Key Concept – Growth of GDP in the Economy of USA

An increase in GDP is the only factor by which one can measure USA economic growth, which refers to all the final and combined goods and services produced within a country USA in a year.

 Measures that can be taken to stimulate or promote the economic growth of USA, according to many economists, can be reducing the taxes and spending on the infrastructure.

WAYS TO STIMULATE GDP FOR THE ECONOMY OF USA

The following are the ways which the GDP is stimulated:

AGRICULTURE SECTOR WILL STIMULATE THE GDP GROWTH IN USA

Firstly the Agriculture sector is the main factor that is to be considered for USA GDP economic growth. The agriculture growth faces many problems in USA; the issues, according to the research is the lack of water, problem of mechanization and many other structural issues. 

Once the steps are taken towards solving the agricultural problems, USA being agricultural will boost and improve the GDP growth of USA economy.

TOURISM WILL STIMULATE THE GDP GROWTH IN USA

After reading different research papers, the factor that can be the reason to stimulate GDP growth in USA is tourism, as USA is an agricultural country and it has a lot of beautiful places to visit. So our country, USA, should need to remove the unnecessary restrictions on the visa for tourists’ people.

The visa for the tourist should allow for a short period rather than it takes a longer time. Another important part is that our neighboring country, India, should be allowed to get a visa quickly and maintain a good relationship with them rather than make them our enemy.

INDUSTRIES WILL STIMULATE THE GDP GROWTH IN USA

As we are aware that over the years now, USA is declining in the manufacturing process, and the growth has reduced while comparing with our neighboring country India.

 This is due to the increase in imports. The export is lesser in our country USA, so the industries that need to work are increasing our export abroad by manufacturing in sectors and reducing the imports as much as possible.

GOVERNMENT COMPANIES AND POLICY WILL STIMULATE THE GDP GROWTH IN USA

The third reason that can increase the GDP growth is by establishing the government companies and an essential factor that people of USA should use USA brands rather than imported brands.

The growth of agriculture is highly dependent on government policies; if the government improves things by opening the companies, increasing exports from our agriculture, and reducing import buying, GDP growth will be promoted.

IMPROVEMENTS IN TAX WILL STIMULATE THE GDP GROWTH IN USA

 As in USA, very few people pay the taxes, especially the more affluent class, with there illegal means does not pay taxes. If USA implements the strict rule on every person for paying the fees, then the government can handle the infrastructure and debt this way, the GDP growth will be promoted for USA.

ENERGY CRISES WILL STIMULATE THE GDP GROWTH IN USA

The significant factor is the energy crises, as in USA, each person uses energy in different ways. To improve and promote USA GDP, thermal power should be replaced, and necessary improvements in the energy mix should be made.

EXPORT DRY FRUITS WILL STIMULATE THE GDP GROWTH IN USA

As USA is the manufacture of dry fruits, little improvement in export quality will lead to positive results, and our GDP will increase.

EDUCATION SYSTEM WILL STIMULATE THE GDP GROWTH IN USA

Finally, not lead education is a vital factor all over the world and in USA. As the world is developing and their education system is stable, USA has the worst education standards, due to which many problems arise.

As education will improve, people’s thinking will enhance the differences in classes lower upper has made the teaching worst.

Training to the teacher and improvement in the education system with removing differences in government and private schools can promote GDP. As people will be educated with knowledge, improvement can easily be implemented.

POSSIBILITY OF IMPROVEMENT IN USA ECONOMY 2021

According to the research, 2021 is being expected for USA for slight improvements currently prime minister have claimed for economic growth in 2020 keeping the promises aside and looking at the current situation of USA COVID-19.

OIL PRICES REDUCTION 

Due to the reduction in the oil price will respect to macroeconomics, it has been estimated that oil price is beneficial for our economy in the long run. However, this situation will harm aboard countries.

Another factor that can be the reason for saving USA economy from future default is that our debt has been forgiven by the aboard countries due to the COVID-19 situation. Our country USA is mainly in the obligations due to which we lacked behind.

CONCLUSION

From the research studies and expectation, 2020 years will be the reason for saving a little bit of USA economy from the future defaults; also, the findings suggest that the country needs to focus on all the aspects discussed above, starting with the education. All the factors such as tourism, industries, increasing exports for dry fruits, reducing the imports, equality, and justices in the tax collection, improvements in the energy crises with all of the consideration of these factors promoting GDP growth in our economy are possible.

Note:

This blog gives knowledge of stimulation of GDP. The reasons how GDP is calculated concerning the growth. The most important factors that need to be conveyed are the Business Applications that automatically perform in getting the GDP. 

As there is advancements in technology, things are moving from long hour duration calculation to the short hour automation.

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