Strong Growth Predicted
SAN FRANCISCO, Sept. 20 (AP)ÛÓBank of America, the nation's largest commercial bank, issued its economic forecast for 1973 Wednesday. The picture included reduced unemployment, increased inflation, and continued strong general economic growth. .</br></br>The unemployment rate, the bank 'predicted, will drop to 5.3 per cent in 1973, from 5.7 per cent ,this year. Inflation, however, will proceed at a 3.9 per cent clip next year, compared to 3.3 per cent in 1972, it said.</br></br>The gross national product, Bank of America; predicted, will grow at the cur-rent-dollar rate at 9.6. per cent in 1973 on top of a 9.7 per cent 2972 rise. But real output was expected to grow only 6.3. per cent this year and 5.1 per cent next year.</br></br>Housing starts will start falling off, the bank said,. after ÛÏtwo years of very-strong housing investmentÛ which has caused ÛÏlocalized overbuilding and increased multi-family vacancy rates.Û Anticipated r higher interest rates also will contribute to the slowdown in housing growth, according to the prediction, which says housing starts will drop 11 per cent in 1973, after rising 11.2. per cent in 1972.</br></br>Consumer spending should grow 8.3 per cent this year and 8.6 Û¢ per cent next, while corporate profits will rise 12.1 per cent this year and 12.6 per cent next, the bank said.