United States' annual GDP growth rate was less than 1.5% after the Great Depression. However, with rapid production during World War II, the growth rate was ten times more as compared to previous years. In the last decade, the annual growth rate averaged 1.82 %. This rate is expected not to change significantly in the next decade. The annual growth rate is strained with recent figures, but this trend can change by tax cuts and spending reductions, and the promotion of the private sector (Weiner 11-16). On the other hand, Japan ranks third in the world economy.
However, it has faced various challenges in the last decade that has led to the GDP growth rate lagging behind the United States. In 1990, Japan’ s growth rate was at par with that of the United States. However, this deteriorated after 1990. At the beginning of the 21st century, per capita GDP was under one percent, while the rest of major countries such as the United States on average were 1.5 percent (LaFeber 10-15). Healthy Growth Rate (Japan & US)America has dominated the world economy for a long time.
For example, she has played a key role in determining tariffs and international trade. In America, a healthy growth rate is projected to be between 2 to 3 percent (Dewan Web). In the year 2011, the total GDP stood at $14 billion (Dewan Web). Currently, America's economic progress is due to the increased confidence of the consumers. An economy expansion currently continues to rise above 1.9% (Dewan Web). However, this is not enough to reduce the rising level of unemployment. On the other hand, Japan continues to rival America in terms of economic growth and economic performance.
In fact, Japan ranks third in the world economy. In Japan, the healthy growth rate is supposed to range between 1.5% to 2.5% (The Trading Economics Web). Exports (US VS Japan)Japan ranks amongst the countries with a high export rate in the world. The high rate of export is due to the increasing processing industries in Japan. Japan usually imports raw materials in which it adds value before exporting. However, the global financial crisis experienced in 2008 did not spare Japan.
For example, exports declined by over 30% in 2009 from over $700 billion in 2008 to less than $ 600 billion in 2009 (The Trading Economics Web). Top export Partners (US VS Japan)International trade involves both the export and import of goods and services. Most countries engage each other through export and import. This means no country can afford to stand on isolation. Various countries mutually depend on each other.
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