Report by the Secretariat

The United States has a large economy that is highly integrated with the rest of the world. After a period of stable economic growth in 2018 and 2019, when real GDP expanded by 2.9% and 2.3%, respectively, the U.S. economy suffered the effects of the COVID-19 pandemic. Real GDP contracted by 3.4% in 2020 after 11 consecutive years of expansion. The economy experienced a rapid rebound in 2021, aided by the support packages put in place by the Government and by an easing of monetary conditions. This led to a real GDP growth rate of 5.7% in 2021.