Under the “median of modes” outlook in the SEP, GDP growth this year is projected to be 7 percent on a Q4-over-Q4 basis, which, if realized, would represent the fastest four-quarter GDP growth since the 1980s.
Under the projections, GDP growth does step down to 3.3 percent in 2022 and further to 2.4 percent in 2023, but to a pace that still exceeds the projected pace of longrun trend growth in all three years of the projection window.