US Economy Grew 5.7% In 2021 in Rebound From 2020 Recession

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.

Squeezed by inflation and still gripped by COVID-19 caseloads, the economy is expected to keep expanding this year, though at a slower pace.