New official US government figures showing a 1.4% fall in Gross Domestic Product (GDP) in the first three months of this year are an "aberration" and there should be no worry about any economic recession, House Speaker Nancy Pelosi said on Friday
WASHINGTON (Pakistan Point News / Sputnik - 29th April, 2022) New official US government figures showing a 1.4% fall in Gross Domestic Product (GDP) in the first three months of this year are an "aberration" and there should be no worry about any economic recession, House Speaker Nancy Pelosi said on Friday.
"I think this is an aberration: Many other factors show growth in our near future," Pelosi told a Capitol Hill press conference. "I am not concerned about a recession."
Inflationary pressure continued in the first quarter of 2022, where GDP fell by 1.4%, new figures issued by the Department of Commerce said. If GDP continues to contract in the second quarter as well, the United States would automatically be in recession.
Pelosi acknowledged the dangers of continuing inflation. "We cannot ignore inflation. We carefully watch those numbers," she added.
Pelosi said US exports were still out of balance and she said new legislation to encourage revived domestic industrial production to replace imports would create a more favorable balance of trade and restore growth.
