White House economic adviser Larry Kudlow predicts that the U.S. economy, the fastest growing among industrialized nations, is on the path to even greater prosperity under President Donald Trump.
“The United States now has the fastest growing economy in the world, according to the OECD, or at least the fasting growing economy among the industrialized nations,” Kudlow told reporters at a White House press conference.
To be sure, the Organisation for Economic Cooperation and Development (OCED) reported in its biannual Economic Outlook that among the “major seven” economies, the U.S. recorded the highest annual growth (2.9%), while Japan recorded the slowest annual growth (1.0%).
The veteran financial guru and former Ronald Reagan adviser said Trump's accomplishments are "contributing to our economic growth" and are evident in countless recent reports, such as small-business confidence, consumer sentiment and job growth.
“The United States economy is going through a very positive transformation right now, as I said earlier: lower tax rates, rollback of regulations,” said Kudlow, director of the White House's National Economic Council.
“The war against business is over. The war against success is over. The war against energy is over," Kudlow explained. "We have now freed up the animal spirits; you can see that by the confidence indexes,” said Kudlow, who worked as Reagan’s budget deputy between 1981 and 1985.
“The U.S. economy is rolling,” said Kudlow, who served as the Trump campaign's senior economic adviser. "The United States economy is growing. We are pushing through 3 percent," Kudlow said. "Some said it couldn't be done. It is being done and we are proud of it and I think President Trump's policies of lower taxes and major regulatory rollback are a key part of this issue," said Kudlow.
“We haven't seen such low unemployment in many many decades for all categories. The policies are working. And my great hope is that our friends at the G7 will take notice of these policies and work with us to extend and expand them so we can have a prosperous U.S. and world economy.”
“So if you give us a chance, foreign countries, we will increase export sales in a significant way. Now, I can't promise -- nor would I predict -- future trade gaps, but I'm saying it is bound to have a positive impact,” said Kudlow.
Meanwhile, the Paris-based policy forum said with Trump tax cuts boosting U.S. investment, the world’s biggest economy was forecast to grow 2.9 percent this year and 2.8 percent next year.
As a result, the Federal Reserve was expected to keep gradually increasing its interest rates, bringing the Fed funds rate to 3.25 percent by the end of 2019.
However, the OECD also warned that the prospect of a trade war is threatening the global growth outlook, which otherwise is on course for a 40-year low in unemployment
For his part, the president has taken to Twitter to tout his administration's economic accomplishments.
"The U.S. has an increased economic value of more than 7 Trillion Dollars since the Election. May be the best economy in the history of our country. Record Jobs numbers. Nice!" he wrote.
(Newsmax wire services Reuters and Bloomberg contributed to this report).
© 2022 Newsmax Finance. All rights reserved.