2024-02-27T04:56:14+00:00
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/ US Treasury Secretary Janet Yellen expected, on Tuesday, that prices will decline in 80% of the world’s countries in 2024.
The US Secretary of State noted at a press conference held in Sao Paulo, Brazil, on the eve of the meeting of finance ministers and central bank governors of the G20 countries, that the expectations of the International Monetary Fund and other relevant institutions about a widespread slowdown in the global economy in 2023 have not come true.
Instead, economic growth was 3.1%, better than expected, inflation has fallen, and prices are expected to continue falling in about 80% of countries this year, Yellen said.
The minister added: “In the future, we will continue to take into account the risks facing the global economy and monitor the economic challenges in some individual countries, but the global economy remains stable.”
The US Treasury Secretary said that inflation in the United States has also declined significantly from its peak levels, and that the labor market is “historically strong.”
The minister believes that “if the United States experienced a recession in 2023, global economic growth would have been disrupted. Despite the risks, US economic growth has consistently exceeded expectations.”
Secretary Yellen stressed that economic growth in the United States was the “key factor” behind the higher-than-expected growth in global economic growth indicators.