, 31% recommend releasing oil from the Strategic Petroleum Reserve and almost a quarter (24%) believe no response is necessary.”

The latest economic data showed the highest inflation in about four decades. At the same time, gas prices have risen to new highs in recent weeks.