US economic growth will hit 7% this year on major stimulus boost, BofA says in latest upgrade

People shopping at the Union Square Greenmarket as New York City continues reopening efforts on December 4, 2020.
Noam Galai/Getty Images
BofA lifted its 2021 US GDP forecast to 7% from 6.5%, the latest in several upgrades by the bank.
The firm sees strong spending already and unemployment falling to 4.5% later this year.
The White House's plan for up to $3 trillion in new spending can further lift growth, the bank said.
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