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SR 1438 – Trump Will Boost Growth by 56% by 2018 Says IMF
With only 72 hours left to the Obama presidency, the IMF – International Monetary Fund – says it expects the U.S. economy to make a dramatic turnaround in 2017 thanks to the President Donald Trump economy.
Last year’s U.S. economic growth was a lackluster 1.6%, but the new Trump economy is already taking effect with promises of hundreds of thousands of new American jobs coming from a wide variety of industries as Trump has promised to slash the corporate income tax from 35 to 15% – from the highest in the world, to one of the lowest.
The IMF projects that U.S. economic growth will increase by 56% by 2018; going from 2016’s 1.6% up to 2.3% in 2017, and 2.5% by 2018.
The Trump effect is likely to spill over into other economies as well. Advanced economies are projected to grow 1.9% in 2017 and 2.0% in 2018 – trailing the U.S. growth projections, but still growing.
According to Maurice Obstfeld, chief economist at the International Monetary Fund:
“… the White House and Congress are in the hands of the same party for the first time in six years, and that change points to lower tax rates and possibly higher infrastructure and defense spending.”
I’m still reporting from Washington. Good day.