The Herald Square in New York, USA on January 8, 2021 (Photo: AFP / VNA)

According to Bloomberg, the US economy's growth rate in the first quarter is 4.8%, twice as fast as economists predicted two months ago.

Gross domestic product (GDP) is expected to grow 5.5%, the fastest increase since 1984 and up 4.1 % compared to January estimation.

President Joe Biden said the bill will be a big engine for the economy by creating millions of new jobs and increasing GDP by 1 trillion USD.