Thankfully it looks like the American economy is recovering, as is that of China. This is having a domino effect on optimism for the global market as IMF’s Managing Director Kristalina Georgieva explained:
“While the outlook has improved overall, prospects are diverging dangerously not only within nations but also across countries and regions. In fact, what we see is a multi-speed recovery, increasingly powered by two engines — the US and China.”
Thanks to vaccinations and more US stimulus money the IMF is predicting economic growth at 5.5 percent for this year. Further, there were over 900,000 jobs added in America in March which is the largest leap since August. As RSM US Chief Economist Joseph Brusuelas said:
“An American economy about to regain its swagger after a year of pandemic-induced crisis was on full display in the March jobs report.”
Furthermore, according to a recent CNN Report based on IMF predictions:
“At $1.9 trillion, the Biden administration’s new fiscal package is expected to deliver a strong boost to growth in the United States in 2021 and provide sizable positive spillovers to trading partners.”
With the increase of Americans’ purchasing power, this will positively impact international consumer spending as they purchase French fashion, Italian cars, Australian precious metals, etc.