The pandemic ended the longest period of economic growth in US history

The US economy strengthened by four percent year-on-year between October and December, but shrunk most markedly in 74 years over the past year, by 3.5 percent. The country's economy was damaged by the coronavirus pandemic that erupted ten months ago, killing tens of millions of Americans. The pandemic ended the longest period of economic growth in US history, lasting almost 11 years. The decline in US gross domestic product was the first since its decline by 2.5 percent in 2009, which was the result of a recession caused by the financial crisis. Last year's weakening of the US economy was the worst since 1946, when it fell by 11.6 percent in connection with demobilization after World War II. They experienced the most catastrophic year-on-year decline in the US economy during the Great Depression, when it fell by 12.9 percent in 1932. The outlook for the US economy in 2021 remains unclear. Many economists warn that the recession is threatening again without further support. "The economy is still struggling," said Mark Zandi, chief economist at Moody’s Analytics. "How strong the economy will be later this year will depend on the development of a coronavirus pandemic, the effectiveness of vaccines and efforts to mitigate the impact of the pandemic," Zandi added.