The US economy is growing at an incredible pace, exceeding all observers’ forecasts. The President declared the victory of Bidennomics.
The American economy exceeded forecasts in the third quarter, growing by 1.2% compared to the previous quarter (4.9% annualized). The Washington Post called this growth “blockbuster.”
The results exceeded observers’ expectations and disproved skeptics who believed the Federal Reserve’s high rate policies would slow the economy and cause a recession.
US President Joe Biden has credited the growth with his Bidennomics program, which includes major government investments in infrastructure.
“This is a testament to the resilience of American consumers and American workers, supported by Bidennomics, my plan to grow the economy by growing the middle class,” Biden said.
The Washington Post says the administration’s “policies have derailed the economy at a critical time.” The publication cited the opinions of economists that infrastructure investments have begun to bring results.
The New York Times states that the US economy is performing better than other leading economies and also attributes this to active spending in the US budget, as well as the fact that the US economy has been less affected by Russia’s war against Ukraine, where Europe suffered the most. .
Some observers still expect the economic growth to be short-lived, as savings dwindle and the student loan grace period ends.
We remind you that in Ukraine the National Bank has improved its forecasts for inflation and GDP due to the high flexibility of business and population in war conditions, as well as record harvests.
Meanwhile, Russia’s economy shifted to a war footing. The IMF expects GDP growth to halve next year to 1.1%.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.