Economists believe that Donald Trump’s win as America’s president “upends” United States economic forecasts. According to the Wall Street Journal, Donald Trump’s surprise win is set to force U.S. economists to rip up their forecasts as the world’s largest economy sails into uncharted waters. Prior to last month’s election, economic forecasters typically agreed that in the United States. continued moderate economic growth would be promising. Federal Reserve policy makers, Congressional Budget Office analysts and Wall Street economists were predicting gross domestic product growth around 2 percent and unemployment below 5 percent for the next few years.
A Fed interest-rate which was expected to increase in December looks less likely now, and WSJ also noted that the uncertainty that has dogged the U.S. economy in the run-up to Tuesday’s vote could persist and deepen.“In the short term, I’m expecting to see a clear and unambiguous drop in business and consumer confidence,” Mr. Shepherdson said. “The joy among Trump supporters will be more than offset by the shock and misery among non-Trump supporters.” WSJ also took a further look at the overall economy and stated that a pullback in spending by “wary businesses” could halt the economy in its tracks. “Is that enough to trigger a brief recession? It could be,”
In South Florida, real estate industry players “welcome” Donald Trump’s presidency. For developers and brokers, a Donald Trump presidency is good for business, had stated to The Real Deal. In the article, Developer Jules Trump sees a the president-elect as a boon to South Florida’s real estate market, at a time of volatility of the stock market and the decline in foreign currencies. “It sort of reinforces the belief that most of our buyers of real estate have, that long-term your safest investment is in high quality real estate,” he said,
For commercial real estate, the future seems optimistic for the sector. According to the developer of Acqualina, Mansions at Acqualina and the upcoming Estates at Acqualina in Sunny Isles Beach, stated to The Real Deal, “You have a president who comes out of the real estate business, and whatever anyone may say about him, he is clearly an accomplished businessman and will do things that are good for the real estate business, given a low interest rate environment and minimal alternatives to investment,” said Trump, who is a native of South Africa and of no relation to the president-elect. “We could be in for a very good time in real estate going forward.”