Politics
Jamie Dimon: 4 Percent Economic Growth ‘Is Possible’
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JP Morgan Chase CEO Jamie Dimon thinks 4 percent economic growth this year is absolutely a possibility.
“The economy is doing quite well,” Dimon told Fox Business’s Maria Bartiromo Tuesday. “If we have a couple of years of good growth, that could justify the markets where they are. 4% economic growth this year is possible.”
Dimon offered up a number of justifications for his statements, noting the recently signed Republican tax reform bill and the sustained stock market rally in 2017.
President Donald Trump and Republican leadership touted the 4 percent figure while trying to push tax reform in 2017, promising that giving massive tax relief to American business and taxpayers would unleash economic growth not seen in years.
The chief executive’s comments come into conflict with a number of prominent economist’s predictions, like former Treasury Secretary and Harvard President Lawrence Summers and Nobel Prize-winner Paul Krugman.
The U.S. economy grew at a 3.2 percent annual rate in the third quarter of 2017, posting the best back-to-back quarterly growth rates in three years. Strong growth is only expected to continue, as some economists are anticipating stronger fourth-quarter growth figures following the passage of the GOP tax reform bill.
The Federal Reserve Bank of St. Louis economists released a prediction last week that could give Dimon’s predictions some more credibility.
The economic research team at the St. Louis FED estimates that there is only a 4 percent chance the U.S. economy enters a recession in 2018.
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