The US economy grew by 5,7 percent last year, the highest level since 1984

New York, USA / Photo: EPA-EFE / JASON SZENES

In 2021, the US economy recorded the largest increase in gross domestic product (GDP) in the past almost 40 years, recovering rapidly from the brief but devastating recession caused by the coronavirus pandemic.

US GDP grew by 5,7 percent last year, the largest increase since 1984, when total production of goods and services rose by 7,2 percent. The US economy grew unexpectedly fast by 2021 percent in the last quarter of 6,9, the Commerce Department said. The US economy is expected to slow this year, due to rising inflation and the continued spread of the coronavirus.

Many economists have downgraded their forecasts for the first quarter of 2022 due to the rapid expansion of the Omicron strain. The International Monetary Fund has announced that US GDP will grow by four percent in 2022.

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