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4/28, 5:01 PM (Source: TeleTrader)
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Biden blames COVID-19, Putin, inflation for Q1 GDP slump

United States President Joe Biden stated on Thursday that the leading causes of the fall in the gross domestic product (GDP) in the first quarter of 2022 were due to the COVID-19, "Putin's unprovoked invasion of Ukraine," and the inflation.

In a statement published by the White House, the president also said that the previous quarter's fall was due to "technical factors" while claiming that "creating good-paying jobs" the US economy "can raise a middle-class family on." Biden further stressed that "Congress needs to pass legislation to lower costs and lower the deficit, reducing families' prescription drug and utility bills."

Earlier, the Bureau of Economic Analysis unveiled that the GDP in the United States in the first quarter of 2022 decreased by 1.4% on a yearly basis.

Baha Breaking News (BBN) / JG