US economy slows down, grows at 1.6% in 1st quarter

Washington, April 25

The US’ economy slowed last quarter, growing at an annual rate of 1.6 per cent in a sign that the high interest rates may be taking a toll on borrowing and spending.

Thursday’s report from the Commerce Department said the GDP decelerated from its brisk 3.4 per cent growth rate in the final three months of 2023. Although inflation has slowed sharply, to 3.5 per cent from 9.1 per cent in 2022, prices remain well above their pre-pandemic levels. The IMF has projected that the world's largest economy will grow 2.7 per cent for all of 2024. — AP

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