Summers: We'll Have 'Higher Inflation for the Next Year or Two,' Economic Growth Will Slow Down
On Friday’s broadcast of ABC’s “GMA3,” economist, Harvard Professor, Director of the National Economic Council under President Barack Obama, and Treasury Secretary under President Bill Clinton Larry Summers predicted that while ending the war in Ukraine will help the economy, we will have “higher inflation for the next year or two,” and the pace of economic growth will slow from its current level.
Co-host T.J. Holmes asked, “Help Americans understand here how much worse should we be prepared for things to get, and is relief only going to come when this war in Ukraine is over?”
Summers responded, “I think it’s probably going to get worse for the next couple of months. I think when the war in Ukraine ends, that will be helpful. My guess is that people are going to be living with higher inflation for the next year or two, and we’re going to see some slowdown in the economy from the pace of growth that we’ve seen.”
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