Important points
U.S. Latino GDP will reach $3.7 trillion in 2022, the highest since this number was first measured, and the fifth-largest GDP in the world, according to a new report from UCLA and California Lutheran University. It became. During the coronavirus pandemic from 2019 to 2022, U.S. Latino GDP grew faster than the GDP of the world’s top 10 countries, including China and India. Compared to the GDP of the world’s largest economy, U.S. Latino GDP has grown at the third-fastest pace overall since 2010. Although Latinos face higher mortality rates from COVID-19, their “healthy lifestyle benefits” include longer life expectancy. Non-Hispanic whites have recovered.
The latest U.S. Latino GDP report released today by researchers at UCLA and California Lutheran University shows that Latinos supported the U.S. economy during the most difficult period of the COVID-19 pandemic and have continued to grow since. He is said to be at the forefront of the country’s economic recovery.
Researchers found that the gross economic product, or gross domestic product, of U.S. Latinos will reach $3.7 trillion in 2022, surpassing the historic mark of $3.2 trillion set in 2021. I discovered it. The latest numbers would make the U.S. Latino GDP the fifth largest in the world. In 2022, the world will surpass India, the UK and France.
Since its first publication in 2017, the report, now produced annually by the UCLA Center for Latin American Health and Culture Research and the Cal Lutheran Center for Economic Research and Forecasting, details the large and rapidly growing economic contribution has provided an opinion. Latinos living in the United States. UCLA’s David Hayes Bautista, co-founder of the U.S. Latino GDP Project and Report Series, first began an effort to track information about Latino GDP in 2004.
New findings show that the economic performance of U.S. Latinos continues to trend upward, with their GDP increasing from $1.6 trillion in 2010 to $2.8 trillion in 2019; It exceeded $3 trillion for the first time in 2021, in the midst of the coronavirus pandemic. 19 pandemic.
“When COVID-19 struck, many analysts predicted that previous economic gains for Latin Americans would be wiped out,” said UCLA professor of medicine and co-author of the report. said author David Hayes Bautista. “But U.S. Latino GDP continues to grow.”
During the pandemic years of 2019 to 2022, the average annual growth rate of U.S. Latino real GDP was 4.8%, compared to just 1.5% for the overall U.S. economy, the researchers found. I discovered it. During the same period, Latinos were responsible for 41.4% of U.S. real GDP growth, despite making up only 19.2% of the U.S. population.
In fact, Latino performance during the pandemic was enough to make U.S. Latino GDP the fastest-growing GDP among the world’s top 10 economies from 2019 to 2022, and China, India, This exceeded the GDP growth rate of economic powers such as the United States. I was 4th overall.
“Examining the impact of COVID-19 on the U.S. economy through the lens of Latino GDP is very revealing,” said Matthew, executive director of the Center for Economic Research and Forecasting at California Lutheran University and co-author of the report.・Mr. Fienup said. “We believe the economic data released in this year’s U.S. Latino GDP report shows how important Latino strength and resiliency is to this country’s economy.”
Over an even longer period of time, from 2010 to 2022, Latinos showed themselves to be a major driver of economic growth in the United States. During this period, U.S. Latino GDP grew the third fastest of the world’s 10 largest GDPs. Additionally, the average annual growth rate of U.S. Latino real GDP during the same period was 4.2%, while the overall U.S. economy grew by only 1.7%.
COVID-19, Latinos, and the resurgence of the “Benefits of a Healthy Lifestyle for Latinos”
U.S. Latinos have been hit particularly hard by COVID-19, even as they continued to produce tremendous economic output during the pandemic. From 2020 to 2021, coronavirus was the No. 1 cause of death for Latinos, but the No. 3 cause of death for non-Latinos.
However, by 2022, COVID-19-related death rates among Latinos have decreased by more than 50% from their peak, according to the U.S. Latino GDP Report. Although death rates in 2022 were still slightly higher than non-Hispanic whites, Latino death rates from other causes such as heart disease, cancer, unintentional injuries, and chronic respiratory disease remained significantly lower; The phenomenon known as the “healthy lifestyle” has rebounded. advantage. “
That reassertion can be seen in the numbers on life expectancy for Latinos. In 2019, Latinos were expected to live an average of three years longer than non-Hispanic whites, but at the height of the pandemic, that advantage had dwindled to just six months. By 2022, it had recovered to 2.5 years.
“Just this spring, there was a study that came out saying that the benefits of a healthy lifestyle have disappeared for Latinos,” Hayes-Bautista said. “However, our latest report shows that the benefits of healthy lifestyles for Latinos are back as one of the factors driving the tremendous growth in Latino GDP. ”
The Latino GDP Project releases additional research reports throughout the year on the large and rapidly growing economic contributions of the Latino population in targeted states and metropolitan areas. In August of this year, researchers also produced the first Latino GDP report, released on Women’s Equality Day, detailing the significant impact on the Latino economy.
“Hard work, self-sufficiency, optimism and perseverance – these are characteristics that underlie the strength and resilience of America’s Latinos,” Fienup said. “We believe these same characteristics will continue to drive growth across the U.S. economy.”
