Help me.. Economic growth around the world The following table reports real GDP
ID: 1169500 • Letter: H
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Economic growth around the world The following table reports real GDP per person for several different economies in the years 1960 and 2010. It also gives each economy's average annual growth rate during this period. For example, real GDP per person in Zambia was $1,412 in 1960, and it actually declined to $1,309 by 2010. Zambia's average annual growth rate during this period was -0.15%, and it was the poorest economy in the table in the year 2010. The real GDP-per-person figures are denominated in U.S. dollars with a base year of 2005. The following exercises will help you to understand the different growth experiences of these economies. Indicate which economy satisfies each of the following statements. Consider the following list of four countries. Which economy began with a level of real GDP per person in 1960 that was well below that of Venezuela and grew fast enough to catch up with and surpass Venezuela's real GDP per person by 2010? Austria Botswana Honduras MalaysiaExplanation / Answer
a.) From the above table, it is evident that Botswana had the highest annual average rate of growth of 6.21% during the period 1960-2010.
b.) Austria had the highest GDP per annum of $ 35,031 in 2010.
c) Four economies had a real GDP level below that of venezuela in 1960, Botswana, Malaysia, Honduras and Zambia. Among these four, Malaysia grew fast enough and attained annual average real GDP of $11,863 in 2010 and surpassed venunzala which had the annual average real GDP of $9,762 in 2010
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