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Economic Growth in Foreign Regions and U.S. Export Growth

By Jun Nie and Lisa Taylor

Abstract

Export growth is an important source of aggregate growth in the U.S. economy. Indeed the importance of exports in contributing to U.S. economic growth has risen steadily over the past three decades, with exports nearly doubling as a share of GDP. Export growth has been championed in recent years as a key driver for the country’s ongoing economic recovery. But exports of goods and services produced in the United States depend crucially on foreign demand. When foreign economic growth is low, foreign demand tends to be weak as people have less income to purchase U.S. goods and services. In this way, lower foreign growth may lead to less growth in U.S. exports. Recently, some parts of the world, particularly Asia and Europe, have shown signs of slowing growth. The International Monetary Fund has revised downward its growth forecasts for both Asia and Europe for 2013 by about one percentage point each. A question arising fro

Year: 2013
OAI identifier: oai:CiteSeerX.psu:10.1.1.352.7701
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