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Raw data: GDP growth since the start of the pandemic

Published on 13 Comments on Raw data: GDP growth since the start of the pandemic

Here is economic growth in the G7 countries since the start of the COVID-19 pandemic:
Japan suffered the least from the pandemic: its GDP dropped only 7.6% at its lowest point. Great Britain did the worst, dropping 23.1%.

The US has had the best recovery by far: We've grown 5.1% since the final pre-pandemic quarter. Great Britain has done the worst.

Great Britain's dismal performance is most likely a combination of the pandemic and Brexit. If not for Brexit, they'd probably be one of the better performers.

13 thoughts on “Raw data: GDP growth since the start of the pandemic”

  1. Salamander

    As I heard one news commentator remark, on the employment figures and inflation numbers, "If this is a 'recession', then bartender, pour me another."

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  3. jte21

    The UK is so screwed. The Tories' poll numbers are beyond abysmal, but Sunak doesn't have to call new elections for several years if he doesn't want to. It's literally "the beatings will continue until morale improves."

    2. lawnorder

      Actually, if I'm reading that chart correctly the UK has recovered from covid better than any other country, if you look at it from trough to now rather than from pre-covid to now.

  4. bmore

    Since governments were essentially printing money during covid, how do current economics fit in with MMT? Covid was a sort of trial run. I haven't seen anything about it lately.

  5. rick_jones

    Great Britain's dismal performance is most likely a combination of the pandemic and Brexit. If not for Brexit, they'd probably be one of the better performers.

    What then is the story for Germany? They are supposed to be an economic power house, so why are they up only 0.3% compared to just before the pandemic? Being out-performed by sacre-bleu! France and accidenti! Italy?!?

  6. ey81

    Pretty much every report for the past three years has shown that, in an international comparison, (i) the US did a poor job at controlling the disease and (ii) the US did an excellent job at maintaining its economic performance. When we had a Republican president, Kevin's charts mostly highlighted item (i), now they mostly highlight item (ii).

    1. Gilgit

      I doubt you’ll go back and verify this, but back in 2020 Kevin wrote many posts comparing economic performance between the US and various other countries. Likewise, in 2021, Kevin wrote many posts comparing our death rate to many other countries.

      The entire reason the world progressed so slowly for thousands of years is because people used their gut to tell them what was true or not. The scientific method changed all that. For this case, the scientific method showed that confirmation bias causes many people to believe untrue things because they saw an example they liked. You see one post on economic performance today and you want to believe that confirms your belief that Kevin didn’t post the same things during 2020. But belief doesn’t actually change the past.

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