Biden said he's not worried about the dollar's strong position
President Joe Biden said he is not worried about the dollar’s strength, but instead sees the cause of the world economy’s problems as a lack of growth and “smart policies” in other countries.
“I’m not worried about the strength of the dollar, I’m worried about the rest of the world,” Biden said, touching on a related issue.
According to him, the U.S. economy is “pretty darn strong right now.” “Inflation, on the other hand, is all over the world. And every other country is doing worse than the United States. So the problem is a lack of economic growth and sound policies, not so much in our country, but in other states. And this is inflation, which is worldwide and has consequences,” asserted Biden.
Earlier, Pierre-Olivier Gourinchas, chief economist at the International Monetary Fund, said that several countries are under serious strain because of the strengthening of the dollar, resulting in higher prices for imported goods, which leads to higher inflation. In addition, for many corporations and governments, he said, it is becoming more expensive to service dollar-denominated debt.