Scott Bessent Denies Recession Despite GDP Dip

U.S. Treasury official Scott Bessent dismissed concerns of a recession despite a GDP dip in the first quarter. Before the House Appropriations Committee, he expressed optimism about an upward revision of economic figures following detailed analysis, though he offered no specifics.

On Tuesday, Scott Bessent from the U.S. Treasury asserted that there are no indications of a recession in the American economy, despite reporting a contraction in the first quarter's GDP.

Bessent made these comments to the House Appropriations Committee, emphasizing that the economic data released could be revised and is likely to show improvements upon detailed analysis.

Last week, the Commerce Department reported a 0.3% annualized decline in GDP—the first such drop in three years—fueling recession fears that Bessent seeks to quell.