ICYMI: U.S. Economy the "Envy of the World," on Pace to Grow Twice as Fast as Any Other G7 Country

President Biden's plan to build our economy from the middle out and the bottom up is working. This week, the IMF released new forecasts showing that "the US is on track to grow at double the rate of any other G7 country this year." And a new Wall Street Journal survey of economists found that the U.S. economy is "expected to keep powering higher"—as one economist put it, the U.S. economy is "the envy of the world."

President Biden is fighting to give the middle class a fair shot. We have more to do—from lowering prescription drug and child care costs, to building one million new homes and cutting middle class taxes—but the President's agenda is delivering results and powering our economy forward.

See coverage below:

Financial Times: US to grow at double the rate of G7 peers this year, says IMF
[Sam Fleming and Claire Jones, 4/16/24]

The US is on track to grow at double the rate of any other G7 country this year, according to IMF forecasts, as the strength of the world's biggest economy rocks global markets.

Strong household spending and investment will help propel US growth to 2.7 per cent this year according to the fund's latest World Economic Outlook.

The figure is higher than the 2.5 per cent estimated for 2023 and represents a 0.6 percentage point upgrade on the previous forecast.

Wall Street Journal: 'Envy of the World'—U.S. Economy Expected to Keep Powering Higher
[Sam Goldfarb and Anthony DeBarros, 4/14/24]

It has been two years since forecasters felt this good about the economic outlook.

In the latest quarterly survey by The Wall Street Journal, business and academic economists lowered the chances of a recession within the next year to 29% from 39% in the January survey. That was the lowest probability since April 2022, when the chances of a recession were set at 28%.

Economists, in fact, don't think the economy will get even close to a recession. In January, they on average forecast sub-1% growth in each of the first three quarters of this year. Now, they expect growth to bottom out this year at an inflation-adjusted 1.4% in the third quarter.

MarketWatch: The U.S. economy hasn't been on a hot streak like this in two decades
[Jeffry Bartash, 4/17/24]

After another burst of growth in early 2024, the economy is on track to expand by at least 2% for the seventh quarter in a row. Just how impressive an accomplishment is that? The last time the U.S. pulled off such a feat was 20 years ago, in 2003-04.