Economic growth refers to the increase in the value of goods and services produced by a country. Economic growth is an important indicator that affects the welfare level, employment opportunities, income distribution and foreign trade balance of a country. Economic growth is measured by gross domestic product (GDP). GDP is the market value of the goods and services produced by a country in a given period.
The United States of America (USA) is the world's largest economy. The U.S. economy grew by 6.7 percent in the second quarter of 2021, as the effects of the Covid-19 epidemic waned and progress was made in vaccination. Consumer spending, public spending and the increase in exports were influential in the growth of the US economy. However, risks such as high inflation, global supply chain problems and the spread of new variants remain.
In this article, we will examine the growth performance and prospects of the US economy. First, we will analyze the growth dynamics and components of the US economy. Next, we will consider the challenges and opportunities facing the US economy. Finally, we will present estimates of the course of the US economy in 2022.