Fact check: Biden falsely claims US has 'fastest-growing economy in the world' & More News Here

“Look, here’s where we are. We have the fastest-growing economy in the world. The world. The world,” Biden stated.

Asked for touch upon Friday, a White House official didn’t try to particularly defend Biden’s declare that the US has the fastest-growing economy in the world.

Instead, the official identified that the 5.7% progress in the United States’ actual gross home product in 2021 was the quickest for the nation since 1984. The official additionally identified that the International Monetary Fund has projected that, as of the fourth quarter of this 12 months, the dimension of the US economy will probably be greater relative to its late-2019 pre-pandemic degree than any of the different six nations in the worldwide discussion board often known as the Group of Seven: Canada, France, Germany, Italy, Japan and the United Kingdom.

Those feedback are correct. But Biden stated on Kimmel’s present, 3 times, that the US economy is rising quicker than that of every other nation in “the world,” not simply rising quicker than six explicit nations. And that is inaccurate.

“Clearly the US has been the G-7 economy that has done best in terms of GDP growth rates since the inception of COVID, but is not literally the fastest-growing economy in the world over this period,” stated Gian Maria Milesi-Ferretti, a former International Monetary Fund official who’s now a senior fellow at the Brookings Institution assume tank’s Hutchins Center on Fiscal and Monetary Policy.

How the US compares

Biden took workplace in late January 2021. Among the dozens of nations that noticed quicker actual GDP progress than the US in 2021 have been Ireland (13.5%), Chile (11.7%), Turkey (11%), Colombia (10.6%), India (8.7% for the fiscal 12 months that started in April 2021), Greece (8.3%), Israel (8.2%), China (8.1%), the United Kingdom (7.4%), France (7%) and Italy (6.6%), in response to figures revealed by the IMF and the nations’ governments. (Many nations’ progress charges have been larger than common in 2021 as a result of their economies have been rebounding from the 2020 financial disaster attributable to the pandemic.)
An financial outlook launched this week by the Organisation for Economic Co-operation and Development projected the US would develop by 2.5% in 2022. That was decrease than the OECD’s 2022 projections for 11 different members of the Group of 20 worldwide discussion board: Saudi Arabia (7.8%), India (6.9% for the fiscal 12 months), Indonesia (4.7%), China (4.4%), Australia (4.2%), Spain (4.1%), Canada (3.8%), Turkey (3.7%), the United Kingdom (3.6%), Argentina (3.6%) and South Korea (2.7%).

We’ll add one caveat. There are varied methods to measure progress — amongst different issues, you possibly can choose totally different begin and finish factors and totally different gauges of financial exercise — and there are numerous problems concerned in the knowledge.

Laura Veldkamp, a finance professor at Columbia University’s enterprise college, stated there’s “no way” that Biden’s declare is true if he was utilizing “fastest-growing” in the common manner, referring to a share change. She stated, nonetheless, that she would personally describe the President’s declare as “misleading,” reasonably than false, since “the word growth in conversation can mean many things.”

We’ll respectfully stick to our harsher conclusion. If Biden was citing some uncommon or obscure measure of progress, he might have defined that. He did not, and the White House did not both when requested for remark.

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