Thank you, Minister Haddad, for hosting these meetings and thanks to all of you for being here today. Before taking your questions, I would like to step back and recognize President Biden for his leadership. Over the past three and a half years, he has driven a remarkable economic recovery and strong economic growth at home and restored America’s standing in the world, enabling progress on many of the priorities I’ll be focused on in Brazil this week. I am deeply proud to serve the American people with him and Vice President Harris and I look forward to continuing to advance U.S. leadership around the globe and deliver results for American families and businesses at home. Let me now discuss the global economic outlook, the Biden-Harris Administration’s approach to bolstering the global economy and furthering U.S. interests, and our priorities while in Brazil.
I. Global Economic Outlook
Over the past four years, we have faced a global pandemic, the effects of Russia’s war against Ukraine, and other challenges. And even two years ago, many predicted a dismal outlook for the global economy. But they were mistaken. Today, the global economy remains resilient—driven in large part by the United States’ remarkable economic performance.
Instead of faltering, U.S. GDP grew by a robust 3.1 percent during 2023. And new data from just this morning shows growth of 2.8 percent in the second quarter of this year, affirming the path we’re on to steady growth and declining inflation. The IMF now expects the U.S. economy to be more than 10 percent larger by the end of 2024 than it forecasted in October 2019 before the onset of the pandemic. In fact, the United States was one of few major economies with a cumulative contribution to global growth over the past five years that exceeded pre-pandemic expectations.
This morning’s report—and broader strength seen in recent years—didn’t happen by accident but reflects Biden-Harris Administration’s economic plan: 15.7 million jobs created since President Biden took office; historically low unemployment rate; prime-age labor force participation rate highest since 2002; inflation down significantly from its peak trending towards Federal Reserve target; agenda addressing long-standing cost pressures from housing to health care to energy.
Signs of dynamism across U.S.: record numbers new business applications showcasing optimism among entrepreneurs; significant outperformance in business investment post-recession; historic boom private sector investment key industries such as semiconductors clean energy advanced manufacturing.
II. Commitment to Multilateralism
While domestic results are evident under Biden-Harris Administration’s plan risks remain globally hence America must play leading role including bolstering resilient supply chains addressing global challenges prosperously benefiting both world Americans firmly believe multilateralism pays off reflected commitment strengthening ties longstanding allies partners globally driving further progress
Pandemic Fund launch nearly $2 billion critical investments prevention preparedness response mitigate potential future pandemics call additional $2 billion double resources pleased announce US intends pledge up $667 million support through 2026 $250 million contributed this year
G20 rally address food insecurity international financial institutions stepped up increasing financing food agriculture around 60% past two years pressing G20 strengthen international food finance architecture
Progress debt relief Common Framework urging faster restructuring more support struggling countries service costs evolving multilateral development banks missions incentives operational models financial capacity enabling over $200 billion additional lending next decade innovating new instruments delivering historic climate finance advancing MDB evolution agenda calling G20 robust impactful IDA policy package
III Climate Action
US demonstrates commitment multilateralism focus climate priority Treasury role work Minister Haddad counterparts G20 Sustainable Finance Working Group co-chairs China multilateral climate funds MDBs prioritizing reform climate finance architecture easier access mobilize private sector scale approaches work Independent High-Level Expert Group ongoing recommendations awaited
Continued efforts position MDBs better address mitigation adaptation resilience broader environment nature biodiversity supporting countries achieving development goals significant progress developed countries mobilized record nearly $116 billion supporting developing addressing change 2022 40% through MDBs advancing work meeting counterparts Amazon Basin private sector representatives
IV Geopolitical Issues
Biden-Harris Administration US playing key role working partners address geopolitical challenges strong coalition unprecedented action against Russia unjust war Ukraine Treasury committed using tools support degrade ability sustain cracking down evasion strengthened expanded targeting foreign financial institutions anyone supporting machine advancing approximately $50 billion additional funding Ukraine end year
Response conflict Middle East Treasury countering Iranian regime financing terrorist actors joint sanctions actions G7 ensuring humanitarian aid Palestinians Gaza stabilizing West Bank economy Israel allowed banks cooperate Palestinian convinced extension waiver facilitate needed
Response geopolitical risks extends ensuring people economies thrive pursued collaboration emerging markets developing healthy relationship China firms workers compete level pressing address macroeconomic model channeling savings subsidies manufacturing contributing industrial overcapacity threat viability firms workers shared concerns moving collective work forward taking questions
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