Date
17 October 2018
US Treasury Secretary Steven Mnuchin said he believes the quickening GDP growth rate in the second quarter will persist for the next few years. Photo: Bloomberg
US Treasury Secretary Steven Mnuchin said he believes the quickening GDP growth rate in the second quarter will persist for the next few years. Photo: Bloomberg

Mnuchin sees at least 3% growth in next four-five years

US Treasury Secretary Steven Mnuchin said he believes the quickening pace of growth in the nation’s economy in the second quarter will persist for the next few years, Reuters reports.

“I don’t think this is a one- or two-year phenomenon. I think we definitely are in a period of four or five years of sustained 3 percent growth at least,” Mnuchin said in an interview with Fox News Sunday.

The US economy grew at its fastest pace in nearly four years in the second quarter – at a 4.1 percent rate – as consumers boosted spending and farmers rushed shipments of soybeans to China to beat retaliatory trade tariffs before they took effect in early July.

Economists have cautioned against putting much weight on the surge, with the soybean boost seen likely to reverse in the coming quarters and the fiscal stimulus seen fading in 2019.

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CG

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