2019 | 21,485 | 4.40% |
2020 | 22,523 | 4.83% |
2021 | 23,558 | 4.60% |
2022 | 24,616 | 4.49% |
2023 | 25,735 | 4.55% |
2024 | 26,907 | 4.55% |
2025 | 28,109 | 4.47% |
2026 | 29,349 | 4.41% |
2027 | 30,637 | 4.39% |
2028 | 31,972 | 4.36% |
2029 | 33,363 | 4.35% |
2030 | 34,800 | 4.31% |
However, nominal GDP growth slows down or even turns negative during a recession. Look at 2008 and 2009.
Year | Nominal GDP | Growth |
2000 | 10,252 | |
2001 | 10,582 | 3.22% |
2002 | 10,936 | 3.35% |
2003 | 11,458 | 4.77% |
2004 | 12,214 | 6.60% |
2005 | 13,037 | 6.74% |
2006 | 13,815 | 5.97% |
2007 | 14,452 | 4.61% |
2008 | 14,713 | 1.81% |
2009 | 14,449 | -1.79% |
2010 | 14,992 | 3.76% |
2011 | 15,543 | 3.68% |
2012 | 16,197 | 4.21% |
2013 | 16,785 | 3.63% |
2014 | 17,527 | 4.42% |
2015 | 18,225 | 3.98% |
2016 | 18,715 | 2.69% |
2017 | 19,519 | 4.30% |
2018 | 20,580 | 5.44% |
Of course we don't know exactly when recessions are going to hit and the time between them keeps getting longer, but I think every ten years going forward you should include a recession in the calculations.
Question: what effect does a recession have on government revenues (taxes)?
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