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5/22, 5:13 PM (Source: TeleTrader)
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Hassett expects historical US GDP growth in Q3

The United States economy will reach historical growth levels in the third quarter of the year, White House economic advisor Kevin Hassett said on Friday.

He stressed GDP will rise more than ever. According to data from the US Bureau of Economic Analysis, the largest GDP growth in the US in a quarter was recorded in the first three months of 1950 when the figure jumped 16.7%.

Earlier, the US Congressional Budget Office (CBO) said it sees GDP in the second quarter falling 11%. Meanwhile, President Donald Trump has been saying that the third quarter will mark a transition to recovery after the coronavirus crisis.

Breaking the News / VP