Thursday, 20 June 2024
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AmericasEconomy

Fears of a recession are dispelled by the US economy’s 3.3% fourth-quarter growth

  • President Joe Biden took credit for the US economy’s robust 2023.
  • With a 3.1% annual growth rate, the US economy emerged as the fastest-growing advanced economy globally in 2023.
  • The q4’s growth rate moderated from the explosive 4.9% rate that had been established in the preceding three months.

President Joe Biden took credit for the US economy‘s robust 2023, which defied predictions of a recession and expanded at an annualized pace of 3.3% in the fourth quarter of last year.

The data shows how resilient the US economy has been in the face of the Federal Reserve’s campaign to fight inflation by raising interest rates. With a 3.1% annual growth rate, the US economy emerged as the fastest-growing advanced economy globally in 2023.

US economy

Additionally, according to the report, the annual rate of increase in consumer prices dropped to 1.7% in the fourth quarter from 2.6% in the third. This means that there will be a “soft landing” in which inflation will be controlled without bringing about a recession.

The figures will also help Biden in the run-up to the presidential election in November, as his strategists aim to turn around the public’s general discontent with his economic management.

According to a recent Financial Times-Michigan Ross poll, 60% of voters were unhappy with Biden’s handling of the economy, with one of their main grievances being the persistence of high costs for necessities.

Nonetheless, morale was rising, according to a Pew Research survey, with 28% of participants rating the state of the economy as “excellent” or “good,” up from 19% in April.

Treasury Secretary Janet Yellen of the United States stated that the administration‘s efforts to stimulate the economy had led to a renaissance “that is remarkable for both its speed and its fairness.”

Although it was far faster than projected by economists, the fourth quarter’s growth rate moderated from the explosive 4.9% rate that had been established in the preceding three months. Additionally, the 3.1% annual growth exceeded projections. Though the forecast for the global economy is bleak elsewhere, the US’s good performance in 2023 offers hope for a potentially dark year for global growth.

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