US economy could see SHOCK growth rebound next year post coronavirus

US economy could see SHOCK growth rebound next year post coronavirus

Larry Kudlow spoke to Fox Business on Sunday about the US’ chances of economic recovery being highly likely.

The chief economic advisor said that there was a striking groundwork laid by President Trump’s administration for businesses to recover post pandemic.

He said on Sunday Morning Futures: “President Trump cut taxes and regulations for middle-income folks, better trade deals, boosting the energy system, that worked.

“We had terrific growth in earlier years, even the beginning of this year.

“We will build on those incentives so that coming off of this pandemic, we could have one of the greatest economic growth rates in American history in 2021 next year.”

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He also insisted that the US could see a third quarter growth as high as 20 percent this year.

Kudlow said: “I want to quote the Congressional Budget Office, as well as a bunch of private forecasters and The Wall Street Journal forecasting survey.

“They’re looking for a substantial rebound of say 17 to 20 percent in the second half of the year beginning in the third quarter.”

Other economic leaders have expressed optimism in the US’ recovery.

Billionaire Warren Buffet said on Saturday that he’s confident the US economy will bounce back from its pummeling by the coronavirus pandemic because “American magic has always prevailed”.

He said: “We’ve faced great problems in the past, haven’t faced this exact problem — in fact we haven’t really faced anything that quite resembles this problem.

“But we faced tougher problems, and the American miracles, American magic has always.”

President Donald Trump made a special town hall briefing on Sunday where he took questions on reopening the economy.

He has begun implementing a four phase plan to reopen the US economy as signs show that stay-at-home measures have begun working in flattening the curve of infections.

The US has seen 1,187,035 confirmed cases of coronavirus, the highest number worldwide.

It has also seen the highest deaths, with 248,084 deaths as of Sunday night.

Published at Sun, 03 May 2020 23:08:00 +0000