Strong US recovery expected to be 'positive driver' for global economy: QNB

Strong US recovery expected to be 'positive driver' for global economy: QNB

A strong US recovery is expected to be a positive driver for the global economy, QNB has said in an economic commentary. US President Joe Biden signed a new round of fiscal stimulus into law on March 11. This latest round of stimulus takes the total amount of pandemic-related spending to around $5,600bn since the start of the crisis, with half of the stimulus passed since December. The $1,900bn package is large, despite economic surveys and data indicating a strong start to the year. In January, retail sales were already 7.4% higher than a year earlier, boosted by many Americans receiving $600 stimulus cheques from the government. In February, the US composite PMI rose to a seven-year high and payrolls increased by 379,000 employees, indicating strong GDP growth, QNB noted.