Clouds. 49.8   F New York
AI-Powered News Summarizer
Top Stories

The US economy is growing at its fastest pace since 1984

April 6, 2021. Summarized by summa-bot.

Compression ratio: 22.3%. 1 min read.

People shop in the historic Charleston City Market, South Carolina on April 4, 2021 amid the Covid-19 pandemic. (Photo by Daniel SLIM / AFP) (Photo by DANIEL SLIM/AFP via Getty Images)

President Joe Biden's $1.9 trillion stimulus package will boost the US economy and drive faster global growth this year, the International Monetary Fund said Tuesday, though it warned that many countries continue to suffer from the pandemic and are at risk of being left behind.

London (CNN Business)President Joe Biden's $1. 9 trillion stimulus package will boost the US economy and drive faster global growth this year, the International Monetary Fund said Tuesday, though it warned that many countries continue to suffer from the pandemic and are at risk of being left behind.

The US economy will surpass its pre-pandemic size as growth reaches 6. 4% this year, the IMF said, up 1. 3 percentage points from the group's forecast in January.

The IMF said the "unprecedented policy response" to the pandemic means the "recession is likely to leave smaller scars than the 2008 global financial crisis. " The group estimates global output dropped 3. 3% in 2020, while the US economy shrunk 3. 5%.

The IMF expects that the coronavirus vaccine rollout and massive government stimulus will combine this year to produce the fastest annual growth rate in the United States since 1984 under President Ronald Reagan.

Summarizer is on Google News. Now you can get the latest AI summarized news on your favorite news platform.

Don't like Google News? We have an RSS Feed for you.

Suggestions