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Assessing Economic Performance - Essay Example

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The parameters include gross domestic product (GDP), level of technological advancements, economic growth and government system. These parameters will enable this write-up to reveal…
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Assessing Economic Performance
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Assessing economic performance Task: Introduction This write up seeks to make an in-depth comparison of two nations based oncertain parameters. The parameters include gross domestic product (GDP), level of technological advancements, economic growth and government system. These parameters will enable this write-up to reveal key disparities between the two countries. The above parameters are paramount in the evaluation of the success of any nation. As such, they will form the basis of comparison between the two nations. The two nations subject to this comparison are America and India. The first nation is the world superpower while the latter is a second world nation with enormous potential. This comparison will utilize resources provided by the Central Intelligence Agency websites (CIA).
America has the greatest GDP globally. The American GDP is about twelve trillion dollars. America’s economy is highly diversified, and it relies on technological advancements to generate such a massive output. For a nation to generate such a GDP, it must add value to its products. A skilled labour force complements America’s enormous resources, which ensures efficient production. Similarly, India has massive resources such iron and rubber. Such natural resources have made manufacturing a key driver of this country’s economy. The enormous demography has provided ready consumption and cheap workforce. The GDP of India is about 3 trillion. The technological advancements in America have altered communication in a phenomenal manner. The advancements have transformed the manner in which the world conducts business culminating in the emergence of E-commerce. India’s technological advancement is average since most of its economy depends on manufacturing and exportation of raw materials. However, the nation is integrating the recent advancements in technology rapidly to ensure that it increases value addition in its production (Central Intelligence Agency, 2012).
America’s economy is stagnating owing to the current recession. Thus, the economy is experiencing negative growth despite the concerted efforts to stimulate it. The efforts have included stimulus packages and deficit budgets that ought to boost spending among the citizenry. The recession resulted from malpractices in the banking and insurance sector that culminated in failure of numerous firms. Conversely, India’s economy is performing strongly despite the receding global economy. This owes to local consumption and adoption of appropriate policies. The astute policies have provided an appropriate platform for the growth of the economy. The American society has two governments. First, there is the federal government also regarded as the central administration. The federal administration provides overall policies that supersede those of any other authority. Additionally, there is the state authority formed in each of the fifty-one states. Any state law that is inconsistent with laws legislated by the congress is void to the extent of the contradiction. India follows a presidential system complimented by federalism. Twenty-eight federal states constitute the Indian state each with its own administration (Central Intelligence Agency, 2012).
Conclusion
America has an enormous GDP owing to it diversified financial system and skilled labour force. Conversely, India’s economy is fundamentally dependent on manufacturing. As such, the economic expansion of India will depend on value addition and diversification of its economy. Notably, the country has the potential to challenge for global superiority in the future owing to stable governance, enormous natural resources and its population. Currently, America has an edge over India on almost all fronts (Central Intelligence Agency, 2012).
Reference
Central Intelligence Agency (2012). The world fact book .Retrieved on April, 2012 from
https://www.cia.gov/library/publications/the-world-factbook/index.html Read More
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