During the period beginning roughly in the mid-1980s until the Global Financial Crisis (2007-2008), the U.S. economy experienced a time of relative economic calm, with low inflation and consistent GDP growth. Compared with the turbulent economic era which had preceded it in the 1970s and the early 1980s, the lack of extreme fluctuations in the business cycle led some commentators to suggest that macroeconomic issues such as high inflation, long-term unemployment and financial crises were a thing of the past. Indeed, the President of the American Economic Association, Professor Robert Lucas, famously proclaimed in 2003 that "central problem of depression prevention has been solved, for all practical purposes". Ben Bernanke, the future chairman of the Federal Reserve during the Global Financial Crisis (GFC) and 2022 Nobel Prize in Economics recipient, coined the term 'the Great Moderation' to describe this era of newfound economic confidence. The era came to an abrupt end with the outbreak of the GFC in the Summer of 2007, as the U.S. financial system began to crash due to a downturn in the real estate market.

Causes of the Great Moderation, and its downfall

A number of factors have been cited as contributing to the Great Moderation including central bank monetary policies, the shift from manufacturing to services in the economy, improvements in information technology and management practices, as well as reduced energy prices. The period coincided with the term of Fed chairman Alan Greenspan (1987-2006), famous for the 'Greenspan put', a policy which meant that the Fed would proactively address downturns in the stock market using its monetary policy tools. These economic factors came to prominence at the same time as the end of the Cold War (1947-1991), with the U.S. attaining a new level of hegemony in global politics, as its main geopolitical rival, the Soviet Union, no longer existed. During the Great Moderation, the U.S. experienced a recession twice, between July 1990 and March 1991, and again from March 2001 tom November 2001, however, these relatively short recessions did not knock the U.S. off its growth path. The build up of household and corporate debt over the early 2000s eventually led to the Global Financial Crisis, as the bursting of the U.S. housing bubble in 2007 reverberated across the financial system, with a subsequent credit freeze and mass defaults.

As of the third quarter of 2024, the GDP of the U.S. grew by 2.8 percent from the second quarter of 2024. GDP, or gross domestic product, is effectively a count of the total goods and services produced in a country over a certain period of time. It is calculated by first adding together a country’s total consumer spending, government spending, investments and exports; and then deducting the country’s imports. The values in this statistic are the change in ‘constant price’ or ‘real’ GDP, which means this basic calculation is also adjusted to factor in the regular price changes measured by the U.S. inflation rate. Because of this adjustment, U.S. real annual GDP will differ from the U.S. 'nominal' annual GDP for all years except the baseline from which inflation is calculated. What is annualized GDP? The important thing to note about the growth rates in this statistic is that the values are annualized, meaning the U.S. economy has not actually contracted or grown by the percentage shown. For example, the fall of 29.9 percent in the second quarter of 2020 did not mean GDP is suddenly one third less than a year before. In fact, it means that if the decline seen during that quarter continued at the same rate for a full year, then GDP would decline by this amount. Annualized values can therefore exaggerate the effect of short-term economic shocks, as they only look at economic output during a limited period. This effect can be seen by comparing annualized quarterly growth rates with the annual GDP growth rates for each calendar year.

Thailand’s gross domestic product (GDP) grew at a rate of 2.12 percent in 2019. The Thai economy

Thailand relies less on agriculture and more on employment in the service sector, which is a sign of a more advanced economy. This development is also apparent in its GDP per capita, which is one of the highest in Southeast Asia. One aspect of a developed economy is that it is more diverse, and thus less exposed to economic shocks. This statistic reflects that robustness in its optimistic view of Thai GDP growth.

Domestic factors

Thailand has posted an incredibly low unemployment rate for several years, which suggests that the workforce matches the demand for labor remarkably well. Equally important, the inflation rate tends to be low and stable, though sometimes too low. If Thailand wants to realize the positive projections in this statistic, the inflation rate of the baht should be between 2 and 3 percent, according to most economists.

The Gross Domestic Product (GDP) in South Africa expanded 0.60 percent in the fourth quarter of 2024 over the previous quarter. This dataset provides - South Africa GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Sri Lanka LK: Inflation:(GDP) Gross Domestic ProductDeflator: Linked Series data was reported at 8.244 % in 2017. This records an increase from the previous number of 4.080 % for 2016. Sri Lanka LK: Inflation:(GDP) Gross Domestic ProductDeflator: Linked Series data is updated yearly, averaging 8.863 % from Dec 1990 (Median) to 2017, with 28 observations. The data reached an all-time high of 20.063 % in 1990 and a record low of 0.649 % in 2015. Sri Lanka LK: Inflation:(GDP) Gross Domestic ProductDeflator: Linked Series data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Sri Lanka – Table LK.World Bank.WDI: Inflation. Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price change in the economy as a whole. This series has been linked to produce a consistent time series to counteract breaks in series over time due to changes in base years, source data and methodologies. Thus, it may not be comparable with other national accounts series in the database for historical years.; ; World Bank staff estimates based on World Bank national accounts data archives, OECD National Accounts, and the IMF WEO database.; ;

In 2020, the GDP shrunk by 2.4 percent in Australia, and inflation was at an all-time low at 0.9 percent over the last 20 years. In 2021, the GDP is predicted to grow by 4.5 percent, and inflation to grow by 1.7 percent. According to the forecast, the Gross Domestic Product and inflation will grow weakly over the next five years in Australia.

