The economy won't grow this year as much as anticipated and neither will the S&P 500 Stock Index, according to a survey of economists, fund managers and strategists conducted by CNBC.

Survey respondents predict the economy to grow 2.8 percent this year, compared with a 3.1 percent forecast made in April.

The S&P 500 (SPX) should hit 1367 in December, about 2.7 percent lower than the prior forecast, although stocks are probably due for a breather after a two-year bull market anyway.

NYSE traders (Getty Images photo)

"The market setback is only temporary," says Scott Wren of Wells Fargo wrote in response to the survey.

"After the 100 percent gain in the SPX since the March '09 lows and the likelihood of the Fed beginning to verbally prep the market for rate hikes in 2012, it would be typical for the market to take a mid-cycle time-out before beginning the second up leg of this cyclical bull market."

Some 82 percent say the Fed will not renew its bond buyback program, which is due to end in June, compared with 66 percent in the April survey.

The economy is growing as it recovers from the worst recession since the Great Depression, although high food and fuel prices may be dampening that recovery, some say.

Still, the Paris-based Organization for Economic Cooperation and Development (OECD) recently raised its growth forecasts for both the United States, predicting the economy to expand by 2.6 percent this year as opposed to 2.2 percent predicted in November of last year.