Mar 9, 2021
Could the U.S. get back to pre-pandemic economic growth soon?
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The OECD calculated that the world economy will grow by a brisk 5.6% this year and that the new stimulus, if approved, could add 3% or 4% to U.S. economic output in its first year. Plus, new data on how the COVID relief package is expected to significantly reduce poverty rates. And, vaccine manufacturers meet to discuss global supply chain issues.
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OECD ramps up forecasts for U.S. economic growth in 2021
The improvement is tied to vaccine rollouts and the planned $1.9 trillion relief package. "Some point during mid-year, U.S. economic output is expected to breach or meet the pre-virus level of output," said Jeffrey Cleveland, chief economist at Payden & Rygel. "So we'll make up for lost ground, lost time, which is great news for the U.S." Now, U.S. interest rates could trend up in that kind of environment, relative to the rest of the world, which could make investment in the U.S. more attractive than investment in emerging markets. "As the U.S. recovers to pre-virus levels, the OECD expects that many of the other countries on Earth will still remain well below pre-virus levels, and so that will be a gap that needs to be made up in 2022."
COVID relief bill would give Americans who make the least money 20% boost in income after taxes, new data shows
Marketplace's Marielle Segarra reports.
The CEO of the Serum Institute of India said American raw materials are running out due to Biden administration policy.
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