Question

Hello! I have a macroeconomics project wherein I have to research about USA's macroeconomic environment within the last 15 years (2005 till the present year). based on this, can anyone help me research for factual information about the following points:

•USA's balance of payments (current account - capital account)

•the macroeconomic problems that USA have faced for the last 15 years

•USA's growth of economy (from 2005 to the present year)

Thank you in advance for your help!!

Answer 1

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A:

The U.S. Balance of Payments accounts (formerly known as the U.S. International Transactions accounts) is a quarterly statistical summary that provides a comprehensive and detailed view of transactions between U.S. and foreign residents, organized into three major categories: the current account, the capital account, and the financial account. The current account records exports and imports of goods, services, income, and current transfers. The capital account records capital transfers, such as debt forgiveness. The financial account records transactions for official assets, for U.S. government assets other than official reserve assets, for direct investment, for portfolio investment, and for other investment.

Methodology

The Bureau of Economic Analysis (BEA) conducts a variety of research and analytical activities in support of the international accounts. Most of the data the BEA receives comes from over 360 surveys and other data collections sponsored by other Federal agencies, that is, from statistical agencies, aggregate tax data sources, administrative and regulatory sources, and private trade sources. The BEA validates the quality of these data through employing computer edit checks for gross errors, identifying and analyzing outliers, and examining period-to-period changes to ensure that these data are accurate, reliable, and relevant for the estimates being made.

In June 2014, the BEA released new table presentations of the U.S. international economic accounts, resulting from a comprehensive restructuring of the accounts. It was the culmination of a multiyear process to modernize the accounts by converting from a national standard to the International Monetary Fund’s BPM6 (Balance of Payments Manual 6), an international standard.

This transition from the national standard to BPM6 resulted in many changes to the categorization of the data. By redefining much of the display, it was made more timely, detailed, and comparable with that of other countries. More benefits of transition include: improved comparability with other US macroeconomic statistics, consistency with balance sheet concepts, and more complete, standardized presentation of information.

The source will not report data if (1) transactions are between zero and +/- $500,000 or (2) if data will disclose information on individual companies.

Beginning with 2006, income is shown gross of withholding taxes. Prior to 2006, income is shown net of withholding taxes.

Definitions

Foreign official agencies are defined as treasuries and ministries of finance; central banks; stabilization funds; fiscal agents of national governments that have as an important part of their functions activities similar to those of a treasury, central bank, or stabilization fund; diplomatic and consular establishments; and other agencies of national governments, including sovereign wealth funds.

On the directional basis, direct investment statistics in the primary income account, the financial account, and the IIP accounts are organized according to whether the direct investment is outward or inward (that is, whether the investor is a domestic resident or a foreign resident). On an asset/liability basis, direct investment statistics are organized according to whether the investment relates to an asset or a liability.

Geographies

According to the BEA:

• European Union: Data for the European Union (EU) reflect the EU membership during the reference period. In 1994, the EU was comprised of Belgium, Denmark, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, and the United Kingdom. Beginning with 1995, Austria, Finland, and Sweden were included. Beginning with second quarter 2004, Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia were included. Bulgaria and Romania were included beginning with first quarter 2007 and Croatia was included beginning with third quarter 2013. The United Kingdom was excluded beginning with first quarter 2020.
• OPEC: OPEC (Organization of Petroleum Exporting Countries) was comprised of Algeria, Angola, Congo (Brazzaville), Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates, Qatar, and Venezuela in fourth quarter 2018. Data for this memorandum item reflected the OPEC membership during the reference period. Angola and Ecuador are included beginning with first quarter 2007 and 2008, respectively. Gabon is included prior to 1995 and after second quarter 2016. Indonesia is included prior to 2009 and in each quarter of 2016. Equatorial Guinea and Congo (Brazzaville) are included after second quarter 2017 and 2018, respectively. This aggregate was discontinued after the 2018 reference year.
• UK Islands, Caribbean: The “United Kingdom Islands, Caribbean” includes British Virgin Islands, Cayman Islands, Montserrat, and Turks and Caicos Islands.

b:

• Agriculture

  Agriculture and farming is a cherished part of American identity and remains an important part of the American economy. In 2014, the agriculture, fishing, and forestry industries contributed more than $215 billion to U.S. GDP and supported almost 2 million workers. The health of America’s farms and the agriculture industry, however, is tied directly to immigration. Farmers frequently worry about finding enough workers as few Americans seem willing to take on the most difficult and physical farm jobs—particularly those harvesting fresh fruits and vegetables. Yet the H-2A visa, the only agricultural visa currently available to American farms, is too expensive and cumbersome to work for many U.S. growers. We explore this issue—and the way it costs our economy—below.

• Entrepreneurship

  Entrepreneurship and business creation is fundamental to a healthy economy. Companies less than five years old create an average of 1.5 million new jobs for Americans each year.† Immigrants in particular play an important role in creating jobs as they are more likely to start a new business than the rest of the population. Despite this, the United States lacks a startup visa to welcome immigrant entrepreneurs with a proven idea and solid investment. This results in many business owners struggling to stay—at a cost to our economy and its workers.

  † Jason Wiens and Chris Jackson, “The Importance of Young Firms for Economic Growth,” September 13, 2015. Available online.

• Faith

  Faith groups across the country have been vocal in their belief that immigration strengthens our communities and adamant in their support for common sense immigration reforms. The United States Conference of Catholic Bishops, the Southern Baptist Convention, The Church of Jesus Christ of Latter Day Saints, and many other religious groups have endorsed comprehensive immigration reform, and surveys consistently show that majorities of Protestants, Evangelicals, Catholics, Jews, Mormons, Muslims, and Buddhists all overwhelmingly support reform. Mormons in particular have endorsed the Utah Compact, a statement of principles endorsing both strong border protections and the recognition that immigrants help fuel economic growth.

