The United States has a very large impact on the global economy. The United States gross domestic product was over $10 trillion in 2002. That is more than the next five countries with the most impact on the global economy combined. The United States by itself accounts for one-third of the world’s economic output. Also, it accounts for two-fifths of its growth. This doesn’t just benefit the United States of America, it also benefits other countries. The trade that the United States does with other countries helps them too.
Also, the United States buys way more from developing countries than it sells to them. Other countries are also doing things to contribute to the global economy more. In Africa, people are planning to use drones to deliver life saving resources to people in danger of dying. Also, they decided to form an organization that allows them to save money for when they need it after a weather related emergency (Okonjo-Iweala). Costa Rica plans to change the focus of development of their country from fossil fuels to things like hydropower, solar power, and wind power (Araya, Monica). France is planning to work on changing manufacturing in order to produce more in order to grow more (Scalabre, Oliver). England is planning to use maps to show who people really are (Dorling, Danny). Also, Canada is planning to use megacites to change the world map (Khanna, Parag).
However some countries are attacking the challenges of growth and participation in global economy. Despite the challenges of competing with bigger countries for economic business, many small countries are still trying to accomplish growth and participate more in the global economy. These countries are creating new businesses, they are changing the focus of their development, they are coming up with new products, and they are coming up with new ideas on ways we can change the way we currently do things in order to make their economy more efficient or effective. I think that the global economy will grow a lot in 25 years. Many more countries will be contributing more to the global economy and soon the world will be full of different contributions from these countries.
Eventually, all of the countries that are currently developing countries will be stronger and bigger than they are now, and they will help our global economy grow. Many of these countries will grow in population, and they will grow in economic power. I also predict that there will be more trade and interaction between countries that are currently developing and countries that are currently totally developed. I think that this will mean a bright future for the world ahead of us. I hope that as we come up with new different ways to run society we will also be able to find better ways to use our money and economic resources in order to better the world as a whole instead of focusing on each country separately.
I am very excited to see what the future global economy will look like in 25 years, and I know that whatever direction we go in, we will see a lot of change. Hopefully, it is for the better instead of for worse.