The world is made up of 195 countries. The countries are all on different economic levels. The most economically advanced, capitalistic and industrially powerful countries are referred to as the first world countries and they include the likes of the United States, Britain, and Germany. The second division comprises of countries which are developing at a considerably high rate. Notably, these countries were also former members of the Soviet Union, and they are referred to as the second world countries. Finally, the third world countries are the developing nations of Africa, Latin America, and Asia. Examples include Saudi Arabia, Sudan, and Nigeria. These are the three main divisions used to distinguish countries with regard to economic prowess. With regard to this, the essay will discuss the economic levels of three countries the United States, Nigeria, and Ghana. Worth to note, the United States is a first world country while the latter two are third world African countries.
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The United States of America
The United States enjoys a very highly developed and mixed economy. Actually, it has been ranked as the largest economy in the world, with reference to GDP and the second largest in the merit of purchasing power parity. Its GDP was estimated to be at $18.46 trillion in the year 2016. Currently, the US dollar is the most preferred currency in international transactions and is defined as the world??™s reserve currency. This is backed up by its powers in science and technology, its military and the full faith and ability of the united states government to reimburse its debts. The United States economic processes have also been fueled by its tendency to assume central roles in ranges of international activities, since WW1. The United States largest trading partners include ?hina, Japan, Germany, United Kingdom, South Korea, and France. In the year 2015, the United States exported over $1.38 trillion and imported almost $2.16 trillion. The main export of the country is electrical machinery and equipment.
The United States of America Over the years, the employment rate in the United States has been changing drastically. However, with the country enjoying conducive economic times for most of the time, the employment rate is generally good. Since the fifties, the employment level in the states averaged at 59.31. in 2016 to 2017 however, things have proofed to be getting better. The employment rate reached its peak of 64.70 % in the month of April this year. The interpretation of this state of events is obvious the country is economically stable. In the United States, consumer prices have formed a pattern of increasing by 1.9 % each year. By August 2017, they had already increased to 1.7%. The market expectation by this time was however 1.8%. This inflation is as a result of many different factors. In the past three months, for example, the inflation has been as a result of rising shelter and gasoline costs, since the hurricane survey had recently shut down refineries along the gulf coast. The inflation rate in the states has been on an average of 3.28% from 1914 to 2017. The US dollar has for a long time been weak as compared to the pound. Currently, the GBP USD exchange rate as per September 22, 2017, is at 1.35.
The United States of America
When reference is made to the US interest rates, this regularly alludes to the Federal Funds Rate. The Federal Funds Rate is the financing cost which banks charge each other for 1 day (overnight) loaning. This American base rate is set by the market and is not expressly set around the FED. By pulling back or adding assets to the cash supply the FED tries to bring the successful government reserves rate into line with the interest rates that it is taking a stab at. In the event that the FED’s money related arrangement modifies the base rate, that typically influences the financing cost on different items, for example, home loans, advances, and investment funds.
Nigeria is a middle income, blended economy and developing the business sector, with growing assembling, budgetary, benefit, interchanges, innovation, and amusement divisions. It is positioned as the 21st-biggest economy on the planet as far as ostensible GDP, and the twentieth biggest as far as acquiring power equality. It is the biggest economy in Africa its re-rising assembling part turned into the biggest on the mainland in 2013, and it delivers a huge extent of products and ventures for the West African subcontinent. likewise, the obligation to-GDP proportion is 11 percent, which is 8 percent beneath the 2012 ratio. After being previously prevented by years of botch and economic mismanagement for a considerably long time, monetary changes of the past decade have returned Nigeria. This has set the nation on track towards accomplishing its full financial potential. Nigerian GDP at obtaining power equality (PPP) has nearly tripled from $170 billion in 2000 to $451 billion in 2012, despite the fact that appraisals of the measure of the casual part (which is excluded in official Nigeria figures) put the genuine numbers nearer to $630 billion. Correspondingly, the GDP per capita multiplied from $1400 per individual in 2000 to an expected $2,800 per individual in 2012 (once more, with the incorporation of the casual division, it is evaluated that GDP per capita currently floats at around $3,900 per individual. (Populace expanded from 120 million in 2000 to 160 million in 2010). Despite the fact that oil incomes contribute 2/3 of state revenues, oil just contributes around 9% to the GDP. Nigeria creates just around 2.7% of the world’s oil supply. To compare, Russia produces 12.7% Saudi Arabia produces 12.9%, and the USA produces 8.6%. Although the oil division is critical, as government incomes still intensely depend on this sector, it remains an important part of the nation’s general economy. It has contributed so much to the economy especially in terms of creating employment. In the fourth quarter of 2016, the employment rates decreased to 85. 80, from 86.31 in the year 2014.
