US GDP projection lowered

The IMF says that GDP growth dropped to 2.3% this year.

The International Monetary Fund (IMF) revised its growth projections for the United States economy on Tuesday, citing the possibility of a recession as the reason for the downward revision.

The current estimate for the growth of the GDP for this year is 2.3 percent, which is lower than the 2.9 percent figure that was forecast for this time last month.

According to the report, the expansion of the economy to 5.7 percent occurred in 2021.

It is now anticipated that the unemployment rate will be 3.7 percent in the year 2022, which is a significant increase from the previous forecast of 3.2 percent. It is anticipated that the unemployment rate will be 4.6 percent in the year 2023, but it is anticipated that it will be over 5 percent in both 2024 and 2025.

It was anticipated that the rate of inflation would reach 6.6 percent this year before falling to 1.9 percent in the following year.

According to the International Monetary Fund (IMF), events taking place in other parts of the world, such as the ongoing conflict in Ukraine, the spread of the coronavirus pandemic, and the accompanying limitations, will have an impact on the US's macroeconomic indices.

As per the executive directors of the International Monetary Fund, the primary objective of Washington's economic policy should be to reduce the rate of inflation in a timely manner while avoiding the onset of a recession.

They stated that "avoiding a recession in the US is getting tougher and harder as time goes on."