U.S. President Joe Biden on Thursday said the economic outlook is brightening thanks to the recent passage of his $1.9 trillion pandemic relief package, and a majority of economists now expect growth this year to exceed six percent.
“Since we passed the American Rescue Plan, we’re starting to see new signs of hope in our economy,” Biden said during his first press conference since taking office in January. “Since it was passed, a majority … of economic forecasters have significantly increased their projections on the economic growth that’s going to take place this year. They’re now projecting it will exceed 6% growth in GDP (gross domestic product).”
Indeed, that may understate how quickly the economy may grow this year as COVID-19 vaccine rollouts gather pace, allowing greater freedom of movement and activity, and as the stimulus bill boosts consumer spending.