US Treasury Secretary, Janet Yellen, The world economy is recovering from the challenges of recent years, such as the pandemic and the war in Ukraine, thanks mainly to the strong performance of the United States, he said Thursday.
“Today the global economy remains resilient, driven in large part by the remarkable economic performance of the United States.”the Treasury Secretary said at a press conference in Rio de Janeiro, where she is participating in the G20 Finance Ministers meeting.
The ministerial meeting of the forum that brings together the world’s largest economies, which is chaired this year by Brazil, began on Thursday morning with a closed-door meeting to assess the global economy and its prospects, in which Yellen conveyed an optimistic message.
“Over the past four years we have faced a global pandemic, the effects of Russia’s war against Ukraine and other challenges. Even two years ago many predicted a bleak outlook for the global economy. But they were wrong,” he claimed.
He added that the challenges did not prevent US GDP from growing by “solid” 3.1% in 2023; that the expansion would reach the 2.8% in the second quarter of this year and the IMF raised its projection for US economic growth in 2024 compared to what it predicted before the pandemic.
The data, he added, “They confirm that we are on the path towards sustained growth with falling inflation.”
He assured that this strong recovery is a reflection of the economic plan of the Government of the “president Joe Biden and the vice president Kamala Harris“, which allowed the creation of 15.7 million jobs, the reduction of unemployment to historically low rates and the control of inflation, which is approaching the Federal Reserve’s goals after having reached its peak.
“That’s why I want to recognize President Biden for his leadership. Over the past three and a half years, he has driven a remarkable economic recovery and strong economic growth in the country, and has restored the position of USA in the world”, said.
According to Yellen, the United States knows that this recovery must spread to other countries because there are still risks to the global economic outlook and vulnerabilities in some countries.
“As we see that a prosperous and stable global economy benefits not only the world, but also the American people, we strongly believe that the United States must play a leadership role, including in strengthening resilient supply chains and addressing global challenges,” said.
In this regard, he said that they will continue working with the G20 to mobilize the global community in the fight against food insecurity, to increase credit to agriculture and food, and to reform the international financial architecture.
It may interest you
- US to pressure China to change strategy that threatens American jobs
- Yellen: Chinese subsidies to industry a risk for global economy
- Janet Yellen visits China to advocate against “unfair” practices
Source: Gestion
Ricardo is a renowned author and journalist, known for his exceptional writing on top-news stories. He currently works as a writer at the 247 News Agency, where he is known for his ability to deliver breaking news and insightful analysis on the most pressing issues of the day.
