ICYMI: New OECD Report: The U.S. Economy Continues To Recover Faster Than Every Other Advanced Economy In The World

A new report from the OECD confirmed that we have returned to the pre-pandemic size of our economy faster than our global peers. In fact, the OECD finds that the U.S. remains the only major economy in the world to have already exceeded pre-pandemic levels of GDP. These findings build on independent projections from the CBO, the IMF, the Federal Reserve, and the World Bank that suggest America will this year reach the highest levels of growth in decades – faster than Japan, Canada, the Euro Area, and the G7 overall. While developed economies around the world are facing similar challenges on inflation because a global pandemic is causing global supply chain issues, today’s report is further evidence that the President’s success in getting Americans vaccinated and getting economic support to the middle-class through the American Rescue Plan has positioned us better than any of our peers for a continued strong economic recovery.

In addition to achieving the fastest economic growth in decades, President Biden’s American Rescue Plan has spurred a historic labor market recovery. Today, we also learned that initial claims for unemployment insurance fell for the seventh consecutive week and are down more than 70 percent since President Biden took office. The unemployment rate has also fallen faster this year than any other year in the last five decades and now stands at 4.6%. Before the Rescue Plan passed, the Congressional Budget Office projected we would not reach 4.6% unemployment until the end of 2023. President Biden’s economic plan is working.

Read the full OECD report here.