Answer :
Final answer:
The U.S. is showing progress in achieving its macroeconomic goals, with the GDP growth rate and unemployment rate improving. However, the current inflation rate is significantly higher than the target, which could pose economic challenges.
Explanation:
The status of the U.S. in achieving its macroeconomic goals can be evaluated using various key economic indicators like GDP growth, unemployment rate, and inflation rate. As of the most recent data, the U.S. GDP is steadily increasing following a decline caused by the COVID-19 pandemic. For instance, in the third quarter of 2021, the real GDP growth rate was around 2%. The unemployment rate also shows an improving scenario, which was around 4.2% or so in November 2021, markedly lower than the peak unemployment rate of almost 15% during the early months of COVID-19. In terms of inflation, the recent Consumer Price Index (CPI) indicates an increased inflation rate, with a 5.7% annualized rate as of November 2021. This is significantly higher than the Federal Reserve's target 2% inflation rate, signaling possible economic challenges.
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Consumer spending and company investment are two factors that frequently fuel economic growth. To give money back to customers and increase expenditure, tax cuts and rebates are utilised.
A particularly strong growth downturn, from 2.7 percent in 2022 to 1.3 percent in 2023, is predicted for advanced economies.
A realistic alternative scenario with increased financial sector stress shows that by 2023, global GDP will have fallen to around 2.5 percent, with advanced economies' growth falling below 1 percent.
The size of a workforce and its productivity are the two factors that affect an economy over the long run. America has historically outperformed most other wealthy nations in terms of demographics thanks to a higher fertility rate and a more liberal immigration policy, and this trend is still present today.
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