• Global Competitiveness

  The United States has long been the destination for the world’s most talented immigrants. Despite the last 50 years of technological advancement, American immigration policy has remained virtually unchanged, putting in danger America’s global competitiveness. Yesterday’s immigration policy no longer meets today’s economic needs. Only about 14 percent of all U.S. green cards are given for economic reasons, compared to more than 60 percent in Canada and Australia. With no dedicated visa for entrepreneurs and numerous barriers to residency in place for international students to stay after graduation, America’s outdated immigration policy could allow other countries to out-compete us by attracting and keeping the best and brightest there and not here.

• Healthcare

  In the coming years, as our country’s 76.4 million baby boomers enter their elderly years, our country’s healthcare system will face unprecedented demand, adding jobs faster than any other segment of our economy. Yet, employers are already finding that there are not enough unemployed healthcare workers to fill vacant positions, and in some rural areas, shortages are particularly acute.

  For several reasons, immigrants have been a particularly important stopgap filling some of our most glaring healthcare needs. Immigrants are twice as likely as native-born to fill lesser skilled home health aide positions, but also twice as likely to fill high-skilled positions as physicians and surgeons. And because immigrants tend to be more willing to move for a job than the native-born, and there are visa provisions to encourage this, immigrants also fill doctor vacancies in some of our rural communities with the greatest need. A smarter immigration system, however, could help fill far more gaps in our healthcare system, benefiting patients.

• Hospitality & Tourism

  Almost 15 million Americans work in tourism and hospitality—in hotels, amusement parks, art museums, and restaurants—making it the fifth largest industry in the country.¹ Many of these jobs depend on our immigration and visa systems. International tourists create high demand for the tourism industry. Meanwhile, many employers have trouble finding enough American workers to staff resorts, hotels, and attractions. Current policies not only discourage international tourists and business travelers, but also keep American businesses from finding the workers on which the tourism industry relies.

  ¹ Bureau of Labor Statistics (BLS), “Industry employment and output projection to 2024,” Monthly Labor Review, December 2015. Available online.

• Innovation & STEM Fields

  For America to compete in the 21st century, we need a robust innovation economy—which requires a workforce skilled in the science, technology, engineering, and math (or STEM) fields. Yet American students are not entering those industries in sufficient numbers, and the United States is projected to face a shortage of one million STEM workers by 2022.¹ Foreign-born students frequently gravitate towards STEM disciplines, making up roughly one out of every three individuals earning graduate-level STEM degrees each year. Our broken visa system, however, makes it difficult for many of them to stay after graduation—a reality that hurts the ability of our employers to expand and create more opportunity for American workers.

  ¹ President’s Council of Advisors on Science and Technology, “Engage to Excel: Producing 1 million Additional College Graduates with Degrees in Science, Technology, Engineering, and Mathematics,” February 2012. Available online.

• International Students

  Although they account for just five percent of all students in U.S. colleges and universities, international students play an important role in our economy. They gravitate towards the fields of science, technology, engineering, and math, or STEM, producing a large number of patents and gaining skills that help our employers innovate and compete. They spend tens of billions of dollars as consumers, supporting local businesses. And the companies they go on to found—such as Google, Yahoo!, and Trulia—employ hundreds of thousands, if not millions, of Americans.

• Labor-Intensive Industries

  Workers who fill labor-intensive jobs are a critical part of the economy. They clean homes and offices. They power our factories. They harvest crops by hand. However—even as demand for such workers has remained strong—demographic trends are shrinking the pool of native-born individuals willing and able to perform such physically difficult work. This has made the presence of immigrant workers critical to the survival of many U.S. businesses. Rather than hurt other workers, they often help companies expand, creating more attractive opportunities for American workers.

• Refugees

  Rhetoric about refugees in the United States is often dominated by discussions about humanitarian obligations on the one hand and public safety concerns on the other. While both are clearly relevant, this narrow focus misses what many American communities see as the most enduring legacy of these newcomers: the positive economic impact they have on the cities and towns that they ultimately come to call home. Refugees have entrepreneurship and homeownership rates that far exceed that of other immigrants. Many aging and once declining communities—from Utica, New York to Bevo Mill in St. Louis—have credited young, entrepreneurial refugees with reinvigorating their local economy and commercial main streets.

C:

The Gross Domestic Product (GDP) in the United States expanded 0.30 percent in the first quarter of 2020 over the same quarter of the previous year.

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	Actual	Previous	Highest	Lowest	Dates	Unit	Frequency
	0.30	2.30	13.40	-3.90	1948 - 2020	percent	Quarterly

United States GDP Annual Growth Rate

The United States is the world’s largest economy. Yet, in the last two decades, like in the case of many other developed nations, its growth rates have been decreasing. If in the 50’s and 60’s the average growth rate was above 4 percent, in the 70’s and 80’s dropped to around 3 percent. In the last ten years, the average rate has been below 2 percent and since the second quarter of 2000 has never reached the 5 percent level.

This statistic shows the annual growth rate of the real Gross Domestic Product of the United States from 1990 to 2019. Gross domestic product (GDP) refers to the market value of all final goods and services produced within a country in a given period. The real GDP is adjusted for price changes, as inflation or deflation and is chained to the U.S. dollar value of 2012. The real GDP increased by 2.3 percent in 2019. According to the BEA, the deceleration in real GDP in 2011 primarily reflected downturns in private inventory investment, federal government spending, and a deceleration in exports that were partly offset by a deceleration in imports and an acceleration in nonresidential fixed investment. The annual GDP in current U.S. dollars can be found here. A projection of the annual inflation rate of the country can be accessed here. Also, see the US GDP for further information.