20 Aug GDP Upswing. Click to keep reading…
The 2020 GDP decline will be reversed by a projected 6% growth in 2021. Growth has been hindered somewhat by the ongoing shortages in building supplies and manufacturing components. Cargo shipping constraints and low inventories are slowing consumer spending a bit, but overall, GDP is on an upswing. Growth will continue into 2022, with an expected 5.5% increase fueled by the infrastructure legislation that is making its way through Congress.
Global trade is also rebounding nicely, up 25% from pandemic levels a year ago. Exports have increased in the U.K. and eurozone, but have contracted in the U.S. and China. The backlog of orders for goods will spur further growth in trade well into 2022.
Learn more about the U.S. economy at Kiplinger.com.
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