The US Economy And Its Future Challenges In An Integrated World Economy
Dec 7th, 2024 | By Dr. Jim Eckman
The past three decades have produced an economy in America that is indeed the envy of the world. The Economist summarizes the financial and economic dynamic of the US economy: “In 1990 it accounted for about two-fifths of the GDP of the G7. Today it makes up half. Output per person is now about 30% higher than in Western Europe and Canada, and 60% higher than in Japan—gaps that have roughly doubled since 1990. Mississippi may be America’s poorest state, but its hard-working residents earn, on average, more than Brits, Canadians or Germans. Lately, China too has gone backwards. Having closed in rapidly on America in the years before the pandemic, its nominal GDP has slipped from about three-quarters of America’s in 2021 to two-thirds today.”