The U.S. is winning the economic war by a larger margin despite facing stiff competition from leading global economies. The wide margin puts the U.S. economy on a winning track in the months leading up to the presidential elections. The U.S. experienced the top most growth in terms of GDP compared to its G7 Western counterparts.
Also Read: BRICS Control 47% of Global Oil, U.S. Owns Just 2.1%
Below is the U.S. economy’s growth against the leading G7 economies.
The charts show the U.S. economy taking the lion’s share of the GDP in 2023. The U.S. economy grew by 2.5% last year outperforming other leading countries by a bigger margin. The second in line is Japan, which grew by 1.9% in 2023. Canada comes a distant third at 1.1% growth while France stood at a 0.8% rise in its GDP. In addition, Italy, the United Kingdom, and Germany took the fifth, sixth, and seventh spots at 0.7%, 0.5%, and 0.3%, respectively.
U.S. Economy 2024 Growth Projection
The U.S. economy is projected to grow and outpace other leading countries this year in 2024. The International Monetary Fund (IMF) projects the U.S. to grow by 2.1% in 2024. The IMF forecasts Canada to come second in GDP growth at 1.4%. The other leading countries’ come at a distant number.
Also Read: BRICS: Russia Settles 85% Trade in Local Currency, Sidelines US Dollar
Below is the U.S. economy’s growth in 2024 against leading G7 economies.
Why this matters: The growing U.S. economy indicates distinctive strengths against other countries that don’t stand a chance in competition. The robust job market with inflation cooling down makes the U.S. the most sought-after. Additionally, the U.S. dollar is gaining strength in the currency markets making local currencies fall to new weekly lows.
Also Read: BRICS: China Pushes Yuan in Africa, Reduces US Dollar Debt Repayment
A stronger U.S. dollar and a better job market will make the markets thrive leading to positivity in the financial sector. In conclusion, the U.S. economy is winning the financial war leaving behind other leading countries by a large margin.