U.S. Economy Shrank 1.5% In First Quarter Of 2022

The video discusses the revised GDP numbers showing a 1.5% decrease in the first quarter, contrary to expectations. Factors such as rising inflation, the Ukraine war, and the Omicron variant contributed to this decline. The Congressional Budget Office predicts a 3.1% GDP growth for 2022, despite the Federal Reserve's interest rate hikes to control inflation. The CBO remains optimistic about avoiding a recession, although the first quarter results have disappointed economists.

What was the revised GDP growth rate for the first quarter?

• 1.4%

• 1.3%

• 7%

• 1.5%

Which of the following was NOT mentioned as a factor contributing to the GDP decline?

• Rising inflation

• War in Ukraine

• Omicron variant

• Decrease in exports

What GDP growth rate does the Congressional Budget Office predict for 2022?

• 5%

• 7%

• 3.1%

• 1.5%

What is the predicted inflation rate for 2022 according to the CBO?

• 7%

• 5%

• 3.1%

• 1.5%

What is the Federal Reserve's strategy to manage inflation?

• Raising interest rates

• Lowering taxes

• Reducing government spending

• Increasing exports