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The 1860s were a period of growing protectionism in the United States, while the European free trade phase lasted from 1860 to 1892. The tariff average rate on imports of manufactured goods in 1875 was from 40% to 50% in the United States, against 9% to 12% in continental Europe at the height of free trade. [44]
This table lists the U.S. federal debt as a percentage of gross domestic product, or GDP, each year since World War II. [57] The gross federal debt shown below reached 102.7% of GDP at the end of 2012, the most recent figure available; it was the highest percentage since 1945 and the first yearly percentage figure to go over 100% since then.
The United States has been the world's largest national economy in terms of GDP since around 1890. [100] For many years following the Great Depression of the 1930s, when the danger of recession appeared most serious, the government strengthened the economy by spending heavily itself or cutting taxes so that consumers would spend more and by ...
India's share of global GDP declined to less than 2% of global GDP by the time of its independence in 1947, and only rose gradually after the liberalization of its economy beginning in the 1990s. The Republic of India currently contributes 3.6% of world GDP (nominal) and 7.5% of global GDP (PPP) in 2023.
Elon Musk has since surpassed John D. Rockefeller as the richest person in the history of the United States, and of modern history, according to size of wealth compared to GDP. In December 2024 his wealth reached $474 billion dollars (1.61% of USA's GDP at that year) compared to Rockefeller's 1.5% at the height of his wealth. [5]
GDP data this week had investors asking if the U.S. is in recession. Maybe the question should be whether we're happy, not whether we're growing.
In the Great Depression, GDP fell by 27% (the deepest after demobilization is the recession beginning in December 2007, during which GDP had fallen 5.1% by the second quarter of 2009) and the unemployment rate reached 24.9% (the highest since was the 10.8% rate reached during the 1981–1982 recession).
The Bureau of Economic Analysis's advance estimate of second quarter US gross domestic product (GDP) showed the economy grew at an annualized pace of 2.4% during the period, faster than consensus ...