(Finance) – “Although progress across economies has been uneven, the global economy has proven to be resilient. The United States’ solid economic performance is paving the way as a key driver of global growth,” the US Treasury Secretary said Janet Yellen who, speaking at a meeting organized by the World Bank during the annual summit of the institution and the IMF, underlined that “at home, thanks to the economic agenda of the Biden-Harris administration, we have gone from millions of people who had lost their employment to a historic labor market recovery. Unemployment is near historic lows and real wage growth in the United States has outpaced that of most other advanced economies.
U.S. economic growth has also been nearly twice as fast as most other advanced economies this year and last, even as inflation fell earlier. As a recent Brookings analysis states, “the United States is significantly outperforming its peers.” Prospects which, underlined Yellen, also appear positive for the immediate future: “We are now working to sustain this momentum, also through important investments in infrastructure, advanced production and clean energy that other countries have tried to emulate.
“This morning the IMF again raised its forecast for the US outlook, as it had in 2023, when U.S. growth was nearly double IMF projections earlier that year.”
But the international scenario is anything but relaxed. “Our administration – the US Treasury Secretary pointed out – has also focused beyond our borders. From day one, we have rejected the isolationism that has worsened the situation of America and the world and we have pursued economic leadership global economy that supports economies around the world and brings significant benefits to the American people and the U.S. economy.”