WASHINGTON (AP) - The U.S. economy grew last year at the fastest pace since Ronald Reagan's presidency, bouncing back with resilience from 2020's brief but devastating coronavirus recession.The nation’s gross domestic product — its total output of goods and services — expanded 5.7% in 2021.
It was the strongest calendar-year growth since a 7.2% surge in 1984 after a previous recession. The economy ended the year by growing at a solid 6.9% annual pace from October through December, the Commerce Department reported Thursday.Squeezed by inflation and still gripped by COVID-19 caseloads, the economy is expected to keep expanding this year, though at a slower pace.
Many economists have been downgrading their forecasts for the current January-March quarter, reflecting the impact of the omicron variant.
For all of 2022, the International Monetary Fund has forecast that the the nation’s GDP growth will slow to 4% for 2022.Many U.S.