fbpx What the US GDP data tell us about 2020 - Jason Furman and Wilson Powell III | Harvard Kennedy School

HKS Affiliated Authors

Additional Authors:

  • Wilson Powell

Excerpt

January 28, 2021, Opinion: "The US economy contracted 3.5 percent on an annual basis in 2020, the largest contraction for any full year since the demobilization from World War II in 1946. The large decline in annual GDP reflects the very low amount of economic activity that took place in the second quarter. With the relatively rapid rebound in the second half of the year, the economy was down 2.5 percent from the fourth quarter of 2019 to the fourth quarter of 2020, among the worst four-quarter contractions in the postwar period but somewhat smaller than the worst period in the global financial crisis."

MRCBG Research Associate - Wilson Powell III