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The GDP growth rate in the context of the World Development Indicators (WDI) refers to the annual percentage increase or decrease in a country's Gross Domestic Product (GDP), adjusted for inflation. The WDI is a comprehensive database maintained by the World Bank that tracks various economic, social, and environmental development indicators across the globe.
Key Takeaways
United States GDP Growth (1961-2023)
The U.S. economy has had cyclical expansions and contractions, with strong growth in the 1960s and 1980s. The 2008 financial crisis led to a -2.6% contraction in 2009, but recovery was steady through the 2010s. COVID-19 caused a -2.2% contraction in 2020, followed by a robust 5.8% recovery in 2021. By 2023, growth had moderated to 2.5%, driven by consumer demand but impacted by inflation and interest rate adjustments.
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