IMF raises US growth forecast to 7% in 2021

The International Monetary Fund raised its forecast for US growth in 2021 to 7.0% from its previous forecast of 4.6% in April amid unprecedented fiscal and monetary support. In its annual assessment of US economic policies, the International Monetary Fund said the revised forecast represents the fastest pace of growth in a generation for the US and raised its forecast for US GDP growth for 2022 to 4.9% from its previous forecast of 3.5% in April.

The International Monetary Fund confirmed that the new expectations assume that the US Congress will pass the infrastructure of the Biden administration, social spending and tax plans known as the American Jobs Plan and the American Families Plan this year with a size and composition similar to their original proposals.