CREATING A STRONG ECONOMY
Leading Experts Weigh In On Growing The U.S. Economy In 2024 December 18, 2023 | Ankit Mishra, Forbes
T he United States economy has rebounded strongly from the Covid-19 recession, aided by a heavy- handed and enduring government policy response. Since the pandemic hit, the U.S. economy has grown by 5.4%, while those of the remaining G7 have only increased by an average of 1.4%. However, according to the Organisation for Economic Cooperation and Development’s latest figures , the U.S. economy grew only by 1.9% in 2022, below the G20 and OECD averages of 3.1% and 2.9%, respectively. In response to the ongoing inflationary pressures, the Federal Open Market Committee has continued tightening monetary policy, thereby impacting private consumption and investment. Russia’s war against Ukraine and international supply chain constraints have negatively impacted trade,
with U.S. exports and imports projected to decline from 8.1% and 7.1% in 2022 to 4.1% and -0.2%, respectively, in 2023. As a result, U.S. economic growth is projected to be 2.4% in 2023 and 1.5% in 2024. To help advance more robust long-term economic growth, improving the U.S. economy’s competitiveness, particularly in the manufacturing sector, and unlocking productivity gains from new technologies will be essential. Across three interviews, leading economic experts provide in- depth insights into these emerging topics and how well- designed measures can help the United States leverage its competitive assets to lay the foundation for fiscal stability and growth in 2024. Read the interviews here. n
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The Business Review | February 2024
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