United States (US) PESTLE Insights – A Macroeconomic Outlook Report
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United States (US) PESTLE Insights Report Overview
The United States (US) was ranked seventh of 153 nations in the GCRI Q3 2023. The country’s GDP was $27.4 trillion in 2023. In August 2023, the US President issued an executive order, restricting new American investments in China, particularly in sensitive technologies such as computer chips, and mandating government notification in other tech sectors. Furthermore, on November 29, 2023, the US and Japan launched the US-Japan Tourism Year to promote travel, business, and tourism between the economies.
Key Sector’s Contribution to the US Economy (2019-2026)
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GDP in 2023 | $27.4 Trillion |
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The US Macroeconomic Outlook - PESTLE Insights
Political Landscape
In February 2023, the White House unveiled guidelines to enhance the utilization of American-manufactured goods in infrastructure projects funded by the government. On February 7, 2023, the President emphasized the initiative to mandate the use of domestically produced construction materials in federal infrastructure endeavors.
Economic Landscape
The US economy is expected to slow down in 2024 as compared to 2023. Lower economic growth could be attributed to factors such as diminishing job gains, and an impact of high policy rates.
In February 2023, the White House unveiled guidelines to enhance the utilization of American-manufactured goods in infrastructure projects funded by the government. On February 7, 2023, the President emphasized the initiative to mandate the use of domestically produced construction materials in federal infrastructure endeavors.
Social Landscape
The Department of Housing and Urban Development reports a more than 11% surge in homelessness, presenting a significant social challenge for the US. With over 653,000 individuals experiencing homelessness as of 2023, marks the highest number since tracking began in 2007.
Technological Landscape
The US is the leading location for clinical research, technology R&D, and science. In addition, several large producers have strengthened their presence in the US in recent years, given the rise of commercial viability of new technologies. This has led to an increase in the number of patent applications.
Legal Landscape
According to the OECD, the US has one of the lowest tax wedges. Lower taxes on labor attract prospective skilled migrants wishing to migrate. This is good for businesses as it helps to attract talent in the labor market.
According to the Heritage Foundation, the Economic Freedom Index (2023) indicates a decline in the US’s freedom scores across various parameters compared to the previous year. This includes property rights, judicial effectiveness, government integrity, tax burden, government spending, business freedom, and monetary freedom.
Environmental Landscape
The FY 2024 President’s Budget for the Environmental Protection Agency (EPA) represents a significant increase from FY 2023. It focuses on addressing pollution, combating climate change, promoting environmental justice, supporting scientific research, and facilitating the President’s Cancer Moonshot Initiative. Funding is allocated to reduce greenhouse gas emissions, enhance climate resilience, and ensure compliance with civil rights laws.
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Scope
In January 2024, the Infrastructure bill allocated funds to 20 Federal Transit Administration programs, with the majority distributed through formula grants to states. Over $6.6 billion annually from 2024–26 will support various transportation projects.
Key Highlights
The S&P 500 index has been on an upward trend. As of January 3, 2024, the index stood at 4,769.8, compared to 3,824.1 on January 3, 2023. In 2023, the S&P 500 saw a 24% surge fueled by favorable conditions, including a Big Tech boom driven by artificial intelligence, decreasing inflation, and economic growth. Despite this, historical data indicating consecutive 20%+ gains are uncommon. GlobalData foresees additional growth in 2024, banking on expected rate cuts by the Federal Reserve. S&P 500 companies could attain similar sales growth, enhancing profit margins amidst declining inflation.
Reasons to Buy
- Macroeconomic Outlook Report identifies the potential of the country as an investment destination by analyzing the political, economic, social, technological, legal, and environmental (PESTLE) structure.
- PESTLE Insights provides a 360-degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials, and direction of operations
- Along with providing the country’s snapshot, the report captures the risk factors about the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure, and natural and geographic aspects that might impact business.
- This report also highlights key clusters/cities which contribute significantly to the country’s GDP and population along with major companies’ presence in these areas.
Intel
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Frequently asked questions
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What was the US’s GDP in 2023?
The US GDP was $27.4 trillion in 2023.
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What was the US’s rank in the GCRI Q3 2023?
The US was ranked 7 of 153 nations in the GCRI Q3 2023.
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Why does the US have a low tax wedge?
Lower taxes on labor attract prospective skilled migrants wishing to migrate and it helps to attract talent in the labor market. Henceforth, the country has a low tax wedge.
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