COVID-19 sinks US economy in second quarter; labour market struggling
WASHINGTON: U.S. economic growth slowed a bit more than previously estimated in 2019 as the sugar high from the Trump administration's US$1.5 trillion in tax cuts faded over the final year of a record-long expansion that came to an abrupt end in February in the face of the global coronavirus pandemic.
President Donald Trump has repeatedly boasted about the economy, writing on Twitter in February,"BEST USA ECONOMY IN HISTORY!" On the campaign trail in 2016, Trump claimed he could boost annual GDP growth to 4per cent. Economists have always cautioned the economy did not have the capacity to grow 3per cent annually on a sustained basis because of low productivity among other factors.
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