As soon as the country started reopening, the United States of America is showing signs of economic growth. Recently, the country’s economy saw the highest ever GDP growth of 33.1% in its 3rd quarter.
The outbreak of the coronavirus had halted the country’s economic growth. This was the worst ever recorded economic setback in the history of the US.
After the lockdown was lifted temporarily, the economy started showing positive growth. It was a sign that the US economy is recovering faster than expected.
Despite the exponential economic growth, it is still behind the GDP rate which was witnessed at the start of this year. International trade is expected to increase as the Trump administration takes steps to revive the economy.
Every sector – be it consumer spending or the real estate market – is showing a positive response after the lockdown. The people of the US are in desperate need to stand up on their feet again.
Some economists are of the view that this growth is going to increase in the coming days. With the lockdown being lifted completely in several areas, the business is coming back to normal.
The spending behavior of the people has changed a lot in the previous months. It can be seen from the fact that people shifted from physical buying to digital buying methods.
This has also helped the country, as the majority of the transaction took place through banks. This also indicated the true economic potential of the US.
People are, however, willing to step out and make purchases physically now. This means that the businesses which went completely digital might have to make a physical presence once again.
More people are being reemployed and this has shown positive effects on the economy. Very few people are unemployed at the moment but this too shall pass.