United States GDP Growth Rate

The US economy expanded an annualized 2.1% on quarter in Q3 2021, slightly higher than 2% , but
below forecasts of 2.2%. Personal consumption increased more than initially expected (1.7%), mainly
boosted by international travel, transportation services, and healthcare while spending on motor
vehicles and parts declined. Private inventories added 2.13 percentage points to the growth , led by
wholesale trade (namely nondurable goods industries) and retail trade (namely motor vehicles and parts
dealers). On the other hand, nonresidential investment rose less than in the advance estimate (1.5%
residential one shrank faster (-8.3%).

Last year, the US gross domestic product fell 3.5%, the worst in more than 70 years. This is stated in the
message of the Bureau of Economic Analysis of the US Department of Commerce. The report indicates
that the country's economy experienced a significant decline for the first time since the 2008 financial
crisis. Then the GDP fell by 2.5%.

Despite facing challenges at the domestic level along with a rapidly transforming global landscape, the
U.S. economy is still the largest and most important in the world. The U.S. economy represents about
20% of total global output, and is still larger than that of China. the U.S. has the sixth highest per capita
GDP. The U.S. economy features a highly-developed and technologically-advanced services sector, which
accounts for about 80% of its output. The U.S. economy is dominated by services-oriented companies in
areas such as technology, financial services, healthcare and retail. Large U.S. corporations also play a
major role on the global stage, with more than a fifth of companies on the Fortune Global 500 coming
from the United States.

The United States is likely to remain “the first among equals ”among the great powers. It will happen for
a number of reasons: large financial and material resources, vast territory and traditional role world
leader. Besides economic weight, the dominant role of the United States in the world system passed a
demonstration of both tough and "Soft" power. Given the rapid rise of other countries, The "era of
unipolarity" (times of American rule) is coming to an end, and "Pax Americana"(The period of economic
and socio-political stability that developed in Western countries after the end of World War II and the
final delimitation of the spheres of influence of the USA and the USSR) the era of US dominance of
international politics, which began in 1945 is coming to an end.

Through technological activity, the United States maintain leadership in developing communications and
creating social networks. However, non-state actors will also continue to build up their power
capabilities with using the Internet. So to keep leadership, US government institutions will have to very
actively interact with a variety of partners, using the techniques of diplomacy and showing constructive
approaches. That is, the leadership of the United States will survive as a result of their traditional
provisions and new diplomatic efforts.
Overall, the U.S. economy is resilient over the near term, but government bickering over infrastructure
proposals and the threat of a government shutdown or, more ominously, a debt ceiling crisis can't be
ignored.

Conclusion:

Although production in China slowed down, it did not stop completely, unlike the service sector in the
United States, which, according to various estimates, accounts for 60 to 80% of the country's GDP.

“This means that a serious decline in services and retail trade will fall as quickly as it will quickly return
to pre-pandemic levels. It follows from this that the annual drop in US GDP will not affect the position of
the economy as the largest in the world, but the uncontrolled work of the "printing press" can play a
cruel joke. " I think that in the next couple of years the United States will remain the largest player in the
world economy, but if, they do not figure out how to withdraw the “extra” money from the system, then
the situation can change significantly without falling GDP.