Question

What does this mean for the United States to have this fresh and growing GDP star? How has our economy changed to date?

Answer 1

US economy is said to have this fresh and growing GDP star as it has the highest GDP rate across the world. And it has the largest economy so foar. The main sources of our economy is the demand and supply. But yet, like other developed nations the percentage increasing GDP rate of US has been decreased compared to 80s and 90s. Our economy was in a good position as the employment growth opportunity and the Gdp growth was high untill 2019. But now currently the country is facing economic recession due to the pandemic COVID-19. The economy of the country has fallen due to the pandemic and is said to be continued till the Coronavirus pandemic is in a control. But untill last year that is 2019 the economy was at boom. The sudden outbreak of the pandemic hit the entire world economy which also includes the US.

The country had faced a great recession in 2008 due to subprime mortgage crisis and it took almost 6 years to recover from the great depression. At that time the global bank became short of funds and here was financial crisis in bank leading. The recession ended in 2015 and then agsain it happened to be in 2020 but the cause is different and it is said by the economist that it this time the pandemic led down in the rapid shutdown ofeconomic activity which US have never seen ever. The country is hoping to take a growth in 2021.