The United States of America is the world’s leading power, the main stabilizer and locomotive of the world economy. The main feature of the American economy is that it leads in the implementation of the results of scientific and technological progress in production, in the export of licenses for its discoveries, inventions, which creates the effect of dependence of other countries on the United States in the field of science and technology. This country accounts for 40% of the world’s expenditures on research and development (R&D), and in the total volume of exports of high-tech products in the modern world, the share of the United States is at least 20%.
An equally important role is played by American TNCs, their enterprises abroad provide the production of goods and services in the amount of approximately $ 3.1 trillion. per year, which is almost one-third of the US GDP and has a huge impact on the economies of those countries where these enterprises operate. No wonder they say that there are two American economies: one in the United States, the other abroad. Returns on direct investment abroad are an important source of financing not only for production in recipient countries, where branches of American TNCs are located, but also for the economic development of the United States itself.
In 2001, the volume of production of US GDP reached 10 trillion 208 billion dollars. Business activity in the United States is an important indicator of the development of the world economy; it really affects the movements of the development cycle of the world economy, the structure of world trade.
At the end of the twentieth century, the United States of America ranked first in the world in terms of industrial production – 16.6%; they have a highly efficient agriculture that provides food and raw materials not only to the population of their country, but also to many countries, especially in the developing world.
U.S. industry consumes one-third of the raw materials mined in the world, has the largest market for machinery and equipment. It accounts for over 40% of the engineering products sold in developed countries.
The economic situation in the United States at the end of the twentieth century was very difficult. Since 1998, the index of industrial production in the country has been decreasing. The main reason is the fall in demand in the domestic market for industrial goods. Observers note the growth of unused capacities in the economy and a decrease in corporate profits. Exports, which increased by 13% in 1997, fell by 3% at the end of the twentieth century.
Much depends on which way consumer demand turns. So far, it has grown relatively fast, overtaking personal income. A stimulating role was played by purchases on credit, especially the now-fashionable credit card payment. Personal savings have also declined.
Business activity remained weak during the second half of 2001, but economic indicators show that a way out of the crisis is coming, as the negative effects of the events of September 11, 2001 – the terrorist attack in New York on the International Trade Center, which killed about 3,000 people – were more moderate than previously thought.
Industrial production began to grow, including the high-tech sector, the real estate market. Unemployment rose slowly. The economic growth rate was 1.2% in 2001. American economists believe that in 2002 the GDP growth rate will be 2.3%.