US economic dynamics’ trends in the technological development context

Oksana М. Garkushenko, Viktoriia D. Chekina

Abstract


The United States has been considered a country with the most powerful economy in the world for more than 100 years. The US dollar is the main world currency, the army of this country tops the list of the strongest in the world and in terms of spending on R&D and other indicators of technical and technological development, and they are still confidently ahead of their main geoeconomic competitors (European Union and China). Also country is among leaders in manufacturing.Such a strong US position in the world has led to the fact that a significant number of less developed countries (including Ukraine) in the economic, technical and technological sense and in many other respects depend on the United States or, at least, focusing on this country in their development.Given this, identifying the main trends in the development of the US economy and its possible impact on other countries is an extremely urgent task.At the same time, despite the loud statements, made by US President D. Trump about the powerful development of the country's economy, which was observed during his occupation of the head of the state, neither statistics nor conclusions by prominent US economists and experts from international organizations and news agencies (IMF, OECD, UN, and BBC) do not confirmthis. Rather, the situation in the economy and in the financial sector of the country, especially against the framework of trade wars with China, a significant federal budget deficit, which has worsened due to a decrease in a number of tax rates since 2017, and an increase in the country's state debt seem rather contradictory. In the future, this may lead either to another financial crisis, which in the face of growing globalization will affect the rest of the world to one degree or another, or even to the state, when USA will lose its leadership in technology.If such a pessimistic forecast comes true, less developed countries than the USA can also face a crisis, the consequences of which, as shown by the global financial crisis of 2008, may be harder for them than in the USA.

Keywords


GDP; inflation; unemployment; balance of payments; USA

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References


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DOI: https://doi.org/10.15407/econindustry2019.03.103

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