British bank HSBC has raised its forecast for U.S. GDP to 5 percent in 2021 from 3.5 percent on Wednesday local time.
It also has increased the forecast for 2022 to 3 percent from 2.5 percent.
Bank of America also has increased their estimate for 2021 and 2022 U.S. GDP growth on Monday Washington time.
The estimate has gone up to six.five percent from six percent.
The bank has increased its economic growth forecast for 2022 GDP growth to five percent from four point five percent.
Anticipation ahead of the near two trillion dollar pandemic stimulus package has contributed to the upgrade.
President Joe Biden's package contains four major provisions.
If approved it would provide stimulus payments to eligible recipients.
1,400 dollars per person under certain income thresholds and 1,400 dollars per eligible dependents which include households with mixed immigration status.
The stimulus package would provide 400 dollars to the jobless, and extend payments through September.
The plan would also inject money into schools to help with reopening and make them safer to attend.
The federal minimum wage would be gradually boosted to 15 dollars an hour by 2025 from the current 7.25 dollars.
Vaccinations and more coronavirus testing would also be possible with the stimulus package.
The House Budget Committee approved the Covid-19 stimulus bill on Monday.
By Sunday, the House plans to pass its version of the bill on to the Senate.
This could then be sent on to Biden for approval by March. 14th.
SEO Eunkyung, Arirang News.