Sample Essay
United States of America is the world’s largest economy and the GDP of USA makes up for 21 percent of the gross world product. The GDP per capita is eleventh in the world and GDP measured by purchasing power parity basis was $13.8 trillion in 2007. The financial crisis which started in 2008 has had a great impact on the GDP growth rate and the country is in recession due to negative growth.
| Year | March | June | September | December | Average |
| 2008 | 2.5 | 2.1 | 0.7 | -0.8 | 1.13 |
| 2009 | -2.6 | -2.6 |
Source: Tradingeconomics.com
As we can see from the quarterly growth rates of GDP during 2008 and 2009 growth declined from 2.5 in the first quarter to -0.8 in the last quarter of 2008 which further declined to -2.6 in 2009 which shows how significantly the financial crisis has affected the real sector and GDP and a negative growth in GDP of a country indicates a recession. The labor market, housing industry and equity markets have seen a sharp decline from 2008 to 2009. The outlook for the next quarter is also bleak as the trend in data of labor and housing is quite
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