america became world's largest economy in since at least the 1890s.
when did america become world's largest economy?
since at least the 1890s
the nation's economy is fueled by abundant natural resources, a well-developed infrastructure, and high productivity. it has the seventh-highest total-estimated value of natural resources, valued at $45 trillion in 2016. americans have the highest average household and employee income among oecd nations, and in 2010, they had the fourth-highest median household income, down from second-highest in 2007. the united states has held the world's largest national economy (not including colonial empires) since at least the 1890s. it is the world's largest producer of oil and natural gas. in 2016, it was the world's largest trading nation as well as its second-largest manufacturer, representing a fifth of the global manufacturing output. the u.s. also has both the largest economy and the largest industrial sector, at 2005 prices according to the unctad. the u.s. not only has the largest internal market for goods, but also dominates the trade in services. u.s. total trade amounted to $4.92 trillion in 2016. of the world's 500 largest companies, 134 are headquartered in the us.
economy of the united states
goldman sachs includes the country in its list of the "next eleven" economies but china and india have emerged as major economic competitors. goldman sachs estimates that by the year 2050, it will be the 20th largest economy in the world. hsbc also projects the philippine economy to become the 16th largest economy in the world, 5th largest economy in asia and the largest economy in the south east asian region by 2050. the philippines is a member of the world bank, the international monetary fund, the world trade organization (wto), the asian development bank which is headquartered in mandaluyong, the colombo plan, the g-77 and the g-24 among other groups and institutions.
philippines