What is richest country in the world in 2010

The recovery in should be solid, mainly in the second half of the year once the Covid vaccine eliminates any risk of a third wave of the pandemic. We expect growth of 3. Norway was less affected by Covid than other European economies, and is set to return to growth from onwards thanks to higher oil prices and rebounding domestic demand. Household incomes have kept up well during the pandemic, in large part thanks to generous unemployment support from the government.

Consumer spending fell last year as households cut back on travel and services. But consumer confidence is good, consumption of goods remains strong, and the housing market is booming. We therefore believe that underlying consumer demand is strong and will contribute significantly to the economic recovery once restrictions are lifted. Businesses are also benefitting from generous government support, which has prevented any rise in bankruptcies.

Moreover, temporary tax changes for the oil industry have spurred companies' investment plans and prevented a bigger decline in activity in the sector. Despite taking a knock in from the coronavirus pandemic, the economy should resume a robust growth trajectory over our forecast horizon, buttressed by favorable demographics and healthy consumption and investment. That said, elevated household debt is a risk.

A rising participation rate, particularly among older workers, is the main factor behind the increased contribution of equilibrium employment to potential output growth. This should facilitate higher potential growth. A leading position in many cutting-edge technological fields, deep capital markets, a flexible labor market and strong rule of law are all factors which make the United States one of the richest countries in the world in GDP per capita terms.

These same factors should continue to support the economy over the next several years and ensure the U. However, a bitterly divided political panorama, elevated debt levels, sharp socioeconomic inequalities and China tensions all cloud the outlook. Treasury market, will continue to offset rising fiscal pressures. However, the U. Diminishing confidence that U. Upon expulsion from Malaysia in , the nascent independent republic of Singapore was a tiny third-world country, with no natural resources and simmering ethnic tensions.

However, further deglobalization and a rapid slowdown in labor force growth pose risks to the outlook. Apr 28, , am EDT. Apr 17, , am EDT. Apr 8, , am EDT. Mar 26, , am EDT. Mar 2, , am EST. Jul 19, , pm EDT.

May 10, , pm EDT. Edit Story. Feb 22, , pm EST. Lifestyle Old. Travel thrills me—luxurious or simple, far afield or a state away. Log out. US Markets Loading H M S In the news. Barbara Tasch.

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