US Achieves Largest Growth in 37 Years... Biden Praises It as "No Coincidence"

[Image source=Reuters Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] U.S. President Joe Biden emphasized that the U.S. economy grew at its fastest pace in 37 years during his first year in office last year, stating on the 27th (local time) that "we are building an American economy for the 21st century."

In a statement that day, President Biden said, "The GDP figures from my first year in office show that we are building an American economy for the 21st century, with the fastest economic growth in about 40 years, including the largest job gains in U.S. history," adding, "We grew faster than China for the first time in 20 years."

He emphasized, "This is no coincidence," and said, "My economic strategy is to create good jobs for Americans, rebuild manufacturing, and strengthen domestic supply chains that help companies become competitive."

According to the U.S. Department of Commerce, the U.S. annual GDP increased by 5.7% last year. This is the largest growth rate since 7.2% in 1984. Despite the spread of COVID-19, government fiscal stimulus and ultra-loose monetary policies by financial authorities were effective. The GDP growth rate for the fourth quarter of last year was also 6.9%, marking six consecutive quarters of positive growth.

President Biden also highlighted employment indicators, saying, "Americans are finding better jobs with better pay and benefits. Layoffs are at near-record lows." On the same day, the number of new unemployment claims in the U.S. turned to a downward trend. According to the U.S. Department of Labor, new unemployment claims for the week of January 16-22 were 260,000, down 30,000 from the previous week. This was below experts' forecast of 265,000.

He also mentioned recent investment plans announced by Intel and GM, saying, "We are making the future again in America. Americans believe in themselves and America and are dreaming again."

President Biden urged the swift passage of the 'Build Back Better Act,' saying, "We must ensure this momentum continues."

This content was produced with the assistance of AI translation services.