USITC releases report on impact of TPP
19/05/2016
A study of the implications of TPP estimated that in 2032 annual real income would be $57.3 billion higher should it be ratified by the US congress. This is 0.23% greater than a baseline projection that doesn’t include TPP. Real GDP would be $42.7 billion (0.15%) higher and there would be a 0.07% increase in employment, which equates to approximately 128,000 full-time jobs. US exports and imports would be $27.2 billion (1%) and $48.9 billion (1.1%) higher, respectively.
The report’s projections said that agriculture and food would be the sector to see the greatest percentage gain. Output would be $10 billion (0.5%) higher by 2032. The services sector would also benefit with a gain of $42.3 billion in output but manufacturing, natural resources and energy would be $10.8 billion (0.1%) lower.
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