White House expects a significant cooling of the US economy in 2024. Even if inflation falls, it will stubbornly remain above the Federal Reserve's target. US President Biden announced the fiscal year 2025 budget on Monday, with a forecast for 2024 economic growth of 1.7%, well below the surveyed economists' median estimate of 2.1%. Following an unexpected 2.5% economic growth in 2023, most forecasters believe that economic growth will slow this year under the restraint of high interest rates. The expected numbers in the budget were finalized in November last year, before the strong 2023 GDP data was announced. Although the predicted growth rate is lower than the economists' expectations surveyed by Bloomberg, one of Biden's senior economic aides stated that if looking ahead five to ten years, the government's economic growth rate estimate is higher than many others' predictions.