Largest Economy today - United States Economy

United States is currently the largest economy in the world. Presently the GDP of this nation is around $ 13,049 trillion and is still growing. The per capita federal budget is $ 5740 and comprises of a public debt of $ 18,956 whereas the per capita personal income is $ 22,000.

The productivity of this country was consistently grown in the last seventy years. The economy of United States increased mainly because of stubborn labor amongst Americans, consumers demand and great market relations.

However, over the years even the United States economy has faced problems like inflation, depression and recession.

Reason for Financial crisis:

One of the main factors that contributed to the financial crisis in the United States economy is the heavy debts on credit card. The total count of Americans is more than 300 million however the alarming fact is that the credit cards issued are more than 1.5 billion.

This is itself is a shocking ratio which gives out a debt through credit card of around 600 billion. These are just the heavy debts from credit cards and if add the number of bankruptcies occurring in the U.S the figures would be absolutely menacing.

This one factor displays how much the economy of United States is affected. If statistics are to be believed around 60 million people are not paying the outstanding balances.

U.S Dollar:

Even after facing problems such as recession as well as financial crisis the U.S currency has very well maintained its place as the primary currency in the world, although gradually even this is being challenged.

Around the globe two thirds of the currency reserves are done through U.S dollars followed by the Euro which holds around 25% of the popular currency reserve. However, with the increase in debts as well as rise in the economy of China might force to replace this dollar which is world’s currency reserve presently.