US Economy: The Fastest Pace

 

The U.S. economy grew at the fastest rate last year as it retreated from pandemic lockdowns in decades. Since 1984, Official figures from the Commerce Department show the best performance that the economy expand by 5.7%. But this year, analysts expect growth to slow as the government cuts stimulus spending and the Federal Reserve increase interest ratio. Different risks involve higher inflation and new Covid-19 varieties such as Omicron. The World Bank expects the US economy to grow 3.7% this year , according to other estimate. Andrew Hunter, a senior US economist at Capital Economics, said: The Omicron wave means the economy starts in 2022 on a much weaker basis and we expect expansion to be disappointing during the rest of this year as well." While gross domestic product fell 3.4% when the Pandemic hit, consumer spending and government stimulus have helped make a comeback since 2020.