In the first quarter of 2024, the US economy grew less than expected, with a 1.6% GDP growth rate, falling short of the 2.4% predicted by analysts. Despite this decline, the country’s economic outlook remains ahead of other major industrialized economies, with the International Monetary Fund (IMF) predicting a 2.7% growth rate for the US in 2024. This growth rate surpasses that of other G7 countries by more than double, with Germany only expecting a 0.3% growth.
The US still leads in economic performance among major economies and most G20 currencies have also depreciated against the US dollar this year. However, despite this growth rate being lower than anticipated, it is stronger compared to other major economies as they navigate economic challenges such as inflation and supply chain disruptions. The upcoming election campaigns will likely spotlight these issues and their impact on voters, including President Joe Biden’s potential re-election campaign against former President Donald Trump in November.