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Country Comparisons - Assignment Example

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Of great significance are data on population, population growth rate, GDP and GDP growth rate. This paper is a comparison of these parameters from various countries and how they contribute to…
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Country Comparisons
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Country Comparison Countries in the world use statistical information in planning for their subjects. Of great significance are data on population, population growth rate, GDP and GDP growth rate. This paper is a comparison of these parameters from various countries and how they contribute to differences in living standards.
Considering U.S.A and Japan, the population in the former is 313,232,032 while that of the latter is 126,475,664. The United States population grows at the rate of 0.96, while Japan’s population growth rate is -0.28 percent. To ascertain the economic position of a country, the GDP and GDP growth rate are examined. The GDP (purchasing power parity) of U.S.A in Billion $ is 14660 while that of Japan is 4310 in the same currency. These statistics are for the year 2008. Both countries are industrialized; however, Japan’s government seems to have a smaller population to plan for as compared to the U.S.A. The GDP growth rate of Japan is 3.9% and that of U.S.A is 2.8%. This may be due to the smaller population that Japan has to plan for (Indexmundi, 2011).
India is one of the most densely populated countries; however, with a population of 1,189,172,864, this is slightly lower than the population of China which stands at 1,336,717,952. India’s population grows at a higher rate 1.34 percent, as compared to China’s 0.49 percent. Still considering the two countries on the aspect of economy, India posts a GDP of 4,060 in Billion $, on the other hand, China has a GDP of 10, 090. However, both countries GDP grows at an almost similar rate with India having a GDP growth rate of 10.4% and China 10.3%. This is probably due to the two countries differences in GDP (Indexmundi, 2011).
Another country that is in focus is Saudi Arabia which has a population of 26,131,704 people. This population grows at the rate of 1.54 percent which is the highest compared to that of the United States, Japan, China and India. The GDP of Saudi Arabia in the year 2008 was 622 Billion $, signifying a growth rate of 3.7 percent (Indexmundi, 2011).
Mexico, a country neighboring the United States has a population of 113,724,224 which grows at the rate of 1.1 percent. Looking at the economy of the country, it has a Gross Domestic Product of 1,567 in Billion Dollars; the countries’ economy grows at the rate of 5.5 percent, which is the highest of all the countries discussed (Indexmundi, 2011).
Despite the fact that Japan has a lower GDP compared to the United States, its economy is growing at a faster rate than the United States, with 3.9 percent as compared to United States 2.8 percent. This is probably due to the population growth rate of Japan which has a negative growth. Thus, the government can plan for the citizens better hence the faster economic growth. This is the reason why people in Japan have better living standards with most of them having formal employment.
This is the state of most countries in the world, the population of a country determines its rate of economic growth, despite the fact that a country may have many resources, it would be hard for the government to distribute this resources to its subjects hence a stagnant or slow economic growth. Therefore, a country like Mexico may not have a high GDP, but its GDP growth rate is high because the population of the country grows at a very slow rate 1.1 percent.
Countries may register almost the same rate of GDP growth rate even when they have distinctly varying GDP’s. This is all attributed to differences in the growth rate of the population as well as the size of the population that is being planned for.
Conclusively, different countries probably have varying degrees of economic growth rate because of factors such as the GDP that they have, the size of the population and the population growth rate. This then affect the living conditions of people in different countries.
Indexmundi (2011). Country Comparison: Demographics. Retrieved on 19th April 2012 from Read More
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