Why US economy is powering ahead of Europe's
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The US economy has outpaced Europe and other countries in terms of GDP growth, posting a 3.3% gain in the fourth quarter of 2023, exceeding economists' expectations. The US economy grew by 2.5% over the course of the year, outperforming all other advanced economies. Several factors contribute to the US's economic success, including the pouring of trillions of dollars into the economy through economic stimulus bills, sustaining consumer spending. The US also benefits from a flexible jobs market, with a low unemployment rate and rising real wages. Additionally, the US's energy independence as a net exporter of energy has helped its economy's strength, as it was less impacted by the energy price surge caused by the Russia-Ukraine conflict compared to Europe. European countries experienced higher inflation and a greater propensity for businesses to pass on price increases to consumers. These factors have contributed to the US economy's ability to recover and thrive amidst the pandemic.
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