UNITED STATES

Slowing growth in 2019

AA1

LOW RISK

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

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GDP USD19390.604bn (World ranking 1, World Bank 2017)
Population 325.72mn (World ranking 3, World Bank 2017)
Form of state Federal Republic
Head of government Donald Trump (Republican)
Next elections 2020, presidential
  • World’s largest economy
  • Effective governmental checks and balances
  • High per capita GDP
  • Relatively low unit labor costs
  • High data transparency
  • Reserve currency
  • Large oil and gas reserves
  • Diverse GDP
  • Low interest rates and inflation
  • Strong dollar (lowers inflation, interest rates)
  • Political polarization, stagnation
  • Structural unemployment
  • Lack of skilled workers
  • Low productivity
  • High corporate debt
  • High public debt, persistent budget deficits
  • Weak housing market
  • Restrictive monetary policy
  • Soaring amount of, and defaults on, student loans
  • Trade conflicts
  • Strong dollar (widens persistent trade deficit)

Trade structure by destination/origin

(% of total)

Exports Rank Imports
Canada 17%
1
21% China
Mexico 14%
2
14% Mexico
China 9%
3
13% Canada
Japan 5%
4
6% Japan
Germany 4%
5
6% Germany

Trade structure by product

(% of total)

Exports Rank Imports
Road vehicles 8%
1
13% Road vehicles
Electrical machinery, apparatus and appliances, n.e.s. 8%
2
8% Electrical machinery, apparatus and appliances, n.e.s.
Petroleum, petroleum products and related materials 5%
3
7% Telecommunication and sound recording apparatus
Miscellaneous manufactured articles, n.e.s. 5%
4
7% Petroleum, petroleum products and related materials
Other industrial machinery and parts 5%
5
5% Miscellaneous manufactured articles, n.e.s.
The payment culture of domestic companies is becoming increasingly uncertain and, in the absence of a harmonized framework on late payments, payment terms remain a mere contractual issue.

  • Low

  • Medium

  • Sensitive

  • High

  • Payments

  • Court proceedings

  • Insolvency proceedings

The court system is complicated by a county, state and federal structure in which protection mechanisms are not recognized and where no simplified proceedings are available to settle the simplest files. As a result, significant delays and costs must be expected while enforcement may be difficult.

When the debtor becomes insolvent, collecting debt becomes a complex task. The bankruptcy system remains pro debtor and making a company insolvent is not a significant way to obtain payment. In practice, bankruptcy reorganization is resource-draining and rarely results in general unsecured creditors receiving any dividend.

Euler Hermes

Economic Research Team

research@eulerhermes.com

Georges Dib

Economist for Latin America, Spain and Portugal

georges.dib@eulerhermes.com

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