ASID 2023 Economic Outlook | Top 10 Highlights

After a short, sharp recession in 2020, the U.S. economy has generally performed well over the last three years. The recession lasted a mere two months —March and April of 2020— then began a fairly rapid recovery. Economic output as measured by real (inflation-adjusted) gross domestic product (GDP) recovered by the second quarter of 2021, exceeding its previous peak in fourth quarter 2019. But the first estimate for first quarter 2023 real GDP growth was 1.1%, an indication that the economy is either slowing to an eventual more sustainable growth rate or is about to slip into a recession.