The United States is the largest economy and one of the most powerful countries in the world. It has remained a top destination for doing business for several years and provides direct access to the world’s largest consumer market.
In the 2020 Ease of Doing Business Index, the US ranked 6th out of 190 economies. It also ranked 10th in the IMD World Competitiveness Ranking for 2021 and has remained one of the top 10 economies for the past five years. The US is the fastest growing economy in 2021 with a nominal GDP of USD 22,939 billion and a share of 24.2% of the world’s GDP. The service sector is the biggest contributing sector.
The US is also a global center for innovation and technology and is home to many high-tech corporations and startups. Silicon Valley is listed as the number one startup ecosystem for the fourth consecutive year in the Startup Genome Global Ecosystem Report 2021 and accounts for one-third of the venture capital investment in the US. In addition to Silicon Valley, New York City, Boston, Los Angeles and Seattle are ranked in the top 10 of the report.
Today, the US has more than 50 Trade and Investment Framework Agreements (TIFAs) and more than 40 bilateral investment treaties (BITs) with economies worldwide to strengthen trade ties with the US, protect the interest of overseas investment and promote market-oriented policies and exports. The government also provides tax credits, tax exemptions, grants, loans and other incentives to support new businesses and expansions of existing companies.
GDP growth (2021)***