Travel & tourism, ICT, insurance & finance, transport, petroleum, automotive, Electrical & electronic equipment, machinery, steel, chemicals, metals, minerals, pharmaceuticals, agriculture and textiles major industries of United States.
In 2018, Services industry exports was valued at USD 827 billion for United States. Electronics export accounted for USD 173 billion, machinery for USD 319 billion, vehicles for USD 184 billion, chemicals for USD 245 billion, metals for USD 71.6 billion, minerals for USD 198 billion, stones for USD 71.2 billion, textiles for USD 52.2 billion and agriculture for USD 183 billion in 2018.
The United States was a leading force in the establishment of the World Bank in 1944 and remains the largest shareholder of the World Bank today. As the only World Bank shareholder that retains veto power over changes in the Bank’s structure, the United States plays a unique role in influencing and shaping development priorities.
USA had population of 327.35 million in the year 2018 and expected to reach 340.976 million by 2024.
United States real gross domestic product (GDP) was USD 19,012.68 billion in 2019 and due to COVID-19 outbreak it is estimated to decrease by 8% to be around USD 17,491.66 billion in 2020.
United States unemployment rate was 3.682% of total labor force in 2019. Due to slowdown in global economic activity due to COVID-19 pandemic the unemployment is expected to increase by 64.46% and reach 10.36% in 2020. The unemployment rate is further expected to decrease by 13.41% and reach 9.135% of total labor force in 2021.
The output gap for USA in 2019 was estimated at 1.372% of the potential GDP. Further it is expected to grow at a CAGR of 23.05% which indicates that USA economy will outperform by managing actual output higher than its maximum potential.
In 2019, USA government’s revenue was estimated at USD 6634.24 billion whereas the expenditure was estimated at USD 7623.13 billion. This resulted American government’s net lending / borrowing negative at USD 988.893 billion in 2019 indicating that enough financial resources were not made available by the government to boost economic growth.
The current account balance for USA was negative at USD 513.384 billion for the year 2019 and is expected to decline at a CAGR of 2.91% and reach USD 548.844 by 2024.
In World Bank’s ease of doing business ranking United States was ranked 6th out of 190 countries in 2019. United States ease of doing business ranking improved from 8th position in 2018.
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