Top economists are predicting economic growth in the U.S. will pick up in the year ahead, according to a report released Monday by The National Association for Business Economics.
The optimism comes despite massive U.S. deficits, the problems in Europe with the euro, and the current weakness in the stock market.
"Although risks involving Europe have recently escalated, the outlook in this country has improved in most respects," said Lynn Reaser, the group's president and chief economist at Point Loma Nazarene University. "Growth prospects are stronger, unemployment and inflation are lower, and worries relating to consumer retrenchment and domestic financial headwinds have diminished."
Some analysts believe the recession, one of the worst downturns of the last century, bottomed out last June.
The NABE survey of 46 professional forecasters was taken April 27 to May 7.