US Economy Grew in 2023, Bucking Global Trend
The U.S. was the only major advanced economy where growth rose in 2023, even in the face of a steep increase in policy rates, S&P Global Ratings says.
Paul Gruenwald, Global Chief Economist at S&P Global Ratings, says fundamental reasons the U.S. economy outperformed its peer group include “a combination of resilience, policy, lags, and luck.”
Gruenwald also says “U.S. growth should eventually slow as monetary policy tightening bites, but some degree of exceptionalism suggests relative outperformance will continue if recent gains in productivity are sustained.”
S&P says it recently revised its 2024 U.S. GDP growth forecast to 2.4% from 1.5%, “given the strong finish to 2023 and good start to 2024.”