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Trump's first economic report predicts stronger economy
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IANS | 22 Feb, 2018
The US economic growth rate will
increase to 3.1 per cent in 2018 and remain above 3 per cent through
2020, according to President Donald Trump's first official economic
report to Congress.
"The Trump Administration is the first since
that of President Ronald Reagan to see positive economic growth exceed
its first-year forecast," said the Economic Report of the President,
released on Wednesday, written by the Council of Economic advisers, in a
detailed analysis of economic policies by Trump's staff, Xinhua
reported.
"If fully implemented, President Trump's economic
agenda would lead to 3 per cent annual GDP growth on average throughout
the next decade," the report added.
"The headline in the economic
report is that we're not in a new normal of low growth, but we're just
in a normal period again where we can go back to growing about 3 per
cent that we always expected," said Kevin Hassett, Chairman of Council
of Economic Advisers.
Economists, however, believe that a growth
rate of 3 per cent is not sustainable for the US economy. According to
the Federal Reserve, the long-term growth rate of the US economy is
around 1.8 per cent, due to aging population and slower growth of
productivity.
The real gross domestic product (GDP) expanded at
an annual rate of 2.3 per cent in 2017, well below the 3 per cent Trump
promised, according to data released by the Commerce Department.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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