https://sputnikglobe.com/20241009/bidenomics-strikes-again-us-global-economic-share-dips-below-15-for-first-time-1120483753.html
Bidenomics Strikes Again: US Global Economic Share Dips Below 15% For First Time
Bidenomics Strikes Again: US Global Economic Share Dips Below 15% For First Time
Sputnik International
The US share of the global economy has tanked below 15% during Joe Biden’s presidency. By the end of his term, it is projected to hit a record low of 14.76%, according to Sputnik calculations based on data from the World Bank and the International Monetary Fund.
2024-10-09T09:52+0000
2024-10-09T09:52+0000
2024-10-09T09:52+0000
economy
us economy
joe biden
barack obama
donald trump
international monetary fund
world bank
china
japan
economic crisis
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In 1990, the US accounted for 20.16% of the global economy, measured by purchasing power parity (PPP). That share peaked at 21.01% in 1999, with an economic output of $9.6 trillion, compared to a global output of $45.85 trillion. However, the US portion has steadily declined since, with the sharpest drop occurring between 2006 and 2008, when it fell by 0.6% annually. The US share temporarily increased during Barack Obama’s second term, reaching 16.26% in 2014 and 2015, but failed in sustaining the momentum. By the end of Obama's presidency, it fell to 16.04%. Subsequently, the US share declined by another 0.7% under Donald Trump. In Biden's second year, the US share slipped below 15%, reaching 14.82% by the end of 2023. IMF estimates predict the trend will continue, with the US share falling by another 0.06% by the end of 2024, resulting in a cumulative decline of 0.58% under Biden to 14.76%. Meanwhile, China’s share of the global economy has surged to 18.76%, while Japan's share has dropped by 4.33% over the past 33 years.
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bidenomics, biden performance, biden economy, us economy, us economic decline, dollar hegemony, empire of dollar, biden economic policy, dollar decline
bidenomics, biden performance, biden economy, us economy, us economic decline, dollar hegemony, empire of dollar, biden economic policy, dollar decline
Bidenomics Strikes Again: US Global Economic Share Dips Below 15% For First Time
The US share of the global economy has tanked below 15% during Joe Biden’s presidency. By the end of his term, it is projected to hit a record low of 14.76%, according to Sputnik calculations based on data from the World Bank and the International Monetary Fund.
In 1990, the US accounted for 20.16% of the global economy, measured by purchasing power parity (PPP). That share peaked at 21.01% in 1999, with an economic output of $9.6 trillion, compared to a global output of $45.85 trillion.
However, the US portion has steadily declined since, with the sharpest drop occurring between 2006 and 2008, when it fell by 0.6% annually. The US share temporarily increased during Barack Obama’s second term, reaching 16.26% in 2014 and 2015, but failed in sustaining the momentum.
By the end of Obama's presidency, it fell to 16.04%. Subsequently, the US share declined by another 0.7% under Donald Trump. In Biden's second year, the US share slipped below 15%, reaching 14.82% by the end of 2023.
IMF estimates predict the trend will continue, with the US share falling by another 0.06% by the end of 2024, resulting in a cumulative decline of 0.58% under Biden to 14.76%.
Meanwhile,
China’s share of the global economy has surged to 18.76%, while Japan's share has dropped by 4.33% over the past 33 years.
