Business

Commerce chief: 3 percent growth not achievable this year

by Nikita Vladimirov - 05/09/17 5:02 PM ET

Commerce Secretary Wilbur Ross on Tuesday said that the U.S. economy will not reach 3 percent growth in 2017, a goal President Trump has set for his administration.

In an interview with Reuters, Ross said stronger economic growth will not be achievable until Trump’s tax, regulatory, trade and energy policies are fully implemented.

Ross told Reuters that the 3 percent goal “is certainly not achievable this year,” adding that “the Congress has been slow-walking everything.”

{mosads}”We don’t even have half the people in place,” he argued.

Ross, however, said that the growth target could be reached in the future if all of Trump’s policies are properly implemented and if Congress does seek to further slow down the process.

“I think between the change in regulatory attitudes which will make it easier to make big projects, and the new taxes, which will make the rates of return much better, the reduced regulatory environment, I think over time you will see increases in capex — and that in turn has a big multiplier effect through the economy,” Ross told the publication.

Numerous economists across the ideological spectrum have been skeptical about Trump’s 3 percent growth target, with many predicting that the U.S. will be unable to facilitate such a high growth rate in a near future.

First-quarter growth this year was a weak 0.7 percent, the lowest in three years.

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