Economists Expect Biden To Have A Positive Impact On The Economy In EU

Economists Expect Biden To Have A Positive Impact On The Economy In EU

Economists expect the newly elected US President Joe Biden to have a positive impact on the economy in the European Union (EU). This follows a survey by the Ifo Institute of Economics and the Frankfurter Allgemeine Zeitung among economics professors at German universities.

Biden should bring positives to the economy

As Ifo said in a press release, 71 percent of respondents expect Biden's first term in the presidency to be quite positive and 5 percent to be very positive for the German economy, while 19 percent said it would have no impact. 141 economists took part in the survey. Of these, 62 percent rated Biden's impact on the US economy as quite positive and 9 percent as very positive. 12 percent of respondents consider it completely negative. "In the past, economic growth has been significantly higher under Democratic presidents than under Republican presidents. If this pattern continues, the United States will have a good time," said Niklas Potrafke, director of the Ifo Center for Public Finance and Political Economy.

Better conditions for ecology and peace

Most respondents think that Biden will have a positive impact on climate policy, general cooperation with world organizations. They also welcomed his efforts for peace and security in the region. In these three areas, 64-68 percent of respondents answered quite positively and only 10-25 percent had neutral answers. Economists also assessed President Donald Trump's term of office, but were not very generous. As many as 72 percent of respondents perceive his trade policy very negatively and 19 percent quite negatively. His peace and security policy, on the other hand, is perceived very negatively by 53 percent of respondents and 27 percent quite negatively. In terms of development cooperation, Trump was rated very negatively by 61 percent and 22% by respondents.