Fact Check: Biden falsely claims that the United States has "the fastest growing economy in the world"

Fact Check: Biden falsely claims that the United States has “the fastest growing economy in the world”

“See, this is where we are. We have the fastest growing economy in the world. The world. The world.” Biden said.

White House officials, who were asked to comment on Friday, did not specifically defend Biden’s claim that the United States has the fastest growing economy in the world.

Instead, officials pointed out US growth of 5.7% Real gross domestic product Officials also pointed out that the International Monetary Fund predicts that as of the fourth quarter of this year, the size of the US economy will be larger than in the second half of 2019. -A pandemic level higher than any of the other six countries known in the International Forum Group of Seven: Canada, France, Germany, Italy, Japan, UK.

Those comments are accurate. But Biden said three times at Kimmel’s show that the US economy is not only growing faster than any of the six specific countries, but also faster than any other country in the “world.” And that is inaccurate.

“Clearly, the United States has been the G7 economy with the highest GDP growth since the launch of COVID, but it is not literally the fastest growing economy in the world during this period.” increase. Jean Maria Millet-FerettiHe is a former International Financial Fund employee and is currently a Senior Research Fellow at the Brookings Institution’s Think Tank’s Finance and Monetary Policy Hutchins Center.

Comparison of the United States

Biden took office in late January 2021. Among the dozens of countries that had faster real GDP growth than the United States in 2021 Ireland (13.5%), Chile (11.7%), turkey (11%), Columbia (10.6%), India (8.7% in the fiscal year ended April 2021), Greece (8.3%), Israel (8.2%), China (8.1%), England (7.4%), France (7%) and Italy According to (6.6%) Numbers released by the IMF And the government of the country. (The growth rate of many countries was higher than usual in 2021 as the economy recovered from the 2020 economic crisis caused by the pandemic.)

Economic outlook Released this week According to the Organization for Economic Co-operation and Development, the United States is projected to grow 2.5% in 2022. This was lower than the OECD’s 2022 forecast for the other 11 members. Group of 20 international forums: Saudi Arabia (7.8%), India (6.9%), Indonesia (4.7%), China (4.4%), Australia (4.2%), Spain (4.1%), Canada (3.8%), Turkey (3.7%), United Kingdom (3.6%), Argentina (3.6%), South Korea (2.7%).

Add one note. There are different ways to measure growth. In particular, you can select different start and end points, and different gauges of economic activity. In addition, the data involves a variety of complexity.

Laura Felt KampA professor of finance at Columbia University’s Business School said that if Biden uses “fastest growing” in the usual way, he mentions the change in percentages and says that Biden’s claim is true. No, “he said. However, she said she personally described the president’s claim as “misunderstanding” rather than false, as “the word growth of conversation can mean many things.”

We stick in honor of the stricter conclusions. If Biden had quoted some unusual or ambiguous measures of growth, he could have explained it. He didn’t, and the White House didn’t when asked for comment.

Source: www.cnn.com

Fact Check: Biden falsely claims that the United States has “the fastest growing economy in the world”

Comparison of the United States

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