The United States plays a big role in the global economy. In fact, according to the aei.org website, it’s been rare for a nation to be as dominant as the U.S. is in the world economy. The United States GDP, in 2002, was greater than the next fives countries’ GDP put together. Also, in 2002, imports to the United States from developing countries were around $137 billion; this makes the United States the single largest market for developing countries’ goods.
The United States buys a lot of goods from developing countries, and they also invest heavily in developing countries. For example, the United States invested $9.2 billion in Africa between 1996 and 2000. The United States provides a safe refuge for capital investments from abroad because the United States is such a safe and stable place to invest in.
A big reason for the United States success in the economy is the free-market that they have. The free-market allows citizens to buy what they want, work where they want, etc. without a lot of government interference. However, there has been a decline in our economic success. A way we are going to fix this is by encouraging United States citizens to start their own businesses that way we have a more variety of attractions. According to oecd.
org, developing countries will account for 60% of the world’s GDP by 2030. Developing countries have been rapidly growing and will start to contribute a lot of wealth to the world’s global economy. One country that has made economic changes is Russia. Because of their changes, their GDP has increased more than a factor of six. Nowadays, a lot of countries are developing new techniques and machines. New innovations will most likely continue to help our world’s economic growth.
The United States comes in second when looking at innovations and growing entrepreneurship. As I said in the beginning, we will need to start advertising and encouraging more people to start entrepreneuring otherwise we will start falling behind. A lot of countries are noticing that they need to improve and they are making changes especially developing countries. Countries are becoming better at launching new products and innovations; therefore, in the future, our global economy will most likely be in good shape because of all of the changes and new innovations that other countries are providing us with.
In order to attack the challenges of growth and participation in the global economy, countries need to keep up with innovations. We all know how it goes, a new product comes out and everyone goes and gets it right away, and then about a month later, you don’t even see anymore advertisements on the product. This is why it’s important for countries to keep pushing entrepreneurship and creating new products. In 25 years from now, I think our global economy will be in good shape if we push for entrepreneurship.
I feel that a lot of kids nowadays are into business things and like learning about businesses. Therefore, I think 25 years from now we will see the entrepreneurship business booming. If more people get into the entrepreneurship business, our country along with other countries will continue to contribute a lot to our global economy, and our global economy will be successful.