US Economy and the GDP Trends

Major challenges faced by US

1. Political Polarization : United States continues to experience severe political divisions.

2. Economic Inequality : The disparity in the distribution of income and wealth caused poverty, lack of opportunities and social imbalance.

3. Healthcare Access : The rising costs of medical services and pharmaceuticals makes the life difficult for the citizens.

4. Gun Culture : The high rates of gun violence caused social insecurities and threats to citizens.

5. Racial and Social Injustice : Racial inequality, systematic racism and discrimination are major challenges.

6. Immigration Policy : The immigration & integration policies, border security and humane treatment of migrants makes the situation worst.

7. Foreign Relations : Economic competition with China, tension with Russia and middle eastern policies poses serious threats.

8. Cybersecurity Threats : The risk of cyberattacks poses challenges for national security and protection of critical infrastructure.

9. Public Health: The risk of anticipated virus attack and pandemic is alarming.

10. Education : Disparity in education quality and access across socioeconomic groups creates challenges for future workforce readiness and social disparities.

11. Climate Change : The country is struggling with the effect of global warming and climate change. Extreme weather events, rising sea levels and sustainable energy solutions must be addressed.

These challenges needs comprehensive and collaborative approaches to address effectively.

GDP Trends

Year 2020: The US economy contracted drastically due to the covid-19 pandemic, leading to a GDP decline of 3.40%

Year 2021: Healthy recovery was witnessed through GDP growth rebounding significantly as businesses reopened and consumer spending increased.

Year 2022: Continued growth observed in a mild way and some concerns about inflation and supply chain issues emerged.

Year 2023: Moderate growth in GDP was witnessed in the year 2023. High inflation, rising interest rates and other economic challenges contribute to slower growth compared to the rapid recovery experienced in 2021 and 2022

Year 2024: GDP was bit stabilized in the year 2024. Global factors, including international economic conditions, supply chain stability and reduced inflation rate leading to stability in GDP.

Growth rate for the U.S. GDP

U.S. GDP growth rate for 2020 was -2.21%, a 4.68% decline from 2019.

U.S. GDP growth rate for 2021 was 5.80%, a 8.01% increase from 2020.

U.S. GDP growth rate for 2022 was 1.94%, a 3.86% decline from 2021.

U.S. GDP growth rate for 2023 was 2.54%, a 0.61% increase from 2022.

U.S. bureau of Economic Analysis

U.S. International Trade in Goods and Services September 2024

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today

that the goods and services deficit was $84.4 billion in September, up $13.6 billion

from $70.8 billion in August, revised.

Deficit:	$84.4 Billion	+19.2%°
Exports:	$267.9 Billion	–1.2%°
Imports:	$352.3 Billion	+3.0%°
Next release: Tuesday, December 5, 2024(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changesSource: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, November 5, 2024