The U.S. Department of Commerce earlier reported that the country’s GDP in the first quarter will decrease by 1.4% year-on-year.
The GDP of the United States will grow faster than in China for the first time in the last 40 years. This was announced by U.S. President Joe Biden at a joint press conference in Tokyo with Japanese Prime Minister Fumio Kishida on Monday.
“For the first time in the last 40 years, the US GDP will grow faster than in China. Does this mean we don’t have a problem? Of course, we have the same problems as the rest of the world, but the problems are not as serious as the rest of the world,” he said, answering the question whether a recession is inevitable in the United States and whether Americans need to prepare for it.
Earlier, the U.S. Department of Commerce reported that the country’s GDP in the first quarter will decrease by 1.4% year-on-year. Despite this, the chairman of the U.S. Federal Reserve Jerome Powell said that high inflation will not lead to a recession in the country. He indicated that the financial regulator would gradually raise the base interest rate over the course of the year (perhaps by 50 basis points each time) to combat price increases.