China, now the world’s second-biggest economy, is expected to overtake the United States as the world’s largest economy by 2030, according to the report. Is the US economy expanding faster than China’s? With the fastest economic growth in over four decades and the greatest year of job growth in American history, the GDP results for […]
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GNP and GDP both reflect an economy’s national output and income. The primary distinction is that GNP (Gross National Product) includes net foreign income receipts. GDP (Gross Domestic Product) is a measure of a country’s production (national income + national output + national expenditure). GDP + net property income from abroad = GNP (Gross National
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With a 5% annual inflation rate, $100 worth of shopping now would have cost you only $95 a year ago. If inflation remains at 5%, the identical shopping basket will cost $105 in a year’s time. This same shopping will cost you $163 in ten years if inflation remains at 5%. Is 5% inflation a
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Because of the multiple ways the CPI is used, it has an impact on practically everyone in the United States. Here are some instances of how it’s used: As a measure of the economy. The CPI is the most generally used metric of inflation, and it is sometimes used as a gauge of government economic
During a recession, you might be tempted to sell all of your investments, but experts advise against doing so. When the rest of the economy is fragile, there are usually a few sectors that continue to grow and provide investors with consistent returns. Consider investing in the healthcare, utilities, and consumer goods sectors if you
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Recession. A recession is a natural element of the business cycle that occurs when the economy declines for two consecutive quarters. A depression, on the other hand, is a prolonged decline in economic activity that lasts years rather than months. What is the polar opposite of an economic depression? A recession and a depression are
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Using median household income to determine which states are the wealthiest looks very different. Because population has a significant impact on GDP, the states with the highest GDPs tend to be the largest, as shown below. Except for Florida and New York, three of the five richest states’ GDPs correspond to their population ranks. While
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In the United States, the 1970s were the decade of inflation. While it may come as a surprise to some that the average inflation rate for the decade was only 6.8%, this pace is roughly quadruple the rate of the previous two decades and double the long-run historical norm (see table 12.1). In the 1970s,
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People from various economic origins will feel the effects of a recession in various ways. There will be an increase in unemployment, a decrease in GDP, and a decline in the stock market. A recession, on the other hand, could be far more damaging to an unemployed single mother of two than it would be
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The fundamental reason for Ireland’s high GDP growth rates is that, in recent years, a number of large multinational firms have transferred their economic activities, and more especially their underlying intellectual property, to Ireland, largely due to low corporate tax rates. Why is Ireland’s economy doing so well? A high FDI rate, a low corporation
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