The United States experienced worse economic growth than seven other major economies in the second quarter of 2022, according to an analysis of government statistics.
On Thursday, figures from the Commerce Department revealed that the US economy has shrunk in two consecutive quartersthe standard definition of a recession.
US GDP, which measures all the goods and services the country produces, fell at an annualized rate of 0.9 percent in the second quarter after a 1.6 percent drop in the first three months of 2022. .
Figures compiled by Trading Economics show that the US. one of the worst performing major economieswith seven of his rivals better from April to June this year.
Only one major economy, lockdown-affected China, posted worse numbers in the second quarter.
Of the main countries that have published growth figures for the second quarter, which covers April to June, Spain performed best with an annualized growth rate of 1.1 percent.
Italy and Mexico followed, both with 1.0 percent, then South Korea with 0.7 percent and France with 0.5 percent.
Germany and Singapore posted zero growth, although as their economies did not contract, this figure was still better than the US.
The Eurozone, made up of 19 European Union Members using a common currency also outperformed the US with 0.7 percent growth despite falling Russian gas supplies.
Of the world’s major economies, only China, which posted minus 2.6 percent annualized growth, fared worse.
The country’s second-quarter figures come as it battles the coronavirus.
Several other major economies have yet to release their second quarter statistics.
Since the Commerce Department released the negative growth numbers on Thursday, the Biden administration has refused to admit The United States has entered a recession.
In a statement reacting to the news, the president insisted that the United States is “on the right path” and “will come out of this transition stronger and more confident.”
The statement added: “After last year’s historic economic growth and recovering all the private sector jobs lost during the pandemic crisis, it is not surprising that the economy is slowing as the Federal Reserve moves to reduce inflation.
“But even as we face historic global challenges, we are on the right track and will come out of this transition stronger and more confident.”
This provoked a furious response from Republican Kevin McCarthy, the House Minority Leader.
Addressing the president from the House, he said: “You’d rather redefine a recession than restore a healthy economy.”
The National Bureau of Economic Research will confirm whether the US is in a technical recession in the coming months, when more data becomes available.
However, the news that the United States is experiencing an unofficial recession is a serious blow to Joe Biden before the midterm elections in November.
No Democratic president since Franklin D. Roosevelt has secured re-election after a the recession broke out when they were in office.
news week has contacted the White House for comment.