Each year, the president's Council of Economic Advisers prepares and sends to Congress The Economic Report of the President. The report published in February 2008 contained the following summary of the economic situation: "Economic growth is expected to continue in 2008. Most market forecasts suggest a slower pace in the first half of 2008, followed by strengthened growth in the second half of the year."
a. What in fact happened to economic growth during 2008?
b. What conclusion can you draw from your answer to part (a) with respect to economic forecasting and the formulation of economic policy?