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Macro and Micro Economics: Comparative Case Studies - Term Paper Example

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Basically economic indicators have two main purposes; first to analyze how well or poorly an economy is doing and secondly, predictions of future performance of an economy can be based on the same information…
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Macro and Micro Economics: Comparative Case Studies
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Download file to see previous pages Japan
All around the world, this is one of the countries known to have one of the greatest economic growth and equal distribution of income. Research has it that this growth began in the postwar period from 1955. Between this year and 1973, there was a rapid growth in the GDP at 8% but later, the GDP per capita was at 3%. Most of this growth has been attributed to the increase in the manufacturing sector. Various spheres of human development also improved greatly during this period, for instance; infant and maternal mortality rates declined such that by 1993 it was one of the lowest in the world.
Some researchers say that over the past decade, japan’s economy has been stagnant due to poor population growth, debt, deflation and natural disasters. According to Buttonwood however, the growth per capita over the last ten years is at 1.6% greater than that of the United Kingdom, Germany, France and even America (www.economist.com). Apparently, Japan has plans to start trans-pacific partnership trade to increase its economic growth. Another indicator of economic growth is the Human Development Index, currently in Japan; it is at 0.901, the 12th out of 187 countries. The purchasing power parity according to the wall street journal is 1$= 110.784 yen.
The main industry in Japan is the manufacturing industry inclusive of electronics, automobile, biochemistry and optical media. Agriculture is not that well developed due to lack of farming land. These two industries provide the population with employment and according to the economist, in 2008, the ratio of job offers to applicants is at 0.59. However, the low birth rate is troubling this economy due to the high probability of lack of available indigenous work force in the next few years.
Japan is known to be one of the easiest and best places to do business due to its low tax rate. India This is one of the members of G-20 countries, an upcoming economy. Currently, its economy has an expectation to expand by 8.5% (the Economist). The increase in the workforce is one of the reasons why there is a high expectation in its economic growth. The growth national income per capita has been seen to triple at a percentage of 13.7% according to the wall street journal. Human development index in India is still questionable but expectations of improvement are very high. When it comes to nutrition, half of the population is malnourished; housing is in a pathetic state with the most modest houses being 9.6 meters squared in rural areas (The Economist). The health sector has been dealt the same fate with rural population having less access to health services and those in the urban areas not affording it. Infrastructure, one of the indicators of growth, is in a bad state in India. Previously, only the public sector was in this field and its inefficiencies are seen by the lack of infrastructure. In fact, 600 million people have no electricity, 66% of the population has no clean drinking water and the transport network is not in a good state either. However, this is rapidly changing as most of this industry is now becoming privatized and thus more efficient. In as much as the country continues to grow at a rapid rate, the wall street journal says that the annual GDP growth has reduced in the past year from 9% to 8%. This has been attributed to the recent terrorist attacks, political instability, and strict policies on its macroeconomics which has lead to a drop in investments. As stated above, one of the indicators of the economy is equality in income. Unlike Japan, India has great economic disparities with approximately a third ...Download file to see next pages Read More
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