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

MGN

By PAUL WISEMAN

WASHINGTON (AP) — The U.S. 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% in 2021.

It was the strongest calendar-year growth since a 7.2% surge in 1984 after a previous recession. The economy ended the year by growing at a solid 6.9% annual pace from October through December.

Squeezed by inflation and still gripped by COVID-19 caseloads, the economy is expected to keep expanding this year, though at a slower pace.

The Associated Press

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