FOX Business’ Susan Li, Capitalist Pig Hedge Fund founder Jonathan Hoenig, Kaltbaum Capital Management’s Gary Kaltbaum, investor Zachary Karabell and FoxNews.com columnist Liz Peek discuss Goldman Sachs’ stocks and how the Democrats’ plan to increase taxes could be dangerous for the stock market.
In 2019, the U.S. economy may have grown at the slowest pace in nearly three years, but it has remained a consistent bright spot in the global outlook.
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According to data published by the World Bank, the United States has the largest economy in the world. In 2018, it was valued at a staggering $20.54 trillion.
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China trailed the U.S. with an economy worth $13.61 trillion two years ago. Japan, at $4.97 trillion, was a distant third. Germany and the United Kingdom nabbed fourth and fifth place, with an economies worth $3.95 trillion and $2.85 trillion, respectively. That order hasn’t changed much over the decade.
“America’s thriving, America’s flourishing, and yes, America is winning again like never before,” President Trump said in a recent speech before global leaders at the World Economic Forum in Davos, Switzerland.
Overall, the world’s five biggest economies account for half of global Gross domestic product , which is estimated to be $84 trillion in its entirety.
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GDP, which measures the value of goods and services produced inside the U.S., grew at a 2.3 percent annualized rate in 2019, according to Labor Department data published last week. That’s below the 2.9 increase from 2018 and the 2.4 percent gain in 2017, a result of fading fiscal stimulus from President Trump’s 2017 Tax Cuts and Jobs Act and an 18-month trade war between the U.S. and China that rattled global financial markets.
Consumer spending, which accounts for more than two-thirds of the country’s GDP, continues to boost the now $21.7 trillion economy.
