U. S. economic growth will defy expectations again in 2019 thanks to a business investment boom and President Donald Trump’s trade strategy, White House economic advisor Kevin Hassett said Wednesday.
U. S. economic growth will defy expectations again in 2019 thanks to a business investment boom and President Donald Trump’s trade strategy, White House economic advisor Kevin Hassett said Wednesday.
The Council of Economic Advisors chairman expressed optimism that even a slowing housing market won’t hamper the overall picture. GDP has risen an average 3.3 percent through the first three quarters of 2018 and is expected to gain 3 percent in the fourth quarter.
“We’re definitely going to be at 3 or above 3 for next year as well,” Hassett told CNBC’s Steve Liesman during a ” Squawk Alley ” interview.
Most economist disagree, expecting growth to moderate to a 2 percent to 2.5 percent range in 2019. The Federal Reserve is projecting 2.5 percent .
The White House is pinning its hopes in part on business investment growth spurred by the late-2017 tax cuts that reduced the corporate levy from 35 percent to 21 percent.
