ECON WEEK 7 - Assignment Example

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The GNP of US has grown annually at the rate of 3.5 % and over the last 60 years. (Petroff, 2002) But of late, the nation is facing a major economic crisis, of a scale…
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Assignment What are the limits to the U.S. long-term economic growth? Is there anything that our government can do to address these limits, or would it be a bad idea to try? 
The United States of America has been the most important and largest economy of the world for over a decade. The GNP of US has grown annually at the rate of 3.5 % and over the last 60 years. (Petroff, 2002) But of late, the nation is facing a major economic crisis, of a scale unseen after the World Wars.
In 2008, the US economy faced its worst slowdown ever, after the Great Depression. The recession revealed the inherent weaknesses of the US economy to the rest of the world. It also suppressed the morale and confidence of the consumers within the country, thus adding to the difficulties of coping with the financial crisis. The economy was still in the phase of recovery, when the recent forecast by the International Monetary Fund shattered all hopes of US regaining its status as the world’s largest economy. The IMF forecasted that China will surpass US by 2016 while US will experience “slow and modest economic growth”. (US Economic Forecast, 2013) The factors that have impeded US economic growth include low GDP growth rate, low employment rate, dip in inflation rates, low interest rates and, most significantly, a major current account balance deficit and a higher debt risk. In such a scenario, the government should focus on productivity gain as a source of economic growth through “improvement in skills, economies of scale and improved technology”. (Petroff, 1986, 1990 & 2002) This would help in offsetting the effect of the law of diminishing returns, by raising productivity growth in the face of an uncontrollable population growth.
Petroff. J. (1986, 1990 & 2002). Macroeconomics, Chapter 15. PEOI website. Retrieved on February 11, 2014 from:
US Economic Forecast. (2013). Economy Watch World Economy Team. Retrieved on February 11, 2014 from: Read More
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