The White House lowered its growth forecast for the US economy to 1.4 percent from 3.8 percent this year.

The economic forecasts in the budget proposal for 2023, which US President Joe Biden’s administration submitted to Congress in March, were revised. Accordingly, it is estimated that the US economy will grow by 1.4 percent this year, 1.8 percent next year, and 2 percent in 2024. Inflation forecasts are 6.6 percent for this year, 2.8 percent for next year, and 2.3 percent for 2024.

The budget deficit forecast of the USA this year was reduced by 383 billion dollars to 1.032 trillion dollars.

It was noted that these revisions were due to the war started by Russia in Ukraine, the ongoing supply chain disruptions, and the effects of the Covid-19 outbreak.