Connect with us

Hi, what are you looking for?

The Smart Citizen Report

BREAKING NEWS

Biden stimulus plan could boost U.S. output by 5% over three years: IMF

imageEconomy1 hour ago (Jan 26, 2021 11:45AM ET)

2/2

(C) Reuters. FILE PHOTO: U.S. President-elect Joe Biden delivers remarks on the U.S. response to the coronavirus disease (COVID-19) outbreak, at his transition headquarters in Wilmington

2/2

By Andrea Shalal

WASHINGTON (Reuters) – Preliminary estimates show U.S. President Joe Biden’s proposed $1.9 trillion economic stimulus package could boost U.S. economic output by 5% over the next three years, the chief economist of the International Monetary Fund said on Tuesday.

Gita Gopinath told a news conference the measures in the proposed package could add as much as 1.25% to U.S. growth in 2021, when the IMF projects the U.S. economy will expand by 5.1% after a 3.4% contraction in 2020.

Gopinath said the IMF had not calculated the impact of the proposed stimulus package on the global economy.

“We have (forecast) that this can raise output in the U.S. by 5% over three years,” she said, cautioning that the estimates were still preliminary. The IMF predicts the U.S. economy will expand by just 2.5% in 2022.

U.S. Senate Majority Leader Chuck Schumer said late on Monday that he and his fellow Democrats may try to pass much of Biden’s coronavirus relief bill using a process that would bypass a Republican filibuster and could allow it to pass with a majority vote.

Financial markets are betting the package could be smaller than the $1.9 trillion proposed by the Biden administration.

Gopinath, in a separate blog, noted the projected global recovery varied widely across countries, with large a difference in projected output losses relative to the pre-COVID-19 forecasts.

China, the world’s second-largest economy, had returned to its pre-pandemic projected level in the fourth quarter of 2020, ahead of all large economies.

The United States, the world’s largest economy, was projected to surpass its pre-COVID-19 levels this year, she said, well ahead of the euro area.

The faster recoveries in advanced economies were partly due to their more expansive policy support and quicker access to vaccines, but new waves of infections and problems with vaccinations still posed risks, she noted.

Biden stimulus plan could boost U.S. output by 5% over three years: IMF

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Join Our Time-Limited Free Subscription! Get Latest Trading Ideas, Business Info and Market Stocks.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

You May Also Like

Editor's Pick

 Going Full Liberal In response to the arrest of a man who walked into a cafe holding a baseball bat and screaming through a megaphone, a...

Editor's Pick

Going Full Liberal The liberal plan?  Get the body count as high as possible to hurt Trump.  These people are disgusting. Last week, the...

Editor's Pick

Going Full Liberal More trouble for creepy Joe. An extensive new survey by Morning Consult of nearly 28,000 registered voters presents some troubling numbers for the...

Editor's Pick

Going Full Liberal Liberal brilliance on full display. New York City appears to have experienced a surge in shootings this week after the New...

Editor's Pick

Going Full Liberal In the past few weeks, demonstrators — mobs, really — have destroyed or defaced the following statues across the United States....

Editor's Pick

Going Full Liberal The Justice Department released Peter Strzok notes from 1/4/2017 regarding the Flynn-Kislyak calls. Last month it was revealed 2020 Democrat presidential...

BREAKING NEWS

U.S. futures, Asian shares open lower ahead of an earnings season with potentially devastating results A historic OPEC++ production cut deal misses even producer...

BREAKING NEWS

Crude oil prices plunged sharply on Thursday, extending losses to a fifth session, amid concerns about the outlook for energy demand. The coronavirus has...

Disclaimer: TheSmartCitizenReport.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.

The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

© Copyright 2021,TheSmartCitizenReport.com All Rights Reserved

Join Our Time-Limited Free Subscription! Get Latest Trading Ideas, Business Info and Market Stocks.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!