Economic Indicators and Various Reports On It- GDP, FD, EODB, WIR etc

Bidenomics and Global Economic Landscape in 2024

Note4Students

From UPSC perspective, the following things are important :

Prelims level: Bidenomics

Mains level: NA

Central Idea

  • The year 2024 is poised to be a momentous one for the global economy, marked by significant elections in some of the world’s largest economies, including India, Russia, the UK, the EU, and the US.
  • “Bidenomics” is the nickname for the economic vision of President Joe Biden. It’s used to convey his administration’s economic gains, policies and plans.

Bidenomics and its Relevance

  • Policy Shifts: The potential election outcome in the US could have far-reaching consequences, especially concerning ‘Bidenomics’—President Biden’s distinctive economic policy approach.
  • Radical Departures: Trump’s policies diverged significantly from established US and global norms, with actions like withdrawing from the Paris Climate Agreement and adopting protectionist trade policies against nations like China.
  • Bidenomics: President Biden introduced a policy shift aimed at reversing decades of economic trends, emphasizing income equality and reducing the influence of big corporations.
  • 3 major aspects of Bidenomics:
  1. Public Investments: Focus on smart investments in infrastructure and clean energy.
  2. Empowering Workers: Prioritizing workers’ rights and education to strengthen the middle class.
  3. Promoting Competition: Encouraging competition to reduce costs and foster small business growth.

Performance of Bidenomics

  • Macro Indicators: On a macroeconomic level, Bidenomics has shown positive results, as indicated by GDP growth, unemployment rates, and inflation trends.
  • GDP Growth: The US has outperformed major developed nations in terms of GDP growth, with a rapid post-pandemic recovery.
  • Unemployment: Unemployment rates have decreased significantly under Biden’s leadership, with job creation outpacing the number of job seekers.
  • Inflation: However, inflation spiked due to external factors but has since moderated.

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