Assume country A has a GDP of $2bn and country B $2.5bn. If country A grew...
Homework Answers
Let, it takes n years for A to overtake B.
Then,
2*(1+10%)^n = 2.5*(1+2%)^n
(1.1/1.02)^n = 2.5/2 = 1.25
1.078^n = 1.25
n = log1.25/log1.078
n = 2.97 years or 3 years
So, A will take 2.97 years or 3 years to pass the economy of B.
Factors such as interest rate in the economy, employment status, inflation and money supply are some of the factor that can change the growth rate and the course of analysis.
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