US Economy Grows by 5.7% in 2021
Jan. 31, 2021—The U.S. economy by 5.7 percent last year, its most rapid increase since the 1980s.
According to a report from the Associated Press, the economy's surge is the biggest since a 7.2 percent increase in 1984 and marks a resilient bounceback from the "brief but devastating coronavirus recession." The surge was capped off by a 6.9 percent expansion in the last quarter of 2021.
“It just goes to show that the U.S. economy has learned to adapt to the new variants and continues to produce,″ said Beth Ann Bovino, chief economist at Standard & Poor’s Global Ratings.
Despite the rapid growth, economic expansion is expected to slow rapidly this year due the ongoing pandemic and soaring inflation rates.