The US economy appears to have entered a period of “self-sustaining” growth but governments in other major economies must do more to stimulate demand, US Treasury secretary Jack Lew warned yesterday.

Mr Lew said, in evidence to Congress, that 2.5 per cent growth last year and robust forecasts for this year indicated that the US was set to expand “substantially faster than all of the other advanced economies combined” in 2015. But he added: “While the recovery in the US economy has helped to drive global growth, the rest of the world cannot depend on the United States to be the sole engine of growth.” Mr Lew cited a pledge last year from the G20 group of leading economies for more to be done to stimulate domestic demand around the world but hinted at US frustration that other major economies were not living up to that promise.

“Our strength allows us to maintain our leadership in the global community and while we must lead by example, we cannot do it alone,” he told the hearing.