Can US policy choices explain economic divergence?

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The divergence in economic performance among advanced economies since the onset of the Covid-19 pandemic has become increasingly evident, with the US notably outperforming its peers. As of the end of the first quarter of this year, the cumulative growth rates in the US since the start of the pandemic have reached 9%. For comparison, this figure is 3.6% in Japan, 3.3% in the Euro Area, and only 1.5% in the UK (figure 1).

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