The Economy: How the Experts Size Up This Year

ECONOMIC statistics cannot be predicted to the last billion dollars or tenth of a percentage point —and indeed it has not been unknown for some Government forecasts of the value of national production to be off by $15 billion. For 1971, TIME'S Board of Economists came closer than most seers. Its members' predictions of gross national product averaged $1,049.2 billion, and they forecast that unemployment would peak at 6% to 6.2%. The actual figures: around $1,050 billion and 6.2%. Now the economists are putting their numbers on the record for this year. Their forecasts:

GNP (in billions) REAL...

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