The United States has been a role model for the world due to its very diverse economy that has been flourishingly greatly and has established the nation's name as the most influential economy in the world. But this economy seems to be slowing down in the past few years, let's take a look at what might be dragging the economy behind.
In the 80s and 90s, the US economy made huge progress and the factors that were then responsible for growth are the same in the present day. The first factor is a technology that has been developed to such an extent that it is now replacing the human workforce on the field which is causing massive unemployment and hence less consumer spending and the sluggish economy. The next factor is government debt which has increased by manifold as of 2019 the debt is 76 percent of the current GDP (Gross Domestic Product) and is expected to be 1 trillion USD by 2020. The next factor is trade, as we all are aware of the trade war between the nation and China has been affecting the trade hugely and creating a downward trend. Demographics is the last factor that has seen negative trends and hence resulting in the slowdown of the economy.
The United States needs to pay attention to these aspects of its economy and take measures accordingly to bring back the pace to the US economy as the US economy has always been a growth centered economy.
Tags : US economic growth, GDP (Gross Domestic Product),