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The U.S. economy shrank by 3.5 percent last year as the novel coronavirus upended American business and households, making 2020 the worst year for U.S. economic growth since 1946.
Economic growth slowed in the fourth quarter, rising just 1 percent from the previous quarter, according to the Bureau of Economic Analysis. That’s equivalent to an annualized rate of 4 percent.
It is the first time the economy has contracted for the year since 2009, when Gross Domestic Product shrank by 2.5 percent during the depths of the Great Recession. It is also the worst year for economic growth since 1946, when the economy shrank by 11.6 percent as the nation demobilized from its wartime footing.
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