Why is US economy so strong?
Answers
The economy of the United States is that of a highly developed country with a mixed economy.[32][33] It is the world's largest economy by nominal GDP and net wealth and the second-largest by purchasing power parity (PPP).[34] It has the world's fifth-highest per capita GDP (nominal) and the seventh-highest per capita GDP (PPP) in 2020.[35] The United States has the most technologically powerful economy in the world and its firms are at or near the forefront in technological advances, especially in computers, pharmaceuticals, and medical, aerospace, and military equipment.[36] The U.S. dollar is the currency most used in international transactions and is the world's foremost reserve currency, backed by its economy, its military, the petrodollar system and its linked eurodollar and large U.S. treasuries market.[37][38] Several countries use it as their official currency and in others it is the de facto currency.[39][40] The largest U.S. trading partners are China, Canada, Mexico, Japan, Germany, South Korea, United Kingdom, France, India, and Taiwan.[41] The U.S. is the world's largest importer and the second-largest exporter.[42] It has free trade agreements with several nations, including the USMCA, Australia, South Korea, Israel, and few others that are in effect or under negotiation.
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