The US will see the fastest annual growth in four decades with the Biden stimulus plan

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The $ 1.9 trillion stimulus plan of President Joe Biden approved by Congress on Wednesday could propel the U.S. economy to its strongest annual growth rate in four decades.

Economists Polled by the Wall Street Journal expect the economy to grow 5.95% this year, the fastest in almost 40 years.

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Oxford Economics Chief Economist, Gregory Daco, predicts that the latest stimulus will add 3 percentage points to GDP growth this year, and between 3 and 3.5 million jobs, according to the Wall Street Journal.

Wendy Edelberg, economist and senior fellow at the Brookings Institution, expect the economy to hit 7% this year and 4% in 2022 before slowing to more modest growth in 2023.

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If inflation rises at a faster rate along with growth, the US Federal Reserve may feel pressured to reduce the stimulus.

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