With President-elect Donald Trump poised to formally lead the U.S. in a few days, the International Monetary Fund painted a rosy picture for the future of the country's economy under the businessman. The latest report about how Trump will affect the economy will certainly boost his supporters.
The IMF report could alleviate some of the economic concerns that arose when Trump, a businessman who has almost no experience in politics, won the presidency in one of the biggest economic powers in the world. While the president-elect's supporters expressed optimism especially with Trump's promises, some skeptics are worried that he could cause the downfall of the country.
The Star reported that the IMF expects the United States' gross domestic product to climb in 2017 under Trump. The country's GDP is projected to become stronger in 2018 as Trump clarifies his economic plans especially the details surrounding tax cuts and infrastructure spending. The IMF anticipates U.S. growth of 2.3% in 2017 and 2.5% in 2018.
With just these figures to consider, it looks like Trump winning the U.S. presidential election could be a bane to the United States. Faster U.S. growth would mean more jobs for Americans, which is one of Trump's campaign promises.
However, IMF did not consider Trump's stance on trade issues. Herald Review reported that Trump's protectionist view on trade could hurt the country's economy. Trump has been proposing tariffs and criticizing companies that have no immediate plans to expand in the U.S. Import taxes and trade barriers could close many trading opportunities for the U.S.
In addition to the IMF forecast, a stronger labor market could also greet Trump's presidency, as Jobs & Hire previously reported. It would be his job to ensure that he delivers the promises he made that could boost the U.S. economy and back track on those that could harm it.
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