Currently, one pound is equal to 478.43? Nigerian Naira. The naira is a generally weak currency which is also one of the reasons why Nigeria’s economy has not been fully exploited in the past. The central bank of Nigeria has left the interest rate of the country at an unchanged 14% for the sixth consecutive meeting. This has been as per the expectations of economic analysts.
Until the second half of 2002, the economy of Sudan blasted on the back of increments in oil generation, high oil costs, and expansive inflows of outside direct speculation. Gross domestic product development enrolled over 10% every year in 2006 and 2007. From 1997 to date, Sudan has been working with the IMF to execute macroeconomic changes, including an, oversaw buoy of the exchange rate. The country started exporting raw petroleum in the last quarter of 1999. Agricultural produce remains vital, in light of the fact that it utilizes 80% of the workforce and contributes 33% of GDP. The Darfur strife, the repercussions of too many years of common war in the south, the absence of fundamental foundation insubstantial regions, and a dependence by a significant part of the populace on subsistence agribusiness guarantee a great part of the populace will stay at or beneath the destitution line for quite a long time in spite of fast ascents in average per capita earnings.
In January 2007, the administration presented a new currency, the Sudanese Pound, at an underlying swapping scale of $1.00 squares with 2 Sudanese Pounds. This new currency, when compared to the British pound equals at 0.11 with the British pound being a little stronger. Against the American dollar, the Sudanese pound equals at 0.15, again with the dollar being a little stronger. The Unemployment Rate in Sudan recorded an increase to 19.50 percent in 2014 from 15.90 percent, as recorded in 2011. Unemployment Rate in Sudan was at an average of 15.83 percent from the year 1993 to 2014, when it reached the highest point ever of 19.50 percent. The lowest record was experienced way back in 1993, at 11.1 %. The last recorded interest rate in Sudan was recorded at 13.50 percent. From 2003 to 2017, the interest rates in Sudan were at an average of 11.85. At one point, the rates hit as high as 17.03. That was in the September of 2003. In 2016, the record dropped to as low as 7% in September.
The top exports of Sudan are Crude oil ($3.09B), Gold ($686M), goats and sheep ($550M), Others include Oily Seeds ($424M) and Insect Resins ($121M), utilizing the 1992 update of the HS (Harmonized System) characterization. The country??™s main imports are Planes, Helicopters, and other Spacecraft ($708M), Raw Sugar ($479M), Packaged Medicaments ($316M), Unpackaged Medicaments ($274M) and Wheat ($266M). The main destination’s of Sudan’s exports are China ($3.06B), the United Arab Emirates ($805M), Saudi Arabia ($683M), India ($188M) and Japan ($148M). The main import sources are China ($2.58B), India ($912M), Jordan ($781M), Egypt ($596M) and Saudi Arabia ($515M).
It is apparent that the economies of the world are different. Some economies are strong while others are weak. Notably, nations that mine and sell crude oil have the most stable economies if all the resources are well managed. The United States, Nigeria, and Sudan are examples of such countries. Nigeria, for example, has emerged to be a leading economy in the third world. The nation’s success is mostly attributed to crude oil. There are however other factors that ought to be considered while classifying economies, such factors such as the age of the country matter a lot. While comparing Nigeria and the United States, for instance, it is important to note that the united state gained its independence almost a century earlier than Nigeria. The world today is being characterized by a lot of change. Poor economies are becoming stronger and the economic sector is becoming more competitive as the day goes by.
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