Publisher's Synopsis
The coronavirus disease 2019 (COVID-19) pandemic upended the global economy, resulting in large losses of gross domestic product worldwide. But by the time the pandemic was well into its second year, an unexpected pattern had emerged. The world's worst pandemic in a century accelerated previous trends but had not changed much about the international economic order. China was the only major economy to show positive economic growth in 2020 relative to 2019 but reversed necessary domestic reforms to do so. The United States was the best-performing advanced Western economy in 2020 but greatly increased its federal debt. Europe and U.S. treaty allies performed less well. Prepandemic trends persisted: China's share of the global economy was growing, that of the United States was holding steady, and that of U.S. allies was declining. In this report, the author reviews the economic track record of the United States; major U.S. competitors China
