IMF Raises US Economic Growth Forecast for This Year from 4.6% to 7.0%

[Image source=UPI Yonhap News]

[Asia Economy Reporter Byunghee Park] The International Monetary Fund (IMF) has significantly revised upward its forecast for the U.S. economic growth rate this year to 7.0%, major foreign media reported on the 1st (local time).

This is a 2.4 percentage point increase compared to the 4.6% forecast presented in April.

The IMF stated that thanks to unprecedented fiscal and monetary support measures, the U.S. economic growth rate this year is expected to be the highest in a century, and it also revised upward the growth forecast for next year to 4.9%. In April, the IMF had projected next year's U.S. economic growth rate at 3.5%.

The IMF explained that the upward revision of the economic growth rate was made on the assumption that the U.S. Congress will approve the economic stimulus bill proposed by President Joe Biden at a level close to the original plan.

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