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White House warns on risks to growth

USA

President Obama's top economic advisers have said America's accelerating recovery risks being slowed by weak income growth, inequality and depressed workforce participation rates. In its annual report released yesterday, Obama's Council of Economic Advisers predicted above-trend economic growth until 2018 and unemployment rates below 5% and hailed a record period of uninterrupted private sector job gains. But it warned that the strengthening outlook is clouded by longer-term problems including inadequate wage growth, 'skewed income distribution' and bigger declines in workforce participation rates than in other large countries. The report said the US was in a 'lasting' recovery from the financial crisis – it forecast the economy would grow by 3% this year and next, up from 2.1% in 2014, before slowing to 2.7% and then 2.5% in 2018.

 

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