IMF has improved this year's forecast for the US economy

The International Monetary Fund has significantly improved its growth forecast for the US economy this year and next. As he said, the latest expects the US economy to grow by seven percent this year, which is the strongest growth rate since the 1980s. The IMF has improved this year's forecast from a previous April estimate of 4.6 percent. He cited a significant improvement in the situation after the new coronavirus pandemic as a reason, which was mainly due to the rapid rate of vaccination of the population. At the same time, it awaits the approval of most of the proposals of US President Joe Biden in the area of ​​infrastructure and social spending. If the IMF forecast is fulfilled, it will be the fastest growth rate of the US economy since 1984. The fund also improved its estimate for 2022. While it reported growth of 3.5 percent in April, it now estimates that the economy will grow by 4.9 percent next year. IMF chief Kristalina Georgieva said that Biden's spending programs would make it possible to implement many of the fund's recommendations that the institution has been submitting to the United States for several years. These include investments to increase productivity, support education and increase the number of women in the labor market. The IMF forecast was published shortly after its estimate of the development of the US economy was published by the Congressional Budget Office (CBO). It has doubled its growth forecast this year to 7.4 percent. It also said that the average growth rate should reach 2.8 percent by the end of 2025.