Trump says Warsh can drive US economic growth to 15%

US President Donald Trump

US President Donald Trump said that his Federal Reserve chair pick, Kevin Warsh, can drive the economy to grow as high as 15% - an extremely ambitious target that reflects the scale of pressure Warsh would face if Congress approves his appointment.

In an interview with Fox Business aired early on Feb. 9, Trump said Warsh had been the “runner-up” in the previous search for a nominee, adding that appointing the current Fed chair, Jerome Powell, was a major mistake.

Trump added, “If Mr Warsh does the job that he’s capable of, then we can grow at 15%, I think more than that. I think he is going to be great, and he’s a really high-quality person.”

It was unclear whether Trump was referring to annual growth or another measure. By comparison, the US economy has averaged annual growth of about 2.8% over the past 50 years, and growth has exceeded 15% only a few times, most recently in the third quarter of 2020 following the pandemic-related shutdowns.