The White House cut its forecast for US real GDP growth for 2022 sharply to 1.4% from 3.8%, its previous estimate in March.
According to Arab Net, he cited the re-emergence of the Covid-19 omicron mutation, the war in Ukraine, persistent inflation and high interest rates as reasons for the slowdown, according to Reuters.
The White House also lowered its inflation forecast for the current year to 6.6%, from 2.9%, estimated in March.
The average unemployment rate for 2022 was revised slightly down to 3.7%, from 3.9% estimated in March.
