U.S. gross domestic product could grow by 1.8% in 2013 and by 2.8% in 2014, indicating a period of moderate growth, according to a new report by MAPI. The report predicts manufacturing production will grow by 2% in 2013 and by 3.2% in 2014. "Much of the outlook is predicated on political dynamics," cautioned MAPI's chief economist, Daniel J. Meckstroth. "In order for the transition to moderate growth to occur successfully, there needs to be compromise on the 'fiscal cliff' issues, agreement on raising the debt ceiling early in 2013, and establishing a 'grand compromise' plan for meaningful long-term federal deficit reduction that phases in over several years."
Published in Brief: