Do many people wonder why the US economy is so successful? What are the factors, which are responsible for making the US economy successful? Many individuals want to work in the US rather than in their own country because they think that they will be able to get higher wages for the same work when they do the work in the US. And this is the reason which makes the US economy so successful because the individuals who have the higher capability, does the works in the US for higher wages.
Here are some factors that make the US economy successful
The interest rates in the US are very low, which makes the individual motivated to build their own company that will eventually help the economy of the country to become more developed.
The US is a developed country and, the prices of energy are not very high. And therefore, the productivity level of each industry that includes energy, are very high because they can consume more amount of energy are the prices of energy, are very less.
The strength of the currency of the US that is dollars is very high. The US dollar is strong. It makes the foreign goods and services cheaper to the American customers and, it makes it difficult for the US-based company to raise the prices on foreign consumers.
The tax rate on foreign trade is low that encourages the local market of the country to trade effectively with the other countries and, this is the reason which makes the economy of the US very successful. The US had very few obstacles to trade and, the growth of every business is easy and thus, the US grow, effectively.
The availability of natural resources in the US are very high such as coal, oil, gold, silver, copper are available in the US in high quality that making the prices of energy cheaper. Moreover, many people from other countries come to America because the US is a developed country and, it can offer a high quality of living to those individuals. It makes the economy of the US so successful. Because individuals with a sharp mind work for the growth of the economy
The US has maintained stability in the monetary policy, which is difficult for the government. And this is also the reason for making the economy stable, as the stable monetary policy does not allow hyperinflation to become the norm. Therefore, it increases the chances of growth.
The economy of a country is successful by the combined effort of the government as well as the people who make the economy of the country. Moreover, the US has been able to make the country develop long years ago. And it has been able to maintain its high growth of the economy. The availability of natural resources helps the country to grow at a faster rate and, in a better way. Thus, for a successful economy, citizens of a country are equally responsible.