Problems of the American aircraft manufacturer Boeing could take about half a percentage point of the US gross domestic product in 2020, but economic growth is still expected to reach about 2.5%, according to the Treasury Secretary Steven Mnuchin.

“Boeing is one of the largest exporters, and given the problems with the 737 MAX, I think it can affect GDP by up to 50 basis points this year”, said Steven Mnuchin. He discussed the prospects for growth, the planned signing of the first phase of the US-China trade agreement and the new sanctions against Iran on Fox News Channel. “The president’s economic agenda is really moving forward. This year, we expect US economic growth of 2.5% to 3.0%, but perhaps closer to 2.5% due to Boeing data adjustments. No problems with the airline company growth would be 3%. There is no doubt that the USMCA (US-Mexico-Canada) tripartite trade agreement and the agreement with China will significantly boost economic growth”, added Steven Mnuchin.

It is higher than many economists who expect growth to slow. They say the economy has been boosted by Republican tax cuts and increased government spending, but those incentives are starting to fade.

Economists forecast a US economic growth of 1.8% this year, from 2.3% growth in 2019. They estimate the chances of a recession over the next 12 months at 30%.

Boeing’s 737 Max aircraft remains subject to a global ban on deadly crashes at the end of 2018 and 2019. As a result of the crisis, the market has wiped out more than 50 billion USD from the aircraft manufacturer’s capitalization and it is unclear when the jets will return in operation.

The return to the air of the 737 Max was further questioned last week when a number of internal emails to the company were sent to the US Congress showing that concern officials were mocking the design of this model and boasting that they had been misled federal regulatory authorities tasked with approving its suitability for flight.

Shares of Boeing declined by 6.5% in 2019 compared to a rise in the Dow Jones Industrial Average, an important component of which is US aviation.