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HenryGoei
2021-07-02

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IMF sees much stronger US growth, 2021 GDP up 7.0%

WASHINGTON (AFP) - The IMF is bullish on the US economic recovery, predicting growth will hit 7 per

IMF sees much stronger US growth, 2021 GDP up 7.0%

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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIMF sees much stronger US growth, 2021 GDP up 7.0%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-02 07:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://www.straitstimes.com/business/economy/imf-sees-much-stronger-us-growth-2021-gdp-up-70><strong>The Straits Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>WASHINGTON (AFP) - The IMF is bullish on the US economic recovery, predicting growth will hit 7 per cent this year - much stronger than previously forecast and \"the fastest pace in a generation,\" the ...</p>\n\n<a href=\"http://www.straitstimes.com/business/economy/imf-sees-much-stronger-us-growth-2021-gdp-up-70\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯"},"source_url":"http://www.straitstimes.com/business/economy/imf-sees-much-stronger-us-growth-2021-gdp-up-70","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2148827151","content_text":"WASHINGTON (AFP) - The IMF is bullish on the US economic recovery, predicting growth will hit 7 per cent this year - much stronger than previously forecast and \"the fastest pace in a generation,\" the Fund said in a report on Thursday.\nThe cheery analysis is a boon to President Joe Biden's administration and comes amid data showing an improving job market and on the eve of the all-important official employment report.\nThe International Monetary Fund's annual review of the US economy put growth at its fastest rate since 1984, and also boosted the 2022 GDP forecast to 4.9 per cent, 1.4 percentage points higher than the April estimate.\nBut while the IMF mostly cheered Mr Biden's policies to support the economy, the report flagged \"significant concern\" over the fact he has not pulled back on tariffs on goods like steel and aluminium imposed by his predecessor.\nThe United States has seen a \"remarkable recovery,\" the Fund said, helped by \"unprecedented\" support from government spending and the Federal Reserve's \"highly effective\" stimulus measures.\nThe report notes the potential for growth to be even higher than forecast, but the outlook assumes US$4.3 trillion in spending over the next decade from Mr Biden's proposed American Jobs Plan (AJP) and American Families Plan (AFP).\nTogether those programmes would fuel a more than 5 per cent GDP increase for 2022-2024, the IMF estimated.\n\"Rather than just offering a short-term boost to demand that then fades away, the Jobs and Families Plans are expected to produce a lasting improvement in income and living standards for many years to come,\" IMF managing director Kristalina Georgieva told reporters.\nHowever, if Congress fails to approve the legislation or sharply curtails the size, that would reduce the growth boost.\nAsked about that, Ms Georgieva noted the bipartisan agreement on the physical infrastructure parts of the proposal.\n\"Size is not everything. What matters more than sizes, what is the composition of the packages,\" she said.\nThe IMF report said there is \"solid empirical evidence... of the societal payoffs\" of programmes like those Mr Biden has proposed, which include access to childcare to allow women to enter and remain in the workforce, and access to higher education and training to ensure younger workers have necessary skills for the jobs available.\nA \"permanent increase in taxes on corporate profits and on high income households is warranted\" to pay for the proposals.\n'SIGNIFICANT CONCERN'\nThe Washington-based crisis lender reserved its harshest comments for Mr Biden's trade policies, and said removing trade barriers would help support his worker-centric agenda.\n\"It is of significant concern... that many of the trade distortions introduced over the past four years remain in place,\" the report said.\nMr Biden has continued tariffs imposed by former president Donald Trump on imported steel and aluminium, washing machines, solar panels, \"as well as a range of goods imported from China.\"\nThe IMF also questioned the tougher requirements set by the Trump administration for US products in government procurement which remain in place.\n\"These policies should be reconsidered. Trade restrictions and tariff increases should be rolled back and 'Buy American' provisions should be tightly circumscribed,\" the report said.\nIMPROVING JOBS MARKET\nThe IMF forecast, which downplayed inflation risks, was in line with the Congressional Budget Office and Federal Reserve officials, which see strong government spending and a surge of consumer demand supporting the recovery and hiring as businesses work to return to normal.\nNew applications for US unemployment benefits fell last week to the lowest since the pandemic lockdowns began, dropping to 364,000, the Labour Department reported Thursday.\nAfter two months of tepid gains that fell short of expectations, the employment report for June due out Friday is expected to show a solid hiring to regain some of the 7.6 million jobs lost during the pandemic.\nThe consensus forecast is for an increase of 680,000 with the unemployment rate ticking down to 5.7 per cent, however, Oxford Economics sees a much higher increase while Ian Shepherdson of Pantheon Macroeconomics is expecting more than a million hires, which would be the most since August.\nMr Biden is expected to comment on the report on Friday, likely to focus on the recovery since he took office in January.\n\"The President's economic plan is working: Unemployment and Covid-19 are down; and jobs, economic growth, and consumer confidence are up,\" White House press secretary Jen Psaki said on Twitter.","news_type":1},"isVote":1,"tweetType":1,"viewCount":322,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":10,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}