The Impact of the Financial Crises in 2008 on Economic Growth in the USA

Document Type : Original Article

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msa

Abstract

To investigate and determine the effects of unemployment, inflation, and imports on economic growth in the United States within the specified period as in the paper taking into account the 2008 financial crisis.
Design/methodology/approach - The Ordinary Least Square (OLS) technique was adopted with some diagnostic tests to determine how fit the data for the analysis are. The Diagnostic test result indicates that data for the study are stationary at the 5% level and a significant relationship exists between GDP growth rate and imports growth rate with no significant impact of inflation and unemployment.
The study uses only OLS and Diagnostic to carry out the analysis and it only covers the period from 1972-2012. The originality of this study lies in being the first comprehensive study to take into account the impact of three main variables: imports growth rate, unemployment growth rate, and inflation rate on GDP growth rate in the United States over 40 40-year periods from 1972 until 2012.

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