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The economy in the United States is the world

The economy in the United States is the world's largest national economy. Its nominal GDP was estimated to be nearly $14.7 quadrillion, approximately a quarter of nominal global GDP. The U.S. economy also maintains a very high level of output per capita. The U.S is the largest trading nation in the world.

Recent reports have noted that US economic conditions are not exactly in good stead.This is worst depreciation of US economy after 1982.Much of present economic conditions of US could be blamed on exports that have been falling steadily.In US consumers have restricted their expenditures.Both these factors have played a significant role in sordid economic conditions in US.

Us economic conditions have been affected further by declining levels of consumer expenditures.This decline also had an adverse effect on gross domestic product of USA.

Even in crisis, the American economy remains the world’s largest and most diverse. The total output of U.S. goods and services—the gross domestic product—stood at $14 trillion in 2007, nearly three times the size of Japan’s economy and five times China’s, based on the purchasing power of each country’s currency. With just 5 percent of the world’s population, the United States is responsible for 20 percent of total economic output.

Barack Obama, President of US has introduced a comprehensive US economic policy to deal with economic crunch. Though US is facing an economic crisis at present and there is threat of recession, various US economic policies have been undertaken to normalize problems.

First preference of Obama’s American economic policy is to improve trade relationships with other countries. Economic conditions of US are going through a difficult phase at present. There has been a constant economic growth in economy of US, but it has faced financial crisis in recent times and its economic growth has thus been severely impeded. Economy of US has been among most developed and fast growing in world. Monetary and fiscal policies are being updated and are taken special care of to stabilize present economic crunch. Several US economic policies are introduced by government to make financial sector steady.

Economic policies of US are meant to strengthen and solidify economic productivity and growth. However, development and growth are not evenly distributed in recent times. US economic policy puts stress on equality in financial access and health care. Health insurance reforms are put forward to ensure better health for residents of US.

US economic policy is intended to make America a market oriented

economy, where most decisions are taken by private individuals and business firms. More flexibility is enjoyed by business firms of US than Western Europe and Japan. Introduction of new products would help in economic growth of US. Great developments are showing in field of computers, aerospace, medical and military equipment. Per capita gross domestic product needs to grow as per new US economic policy. Rate of unemployment and underemployment needs to be decreased and exports of items should be looking up soon, according to US economic policy.