A country aims to double real GDP per capita in the next 25 years. If the rate of population growth in the country is 1....
A country aims to double real GDP per capita in the next 25 years. If the rate of population growth in the country is 1.3% per year then at approximately what rate does real GDP need to grow to achieve this goal?
Homework Answers
Answer
by the rule of 70
growth rate to double =70/years=70/25=2.8%
By compounding formula
g=(FV/PV)^(1/n) -1
FV=future value=2
PV=present value=1
n=years=25
g=(2/1)^(1/25) -1
g=0.0281138267=2.81%
=======
real GDP gowth rate =required per capita gowth +population growth rate
=2.8+1.3
=4.1%
the real GDP need to grow to achieve this goal at 4.1%
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