The Congressional Budget Office expects the U.S. economy will grow at a 4.6% annual rate this year, with employment returning to pre-pandemic levels in 2024.

The 10-year outlook issued Monday said the economic recovery from the coronavirus has been boosted by an unprecedented wave of government spending to combat the outbreak, such that growth could pass its maximum sustainable level in early 2025 before returning to a long-run average of 1.7%. Based on the CBO’s projections, economic growth would be the strongest since 1999.

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While the growth estimates suggest a quick snapback in gross domestic product, the CBO shows that hiring will occur at a lag as consumer spending returns and employers become more comfortable with adding workers. The CBO projected that an average of 521,000 jobs will be added monthly this year, a pace that would fall to 145,000 in 2022.

Congress has spent $4 trillion to keep the economy stable since the pandemic shuttered schools, offices, restaurants, gyms, and other businesses, leading to roughly 10 million job losses and an economic decline of 3.5% last year.

Read more at NEWSMAX.