The Fed said that US GDP growth in the second quarter could reach 8% year-on-year

Initial estimates of GDP growth in the first quarter of 2022 on an annualized basis were 6.4%.

US GDP growth in the second quarter of 2021 on an annualized basis could reach 8%. This assessment was made on Thursday by a member of the Board of Governors of the Federal Reserve System, Christopher Waller, at a conference on trade in Philadelphia in a video format.

“Initial estimates of GDP growth in the first quarter of 2022 at an annualized rate of 6.4%, surpassing the figure for the first quarter of 2020, while the pandemic has not yet hit full force. Growth in the second quarter is likely to reach 8%, and there is good reason to expect that this trend in GDP may continue until the end of 2021,” he said.

Waller noted that the previous not very favorable data on the pace of the labor market recovery and the likelihood of a jump in inflation are not long-term stable trends that can undermine the economic recovery.

In early April, the International Monetary Fund improved its forecast for US GDP growth this year to 6.4%. Later, the president of the Federal Reserve Bank of New York, John Williams, said that US GDP growth because of the recovery from the pandemic in 2021 could exceed 7% for the first time since 1984.

Author: Steve Cowan
Graduated From Princeton University. He has been at the Free Press since October 2014. Previously worked as a regional entertainment editor.
Function: Chief-Editor
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