U.S is one of the world's largest and most powerful economies by nominal Gross Domestic Product (GDP) and the purchasing power parity (PPP). It is estimated to have a population of over 330 million people ranging across all races. Having a diversified industrial sector with a high level of technology innovation, it has a high per capita. The industries and their services are comprised of finance, insurance, healthcare, real estate, education, business, financial services, companies and social assistance which contribute to more than 40% of the GDP. The country is also run by the many natural resources that it is endowed with, an updated infrastructure and high level of production (United States GDP Growth Rate | 1947-2018 | Data | Chart | Calendar, n.d.). Its currency, the U.S dollar, is the most commonly used currency in the international transactions and used to compare other country's currency strength and stability.
Currently, the U.S has an estimation of a GDP of over 20.5 trillion dollars with an annual growth rate of 4.2% in the second quarter of the year 2018. In this year, the GDP per capita stands at over 62,500 dollars. The domestic demand rate stands at 2.4%, the investment and import rates are at 4% where are the industrial production and exports have been at a rise in contrast to the previous year's, therefore, standing at 1.6% and 3.4% respectively. However, the unemployment rates have been rising owing to the rapid population growth (Focus Economics., n.d.).
The U.s economy is a representation of more than 20% of the world output, probably higher than its main competitors, China. Although the service sector is the backbone of its economy, the production sector contributes to about 15% of the total output. It is the second biggest producer in the world and the highest valued manufacturer across industries such as the aerospace, telecommunications, chemicals, automobiles and machinery. Unlike most nations, agriculture contributes barely less than 1.9% of the total output. However, in most of its agricultural production, it is characterized by large-scale farming and application of the latest farming technology that maximizes their production. The government plays a role in the offering of subsidies to the farmers and processor which enable the country to be one of the largest exporters of food and agricultural produce.
The US economy sustains a powerhouse status by relying on a number of factors. It has a wide variety of resources and infrastructure which it heavily relies on. Majority of the population in the US is educated; therefore contribute to creating a pool of skilled source labour that is essential in the production workforce required. Both the government and the people contribute significantly in the stable economic environment. The government practices stable and working politics through their favourable policies and regulations whereas the people are entrepreneurial in nature as they venture into different investments (Amadeo, n.d.). Extensively, the US economic growth can be related to the high level of research, innovation and development in the country.
However, the country is recovering from a considerate turmoil period. This period was comprised of factors such as inflation, high debts, lax regulations by the government, widespread mortgage landings and low-interest rates. The country has been in a recovery mode on the recession depths since 2009.
The US economy has therefore been improving owing to the recession it underwent in 2008. It has a visionary leader, President Donald Trump, who is up to ensure the economy of America is growing by reducing the levels of unemployment. As a hairstylist at a beauty salon, this presents the best opportunity of generating more income, considering that one of the main contributors of the country's GDP is the service industry.
Amadeo, K. (n.d.). What Will the Economy Do in 2018 and Beyond? Retrieved from https://www.thebalance.com/us-economic-outlook-3305669
FocusEconomics. (n.d.). United States Economy - GDP, Inflation, CPI and Interest Rate. Retrieved from https://www.focus-economics.com/countries/united-states
United States GDP Growth Rate | 1947-2018 | Data | Chart | Calendar. (n.d.). Retrieved from https://tradingeconomics.com/united-states/gdp-growth
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