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Groningen Growth and Development Centre

Faculty of Economics and Business
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Maddison data in Biden-Harris Administration 2023 Economic Report

Date:30 March 2023
Graph based on the 2010 Maddison data
Graph based on the 2010 Maddison data

The Council of Economic Advisers, a component of the Executive Office of the President in the Biden-Harris Administration, has released the 2023 Economic Report of the President. This report starts with a reflection by President Biden about the Administration’s economic accomplishments, and opportunities and challenges ahead. In the first chapter it uses the 2010 Maddison data to place U.S. Economic growth over the past two centuries into context, by comparing its growth in GDP per capita to Argentina and Singapore. The report concludes:

“ the 1800s, the United States’ GDP per capita was about 70 percent larger than that of Argentina. But faster average U.S. GDP growth starting in the second half of the 20th century caused the two countries to diverge further, and today U.S. GDP per capita is about three times as large as Argentina’s (figure 1-10). Singapore, conversely, experienced slower growth for much of the 20th century before growing rapidly—more quickly than the United States—beginning in the 1960s; the country’s GDP per capita is now above that of the United States.”

Tags: Maddison, Press