WASHINGTON – Late yesterday, the International Monetary Fund (IMF) released an update to its World Economic Outlook showing a sizable increase in economic growth due to the recently-enacted Tax Cuts and Jobs Act. The IMF projected that the U.S. economy will expand 2.7 percent this year, up from their previous projection of 2.3 percent. Next year, the IMF expects the U.S. economy to expand by 2.5 percent, up from a previous 1.9 percent.

Congressman Tom Rice (SC-07) released the following statement in response to the updated growth estimates:

“After years of Obama-era policies that created sub-2 percent economic growth, I am proud to say America is reclaiming our position as a global economic leader. After over 200 businesses credited tax reform as the reason for their expanded investments in the U.S. economy, this wonderful news is no surprise. Economists predict that this increase in growth would account for as much as $400 billion in increased revenue in just the next two years alone – a huge sign that this historic tax reform is just beginning to unleash our economy. The Tax Cuts and Jobs Act is helping restore economic growth in this country, creating jobs and opportunities for hard working Americans and South Carolinians. I joined Congress with my sights set on fixing our unfair, broken tax code that had left the American Dream out of reach for our hardworking middle class. I am proud to have had a hand in drafting legislation that did just that.”