US consumers are becoming more optimistic about recovery prospects.

Director of the White House National Economic Council, Ms. Lael Brainard, believes in the positive outlook of the US economy.

The US economy grew at a much faster pace than expected and inflation continued to decelerate in the fourth quarter of 2023. (Source: Reuters)

Inflation in the United States is holding steady at 2 percent, according to Lael Brainard, a senior economist at the Center for Economic and Social Research. Data on consumer spending and confidence show Americans are regaining confidence in their personal finances, while consumer price increases are slowing.

President Joe Biden’s top economic adviser said the risks facing the world’s largest economy from a slowdown in China and supply chain disruptions related to disruptions in shipping through the Red Sea appear to be limited, but he also expressed confidence in the positive outlook for the US economy.

Lael Brainard said she is monitoring the potential economic fallout from attacks by Yemen’s Houthi rebels on container ships in the Red Sea, which economists say are likely to have less of an impact on U.S. supply chains (compared to other parts of the world).

In 2023, China's Gross Domestic Product (GDP) growth will reach 5.2%, meeting the government's growth target of around 5%. Entering 2024, the Chinese economy will still face many difficulties such as: a prolonged decline in the real estate market, a weak private sector and poor domestic consumption.

Ms. Brainard assessed that the weak recovery of the Chinese economy is an important factor for many countries in the region, neighboring China, and some economies have close links with China, while the US economy is more diversified.

The top US economic adviser highlighted several key issues facing the US economy in 2024, including housing affordability and health care costs, which President Biden is focusing on.

The US economy grew at a much faster pace than expected and inflation continued to decelerate in the fourth quarter of 2023, according to a report from the US Department of Commerce released on January 25. The report showed that US GDP grew at an annual rate of 3.3% in the final quarter of the year, much higher than the 2% growth forecast by experts. In the third quarter of 2023, the US economy grew 4.9%.

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