The US is Now the World’s Fastest Growing Economy, Nice, Yes?
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The US economy, the fastest growing among industrialized nations, is on the path to even greater prosperity under President Donald Trump according to White House economic adviser Larry Kudlow.
“The United States now has the fastest growing economy in the world, according to the OECD, or at least the fasting growing economy among the industrialized nations,” Larry Kudlow told reporters at a White House press conference.
The Organisation for Economic Cooperation and Development (OCED) reported in its bi-Annual Economic Outlook that among the “major seven” economies, the US recorded the highest annual growth (2.9%), while Japan recorded the slowest annual growth (1.0%).
President Trump’s accomplishments are “contributing to our economic growth” and are evident in countless recent reports, such as small-business confidence, consumer sentiment and job growth.
“The United States economy is going through a very positive transformation right now, as I said earlier: lower tax rates, rollback of regulations,” said Mr. Kudlow, Director of the White House’s National Economic Council.
“The war against business is over. The war against success is over. The war against energy is over,” Mr. Kudlow explained. “We have now freed up the animal spirits; you can see that by the confidence indexes.”
“The US economy is rolling,” he said.”The United States economy is growing. We are pushing through 3%. “Some said it could not be done. It is being done and we are proud of it and I think President Trump’s policies of lower taxes and major regulatory rollback are a Key part of this issue.”
“We haven’t seen such low unemployment in many many decades for all categories. The policies are working. And my great hope is that our friends at the G-7 will take notice of these policies and work with us to extend and expand them so we can have a prosperous US and world economy.”
“So if you give us a chance, foreign countries, we will increase export sales in a significant way. Now, I can’t promise, nor would I predict future trade gaps, but I’m saying it is bound to have a positive impact,” said Mr. Kudlow.
Meanwhile, the Paris-based policy forum said with The Trump Tax Cuts boosting US investment, the world’s #1 economy was forecast to grow 2.9% this year and 2.8% next year.
As a result, the Fed was expected to keep gradually increasing its interest rates, bringing the Fed funds rate to 3.25% by the end of Y 2019.
For his part, our President has taken to Twitter to tout his administration’s economic accomplishments.
“The US has an increased economic value of more than 7 Trillion Dollars since the Election. May be the best economy in the history of our country. Record Jobs numbers. Nice!” he wrote.
Wednesday, the major US stock market indexes came in at: DJIA +346.41 at 25146.39, NAS Comp +51.38 at 7689.24, S&P 500+23.55 at 2772.35
Volume: Trade on the NYSE came in at 958-M/shares exchanged
- NAS Comp +11.4% YTD
- Russell 2000 +9.2% YTD
- S&P 500 +3.7% YTD
- DJIA +1.7% YTD
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