Davos [Switzerland], January 21 (ANI): US President Donald Trump on Wednesday lauded the United States' economic performance, saying the country's economic boom benefits the entire world, while noting that the global economic condition depends on the counrty.

Addressing the 56th Annual Summit of the World Economic Forum in Davos, he described the US as the 'economic engine on the planet', while highlighting the achievements of his first year back at the White House.

'I come to this year's WEF with truly phenomenal news from America. Yesterday marked the one-year anniversary of my inauguration, and after 12 months back in the White House, the economy is booming, growth is exploding, productivity is surging, investment is soaring, incomes are rising, inflation is being defeated, the previously open and dangerous border is now closed and virtually impenetrable, and the United States is amidst the fastest and most dramatic economic turnaround in the country's history,' the US President said.

'The USA is the economic engine on the planet -- and when America booms, the entire world booms. When it goes bad, it goes bad. You follow us up and you follow us down,' he added.

Trump opened his address by expressing delight at returning to the Swiss resort, noitng the presence of 'business leaders, so many friends -- few enemies'

'It's great to be back in beautiful Davos, Switzerland, and to address so many respected business leaders, so many friends - few enemies,' Trump said, setting a congenial tone for his speech.

He criticised the previous Biden administration, stating that the country had faced the challenges of stagflation.

'Under the Biden administration, America was plagued by the nightmare of stagflation. But now, after just one year of my policies, we are witnessing the exact opposite -- virtually no inflation and extraordinarily high economic growth,' he said.

He further asserted that experts who predicted a global recession and runaway inflation due to his policies, particularly his tariffs, were proven wrong.

He credited his tariff policies for slashing the US monthly trade deficit by 77 per cent within a year, stressing that this was achieved without triggering inflation.

'Virtually all of the so-called experts predicted my plans to end this failed model would trigger a global recession and runaway inflation. But we have proven them wrong,' Trump said.

'In one year, I slashed our monthly trade deficit by a staggering 77 per cent, and all of this with no inflation--something everyone said could not be done,' he added.

He also emphasised the reversal of what he called 'nation-wrecking energy policies', noting that under his leadership, US natural gas production has reached an all-time high and oil production has risen by 730,000 barrels per day.

In addition, Trump detailed fiscal reforms over the past 12 months, stating that more than 270,000 bureaucrats have been removed from the federal payroll, federal spending has been cut by USD 100 billion, the federal budget deficit has been reduced by 27 per cent, and 129 regulations have been eliminated for every new one introduced. (ANI)