On the 28th (local time), US President Joe Biden responded as if he was trying to devalue the US’ first quarter gross domestic product (GDP), which showed negative growth at an annual rate of -1.4%, saying that it was caused by technological factors and that the recovery trend would continue.
“The American economy continues to be resilient despite historical challenges,” Biden said in a statement.
It said consumer spending, business investment and residential investment grew at a strong pace in the first quarter, with those receiving unemployment benefits the lowest since 1970.
The U.S. economy recorded negative growth for the first time since the first and second quarters of 2020, during the early stages of the novel coronavirus (COVID-19) crisis. This is far below the expected growth rate of 1.0%.
“The US is facing the global COVID-19 challenge, (Vladimir) Putin’s unjustified invasion of Ukraine and strong global inflation,” Biden said. “He said.
“I’m not concerned about a recession,” Biden said in a press conference on Wednesday, saying he does not believe the US economy has entered a recession.
(Photo = Getty Images Korea)
