Growth and welfare of the US economy crucially depend on the performance of business sectors and related activities. Per capita GDP of the United States has turned out to be $46,000.
US economy is a market-oriented one. Business firms and private individuals play a major role in decision-making.
Both US federal and state governments provide business firms with great operational flexibility in all areas of their businesses. US business firms make use of latest technology to beat their counterparts in the other nations of the world.
As per the 2007 estimates, agriculture sector contributes 0.9% of the total US GDP. Contribution of the industrial sector stands out to be 20.5%; whereas contribution of the service sector amounts to 78.5%. The real growth rate of US GDP stands at 2.2% as per the 2007 estimate. GDP at Purchasing Power Parity has turned out to be $13.48 trillion according to the estimate of 2007.
Performance of the US economy is driven by the diverse business sectors. The US federal government takes a number of policy measures to facilitate the economic prosperity of US business firms. Mining, finance and insurance, manufacturing, real estate, food services and accommodation, transportation and warehousing, information technology, construction, educational services, wholesale trade, healthcare services, scientific, professional and technical services and many other services come under the purview of US business.
US industrial sector has emerged as the most important industrial power of today’s world. Use of state-of-the-art technology distinguishes its industries from other industrial powers of the world.
Export and import figures are also highly important. Major exportable products include consumer goods like medicines and automobiles, industrial supplies mostly organic chemicals, and capital goods like parts of motor vehicles, transistors, telecommunication devices, computers, and many more. The US export volume (estimated) for the year 2007 has been $1.149 trillion f.o.b.
As far as imports are concerned, the United States imports consumer goods like furniture, clothing, automobiles, medicines, and toys, industrial supplies like crude oil, agricultural products, and capital goods like office machines, electric power machinery, computer software, and many more. The import figure of the US economy has turned out to be $1.956 trillion f.o.b. as per the 2007 estimate.
A greater sense of optimism prevails in Indonesia about the economy in 2015 than a year ago, even though the reality is now more challenging. Growth is slowing, business costs are on the rise, and key economic vulnerabilities persist. In simple terms, the new government of President Joko Widodo (Jokowi) has been dealt a difficult hand of cards. At the same time, a revival of investor confidence is in prospect if the government can pursue a constructive reform path and there are positive signals in this regard.
Professor of Economics & Director of the Earth Institute at Columbia University. Special Adviser to the UN Secretary-General on the Millennium Development Goals. Founder & co-President of the Millennium Promise Alliance.
CEO and co-CIO of PIMCO. Served as President and CEO of the Harvard Management Company for 2 years, while also working at the IMF for 15 years. In 2008, his book "When Markets Collide", won the Financial Times award for Business Book of The Year in addition to being named as the one of the best business books of all time by The Independent.
Mario I. Blejer is a former governor of the Central Bank of Argentina and former Director of the Center for Central Banking Studies at the Bank of England. Eduardo Levy Yeyati is Professor of Economics at Universidad Torcuato Di Tella and Senior Fellow at The Brookings Institution.
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