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IMF's Managing Director Cautions That Economic Growth of US is 'Unlikely to Last'

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WASHINGTON (Sputnik) – US President Joe Biden and Treasury Secretary Janet Yellen last week paced themselves over the slowing US economy after GDP growth for... 29.04.2024, Sputnik Africa

2024-04-29T15:43+0200

2024-04-29T19:00+0200

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IMF Managing Director Kristalina Georgieva warned on Monday that US economic growth is "unlikely to last."Coming in at less than half of the previous quarter's 3.4% annual growth and marking the slowest quarterly growth in nearly two years, the data reported by the Commerce Department seemed to validate fears that inflation was getting the better of growth again.

https://en.sputniknews.africa/20240415/spring-meetings-of-imf-world-bank-to-kick-off-in-us-amid-global-economy-challenges-1066070005.html

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IMF's Managing Director Cautions That Economic Growth of US is 'Unlikely to Last'

15:43 29.04.2024 (Updated: 19:00 29.04.2024)

© AP Photo / Seth WenigFILE - A screen displays market data at the New York Stock Exchange in New York, Wednesday, Aug. 10, 2022. Wall Street’s big gains this summer have been spread widely across industries. The profit growth underpinning those gains? Not so much. (AP Photo/Seth Wenig, File)

FILE - A screen displays market data at the New York Stock Exchange in New York, Wednesday, Aug. 10, 2022. Wall Street’s big gains this summer have been spread widely across industries. The profit growth underpinning those gains? Not so much. (AP Photo/Seth Wenig, File) - Sputnik Africa, 1920, 29.04.2024

WASHINGTON (Sputnik) – US President Joe Biden and Treasury Secretary Janet Yellen last week paced themselves over the slowing US economy after GDP growth for the first quarter registered a surprising low of 1.6% year-on-year versus the Wall Street's forecast of 2.5%.

IMF Managing Director Kristalina Georgieva warned on Monday that US economic growth is "unlikely to last."

"Our World Economic Outlook shows the global economy converging back to a rather weak trend rate of growth. Yes, the US economy still looks like it’s firing on all cylinders, but that is unlikely to last," Georgieva said in a keynote address at the annual EU budget conference.

Spring Meetings of IMF, World Bank to Kick Off in US Amid Global Economy Challenges

15 April, 09:26

Coming in at less than half of the previous quarter's 3.4% annual growth and marking the slowest quarterly growth in nearly two years, the data reported by the Commerce Department seemed to validate fears that inflation was getting the better of growth again.