IMF Staff Country Reports

United States : 2017 Article IV Consultation-Press Release; Staff Report

Author/Editor:

International Monetary Fund. Western Hemisphere Dept.

Publication Date:

July 26, 2017

Electronic Access:

Free Full Text. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

The U.S. is in its third longest expansion since 1850, job growth has been persistently strong, inflation is subdued, and the economy is effectively at full employment. However, like many other advanced economies, the U.S. is confronting secular shifts on multiple fronts. These include technological change that is reshaping labor and product markets, low productivity growth, rising skills premia, and an aging population. Even with high per capita income and one of the most flexible, competitive, and innovative economies in the world, the U.S. model appears to be having difficulties adapting to these changes. Most critically, relative to historical performance, growth has been too low and too unequal. The challenge for the U.S. administration is to realign policies to raise productivity and labor force participation, reduce poverty and income polarization, and help restore the economy’s adaptability and dynamism.

Series:

Country Report No. 17/239

Subject:

Article IV consultation reports Debt sustainability analysis Economic growth Economic indicators Fiscal consolidation Fiscal policy Infrastructure Labor markets Monetary policy Press releases Staff reports Tax policy Tax reforms Trade United States