a person runs in front of the us capitol building during morning hours in washington february 10 2022 us economic growth will exceed 3 in 2022 while roaring inflation has topped and will cool each month to around 2 by some point in 2024 according to a government forecast published wednesday the nonpartisan congressional budget office estimated that real gross domestic product or gdp will grow 31 in 2022 driven by consumer spending and demand for services according to the report released wednesday it revised its estimates for gdp growth in 2023 and 2024 upward to 22 and 15 respectively but still below this years pace in cbos projections the current economic expansion continues and economic output grows rapidly over the next year the cbo said in its report to fulfill the elevated demand for goods and services businesses increase both investment and hiring although supply disruptions hinder that growth in 2022 the upbeat tone of the report appeared to include an implicit prediction that the federal reserve the nations central bank in charge of managing inflation will be able to raise interest rates throughout 2022 and 2023 without tipping the us economy into a recession while the cbo projects inflation will stay well above the feds 2 target throughout 2022 and 2023 it also said its likely that the pace of price increases wont rise above current levels growth in the core pce price index the metric the central bank prefers to use to measure inflation rose from 14 in 2020 to 46 in 2021 the cbo estimates that the figure should recede to a 38 pace in 2022 due to the persistent effect of higher home and rent costs the cbo believes that the fed to counteract inflation will hike its benchmark overnight interest rate to 19 by the end of 2022 well below the markets expectation for a figure north of 25