IMF sees much stronger US growth, 2021 GDP +7% – MENAFN.COM

IMF sees much stronger US growth, 2021 GDP +7% – MENAFN.COM

(MENAFN - Jordan Times) WASHINGTON "” The International Monetary Fund (IMF) is bullish on the US economic recovery, predicting growth will hit 7 per cent this year "” much stronger than previously forecast and "the fastest pace in a generation," the fund said in a report on Thursday. The cheery analysis is a boon to President Joe Biden's administration and comes amid data showing an improving job market and on the eve of the all-important official employment report. But while the IMF mostly cheered Biden's policies to support the economy, the report flagged "significant concern" over the fact he has not pulled back on tariffs on goods like steel and aluminum imposed by his predecessor. The United States has seen a "remarkable recovery", the IMF said, helped by "unprecedented" support from government spending and the Federal Reserve's "highly effective" stimulus measures. The report notes the potential for growth to be even higher than forecast, but the outlook assumes $4. 3 trillion in spending over the next decade from Biden's proposed American Jobs Plan and American Families Plan. "Rather than just offering a short-term boost to demand that then fades away, the Jobs and Families Plans are expected to produce a