The Gross Domestic Product (GDP) in the United States expanded 2.50 percent in the fourth quarter of 2024 over the same quarter of the previous year. This dataset provides the latest reported value for - United States GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Angola AO: Inflation:(GDP) Gross Domestic ProductDeflator: Linked Series data was reported at 17.648 % in 2023. This records an increase from the previous number of 13.710 % for 2022. Angola AO: Inflation:(GDP) Gross Domestic ProductDeflator: Linked Series data is updated yearly, averaging 32.021 % from Dec 1990 (Median) to 2023, with 34 observations. The data reached an all-time high of 4,800.532 % in 1996 and a record low of -16.762 % in 2009. Angola AO: Inflation:(GDP) Gross Domestic ProductDeflator: Linked Series data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Angola – Table AO.World Bank.WDI: Inflation. Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price change in the economy as a whole. This series has been linked to produce a consistent time series to counteract breaks in series over time due to changes in base years, source data and methodologies. Thus, it may not be comparable with other national accounts series in the database for historical years.;World Bank staff estimates based on World Bank national accounts data archives, OECD National Accounts, and the IMF WEO database.;;

Greenland GL: Inflation:(GDP) Gross Domestic ProductDeflator data was reported at -0.218 % in 2016. This records a decrease from the previous number of 6.131 % for 2015. Greenland GL: Inflation:(GDP) Gross Domestic ProductDeflator data is updated yearly, averaging 3.787 % from Dec 1971 (Median) to 2016, with 46 observations. The data reached an all-time high of 16.426 % in 1975 and a record low of -3.229 % in 2005. Greenland GL: Inflation:(GDP) Gross Domestic ProductDeflator data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Greenland – Table GL.World Bank: Inflation. Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price change in the economy as a whole. The GDP implicit deflator is the ratio of GDP in current local currency to GDP in constant local currency.; ; World Bank national accounts data, and OECD National Accounts data files.; Median;

Argentina AR: Inflation:(GDP) Gross Domestic ProductDeflator: Linked Series data was reported at 135.369 % in 2023. This records an increase from the previous number of 69.876 % for 2022. Argentina AR: Inflation:(GDP) Gross Domestic ProductDeflator: Linked Series data is updated yearly, averaging 21.615 % from Dec 1990 (Median) to 2023, with 34 observations. The data reached an all-time high of 2,078.317 % in 1990 and a record low of -3.561 % in 1993. Argentina AR: Inflation:(GDP) Gross Domestic ProductDeflator: Linked Series data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Argentina – Table AR.World Bank.WDI: Inflation. Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price change in the economy as a whole. This series has been linked to produce a consistent time series to counteract breaks in series over time due to changes in base years, source data and methodologies. Thus, it may not be comparable with other national accounts series in the database for historical years.;World Bank staff estimates based on World Bank national accounts data archives, OECD National Accounts, and the IMF WEO database.;;

Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price change in the economy as a whole. The GDP implicit deflator is the ratio of GDP in current local cu...

Eritrea ER: Inflation:(GDP) Gross Domestic ProductDeflator: Linked Series data was reported at 13.341 % in 2011. This records an increase from the previous number of 11.574 % for 2010. Eritrea ER: Inflation:(GDP) Gross Domestic ProductDeflator: Linked Series data is updated yearly, averaging 11.574 % from Dec 1993 (Median) to 2011, with 19 observations. The data reached an all-time high of 29.505 % in 2009 and a record low of -1.383 % in 1993. Eritrea ER: Inflation:(GDP) Gross Domestic ProductDeflator: Linked Series data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Eritrea – Table ER.World Bank.WDI: Inflation. Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price change in the economy as a whole. This series has been linked to produce a consistent time series to counteract breaks in series over time due to changes in base years, source data and methodologies. Thus, it may not be comparable with other national accounts series in the database for historical years.; ; World Bank staff estimates based on World Bank national accounts data archives, OECD National Accounts, and the IMF WEO database.; ;

Graph and download economic data for Gross Domestic Product: Implicit Price Deflator (GDPDEF) from Q1 1947 to Q4 2024 about implicit price deflator, headline figure, inflation, GDP, and USA.

