Eurozone Economy Outpaced U.S. and China in 2022

The Eurozone economy outpaced the U.S. and China economies in 2022 as conditions of the COVID-19 pandemic broke the traditional patterns. The eurozone grew at an annualized rate of 0.5 percent, and GDP rose 3.5 percent as a whole. The U.S. economy grew by 2.1% in 2022, a sharp slowdown from the 5.9% rate of expansion recorded in 2021. China’s economy grew by 3 percent, down from 8% the previous year. Global economic growth has followed the same pattern for decades, with China growing the fastest, followed by the U.S. and then the Eurozone, but that pattern shifted as these countries opened up following the pandemic lockdowns.