This article is from the source 'nytimes' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.nytimes.com/2018/09/24/us/politics/trump-economy-fact-check.html
The article has changed 4 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Trump’s Inaccurate Claim That U.S. Is ‘the Fastest-Growing Economy in the World’ | Trump’s Inaccurate Claim That U.S. Is ‘the Fastest-Growing Economy in the World’ |
| (about 1 hour later) | |
| what was said | what was said |
| “Our economy is the envy right now of the world. We’re the fastest-growing economy in the world. Think of it. As large as we are, we’re the fastest-growing economy in the world, up $10 trillion.” | “Our economy is the envy right now of the world. We’re the fastest-growing economy in the world. Think of it. As large as we are, we’re the fastest-growing economy in the world, up $10 trillion.” |
| — President Trump, in remarks at the United Nations General Assembly meeting on Monday | — President Trump, in remarks at the United Nations General Assembly meeting on Monday |
| the facts | the facts |
| The United States does have one of the fastest growing of the world’s largest economies. But it is not the fastest growing in the whole world. | The United States does have one of the fastest growing of the world’s largest economies. But it is not the fastest growing in the whole world. |
| The Organization for Economic Cooperation and Development compiles quarterly growth in real gross domestic product for its 36 member nations and nine other major economies like China, India and Brazil. The United States had the eighth-highest rate in the second quarter of 2018 out of this group. Its rate was the highest among the Group of 7, the largest of the industrialized democracies. | The Organization for Economic Cooperation and Development compiles quarterly growth in real gross domestic product for its 36 member nations and nine other major economies like China, India and Brazil. The United States had the eighth-highest rate in the second quarter of 2018 out of this group. Its rate was the highest among the Group of 7, the largest of the industrialized democracies. |
| Among the entire world, however, the United States is nowhere near “the fastest-growing economy.” Growth rates among developing nations, while volatile, often exceed those of the big industrialized countries. In 2017, the United States’ G.D.P. annual growth rate ranked in the bottom third out of more than 180 countries, according to data from the World Bank. | Among the entire world, however, the United States is nowhere near “the fastest-growing economy.” Growth rates among developing nations, while volatile, often exceed those of the big industrialized countries. In 2017, the United States’ G.D.P. annual growth rate ranked in the bottom third out of more than 180 countries, according to data from the World Bank. |
| The International Monetary Fund’s projections for G.D.P. growth rate for 2018 place the United States among the bottom half of about 190 countries. Similarly, Harvard University’s Atlas of Economic Complexity projects that the United States will reach an annual growth rate of 3.07 percent by 2026, placing it No. 104 out of 121 countries. | The International Monetary Fund’s projections for G.D.P. growth rate for 2018 place the United States among the bottom half of about 190 countries. Similarly, Harvard University’s Atlas of Economic Complexity projects that the United States will reach an annual growth rate of 3.07 percent by 2026, placing it No. 104 out of 121 countries. |
| The president may have been referring to the soaring stock market with his $10 trillion figure, as he has done in the past, but the stock market is not the economy, though they can influence each other. If the economy did grow by $10 trillion, it would have grown by more than 50 percent; in reality, G.D.P. rose by about $1.3 trillion from the first quarter of 2017 to the second quarter of 2018. | |
| Sources: Organization for Economic Cooperation and Development, World Bank, International Monetary Fund, Atlas of Economic Complexity, The New York Times | Sources: Organization for Economic Cooperation and Development, World Bank, International Monetary Fund, Atlas of Economic Complexity, The New York Times |