Jhe American economy develops after the outbreak of Covid-19.
The data of the Commerce Department show that the United States has grown 5.7% in economic matters. the fastest growing performance since 1984.
From October to December, the Gross domestic product got up for 6.9% on an annualized basis.
“The GDP figures for my first year show that we are finally building an American economy for the 21st century, with the fastest economic growth in nearly four decades, as well as the largest year of job growth in American history,” said declared Joe Biden in a report. “And, for the first time in 20 years, our economy grew faster than China’s.”
The figures also show that Joe Biden is the president with more jobs created in a freshman performance.
President Biden generated 6.4 million jobs during his first year in the White House, helping to accomplish the biggest fall in unemployment over a calendar year never.
Analysts estimate that growth will slow in 2022. world Bank predicts a 3.7% growth in the United States this year.
“The defining challenge for the economy over the next two years will be how well we can sustain growth not just in the absence of fiscal policy, but in the face of tighter monetary policy,” the economists wrote. from Wells Fargo in a research note.
the Federal Reserve plans to raise interest rates in 2022. Make it more expensive to buy a car, house, or credit card debt. This decision could slow down the economy.