The economy of the world has been showing improvement since the end of 2014, and this year, it has continued the trend as we begin 2015. Despite a few setbacks and bumps on the road of the economy, the future looks relatively brighter in this year compared to 2014.
Ok everyone, I am all excited about the economic growth around the world this year. It has shown steady progress in the last quarter of 2014. The economy of the United States has also been improving after a rapid economic growth in the third and fourth quarters of 2014 as well, and the trend continues in the year 2015.
Looking back on 2014, we do see some tragic news and economic downfalls that made the headlines around the world. There was the Ebola virus in Africa and terrorism issues in the Middle East that severely disrupted economies in Africa and Asia. Western Europe was in an economic rut, Japan’s economy was going through a recession and China’s economic growth fell to lowest in 5 years.
However, there were many positive sides of the economy in 2004.
Positive economic signs this year
There were plenty of things to be cheerful about in the year 2014, such as dropping energy prices. They dropped so significantly that we almost reached the gas prices of the 1990s. Lower oil prices put extra spending money in the pockets of common consumers, allowing them to stretch their hard-earned paychecks.
One of the positive indicators in the United States that made more Americans happy, was the availability of more jobs. Unemployment rates went down as companies and business started expanding and growing their business and new business were entering the market. People had less trouble finding jobs, as there were more jobs being created in almost every sector of business in the US.
According to recent analysis by The Conference Board
- The US economy will grow at a modest 2.6% in 2015.
- “Profitability may come under increased pressure as the business cycle matures and cost increases are imminent.”
- “America’s strength in technological progress needs to help accelerate productivity.”
Booming US industries
Bill Conerly who is a contributor at Forbes.com says that the outlook of the US economy is better than it had been. There has also been an increase in production in the oil and gas industries, but according to him, it’s not the main reason why the US economy has progressed.
“The economy is growing largely because that’s it[s] underlying trend. More people are available to work due to population growth, the general level of skills in the workforce is gradually improving and physical and intellectual capital grows in magnitude and quality.” – (Bill Conerly | Economic Forecast 2014-2015: Looking Better With Help From Oil And Gas – Forbes)
Increase in sales of consumer products and luxury products are also a sign of economic growth and recovery. It shows that common people are no longer struggling for the basic necessities and are inclined towards buying items for luxury and recreation. For example, strong sales of recreational vehicles were made in northern Indiana.
“We’re in the recovery—we’re recovered,” says Derald Bontrager, chairman of the Recreational Vehicle Industry Association. (2015 Global Economic Outlook: Better Than 2014—but Not By Much – Businessweek).
And, it’s not only RVs. There are a whole bunch of manufacturers and business giants in the US that are emerging on the horizon, and will most likely power global economic growth in the year 2015. Business giants like Google with more than 4, 000 employees in New York City, Apple in Silicon Valley and Boeing in Seattle are sure to lead the economy around the world.
Significant progress was also made in the clean power generation industry in the last few decades. Renewable energy sources have helped businesses to transform into green businesses and meet their renewable energy requirement goals to fight global warming. (Read more about The Business Renewables Center)
“Some things about 2015 are known, such as the continued warming of the planet. Others are unimportant, like who won the Superbowl on Feb. 1 in Phoenix. (Sorry, football fans.)” – Peter Coy of Bloomberg Business
Hope you will be a part of the solution and become a contributor to the positive growth of the world economy. We’d love to hear from you, so please leave a comment in the comment box below. We’d also appreciate your comments on our Facebook page.
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Source: Institute of Ecolonomics
Related articles and resources:
- Current Economic Updates & Issues in the United States | Institute of Ecolonomics
- What Everyone Ought to Know about the Growth of the US Economy in 2014 | Nourish The Planet
- Current Economic Updates & Issues in the United States | Nourish The Planet
- Rapid Growth of the US Economy in Third Quarter 2014 | Nourish The Planet
- 2015 Global Economic Outlook: Better Than 2014—but Not By Much – Businessweek
- Global Economic Outlook 2015 – Key Findings | The Conference Board
- Get Off-the-grid & Power your Own Home & Business | Nourish The Planet