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Here, we are talking about US. It is said that GDP grows with time. This is because of the reason that the needs of a country are rising day by day due to an increase in the population. Therefore, it becomes necessary to fulfill those needs, and manufacture products and offer services so that the lives of people are made better. Obviously, there has to be a specific number of people working to undergo this process and they would be paid as well. The overall demand would be met and supply would be increased. The bigger picture would then show that the gross domestic product would definitely increase.
It is clearly understood from the above process that when GDP grows, the unemployment rate falls. The reason is that more people would be hired to fulfill a country’s needs and those employees would be paid for their services in the end. It can be said that both these factors, GDP and unemployment rate, are indirectly related to each; when one rises, the other falls.
If we look at the World Bank data and make some cross country comparisons, we can better understand how US has been performing when these three major macroeconomic factors are concerned. According to the data presented in 2009, if the whole world’s GDP is taken to be 100 percent, then out of that US takes the second place after Europe. Europe has 22 percent of the GDP’s proportion while US 20 percent of it. (Suranovic, 2013)
Similarly, if we look at the unemployment and inflation rates then US has 10 percent unemployment while Europe has 9.8 percent. The inflation rates for both of the countries are positive but relatively stable. Europe has 0.5 percent inflation rate while US has 1.8 percent till year 2009. It is said about the inflation rate that if they are too high, the situation can have bad impacts on the economy while if they are too low, the situation can deflate the economy. Moreover, if the unemployment rates are too low they will create problems as well. The aggregate
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