There are number of elements that specifically stride under the field of economics and among theme, there is a name of Gross Domestic Product (GDP) as well. GDP accounts for the amount of goods and service produced or manufactured by an economy in a given time period in particular. It is an important measure from the viewpoint of an economy (Foundation, p.45).
An economy will be referring as financially active and strong economies which have high GDP concession. There are numerous aspects that found effective as far as increasing the level of GDP accordingly. There were numerous countries of the world whose GDP contracted heavily during the current economic crisis, and the country found interactive with different aspects. It will not be effective for the economies of the world to stay in the market, and see other economies growing heavily. The United States of America (USA) is one of those economies of the world that affected heavily during the current economic crisis, and the GDP of the company contracted heavily in the specific time period.
There is an article related to the U.S. economy and its gained momentum accordingly, written by Josh Mitchell and Neil Shah. Both of these authors had an argument about the GDP growth in the US Sector, and the response of the government of the country on this particular provision. Mentioned below is the graph of GDP of the United States (US) covering a period of pre-crisis and post crisis era
The GDP growth of the country was in negative terms during the time period of 2008 till 2010 that can be clear seen in the graph mentioned above. The GDP growth was around -1.9% in the year 2008 that contracted heavily in the financial year 2009, and went on a level of -8%. Josh and Shah found that the economic consequences of the United States affected heavily during this period of time, as hundreds of banks and financial institutions went bankrupt in the same time period. The year 2011, was comparatively better than the years 2008 to 2010, because the manufacturing concerns of the company increased a bit considerably (Tradingeconomics.com, p.56). The GDP growth of the country was on the level of 4% during the financial period of 2012, and then it gained a satisfactory momentum. Josh and Shah revealed in the article that political wars and war against terror (WAT) were some of the major reasons due to which the economy of the United States (US) affected a lot heavily. However, the economy of the United States is back on track. According to Josh and Shah, there were some of the major policies and decisions that have been taken into account by the policy makers of the United States along with FED to come with effective decisions like broadening the tax net, levy of taxes for some institutions and decreasing the level of interest rates. The wheel of the private sector is very important for an economy, and fortunately, private sector of the United States get a great sigh of relief after having a cut in the interest rate, which will certainly help the economy to keep its current momentum on a perfect and organized level. With the help of effective strategies, the economy will be remaining in the same jurisdiction of the country.
Work Cited
Foundation, Ewing Marion Kauffman. '2014 State Of Entrepreneurship Address: 'Toward America's New Entrepreneurial Growth Agenda''. SSRN Journal n. pag. Web.
Tradingeconomics.com,. 'United States GDP Growth Rate | 1947-2014 | Data | Chart | Calendar'. N.p., 2014. Web. 17 Nov. 2014.
