In case anyone was wondering why the right has been so furious and pushing the 'dementia' lie so hard:
https://www.axios.com/2024/01/31/us-...gdp-g7-nations
Not only that, but the fact that President Biden has steered the nation and the world away from the recession republicans were desperately hoping for has broken their hearts:The United States economy grew faster than any other large advanced economy last year — by a wide margin — and is on track to do so again in 2024.
Why it matters: America's outperformance is rooted in its distinctive structural strengths, policy choices, and some luck. It reflects a fundamental resilience in the world's largest economy that is easy to overlook amid the nation's problems.
By the numbers: U.S. GDP looks to have grown 2.5% in 2023, according to the IMF's hot-off-the-presses World Economic Outlook, the highest among the G7 economies (Japan was second at 1.9%).
- IMF economists forecast similarly best-in-class growth this year, with 2.1% U.S. growth (second place: Canada at 1.4%).
State of play: All countries were dealing with the same problems of post-pandemic inflation and high interest rates meant to combat it. But the U.S. managed to achieve solid growth in spite of those headwinds.
- Strong growth in the U.S. labor force was one factor — both due to more Americans choosing to enter the workforce and a surge in immigration.
- The U.S. also experienced strong productivity growth fueled by an innovative corporate sector and, Biden administration officials argue, big federal investments in infrastructure and manufacturing capacity.
https://www.axios.com/2024/01/30/imf...rowth-forecast
Gone are the gloomy warnings of an imminent global recession. Economists at the International Monetary Fund see improving results, on both inflation and growth, compared with just a few months ago.
Why it matters: The world survived the great inflation shock better than many had anticipated. Price pressures have receded, and high interest rates didn't crush global activity.
- Now central banks are turning an eye toward lowering those interest rates — possibly further relieving any lingering strain on the global economy.
Driving the news: The IMF says the global economy will likely grow 3.1% this year, with a similar rate of growth in 2025, according to its latest World Economic Outlook released Tuesday morning.
- The 2024 growth is a slight upgrade (of 0.2 percentage points) from what forecasters anticipated in October, thanks to resilience in the U.S. economy and stronger activity in developing and emerging market nations.