The US current account balance has been in almost continuous deficit since 1970. As of 2005, trade deficit reached $ 725.8 billion, or 6 percent of the GDP. Since 1970, the US is the only country to have trade deficit and current account deficit in excess of 2.5 percent and 5 percent of GDP respectively. Many prominent economists consider this issue important because of its expected effects on the US economy and of its possible ramifications on the rest of the world. There are also fears that if the deficit continues at this pace, in the next 20 years the US net liabilities will surpass the levels observed by any country.It is against this backdrop that this book is proposed which tries to capture the concept of trade deficit, history, trends, possible implications of the US economy and the future scenario.
ABOUT THE AUTHOR Krishna Chaitanya V
Krishna Chaitanya V holds a master's degree in International Sectoral Economics from University of Santiago de Compostela, Spain. He also holds a postgraduate diploma in Business Management from Osmania University, India. Currently, he is a research scholar at the University of Santiago de Compostela, Spain. Prior to this he was associated with the Icfai University as a consulting editor, where he was involved in developing case studies and editing books. He has authored several research papers, which were published in various international and national journals. He has also presented papers in the areas of public economics and economic development at international and national conferences. His areas of interest include public finance, economic development and bank management.
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