IMF Predicts Higher Global Economic Growth Because of GOP Tax Cuts IMF Predicts Higher Global Economic Growth Because of GOP Tax Cuts – NTK Network

IMF Predicts Higher Global Economic Growth Because of GOP Tax Cuts

The Republican plan to cut taxes could add hundreds of billions of dollars to global wealth.

By NTK Staff | 01.22.2018 @5:06pm
IMF Predicts Higher Global Economic Growth Because of GOP Tax Cuts

The International Monetary Fund (IMF) increased its global economic growth forecast for 2018 and 2019 in response to the effects of the GOP tax reform plan passed by congressional Republicans and President Trump, according to Bloomberg.

The IMF predicted that the global economy would grow by 3.9 percent over the next few years, “up 0.2 percentage point both years from its projection in October,” Bloomberg reported.

A change of 0.2 percentage points may not seem like much, but it could mean extra hundreds of billions of dollars in global economic activity when taking the size of the global economy into account.

At an estimated size of $127 trillion in 2017, the global economy would have grown at approximately $4.699 trillion in 2018. But GOP tax reform is estimated to add $254 billion in global economic growth, instead increasing the Gross World Product (GWP) total by almost $5 trillion.

Republicans faced intense criticism from Democrats over the tax plan, but it appears that the proposal has weathered the storm and provided tangible benefits for Americans.

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