The statistic shows the growth rate of the real gross domestic product (GDP) in Japan from 2019 to 2023, with projections up until 2029. In 2023, Japan's GDP increased by 1.68 percent compared to the previous year. For comparison, the GDP growth rate of China had reached about 8.45 percent that same year.Gross domestic product growth rate in JapanGDP serves as one of the most heavily relied upon indicators to gauge the state and health of a country’s economy. GDP is the total market value of all final goods and services that have been produced within a nation’s borders in a given period of time, usually a year. GDP figures allow a more fundamental understanding of a country’s economy. Year-on-year GDP growth acts as a helpful and clear sign of the direction in which a country is moving in economic terms. Real GDP is especially useful and insightful as it takes price changes (inflation and deflation) into account.The gross domestic product growth rate in Japan has been shaky since the recession of 2008 struck the world economy like a bolt out of the blue and Japan is still yet to gain a solid foothold. Despite its ongoing financial predicament however, Japan remains one of the world’s most highly developed economies. The economy of Japan is the third largest worldwide by nominal GDP and the nation has a very active manufacturing sector. It is active in the auto manufacturing sector, the third largest in the world after the United States and China, and has an electronics industry that is counted among the worlds most innovative. Japan can boast many titles, but perhaps the most significant to its future stability is that which relates to its astronomical national debts, currently running at over 200 percent of GDP, roughly 10.5 trillion US dollars.

The statistic depicts Mexico's real gross domestic product (GDP) growth rate from 2019 to 2023, with projections up until 2029. GDP refers to the total market value of all goods and services that are produced within a country per year. It is an important indicator of the economic strength of a country. Real GDP is adjusted for price changes and is therefore regarded as a key indicator for economic growth. In 2023, Mexico's real GDP grew by about 3.2 percent compared to the previous year. Mexico's economy Mexico, having not been dramatically affected by the 2002 South American crisis, has one of the strongest economies in the Americas behind the United States and Canada. By improving its macroeconomic rules and regulations, Mexico improved on many aspects of its economy, most notably inflation. Several goals that the government wanted accomplish were the improvement of infrastructure around the country as well as newer tax laws that would allow for higher income equality. Mexico is generally an export-oriented country, with the majority of export goods consisting of electronics, automobiles and agricultural goods. Exports over the past decade have seen continuous growth, with the exception of 2009. This increase in exports is largely due to an increasing number of free trade agreements with international countries, which essentially eliminate tariffs between member countries. However, Mexico imports more than they export, having recorded an annual trade deficit over the past decade. While most economics label this as a negative aspect, other economics believe that trade deficits are associated with positive economic developments.

Venezuela VE: Inflation:(GDP) Gross Domestic ProductDeflator: Linked Series data was reported at 67.147 % in 2014. This records an increase from the previous number of 35.503 % for 2013. Venezuela VE: Inflation:(GDP) Gross Domestic ProductDeflator: Linked Series data is updated yearly, averaging 30.132 % from Dec 1990 (Median) to 2014, with 25 observations. The data reached an all-time high of 115.525 % in 1996 and a record low of 7.832 % in 2009. Venezuela VE: Inflation:(GDP) Gross Domestic ProductDeflator: Linked Series data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Venezuela – Table VE.World Bank.WDI: Inflation. Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price change in the economy as a whole. This series has been linked to produce a consistent time series to counteract breaks in series over time due to changes in base years, source data and methodologies. Thus, it may not be comparable with other national accounts series in the database for historical years.; ; World Bank staff estimates based on World Bank national accounts data archives, OECD National Accounts, and the IMF WEO database.; ;

Inflation Rate in Thailand decreased to 1.08 percent in February from 1.32 percent in January of 2025. This dataset provides the latest reported value for - Thailand Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Inflation rate (GDP deflator) of Sudan soared by 82.87% from 116.9 % in 2022 to 213.7 % in 2023. Since the 7.14% drop in 2019, inflation rate (GDP deflator) rocketed by 311.18% in 2023. Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price change in the economy as a whole. The GDP implicit deflator is the ratio of GDP in current local currency to GDP in constant local currency.

Inflation rate (GDP deflator) of Saint Vincent and the Grenadines soared by 18.48% from 3.4 % in 2022 to 4.0 % in 2023. Since the 54.73% drop in 2021, inflation rate (GDP deflator) sank by 1,127.69% in 2023. Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price change in the economy as a whole. The GDP implicit deflator is the ratio of GDP in current local currency to GDP in constant local currency.

The gross domestic product (GDP) of all the Nordic countries decreased in 2020. Iceland had the biggest drop with seven percent. However, the GDP of all five countries grew again in 2021 and continued to do so in 2022. However, the growth slowed in 2023 due to the high inflation rates, and were even negative in Sweden and Finland.