Unemployment had reached its lowest point in decades in 2019, before it more than doubled to 8.1 percent in 2020. While GDP fell by 3.5 percent in 2020, it is expected to grow by 6.4 percent in 2021. imports coming from China alone.įollowing the 2008 financial crisis, and now due to the impact of the coronavirus pandemic, recessions and economic recovery have been a major challenge for U.S. The same three countries top the list of the U.S.’s most important import partners, with more 18 percent of U.S. are Canada, Mexico, and China who accounted for more 40 percent of U.S. The most important export partners of the U.S. dollars in 2019, before falling to 1.4 trillion in 2020 due to the coronavirus pandemic. exports has vastly grown in the last two decades and amounted to 1.6 trillion U.S. However, it is widely expected that due to its sheer size and rapid growth, China is going to become the world’s largest economy within the next 10 to 20 years. This is more than the combined GDPs of the second and third largest economies, China and Japan. economy is by far the a largest economy in the world. Inequalities in income and criminal justice disproportionately affect Black and Hispanic communities, and the average Black household income has been roughly 60 percent of white household income since the 1960s. As in other multi-ethnic societies, racial discrimination has been a consistent problem in the United States, with its roots tracing back to the colonization of the Americas and transatlantic slavery. Consistent immigration has also resulted in an ethnically-diverse population. Fertility rates have remained below replacement level in recent years, however the population has continued to grow due to migration and rising life expectancy (although life expectancy did fall in the late 2010s as a result of unhealthy lifestyle choices). With a total population of more than 330 million people, the United States is also the third most populous country in the world, behind India and China.
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