The United States experienced slower economic growth in the first quarter of 2023 than anticipated. Despite this, the Federal Reserve is unlikely to cut interest rates before September due to an increase in inflation. According to the Commerce Department’s Bureau of Economic Analysis, Gross Domestic Product (GDP) increased at a 1.6% annualized rate in the first quarter, primarily driven by consumer spending.
Economists surveyed by Reuters had predicted a GDP growth rate of 2.4%, with estimates ranging from 1.0% to 3.1%. This was a decline from the previous year’s fourth quarter growth rate of 3.4%. Despite the slowdown, the economy is still expanding above the non-inflationary growth rate of 1.8% that U.S. central bank officials consider sustainable.
The International Monetary Fund has recently revised its forecast for U.S. growth in 2024 to 2.7%, up from earlier projections of 2
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