Key Indicators of Globalization in US and Mexico (Other (Not Listed) Sample)

Key Indicators of Globalization in US and Mexico
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Key Indicators of Globalization in US of America and Mexico
USA
Population & Age Demographic
The USA is the 3rd most populated country globally, accounting for 4.4% of the global population. Currently, the approximate population of the USA is 328.2 million as of 2019, while as of 2020, the current us population is 331.4 million. This implies that the US population has more than doubled since 1950, which stood at 152.3 million (US Census Bureau, 2011). Moreover, apart from doubling, the population has also become more different quantitatively from the 1950s. According to the Population Reference Bureau, the US population is becoming more diverse, bigger, and older. This implies that there are significant demographic changes that take place within the US population.
The US population is becoming bigger. This is because of the increased birth rates, decreased mortality, and improved net immigration. Moreover, the population of the US is growing older because of the rapid aging of the population since there is an increased proportion of individuals above age 65 and above as well as increasing median age within the population (Heisler & Shrestha, 2011). There is a notable decline in the population of people under 25 years of age. Approximately 46 million older adults above age 65 years are staying in the US. However, the number is projected to increase by 2050. Furthermore, the US population is also becoming more racially and ethnically diverse. This illustrates the primary effect of immigration impacting both the age structure and size of the population. Economic Growth
Economic growth as an indicator informs of the development and progress of the US. The Gross Domestic Product, Gross National Product, and Purchasing Power Parity are economic growth indicators. The GDP is the sum of market value for all goods produced within a year. In 2019 the growth in GDP for the US was about 2.16 relative to the previous. During the year 2020, the GDP amounted to approximately 20.93 trillion dollars (O'Neill, 2021). It is important to note that the economy of the US is one of the largest economies in the world. According to the global comparison of economic growth, the US is ranked among the major global economies such as Russia and China. As further growth is anticipated, consumer confidence is expected to increase, and experts have predicted better economic growth for the US. Therefore, the economy of the US is regarded as well set, with imports and exports indicating positive results and promise. Government Finances
Government finances for the US economy indicate the role of the government in the US economy. The US Congress is in charge of budgeting, granting authority for collecting taxes, and approving spending and borrowing of money. According to the estimates by the Bureau of Economic Analysis of the US government, an estimate of 7.3 trillion dollars was the government expenditure in 2019 band 21.4 trillion dollars GDP equating to 34% (CBO, 2020). The revenues collected by the government are approximate 3.8 trillion dollars, while the deficit is about 3 trillion dollars. However, the debt by the public approximates 23 trillion dollars and may grow by approximately 13 trillion dollars before 2028 (CBO, 2020). The current level of US spending is unsustainable, and therefore, experts have agreed that the deficit may result in a disastrous impact on the economy.Employment Rates
The employment rates within the US measures the number of individuals having jobs as the percentage of the working-age population. According to the US Bureau of Labor Statistics, the employment rate within the US increased to 58.50 percent in August from 58.40 percent in July of 2021 (Statista, 2021). The US unemployment rate is measured monthly, and therefore in July 2021, the unemployment rate stood at 5.4 percent compared to June's 5.9 percent. Labor Movement (immigration & emigration rates)
There has been a significant change in the Us net migration rate. In 2020 the net migration rate was 2.857 migrants per 1000 of the population, a change of 7.05% from the 3.15 rate in 2015. However, the current net migration as of 2021 stands at 2.820 per thousand, representing a 1.3% decline from 2020. In 2019 the rate of migration was 2.893 per 100, which was 1.23% from the 2018 net migration (Macrotrends, 2021). However, the number of immigrants in 2019 comprised 13.7 percent, implying that approximately a million immigrants arrive in the US every year.Life Expectancy
The US life expectancy varies for both males and females. According to the CDC, during the initial half of 2020, the life expectancy during birth for the average US populace was approximately 77.8 years, indicating a reduction by a year from 78.8 in 2019. However, for men, the life expectancy during birth was 75.1 years during the initial half of 202, indicating a reduction of 1.2 years from 76.3 years in 2019 (Arias et al., 2021). On the other hand, for females, the life expectancy reduced to 80.5 years, decreasing by 0.9 from 82.4 years in 2019. Average Hours Worked Per Employed Person
The Bureau of Labor Statistics indicates how many hours each average week American works. From the most recent information, the Bureaus of Labor Statistics indicates that the average hours worked by Americans is 34.4 hours each week (Mazur, 2021). For individuals of age groups 25 and 54, the national average working week hours is 4.5 hours. However, men worked an average of 41 hours every week, with women spending 36.4 hours. Moreover, women spend one more hour each day doing household chores and responsibilities.
Mexico
Population & Age Demographic
According to UN data, the current population of Mexico as of 2021 is approximated to be 130,519,802 people. It makes an equivalent of 1.65% of the global population and ranks number 10 among nations by population (Worldometer, 2021). The Mexican population is major of divergent ancestry, including African, German, indigenous, and Spanish. Their skin color ranges from white to black; most identify as mixed-race, representing 53 percent of the population. However, Mexico's annual population growth rate is approximately 1.06 percent, signifying an increasing population due to the high fertility and reduction in mortality and the increased net migration into Mexico. Furthermore, in 2020, approximately 28.54% of the population of Mexico was between 0 and 14 years, while 66.55 percent of the population were between the ages of 15 and 64. Approximately 7.62% were 65 years and above (Statista, 2020). This implies that the Mexican population is relatively young, with numerous middle-aged people compared to old age.Economic Growth
Even though the Mexican economy had contracted for half a year before the appearance of the pandemic, the economy seems to be growing due to the industrial expansion. This is through public investment in energy, transportation infrastructure, and agriculture by the government. There was notable economic growth in cities indicating the Mexican employment shift from agriculture to services and industry. Furthermore, Mexico's economy has a score of 65.5 thus, among it the 65th freest economy in 2021. During the duration between 2018 and 2010, the Mexican economy grew averagely at 2.8%; nevertheless, due to the reduction in oil proves and the international economic crisis, the economy has been impacted recently (Mexico Projects, 2021). Mexico's growth rate averaged about 0.54 percent from 1993 and 2021, attaining an all-time high during the third quarter of 2021 as well as a record low of -16.90% on the second quarter of the period. Government Finances
The Mexican government by 2020 estimated its finances to be approximately 6.1 million pesos with about 30% obtained from income taxes, 25.2 percent obtained from production, transactional and consumption taxes, while 18.8 % would come from other incomes sources and 16.2% from oil revenue. However, the Mexican national debt as of 2020 was 709.17 million dollars. According to OECD (2020), it is important to note that Mexico spends a limited share of its finances on social benefits. In 2014 the expenditure was only 27.9% of the GDP of Mexico. Employment Rates
Mexico as a nation has experienced a stinger economic recovery compared to most nations. However, the unemployment rate has not fallen back to the original levels before the crisis. After rising to 5.8% during the third quarter in 2009, the unemployment rate declined to 5.1% during the initial quarter in 2012. However, in 2020, Mexico's unemployment rate was about 4.71%. Mexico is considered to be having a low rate of unemployment due to the absence of the public unemployment system, which partly impacts the low unemployment rate compared to other nations. Labor Movement (immigration & emigration rates)
In 2020, the net migration from Mexico was -0.453 per 100 population, which signified a 2.79% reduction in 2019. However, the net m