The US, with a GDP of $29.18 trillion, stands as the richest country in the world, significantly ahead of China. Each US stateâs GDP can be compared to those of individual countries, showcasing California's economy surpassing Japan, and New York's exceeding Canada. While real estate and healthcare drive growth, the economy encountered a contraction of 0.3% in Q1 of this year, marking the first decline since 2022. Additionally, consumer sentiment is waning, suggesting potential future economic challenges due to tariffs and policies.
The US economy shrank by an annualized rate of 0.3% in Q1, marking the first decline since 2022, signaling potential economic headwinds.
Despite a decline, the US remains the richest country globally with a GDP of $29.18 trillion, dominating over China's economy.
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