The U.S. Treasury expects the country’s GDP growth will be 3% over the next 4-5 years

ECONOMY

NEW YORK, July 29. /Basereporter.com/. Treasury Secretary Steven Mnuchin believes that the economy is in good shape and sustainable growth of us GDP will be 3% over the next four to five years. He stated this on Sunday in an interview with Fox News channel.

“We can make predictions only for the next few years, but I think we are doing well in this area, and we are not talking about the phenomenon of a duration of one or two years,” he said, speaking about the growth of the U.S. economy. “I think we definitely are in a period of sustained growth in GDP of at least 3% in the next four to five [the next] years”, – said the Minister.

Mnuchin also expressed hope that the policy of the Federal reserve system (FRS), which performs the role of the Central Bank, will not have a negative impact on the economy. According to him, he believes that the fed will act “very carefully”. “The fed expects inflation at 2%, and it is obvious that we have to deal with a slightly increased base rate in order to cope with this”, – said the Minister.

Last week at a meeting in the Senate banking Committee of the U.S. Congress, devoted to the monetary policy, the fed’s Jerome Powell spoke in favor of a gradual increase in interest rates. Powell pointed to the high rate of growth of the American economy. He expects that in the coming years the level of inflation in the US will be in the region of the target of 2%.

In mid-June, the fed raised the benchmark interest rate to 1.75-2%. It is expected that by the end of this year, the fed will raise rates twice more, and next year – three more times.

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