The U.S. GDP Growth was 5.6 percent year-over-year while Global GDP Growth surged to 5.5 percent in 2021. The most robust post-recession pace in 80 years.

Source: World Bank Global Economic Prospects
SCE Median Household Spending

For 2022 the World bank forecast year-over-year GDP growth for the U.S. at 3.7 percent. While The Conference Board, a research group comprising more than 1,000 public and private corporations, forecasts that the U.S. economy will grow only 3.5%. All signs led to an expected slowdown. The outlook is also clouded by a growing number of downside risks, including new virus variants, inflation, supply chain disruptions, and Federal Reserve policies. Climate change will also increase commodity price volatility as social tensions heighten due to an increase in inequality, and heightened partisan politics during an election year.

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