The United States is not the worst, however, it is not the best on any of the indicators on this page.The low rate of savings may be indicative of the economic changes as manufacturing and other high-wage, skilled or semi-skilled labor jobs are moved overseas. It also may be an indicator of young people’s lack of interest in hands-on, skilled-labor jobs, such as plumbing and carpentry.
ECONOMIC PERFORMANCE 2
| COLOR CODING | |
|---|---|
| Green | Ranked first for statistic |
| Red | Ranked last for statistic |
| Gross savings as a % of GNI | Economy by Rank | Social benefits as % of GDP | Fear of Failure | Total Early-Stage Entrepreneurial Activity | Necessity Driven | |
|---|---|---|---|---|---|---|
| Australia | 22.94 | 16 | 7.5 | 47.4 | 10.5 | 3.7 |
| Canada | 20.10 | 14 | 10.0 | 47.2 | 18.2 | 3.1 |
| Denmark | 29.81 | 1 | 15.6 | – | – | – |
| France | 22.81 | 22 | 19.5 | – | – | 3.0 |
| Germany | 28.10 | 8 | 15.8 | 29.7 | 7.6 | 5.4 |
| Italy | 20.76 | 31 | 20.2 | 27.6 | 2.8 | 2.5 |
| Japan | 26.86 | 19 | 12.5 | 43.5 | 5.4 | 3.4 |
| Netherlands | 31.48 | 6 | 10.2 | 27.1 | 10.4 | 10.0 |
| Norway | 34.42 | 2 | 14.8 | 30.2 | 8.4 | – |
| Sweden | 28.02 | 4 | 12.3 | 42.9 | 8.3 | 5.9 |
| United Kingdom | 13.53 | 13 | 12.6 | 44.5 | 9.3 | 4.5 |
| United States | 18.30 | 18 | 14.3 | 35.1 | 17.4 | 7.2 |
SOURCES:
Gross savings as a percent of GNI: World Bank
GNI is Gross National Income. All data from 2019 except for Japan and United States (2018).
Economy by rank: Legatum Prosperity Index
Economic Quality pillar measures countries on the openness of their economy, macroeconomic indicators, foundations for growth, economic opportunity, and financial sector efficiency. 2020.
Social benefits as a % of GDP
All data from 2019 except for Japan and United States (2018).
Entrepreneurship (columns 4 – 6): Global Entrepreneurship Monitor
Global Entrepreneurship Monitor: Global Report 2017/18 and 2019/20.
Fear of Failure
Extent to which the potential entrepreneur fears the risk to start a business is too great, %. 2019.
TEA
Total Early-Stage Entrepreneurial Activity: According to the Global Entrepreneurship Monitor report, this is the keystone indicator; total people between the age of 18 and 64 who plan on or already are running a new business. 2019.
Necessity Driven
Improvement-Driven Opportunity/Necessity Motive.
Percentage of TEA of the adult population aged 18 – 64 years who have started a business out of necessity because they have no other option. 2017.
Notes
“A Strong U.S. Economy Will Boost Global Growth in 2019” Peter Coy
November 13, 2018.
The global economy is to have a growth of 3.7 percent in 2018 which was the same growth for 2017 and the predicted growth for 2019. The U.S. has experienced much growth (e.g. in jobs) although their outperformance has caused capital from countries like Argentina and Turkey to slow along with their economic growth. Overall, the growth in the U.S. economy is expected to pull along growth on a global scale.