US economic growth accelerated in 2nd quarter, exceeding expectations and rebuking recession fears

– The US economy showed accelerated growth in the second quarter of 2023, defying concerns about a possible recession.

– Gross domestic product (GDP) grew at an annualized rate of 2.4% during the three months ending in June, an improvement from the previous quarter's 2% growth.

– The increased economic growth is attributed to rising consumer and government spending and an uptick in business investment in inventory.

– However, a decrease in exports and home investment had a negative impact on GDP growth.

– While personal income grew at a slower pace than the previous quarter, the personal saving rate increased slightly.

– A cooling of inflation and a robust job market have contributed to a positive outlook on the US economy, with many experts expressing optimism about avoiding a recession.

– The Federal Reserve raised interest rates, aiming to control inflation, but economists believe this might be the final rate increase in an aggressive series that began in March 2022.

– Economic indicators, such as the jobs report, have shown robust performance, indicating the economy's resilience.

– The International Monetary Fund (IMF) released projections with an improved outlook for the US economy, expecting it to grow 1.8% this year.

– The IMF cautioned that while the global economy is gradually recovering from the pandemic and other challenges, it still faces uncertainties.

– Nearly three-quarters of forecasters surveyed by the National Association for Business Economics believe the probability of a US recession in the next 12 months is 50% or less.