The United States : The World 's Largest National Economy

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The United States is the world 's largest national economy, representing 22% of nominal global GDP and 17% of global GDP. The United States ' GDP was estimated to be $17.914 trillion as of Q2 2015. The U.S. dollar is the currency most used in international transactions and is the world 's foremost reserve currency. Several countries use it as their official currency, and in many others it is the de facto currency. The United States has a mixed economy and has maintained a stable overall GDP growth rate, a moderate unemployment rate, and high levels of research and capital investment. Its seven largest trading partners are Canada, China, Mexico, Japan, Germany, South Korea, and the United Kingdom. The US has abundant natural resources, a…show more content…
The labor market has attracted immigrants from all over the world and its net migration rate is among the highest in the world. 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. The US economy went through an economic downturn following the financial crisis of 2007–08, with output as late as 2013 still below potential according to the Congressional Budget Office. The economy, however, began to recover in the second half of 2009, and as of November 2015, unemployment had declined from a high of 10% to 5%; the government 's broader U-6 unemployment rate, which includes the part-time underemployed, was 9.8%. At 11.3%, the U.S. has one of the lowest labor union participation rates in the OECD. Households living on less than $2 per day before government benefits, doubled from 1996 levels to 1.5 million households in 2011, including 2.8 million children. The gap in income between rich and poor is greater in the United States than in any other developed country. Total public and private debt was $50 trillion at the end of the first quarter of 2010, or 3.5 times GDP. In December 2014, public debt was slightly more than 100% of GDP. Domestic financial assets totaled $131 trillion and domestic financial liabilities totaled $106 trillion. The economic history of the United States began with American settlements in the 17th and 18th centuries. The American colonies went from
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