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US economy grew 5.7% in 2021 in rebound from 2020 recession

Squeezed by inflation and still gripped by COVID-19 caseloads, the economy is expected to keep expanding this year, though at a slower pace. Many economists have been downgrading their forecasts for the current January-March quarter, reflecting the impact of the omicron variant. For all of 2022, the International Monetary Fund has forecast that the the nation’s GDP growth will slow to 4 percent.

January 27, 2022 / 07:34 PM IST

The US economy grew last year at the fastest pace since Ronald Reagan’s presidency, bouncing back with resilience from 2020′s brief but devastating coronavirus recession.

The nation’s gross domestic product — its total output of goods and services — expanded 5.7 percent in 2021. It was the strongest calendar-year growth since a 7.2 percent surge in 1984 after a previous recession.

The economy ended the year by growing at an unexpectedly brisk 6.9 percent annual pace from October through December, the Commerce Department reported Thursday.

Squeezed by inflation and still gripped by COVID-19 caseloads, the economy is expected to keep expanding this year, though at a slower pace. Many economists have been downgrading their forecasts for the current January-March quarter, reflecting the impact of the omicron variant. For all of 2022, the International Monetary Fund has forecast that the the nation’s GDP growth will slow to 4 percent.