Analyzing US Economic Growth Under Trump's Presidency

Economics & Macro

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Erlina Fury Santika 07/11/2024 17:00 WIB

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Donald Trump won the 2024 US Presidential election. What was his track record in building economic growth in the superpower nation during his 2016-2020 term? Here's data from the IMF.

Annual Real Gross Domestic Product (GDP) Growth Rate of the United States (2000-2023)

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Annual Real Gross Domestic Product (GDP) Growth Rate of the United States (2000-2023)

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Donald Trump has won the 2024 United States presidential election.

Data compiled by Google from the Associated Press (AP) News shows that as of 3:30 PM WIB on November 7th, 2024, Trump secured 295 electoral college votes. This surpasses the 270-vote threshold required to win the presidency.

Trump received over 72.64 million votes, representing 50.9% of the total votes cast across all US states.

His strongest opponent, Kamala Harris of the Democratic Party, trailed significantly with 226 electoral college votes and 67.95 million votes (47.6%).

This means Trump will return to the White House after nearly four years under Joe Biden. Trump previously served as the 45th president of the United States from 2017 to 2021.

During Trump's presidency, US economic growth fluctuated, even recording negative growth at times, according to data compiled by the International Monetary Fund (IMF).

As shown in the graph, annual US economic growth was 2.5% (year-on-year/yoy) in 2017, rising to 3% in 2018. However, it fell to 2.6% in 2019 and plummeted to -2.2% in 2020 during the COVID-19 pandemic. Despite this, US economic growth rebounded to 6.1% in 2021 after his term ended.

For a more detailed look at Trump's performance in boosting the US economy, see the following graph of quarterly growth during his 2017-2021 term:

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For context, negative annual US growth has been associated with major events. Besides COVID-19, US economic growth fell to 0.1% in 2008 and -2.6% in 2009 due to the global monetary crisis, which caused many countries to experience economic recession.

The latest data from the IMF and the US Bureau of Economic Analysis shows that annual US growth in 2023 was 2.9%, while it grew by 2.8% in the third quarter of 2024. The IMF projects full-year 2024 US economic growth to reach 2.8%.

(See also: Rupiah Weakens After Trump Wins 2024 US Presidential Election)

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Analyzing US Economic Growth Under Trump's Presidency

Analyzing US Economic Growth Under Trump's Presidency

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