Yellen says US working to mitigate risks to global economy

US Treasury Secretary Janet Yellen on Tuesday (Apr 16) says stronger-than-expected US economic growth has helped power the global economy, and Washington is working to mitigate remaining risks to the global outlook and ensure sustainable long-term growth.

In remarks prepared for a news conference, Yellen says the US labour market is remarkably healthy and inflation is down significantly from its peak, although there is more work to do.

She says she expects the US economy to continue to underpin the global economy, but acknowledges that the global recovery has been uneven and risks remains.

“From the start of the administration, President (Joe) Biden has made clear that American isolationism was over,” says Yellen. “So while we expect that America’s economic strength will continue to underpin global growth, we’ve also been engaging with the world to mitigate short-term risks and support sustainable long-term growth.”

That work will continue at this week’s spring meetings of the International Monetary Fund and World Bank, where Yellen will meet with officials from China, South Korea, Japan, Britain and many other countries. REUTERS