basis for a number
of other flags including Chile, Liberia, Malaysia, and Puerto Rico
Note:
since 18 July 1947, the US has administered the Trust Territory of the
Pacific Islands, but recently entered into a new political relationship with
three of the four political units; the Northern Mariana Islands is a
Commonwealth in political union with the US (effective 3 November 1986);
Palau concluded a Compact of Free Association with the US that was approved
by the US Congress but to date the Compact process has not been completed in
Palau, which continues to be administered by the US as the Trust Territory
of the Pacific Islands; the Federated States of Micronesia signed a Compact
of Free Association with the US (effective 3 November 1986); the Republic of
the Marshall Islands signed a Compact of Free Association with the US
(effective 21 October 1986)

:United States Economy

Overview:
The US has the most powerful, diverse, and technologically advanced economy
in the world, with a per capita GDP of $22,470, the largest among major
industrial nations. The economy is market oriented with most decisions made
by private individuals and business firms and with government purchases of
goods and services made predominantly in the marketplace. In 1989 the
economy enjoyed its seventh successive year of substantial growth, the
longest in peacetime history. The expansion featured moderation in wage and
consumer price increases and a steady reduction in unemployment to 5.2% of
the labor force. In 1990, however, growth slowed to 1% because of a
combination of factors, such as the worldwide increase in interest rates,
Iraq's invasion of Kuwait in August, the subsequent spurt in oil prices, and
a general decline in business and consumer confidence. In 1991 output failed
to recover, unemployment grew, and signs of recovery proved premature.
Ongoing problems for the 1990s include inadequate investment in economic
infrastructure, rapidly rising medical costs, and sizable budget and trade
deficits.
GDP:
purchasing power equivalent - $5,673 billion, per capita $22,470; real
growth rate -0.7% (1991)
Inflation rate (consumer prices):
4.2% (1991)
Unemployment rate:
6.6% (1991)
Budget:
revenues $1,054 billion; expenditures $1,323 billion, including capital
expenditures of $NA (FY91)
Exports:
$428.1 bi