The nation's business economists foresee a sharp slowdown in U.S. economic growth over the next two years, in sharp contrast to the Trump administration's predictions that growth will accelerate this year and next.
That finding comes from the latest survey by the National Association for Business Economics being released Monday. Its economists collectively project that growth, as measured by the gross domestic product, will reach a modest 2.4 this year and just 2 percent in 2020. Among the key factors in their dimmer assessment are a global slowdown and the ongoing trade conflicts between the Trump administration and several major trading partners.For 2018, economic growth amounted to 2.
But the administration is already projecting huge deficits above $1 trillion over the next four years. If growth falls short of its optimistic forecasts, those deficit figures could soar even higher and inhibit the economy's ability to accelerate. The NABE economists attributed their weaker outlook in part to a growing economic drag from President Donald Trump's trade policies. The import taxes that Trump has imposed on China and some other nations have prompted retaliatory tariffs on U.S. exports.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump's chief economist: Tax cuts will spur years of growthKevin Hassett did acknowledge risks that could threaten the White House’s forecast, including the potential for global growth to slow.
Read more »
China's slowdown is 'self-inflicted,' not caused by Trump's tariffs: Leading economist'There's downward pressure on the Chinese economy. A lot of it is self-inflicted due to the so-called deleveraging campaign and the tariffs imposed by the U.S. are ... by no means the major source of downward pressure,' said Stephen Roach.
Read more »
Dow opens lower, erases weekly gain as fears of a slowdown in global growth resurfaceU.S. stock indexes opened lower on Friday as signs of weakness in Europe's economy underscored worries about sluggish expansion outside of America. The Dow...
Read more »
Ichiro says goodbye to adoring fans; Mariners beat A's in 12Ichiro Suzuki was showered with cheers and chants Thursday night while taking his final bow in a magnificent career that lasted nearly three decades when the Seattle Mariners beat the Oakland Athletics 5-4 in 12 innings. The 45-year-old Ichiro went 0 for 4 in the second game of the Major...
Read more »
Trump blames Fed for sub-4 percent growth; economists blame TrumpPresident Trump says the GDP would have hit 4 percent had the Federal Reserve stopped raising interest rates sooner.
Read more »
Rio Tinto's chief sees 'lots of opportunities' despite China's slowing growthThe CEO of mining giant Rio Tinto Jean-Sébastien Jacques is not worried about China's slowing growth and says he's looking for more opportunities as Beijing seeks to stimulate its economy.
Read more »
Levi Strauss sees growth opportunities in high-end department storesLevi Strauss is seeking out growth across the spectrum of fashion, from casual trends to luxury department store chains.
Read more »
Euro zone business growth worse than expected in March: PMIBusinesses across the euro zone performed much worse than expected in March as f...
Read more »
The Economist asks: John McCain’s last word | The Economist asks on acastHas the late Senator’s final address damaged Donald Trump? What will John McCain’s legacy be? Anne McElvoy, our senior editor, recalls our interview with the political nonconformist and war hero - and talks to Senator John Barrasso about their last visit to Vietnam, Rick Wilson, Republican strategist, and Madeleine Albright, Democrat and former Secretary of State.Audio excerpt courtesy of Simon & Schuster. Audio from “Every Day is Extra” by John Kerry. Copyright © 2018 by John Kerry. Aired with permission of Simon & Schuster, Inc. Music by Chris Zabriskie (CC by 4.0 UK).
Read more »