USA AND CANADA: TRENDS IN ECONOMIC DEVELOPMENT AND PARTNERSHIP

Abstract

The relevance of the article is revealed through the rapid growth of the economy and the frequent change of its cycles. More specifically, this research aims to investigate the role of the two most powerful economies in the world – the United States of America and Canada. Authors could identify a number of factors that led to the success of these countries and gave them advantages over the rest with the help of economic analysis. These factors are included: the level of dependence of economic growth on the relationship of these countries, the level of involvement of North American countries in international integration processes, the structure of imports and exports of goods. The history of the countries and its key points are described, besides history there is shown infographic with main events that became the precondition for the emergence of NAFTA and other global organizations. In addition, the article shows the dynamics of the main macroeconomic indicators (Gross Domestic Product and the detailed structure of the turnover of goods) of these countries. All this information is very important because it gives a more detailed picture of the life of countries and their success. The study of this material will help everyone to better understand the colossal success of developed countries, and as a result, it will lead to the ability to form strategic plans for the domestic economy. As you know there are 4 cycles of economic. During the expansion phase, the economy experiences relatively rapid growth, interest rates tend to be low, production increases, and inflationary pressures build. The peak of a cycle is reached when growth hits its maximum rate. Peak growth typically creates some imbalances in the economy that need to be corrected. This correction occurs through a period of contraction when growth slows, employment falls, and prices stagnate. The trough of the cycle is reached when the economy hits a low point and growth begins to recover. Global economic is in recession. Most scientists and economists are convinced that we can solve this problem and move to expansion using the ability of the countries to remain competitive relies increasingly on the ability to develop and commercialize innovative technologies. So our mission is to promote our own economic innovation and industrial competitiveness by advancing measurement science, standards and technology in ways that enhance economic security and improve our quality of life.