In America, the GDP of the April-June quarter increased by 2.4 percent


 

( PTI) Washington ,dt. 27

Despite the Fed rate hike, US GDP was 2.4 percent in the April-June quarter. It is worth mentioning that the GDP was two percent in the January-March quarter.

It is worth mentioning that the Fed has increased interest rates 11 times since March 2022 tocontrol the highest inflation in four decades . Due to which all types of loans became expensive.

In the current week, the International Monetary Fund estimated that the American economy will grow at a rate of 1.8 percent for the entire year 2023.

On the other hand, the European Central Bank has raised interest rates for the ninth time in a row to curb inflation. European Central Bank (ECB) President Christian Lagarde announced a 0.25 percent increase in interest rates.

Along with this, the interest rate of the European Central Bank has increased to 3.75 percent. Which is the highest since May , 2001. Apart from this, the refinancing operational rate has also been increased from 4 percent to 4.25 percent.

In a statement issued by the ECB, it has been stated that inflation has continued to decline. However, it is still high and the decision to increase the interest rate has been taken keeping in mind that it is expected to remain high in the long run.

The rise in interest rates shows that inflation is still a serious problem. Earlier on Wednesday, the US Federal Reserve raised interest rates for the 11th time in the last 17 months. Along with this, the interest rate in America has increased from 5.25 percent to 5.50 percent.

 

 

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