Yesterday, the Bureau of Economic Analysis (BEA) reported that real GDP grew by 1.6%, putting the nominal size of the US economy at $28.2 trillion. While growth in the most recent quarter was below estimates, the US economy has been more robust than other leading economies over the last few years. It is worth contextualizing the US economic position within the global economy. To help us, we share a recent WSJ article by Greg Ip entitled Americas Economy Is No. 1.
For starters, the graph below from Ip’s article shows that since 2010, the US share of global GDP has risen by about 5% and now accounts for over a quarter of the world’s economy. It’s not just stronger growth in the US driving our gains. Consider that Japan, Europe, and the UK are growing much slower and therefore losing share. Further, China’s economic growth has slowed considerably. India is growing rapidly but…
