In: Economics
Annual growth rates for countries whose GDP will double in
roughly:
a) 6.5 years
b) 10 years
c) 20 years
How many years will it take a country to double its GDP given the
following growth rates:
a) 5%
b) 14%
c) 20%
1) As per the rule of 70, doubling time= 70/ annual growth rate
annual growth rate= 70/ doubling time
a. 70/6.5=10.77%
b.70/10= 7%
c.70/20=3.5%
2) Doubling time= 70/ annual growth rate
a.70/5= 14 years
b.70/14= 5 years.
c 70/20 =3.5 years