Will AI Stimulate The Cooling Economy? Not Any Time Soon
— October 30, 2019
By Robert Seamans
The change in gross domestic product (GDP) is a well accepted metric for measuring economic growth. According to recently released data from the U.S. Bureau of Economic Analysis, third quarter GDP growth this year was 1.9 percent, down from second quarter growth of 2.0 percent and first quarter GDP growth of 3.1 percent. According to many predictions, we should expect annual GDP growth numbers in the two percent range for the next few years. For example, the IMF predicts GDP growth of 2.6 percent in 2019 and 1.9 percent in 2020, and the Conference Board forecasts GDP growth of 2.5 percent in 2019 and 2 percent in 2020.
These numbers are well short of the six percent GDP growth President Trump once predicted in 2017 (though in line with predictions by other economists in 2017). These numbers are also below the GDP growth numbers from prior decades, when the U.S. economy regularly grew at over three or four percent per year.
Read the full Forbes article.
Robert Seamans is Associate Professor of Management and Organizations