According to IMF projections, the US is expected to have double the rate of GDP growth compared to any other G7 country this year. This surge in economic growth has positioned the US economy as a global leader, leading to market volatility on its own. IMF Chief Economist Pierre-Olivier Gourinchas presented the IMF’s World Economic Outlook during a press briefing at the IMF-World Bank Group spring meetings in Washington, DC on April 16, 2024.
The latest forecasts from the IMF’s World Economic Outlook indicate that strong increases in household spending and investment will drive GDP growth up to 2.7% this year. This marks a notable increase from the previously projected 2.5% for 2023, representing a 0.6 percentage point upgrade in outlook. The US economy’s growth serves as a catalyst for global economic expansion, with international investors revising their expectations for Federal Reserve interest rate cuts. The IMF predicts that Canada will be the next strongest performer in the G7 this year, with a growth forecast of 1.2%.
This is a developing story, and updates will be provided as more information becomes available. Stay tuned for the latest updates on the US economy’s outpacing of its G7 peers in terms of double GDP growth rate this year, as claimed by the IMF.