OLD NORMAL: Bill Gross Doubles His US GDP Growth Forecast

Bill Gross, who runs the biggest bond fund in the world at PIMCO, has been pessimistic on U.S. economic growth ever since the financial crisis in 2008.

PIMCO coined the term "New Normal" shortly thereafter to describe an economic environment characterized by slow growth.

Today on Bloomberg Surveillance, Gross said the U.S. economy may grow at a 5 percent nominal rate this year, and real GDP growth may hit 3 percent.

This compares with PIMCO's latest forecast of 1.25-1.75 percent real GDP growth, which was published in December.

In late January, PIMCO CEO Mohamed El-Erian told CNBC in an interview that the era of the "new normal" may be drawing to a close.