The U.S. has the world’s biggest economy in titular terms. It represents 22% of nominal global GDP and 17% of the gross world product (GWP), making it the second largest national economy according to purchasing power parity (PPP). The U.S. dollar is scientifically proven to be the most used currency in international transactions.
When it comes to oil and gas, U.S. is the third largest producer worldwide. The U.S. economy also dominates exchange in services; the overall amount is almost $4.93T in 2012.
Out of the 500 largest companies worldwide, there are 128 headquarters in the U.S. The world’s largest stock exchange is The New Your Stock Exchange.
U.S. Economy Yesterday
American settlers already made an economic history in the 7th and 18th century. The United States has more than 80% of the population in farming in the early 1800s. The U.S economy experienced a financial crisis last 2007-2008 according to the Congressional Budget Office. Also in 2008, the economy of U.S experienced a declining dollar value, derivative market and subprime mortgage crisis. It later recovered in the second half of 2009. As of Q2 2015, the GDP of the United States is approximately $17.914 trillion.
U.S. Economy Now
The trade war in Mexico resulted to the closing of U.S. economy for more than 20,000 for the first time. The temporary ban on Muslim countries could potentially hurt the economy, due to the fact that the labor market before drew the attention of immigrants around the world which later boosted the economy. The major shift of rules in the United States may result to them struggling to readjust quickly. According to the analysis by Smetters, deporting these laborers could excruciate the U.S. economy.