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Comparatively Strong U.S. Economic Growth Since 2018
A series of shocks have slammed world growth over the past 6-7 years — deglobalization, the Covid-19 pandemic, Russia’s invasion of Ukraine, restrictive monetary policy to counter inflation, and the Israeli-Gaza war. The United States economy has weathered these storms comparatively well. Prior to Covid, real GDP in the U.S. averaged 2.75% per annum in 2018-19 versus 1.1% per year in Euroland, zero percent in Japan, and -0.1% in Great Britain. All four economies contracted in 2020, but the 2.2% drop of U.S. GDP was less pronounced than the GDP plunges that year of 10.4% in the U.K., 6.1% in the euro area, and ... (full story)