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Friday, 25 January 2019 11:00

US economy faces zero growth

US economy faces zero growth

The failure to find ways out of the longest US Federal Government shutdown in history, the ongoing trade war with China and the UK’s Brexit impasse risk dragging the US economy down to zero growth in 2019 – but a recession is unlikely, according to finance experts debating the future of America’s economy at the World Economic Forum Annual Meeting, Caspian Energy News (www.caspianenergy.net) reports with reference to the official webpage of the World Economic Forum (WEF).

Brian T. Moynihan, Chairman and Chief Executive Officer of Bank of America Corporation, was more bullish, estimating growth at 1.9% for 2019. His evidence includes strong employment, solid consumer activity and business optimism that is running higher than two to three years ago.

“Market unease may be due to the fact that, from June 2009 to the present, we’ve seen almost the longest period of US growth, so people naturally think something’s got to go wrong”, said David Rubenstein, Co-Founder and Co-Executive Chairman, Carlyle Group, one of the world’s largest investment firms. Rubenstein said he expects the trade war with China to be resolved in the next two to three months as both sides realize they need to make moves or suffer greater consequences. He also said he expects the shutdown to be resolved soon as Republicans and Democrats will both bear the blame the longer it drags on. However, “if we don’t resolve that [shutdown] in the reasonable future it will really impact the economy,” he added.

More details: https://www.weforum.org/press/2019/01/finance-experts-say-us-economy-faces-zero-growth-but-recession-unlikely

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