Posted by: 23-01-2019, 15:26
The fiscal crisis could bury US GDP growth in the first quarter
Partial suspension of government work in the United States may lead to the fact that in the first quarter of 2019 GDP growth in the country will be insignificant or zero. This was announced on Wednesday in an interview with CNN television advisor to the American leader Donald Trump, chairman of the Council of Economic Advisers under the President of the United States Kevin Hasset.
As he noted, «recently there has been a tendency for the indicators of the first quarter to be rather weak.” «It’s true that if we have, as usual, a weak first quarter and the suspension of the government’s work is delayed, then in the end there can be very, very low figures,” said Hasset. «But when the government resumes work, it will be offset by growth.”
When asked whether «zero growth in GDP” could occur, the adviser to the American leader answered: «Yes, it is possible.” He stressed that in this case in the second quarter GDP growth will be very significant. Hasset also admitted that the White House had previously somewhat underestimated the effects of the budget crisis in the United States on the country's economy.
At the same time, Hassett stressed that he does not yet predict a revision of the previous forecasts for the annual indicators of US GDP growth and a decrease in the country's credit rating in the light of the budget crisis. Advisor to Trump also expressed confidence that the United States and China will be able to conclude trade agreements before March 1.
The activities of the US government has been partially suspended since December 22, 2018 due to the lack of budget funds. This was due to the fact that the Republicans and Democrats in Congress failed to agree on the parameters of the interim state budget, in which Trump and the Republicans in the ultimatum order want to include more than $ 5 billion to build a wall on the border with Mexico. Democrats say they will not approve the allocation of such large funds from the treasury, they are ready to offer only $ 1.3 billion.
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