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MNI BRIEF: Biden Plan Boosts EZ GDP: Bank of Spain Researchers

FRANKFURT (MNI)

Federal fiscal support measures announced earlier this year should see euro area GDP expand by an additional 0.6% in 2021 and by 0.4% in annual average terms in the years following, a study by Bank of Spain economists found, as it boosts U.S. growth by 5% this year. Spillover effects will see global GDP grow an additional 0.7% in 2021 before declining gradually to 0.5% by 2024.

If fully implemented, President Biden's campaign fiscal plan - which looks to mobilise funds of up to 10% of GDP from end-2021 to end-2024 - could raise global GDP by an additional 1% in 2021 and by 4.4% more in annual average terms from 2022 to 2024, the authors claim. Euro area GDP would on average increase by 0.9% and 0.7% per annum, respectively, the paper claims.

MNI London Bureau | +44 20 3983 7894 | luke.heighton@marketnews.com
Central Bank NewsBank of SpainPolicy NewsFederal ReserveFiscalGovernment sectorEmailHomepageEuropean Central BankCEEMEABriefGlobalStoryRegionNorth America
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MNI London Bureau | +44 20 3983 7894 | luke.heighton@marketnews.com
Central Bank NewsBank of SpainPolicy NewsFederal ReserveFiscalGovernment sectorEmailHomepageEuropean Central BankCEEMEABriefGlobalStoryRegionNorth America
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