The US economy grew less than expected in the first quarter of 2024, according to the Commerce Department. This news comes as President Joe Biden gears up for a potential re-election campaign in November against former President Donald Trump. Despite this decline, the US still outperforms other major industrialized economies in terms of economic growth. The International Monetary Fund (IMF) predicts a 2.7% growth rate for the US in 2024, higher than the G7 countries combined.
In contrast to Europe’s largest economy, which shows some signs of improvement but only expects a 0.3% growth rate, the US continues to lead in economic performance. Most G20 currencies have also depreciated against the US dollar this year due to its strong economic position. However, despite this growth rate, inflation remains a challenge with prices being higher than pre-pandemic levels and impacting consumption and global supply chains.
The upcoming election campaigns are likely to spotlight these issues and their impact on voters. Despite these challenges, the US still has a strong economic outlook ahead of other major industrialized economies.