United States economic freedom and economic growth is the debatable issue last 70 decades. The united states are one of the best economies and have no 1 economy in the world.
Its economy is based on the highest growth sector, advanced manufacturing technology, and the world’s top research and development environment. During the coronavirus pandemic, the government of the united states reduced and cuts taxes on many businesses.
This tax cut is more beneficial to many default businesses in the united states. Moreover, government cuts many expeditions that are not necessary for the government of the united states. Moreover, political tensions and racial differences are causes of economic problems.
United States Economic Freedom
Firstly, If we talk about the united state’s economic freedom. We see the united states is the most developed and no 1 economy in the world. The united states earn this no 1 economy rank through the government policies and the economic freedom, given by the government of the united states.
If we talk about the level of the united states’ economic freedom, we see that the united state’s economic freedom rank is 25th in the year 2022. This 25th rank of economic freedom is a very good rank compared to the Asian and other developed countries.
The coronavirus impact on the United states economic freedom
Before the coronavirus the economy of the united states flourished and most speedy growth. When covid 19 start in 2020. The economy of the united state’s freedom hurt badly.
Government imposes many restrictions on humans as well as businesses. Due to these restrictions, peoples of the united states restrict their homes. They are not able to go outside, they don’t permission to go to their offices.
Due to these restrictions peoples are not able to buy goods and their economic and personal freedom is hurt badly. Now in 2022, the overall United States economy is on the track and economic freedom is restored.
The economy is till now suffer after covid 19 but the overall economic situation is normal these days. The policies of government are relaxed and economic activities are recovered majorly.
Production of goods and services
Due to covid 19 government restricts many business and personal freedom. For restrictions on business and persons, economic activities are very slow down. Production of goods and services is very slow down due to restrictions.
Now in 2022, government relax many restrictions and businesess are open. Due to the opening of business, the production of goods and services is increased and economic freedom is restored in 2022.
Potential of trade in the united states
The united states have an agreement with 14 countries trade agreement on the free trade agreement. United States trades its goods and services to the majority of these countries. The trade of the united states with these countries has a volume of 25% of its overall trade volume.
The United States does not impose tariffs or taxes on these 14 countries and these countries trade with the united states freely. These countries trade with the united states freely and boost their economies.
Economic freedom in other countries
The economic freedom in other countries is different by region. Most economic freedom countries are Hong Kong and Singapore. These two countries have the highest score in the world for their economic freedom.
The other most economic freedom countries are the United States, Australia, The United Kingdom, Canada, Ireland, Austria, Brazil, Spain, Italy, Germany, France, and many other countries.
If we compare the united states economic freedom to that of European countries, we see that the economic freedom of the united states is very high compared to Europe and other Asian countries.
The income per capita of top economic freedom countries is 10% high compare to the Asian poor countries. If we see the lowest economic freedom countries, we see that Egypt, Syria, Congo, Libya, and Sudan have the lowest rank in world economic freedom.
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