Okonjo-Iweala - It Cannot Be Business As Usual At WTO

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Okonjo-Iweala - It Cannot Be Business As Usual At WTO

Economy of the United States
Blue one world trade tower .jpg
New York City, the financial center of the United States and the world.[1]
CurrencyUnited States dollar (USD) Decrease Dollar Index
October 1, 2020 – September 30, 2021
Trade organizations
WTO, OECD and others
Country group
GDPDecrease $20.8 trillion (2020 est.)[4]
GDP rank
GDP growth
  • 3.0% (2018) 2.2% (2019)
  • −4.3% (2020e) 3.1% (2021e)[4]
GDP per capita
Decrease $63,051 (2020 est.)[4]
GDP per capita rank
GDP by sector
GDP by component
  • Household consumption: 68.4%
  • Government consumption: 17.3%
  • Investment in fixed capital: 17.2%
  • Investment in inventories: 0.1%
  • Exports of goods and services: 12.1%
  • Imports of goods and services: −15%
  • (2017 est.)[5]
  • 1.5% (2020 est.)[4]
  • 1.7% (Aug. 2019)[6]
Population below poverty line
  • Positive decrease 10.5% (2019)[7]
  • Positive decrease 34.0 million (2019)[7]
Labor force
  • Decrease 160.1 million (January 2021)[12]
  • Negative increase 57.5% employment rate (January 2021)[12]
Labor force by occupation
  • Positive decrease 6.3% (January 2021)[12]
  • Negative increase 14.8% youth unemployment (January 2021; 16 to 19 year-olds)[12]
  • Positive decrease 10.1 million unemployed (January 2021)[12]
Average gross salary
$63,093 (2018)[14]
Median gross salary
Increase $936 weekly (Q4, 2019)[15]
Main industries
Increase 6th (very easy, 2020)[16]
ExportsDecrease $2.54 trillion (2020)[17]
Export goods
Main export partners
ImportsDecrease $3.19 trillion (2019)[17]
Import goods
Main import partners
FDI stock
  • Increase $4.08 trillion (31 December 2017 est.)[20]
  • Increase Abroad: $5.711 trillion (31 December 2017 est.)[20]
Decrease −$501.3 billion (2020 est.)[20]
Negative increase $21.3 trillion (September 2020)[21] note: approximately 4/5ths of US external debt is denominated in US dollars[20]
Public finances
Negative increase 121.0% of GDP (FY 2020)[22]
Revenues$3.42 trillion (2020)[23]
Expenses$6.55 trillion (2020)[24]
Economic aiddonor: ODA, $35.26 billion (2017)[25]

Foreign reserves
$41.8 billion (Aug 2020)[31]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The economy of the United States is that of a highly developed country with a mixed economy.[32][33] It is the world's largest economy by nominal GDP and net wealth and the second-largest by purchasing power parity (PPP).[34] It has the world's fifth-highest per capita GDP (nominal) and the seventh-highest per capita GDP (PPP) in 2020.[35] The United States has the most technologically powerful economy in the world and its firms are at or near the forefront in technological advances, especially in computers, pharmaceuticals, and medical, aerospace, and military equipment.[36] The U.S. dollar is the currency most used in international transactions and is the world's foremost reserve currency, backed by its economy, its military, the petrodollar system and its linked eurodollar and large U.S. treasuries market.[37][38] Several countries use it as their official currency and in others it is the de facto currency.[39][40] The largest U.S. trading partners are China, Canada, Mexico, Japan, Germany, South Korea, United Kingdom, France, India, and Taiwan.[41] The U.S. is the world's largest importer and the second-largest exporter.[42] It has free trade agreements with several nations, including the USMCA, Australia, South Korea, Israel, and few others that are in effect or under negotiation.[43]

The nation's economy is fueled by abundant natural resources, a well-developed infrastructure, and high productivity.[44] It has the seventh-highest total-estimated value of natural resources, valued at Int$45 trillion in 2015.[45] Americans have the highest average household and employee income among OECD member states,[46] and in 2010, they had the fourth-highest median household income, down from second-highest in 2007.[47][48] By 1890 the United States had overtaken the British Empire as the world's most productive economy.[49] It is the world's largest producer of petroleum and natural gas.[50] In 2016, it was the world's largest trading nation[51] as well as its second-largest manufacturer, representing a fifth of the global manufacturing output.[52] The U.S. not only has the largest internal market for goods, but also dominates the services trade. U.S. total trade amounted to $4.2 trillion in 2018.[53] Of the world's 500 largest companies, 121 are headquartered in the U.S.[54] The U.S. has the world's highest number of billionaires with total wealth of $3.0 trillion.[55][56] US commercial banks had $20 trillion in assets as of August 2020.[57] US Global assets under management had more than $30 trillion in assets.[58][59]

The New York Stock Exchange and Nasdaq are the world's largest stock exchanges by market capitalization and trade volume.[60][61] Foreign investments made in the U.S. total almost $4.0 trillion,[62] while American investments in foreign countries total over $5.6 trillion.[63] The U.S. economy is ranked first in international ranking on venture capital[64] and Global Research and Development funding.[65] Consumer spending comprised 68% of the U.S. economy in 2018,[66] while its labor share of income was 43% in 2017.[67] The U.S. has the world's largest consumer market.[68] The nation's labor market has attracted immigrants from all over the world and its net migration rate is among the highest in the world.[69] The U.S. is one of the top-performing economies in studies such as the Ease of Doing Business Index, the Global Competitiveness Report, and others.[70]

The U.S. economy experienced a serious economic downturn during the Great Recession, defined as lasting from December 2007 to June 2009. However, real GDP regained its pre-crisis (late 2007) peak by 2011,[71] household net worth by Q2 2012,[72] non-farm payroll jobs by May 2014,[73] and the unemployment rate by September 2015.[74] Each of these variables continued into post-recession record territory following those dates, with the U.S. recovery becoming the second-longest on record by April 2018.[75] In the first two quarters of 2020,[76] the U.S. economy entered recession due to the COVID-19 pandemic. This coronavirus recession has been widely described as the most severe global economic downturn since the Great Depression, and "far worse" than the Great Recession.[77][78][79][80] Income inequality ranked 41st highest among 156 countries in 2017,[81] and the highest compared to other Western nations.[82]

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