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Economic Growth Experience - Case Study Example

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The purpose of the study "Economic Growth Experience " is to highlight different facts and statistical data to show the growth rate experiences of different countries and their economies. The case study considers microeconomic and macroeconomic approaches…
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Economic Growth Experience
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Download file to see previous pages Per capita GDP is the most preferred measure because it shows and compares the relative performances of each given country. There are problems that may arise when comparing the growth rate of different countries; this may be due to components that are used in one country in calculating their GDP may be omitted in the other country. In addition to that, the economies of the two countries may not be equal or homogeneously comparable. However, in any country whereby there is a constant increase in per –capita GDP may signify an improvement in welfare and living standards. Other statistics that can be used in analyzing the economic growth of a country include income distribution analysis, household consumption and wealth analysis. These statistics are not widely used in all countries compared to GDP, but they work efficiently giving the same results.  The fast growers have nothing in common whereas 7 out of the 10 slow growers are African countries. Further investigation, therefore, is important to establish key economic drivers. The slow growth in Africa is due to the social conditions as well as the poverty that is spreading all over the continent. On the same terms, the GDP has also been relatively lesser than the other parts of the world. Hence this can be argued that the underdevelopment is directly proportional to slower rates per capita in GDP. The GDP per capita in Western Europe grew significantly for both the maximum and minimum for the two years under consideration. The lowest per capita GDP in Africa experienced a negative growth falling from $572.5359 to 515.0736 in 1960 and 2000 respectively. With a compound annual growth rate of 4%, GDP for the poorest country could have grown six-fold to $2563.605 while the richest economy would have shrunk twofold to $5464.2275. The forecast in GDP is an important tool in budgeting and economic planning for countries. The population growth rate is another element that must be taken care of when the analysis is being developed about the GDP per capita of a certain country. Average annual percentage change in a population is the result of the surplus or deficit that occurs due to births over deaths or death over births respectively, as well as the balancing of the migrants entering and leaving from the country. This has the direct effect on the local economy of a country, and in 2008, it affected very badly the United States as there was recorded more than 4% population increase that affected population on an overall scale. The positive rate of US in 2008 was a big blow to the government and financial authorities as it is the main factor for the calculation of the burden that is going to be imposed on the people through the altering needs and requirements of the people and their living infrastructure. The countries that have rapid population increases are also considered threat for other countries as that will lead to the immigration chances more and other countries’ governments will have to face the economic burden of an extra surplus of people. The statistics given in the above table suggest that more the population increase, less the increase in per capita GDP. This is another factor of the scarcity of resources a country has, i.e. as the population increase, the less developed countries will have the same resources. ...Download file to see next pagesRead More
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