Years

Average Annual Growth Rate*

Context During Time Period

1989-1992

0.6%

Pan Am Flight 103 bombing over Scotland

Fall of Berlin Wall in Germany

Gulf War against Iraq.

1993-2001

10.2%

US triumphant in Cold War, End of History (Fukuyama, 1992) Technology boom, dawn of internet age.

2001-2002

4.4%

September 11, 2001 terrorist attacks in US

Global War on Terror begins in Afghanistan

Heightened air travel security and restrictions.

2002-2008

8.5%

Era of hyper-globalization

US-led Global War on Terror expands to Iraq war

China’s economic growth rate exceeds 11% annually.

2008-2009

−0.8%

Global Financial Crisis

Great Recession in the United States.

2009-2019

2.9%

Slow economic growth rates worldwide

Britain votes to leave European Union (Brexit)

Nationalistic and autocratic political trends worldwide.

2019-present

−95.8%**

Border closures, travel and supply chain disruptions

Murder of George Floyd, Capitol insurrection in US

Russia invades Ukraine, high inflation.