11 October 2023
The US is emerging as one of the worst economic performers among major economies. Its anticipated government deficit is set to surpass 8% of the nation’s GDP this year, with projections showing it remaining alarmingly high at 7.4% in 2024. Furthermore, net borrowing is expected to hover around 7% of GDP even five years from now. This troubling trend was attributed by a White House official to a significant drop in revenues between 2022 and 2023, accounting for 63% of the GDP share increase.