According to the Bureau of Economic Analysis of the US Department of Commerce, in 2020, the country’s GDP fell by 3.5%.
The ministry stressed that the decline in the US economy in 2020 was the strongest since 1946, when the indicator fell by 11.6%.
New US President Joe Biden has previously acknowledged that the country’s economic crisis, which was caused by the coronavirus pandemic, continues to worsen.
“The crisis is only getting worse. The situation is not getting any better. We need to take more action, and we need to act quickly”, – Biden said.