Growing Economies

• What has caused a convergence in economic growth among countries?

  Globalisation
• What happened to the UK's economic growth during the recession of 2007-2008?

  It plummeted
• What was the UK's GDP growth from 2008 to 2009?

  -4.2%
• How has the UK's economy performed since the recession?

  It has been sluggish
• What was the UK's GDP growth in 2015?

  2.3%
• What was the UK's GDP growth in 2016?

  1.8%
• What was the UK's GDP growth in 2017?

  1.8%
• What was the UK's GDP growth in 2018?

  1.4%
• What is a clear definition of an emerging economy?

  There is no clear definition
• What are general characteristics of an emerging economy?

  Volatile and transitioning to developed
• Which countries drive the high growth of emerging economies?

  China and India
• What was China's growth rate in 2010?

  10.26%
• What was China's growth rate in 2015?

  6.9%
• What was China's growth rate in 2016?

  6.7%
• What was China's growth rate in 2017?

  6.9%
• What was India's growth rate in 2010?

  6.26%
• What was India's growth rate in 2015?

  6.18%
• What was India's growth rate in 2016?

  7.11%
• What was India's growth rate in 2017?

  6.62%
• What has driven China's significant economic growth?

  Transition to a free market
• In which sector has China specialized?

  Secondary sector (manufactured goods)
• What type of growth is China's economic growth?

  Export-led
• What demographic factor has contributed to India's economic growth?

  Young demographic
• Which sector in India is one of the fastest in the world?

  Tertiary sector (services)
• How does economic growth benefit individuals?

  Increases employment opportunities
• What typically happens to the unemployment rate during economic growth?

  It falls
• What can higher employment lead to in terms of living standards?

  Higher standards of living
• How do globalisation and emerging economies help businesses?

  Access raw markets via trade
• What is the traditional measure of economic growth?

  GDP (gross domestic product)
• How can economic growth be measured?

  By a rise in real GDP
• What does growing real GDP indicate?

  Value of goods and services is rising
• What does ceteris paribus mean in the context of GDP growth?

  Everything else equal
• What is a better measure of economic strength than GDP?

  Real GDP per capita
• Why does population size matter when measuring economic strength?

  Goods and services need distribution
• How does real GDP per capita differ between countries?

  It varies due to population size
• What is the Human Development Index (HDI)?

  A composite index of life expectancy, education, and income
• What variables are used to calculate the HDI?

  Life expectancy, education, and GNI per capita
• How is each item in the HDI calculated?

  Each item is equally weighted
• What is a limitation of the HDI?

  It excludes factors like political freedom
• What does the HDI fail to reflect?

  Impact of policies and short-term achievements