FX.co ★ Boeing dragging down US economy

The woes of the largest aircraft manufacturer have a negative influence on the entire US economy, Treasury Secretary Steven Mnuchin confirms. He added that Boeing's crisis could cut the US GDP growth by half a point. Previously, the American economy was expected to grow by 3%. However, the situation with Boeing and grounding of its 737 Max will probably leave this target unattainable. What is more, analysts have downwardly revised the official forecasts for GDP growth. Steven Mnuchin commented that “Boeing is one of the largest exporters, and with the 737 Max, I think that could impact GDP as much as 50 basis points this year.” Still, this year the official expects the economy to grow by at least 2.5%. “For this year, we’ve been looking at 2.5 to 3%, as I said, it may be closer to 2.5 because of the adjustment of the Boeing numbers,” Mnuchin said. Unfortunately, this kind of crisis is not easy to overcome. Two crashes of the Boeing 737 MAX were enough to ground this aircraft and stop its operation all over the world.