July 21, 2023

WASHINGTON — Morgan Stanley is crediting President Joe Biden’s economic policies with driving an unexpected surge in the U.S. economy that is so significant that the bank was forced to make a “sizable upward revision” to its estimates for U.S. gross domestic product.

Biden’s Infrastructure Investment and Jobs Act is “driving a boom in large-scale infrastructure,” wrote Ellen Zentner, chief U.S. economist for Morgan Stanley, in a research note released Thursday. In addition to infrastructure, “manufacturing construction has shown broad strength,” she wrote.

As a result of these unexpected swells, Morgan Stanley now projects 1.9% GDP growth for the first half of this year. That’s nearly four times higher than the bank’s previous forecast of 0.5%.

Read more:

https://www.cnbc.com/2023/07/21/bidenomics-spurred-stronger-gdp-growth-morgan-stanley.html