After four years of great uncertainty, scandals, lies, chaos and an increasing global isolation under the motto “Make America Great Again“, the majority of Americans have chosen democracy and a new president, Joe Biden, who embodies the core values that founded the United States of America as “A Land of Freedom and Opportunities”.
Despite the recession caused by the COVID-19 pandemic in the 1st quarter of 2020, the US economy started to show signs of recovery in the 3rd quarter of said year and according to the most recent forecast released at the Federal Open Market meeting, US GDP growth is expected to be 4.2% in 2021, 3.2% in 2022 and 2.4% in 2023.
In order to tackle the pandemic and its devastating effects in the economy, president-elect Joe Biden announced an emergency plan of 1.9 trillion US dollars. This plan will test Biden’s ability to rescue the United States from their current crisis and reestablish the country’s role as a world leader.
Despite the current domestic and global situation, the United States of America is still the biggest and most technologically advanced economy in the world with a GDP of over 21 trillion US dollars.
The US has free trade agreements with 17 countries and regions that led in 2019 to a value of exports of around 2.53 trillion US$ and imports of approximately 3.1 trillion US$. This environment gives to any investor in the US a unique access to different world markets.
With more than 330 million consumers the North American market offers unique business opportunities! Companies operating in niche markets are able to grow and transform themselves into dynamic companies in the US. Others with wider business models benefit from the size and endless opportunities of this market.
The US is also the world’s biggest centre of innovation and research, accounting for 41% of R&D expenditure amongst the most developed countries. Adding to this, US companies lead the “World’s 50 Most Innovative Companies Ranking”.
Furthermore, the US is leader in access to technologies developed by their universities research and the top 10 universities with the most patent applications worldwide are all American.
The US also has an extensive and competitive program of financial, tax and technical incentives, both at State and sectoral level, to support investment and business in their market. At the same time, the legal framework regarding intellectual property rights protects the investors and companies and boosts innovation.
Portuguese companies have everything in their favour to benefit from a slice of “Big Can Be Beautiful”, by offering a quality product/service and through a selective and progressive approach to the market, whether at a State or regional level.
International Business Consultant – USA | Market Access