First of all, the role of the United States as a world leader has diminished, and the EU, which was considered a leading international organization, has weakened. This strengthened the position of the BRICS countries, which are characterized by positive development dynamics. Negative consequences of the global financial and economic crisis became a kind of catalyst for the “Arab Spring” in North Africa and the Middle East, whose territories were quickly engulfed in social unrest and armed conflicts.

Even under such circumstances, the US economy remains the factor that largely shapes the financial, economic, military and political situation in the world. In addition, since the beginning of this year, there has been a trend of its (the economy’s) gradual strengthening.

In May of this year, the legislative norm on setting the limit of the US national debt (suspended by the US Congress in January this year) at the level of about 16.7 trillion US dollars was restored. THE UNITED STATES. According to U.S. Treasury Secretary J. Lew, no problems with debt service are expected at least until early September 2013. By this time, congressmen hope to determine and approve a new limit of the national debt in order to prevent a technical default of the country.

In view of the above, as well as due to the improvement of bank capital and asset quality, lending conditions for individuals and companies have also improved. In addition, the Federal Reserve System continues its loose monetary policy by purchasing government bonds and mortgage-backed securities totaling at least USD 85 billion per month. The US government continues to pursue a soft monetary policy by purchasing government bonds and mortgage-backed securities totaling at least USD 85 billion per month, as well as maintaining a near-zero interest rate on federal funds, which helps to increase consumer spending and boosts business activity in the country.

E. Moniz is in favor of further increasing the production of shale hydrocarbons in the United States and increasing the volume of liquefied natural gas exports, which will help strengthen the country’s energy independence, increase the competitiveness of the American economy, in particular, increase the supply of gas in the world and European markets.

P. Pritzker, one of the richest citizens of the United States of America (total capital of 1.9 billion US dollars), who specializes in real estate investments and hotel business (owns the international hotel chain “Hyatt”), has been appointed as the US Secretary of Commerce. During the first and second presidential campaigns of Barack Obama in 2008 and 2012, Ms. Pritzker served as the Chief Financial Officer of the campaign. The main focus of her work as the US Secretary of Commerce is the implementation of the President’s program to develop trade and strengthen the middle class in the country.

The launch of negotiations on a free trade area between the United States and the European Union is a positive development for the US economy. The first round of negotiations was held on July 8 this year in Washington under the auspices of the Office of the U.S. Trade Representative. The relevant agreement on this issue is expected to be concluded in 1.5-2 years. According to experts, the elimination of import duties between the United States and the European Union, as well as unification of rules for exports and imports of major types of goods and services (cars, medicines, medical equipment, agricultural products, transportation, etc.) will contribute to the growth of the US GDP by 0.4 % and the EU GDP – by 0.5 %, which will amount to about 116 billion US dollars per year. US dollars per year. In addition, it will create about 2 million jobs.

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In the third quarter, the US economy grew faster than initially expected as businesses built more warehouses and increased machinery.

At the same time, the agency notes, in terms of income, economic activity has been growing at a slow pace throughout the year.

The US gross domestic product grew by 5.2% year-on-year last quarter. Earlier, the Bureau of Economic Analysis predicted that this figure would reach 4.9%, and economists did not give forecasts above 5.0%.

This development reflected an increase in investment in the development of business infrastructure and medical facilities. Investment in residential construction also increased, driven by single-family home projects, helping to end the nine-quarter decline in this area. In addition, private investment in inventories was higher than previously expected.

However, the growth in consumer spending, which accounts for more than two-thirds of US economic activity, showed a lower level of 3.6%.

As reported, over the past two decades, the United States economy has accounted for more than 20% of global GDP growth. According to the latest IMF data, the US economy – unlike other major economies in the world – has recovered to pre-pandemic levels and continues to grow.

Another important component of the rapid recovery is the decisive actions of the US government. This time, the direct monetary assistance, as well as the support with political decisions on taxes, was much stronger than in any previous crisis. This did a very good job of limiting the damage to the economic system and allowed for a quick recovery.

The Federal Reserve has sharply cut interest rates and does not plan to raise them again until 2024. This time, the US Congress quickly approved payments to stimulate businesses and increased unemployment benefits. The fiscal response to the pandemic will amount to USD 5.1 trillion. For comparison, after the global crisis of 2007-09, which began in the United States, the stimulus amounted to 1.8 trillion dollars.

What is the overall result? On average, household incomes have actually increased. This is especially true for low-income families. For example, even unemployment benefits are now $300 higher than before. Salaries have also increased.

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Much of Europe lay in ruins twice during the twentieth century, while the U.S. economy was not only unscathed but strengthened by intensive military supplies.

After the United States entered the war, manufacturing capacity increased by a third and agricultural production by 32%. In 1945, the United States’ share of world production rose to 60%, its share of world exports to 40%.

At the end of the war, the United States remained the only developed country in the world whose economy felt the positive effect. America offered Western European countries the “Marshall Plan” – economic aid in the form of loans, investments and free delivery of goods.

It was after the Second World War that the USA became the greatest economic state in the world.

Founded in 1944, the Bretton Woods system consolidated the status of the U.S. dollar as the world’s reserve currency. Under the terms of this system, the countries of Western Europe, as well as Canada, Japan and Australia, undertook to peg the exchange rates of their currencies to the U.S. dollar. The United States pledged to exchange U.S. dollars for gold at a rate of $35 per ounce.

The system was designed to regularize exchange rates, which was necessary to rebuild post-war economies.

The International Monetary Fund and the International Bank for Reconstruction and Development, now part of the World Bank Group, were established to support the system.

The World Bank is headquartered in Washington, D.C. The U.S. has the largest share of voting power in management, followed by U.S. allies Japan, Germany, France, and the United Kingdom. The IMF is also headquartered in the American capital.

On August 15, 1971, President Richard Nixon issued an executive order to de-peg the U.S. dollar to gold. Since then, the dollar and other leading currencies have moved from a fixed exchange rate regime to a floating, i.e. market-based determination of currency value. In 1976, the new reality was adopted as the Jamaican Monetary System, which exists to this day.

“Because of direct dollarization, official pegging, or de facto currency pegging, the dollar serves as the currency or currency substitute of more countries than any other currency. Because the States is home to the largest financial center in the world (New York) and its closest allies have the next two most important (London and Tokyo), this country can functionally set the rules of the global economy,” writes historian Bret Devereux on his blog.

The replenishment of the World Trade Organization (Ukraine acquired full membership in the WTO on May 16, 2008. – Ed.) depends on the position of the United States.

In addition, the United States initiates economic sanctions against states that threaten US national security or violate international principles of democracy.

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