Economists See 'Markedly Stronger Growth' In 2-Year Forecast

The growth rate of the U.S. will be strikingly faster during both 2015 and 2016 compared with last year, according to a major survey of economists.

The survey of 50 professional forecasters by the National Association of Business Economists, predicted 2015 growth of 3.1 percent, slowing to 2.9 percent in 2016.

The gross domestic product grew at a pace of 2.4 percent last year.

Economists expect "a markedly stronger pace of economic growth in 2015 and 2016 than was recorded last year," said the group's President John Silvia, chief economist of Wells Fargo.

Against this backdrop, 88 percent of economists surveyed by the group expect the Federal Reserve will commence tightening of monetary policy in the second or third quarter of 2015.

The federal funds rate is expected to reach 0.75 percent by the end of the year, and 2 percent by the end of 2016.

Forecasts for both years are similar to the median assessment of members of the Federal Open Market Committee issued earlier this month.0

The panel of economists expects 2015 inflation will grow at less than 1 percent. Inflation will accelerate in 2016, however, as oil prices rebound and the dollar's appreciation slows.

The outlook for unemployment has also brightened: in December the 2015 unemployment rate was expected to average 5.6 percent; the current median forecast is 5.4 percent.

For 2016 unemployment is expected to decline further to an average rate of just 5.1, according to the survey.