The US economy is expected to continue to grow questyear despite a sudden contraction in the first quarter, the chief economist of the US Treasury said Monday, adding that inflation could be at its peak.
In a statement to the department’s lending advisory committee, Benjamin Harris, Deputy Secretary of the Treasury for Economic Policy, added that the GDP forecast could be revised downwards, bringing growth to 2.3% from the fourth quarter, after that real GDP fell by 1.4% in the first quarter.
“Although this estimate can be revised downwards and downside risks remain within expectations, the US economy is expected to continue its expansion. quest’year, “said Harris.” Declining fiscal and monetary stimulus, coupled with a recovery in employment, should help rebalance labor markets and ease some inflationary pressures.
This statement was released as part of the Treasury’s quarterly redemption exercise in May. The department said Monday it expects to repay $ 26 billion in debt in the second quarter, up from an estimated $ 66 billion in net debt in January, mainly due to higher revenue.
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