Comparative Analysis of Macroeconomic Indicators of the EU and the USA

Abstract

Relevance. At the beginning of the second decade of the XXI century. economic relations between the United States and the European Union continue to largely determine the development trends of the global economy and the world financial system. The stable dynamics of the transatlantic flows of goods, services and capital reflects the traditional proximity of the models of economic development of the United States and Western Europe, the stability of the existing ties, and the high effective demand of both regions for modern goods and services.The purpose is to carry out a comparative analysis of the macroeconomic indicators of the development of the EU countries and the USA.Objectives: consider the dynamics of the main macroeconomic indicators of the EU and the US from 2015 to 2020; to study and visualize the dynamics of GDP growth, GDP in PPP per capita, inflation in the EU member states for 2016–2020; investigate the dynamics of the total US government debt for 2015-2020.Methods. The method of statistical analysis of data from official government websites (European Parliament) and world agencies - Organization for Economic Cooperation and Development (OECD), Global-finances. The method of comparative analysis was used to compare real GDP, nominal GDP, GDP per capita, dynamics of changes in GDP EU countries and the USA in relation to previous years.Results. If we compare the development of the EU and the United States in terms of the main macroeconomic indicators, we can conclude that the countries have experienced periods of recession and stagnation in economic development to the same extent, including those associated with a lockdown and economic crises against the backdrop of a pandemic. However, in 2020, the countries showed a positive trend towards a reduction in negative GDP, including GDP in PPP per capita. The situation is more complicated in the United States, in terms of the size of the national debt.Conclusions. In modern conditions, the United States and the EU are still not only the main economic partners, but also the main competitors at the global level. The United States plays a leading role in international economic relations, but the United States has the largest trade deficit with China and the EU countries, therefore, in recent years, the idea of creating a free trade zone between the United States and the EU has been most actively supported (among business structures).