What is the pattern of GDP in the long term for a developed country like the...

What is the pattern of GDP in the long term for a developed country like the U.S. ?

Expert Solution

The pattern of economic development will be built out of the 27 common variables that cut across 222 countries/territories of the world.The economic development encompasses not only the economic growth (quantitative)but also the quality of life(qualitative).This paper will explore and detect first diverse patterns of economic growth.It will analyse how each pattern was built out of the diverse variables relevant to the economic growth.The economic growth is based on the univariate or bivariate approach for economic growth.Based on each pattern that is built out of the diverse variables ,it will also test hypothesis about the relations of variables in each pattern.Finally it will asses the effect of the growth quantitative dimension of economic development.Finally by comparing the different pattern of economic growth as well as their respective on the quality of life ,it will suggest policies to the countries with the least successful patterns of economic growth as to how they should follow suit to catch up with the most successful pattern

Resource based economy depends on natural resources.And the income of those resource based economy comes from the natural resource.Norway's expert export of oil and gas forms 45% of total exports and more than 20% of the GDP.

Countries classified with this factor are highly urbanized,yet the experience with a low population growth. The countries document a low corruption along with a highly global competitiveness.This indicates they are transparent as well as capable of sustaining effective political/administrative institutions and policies. Both economic and political freedoms are high as wll.

Rahul Sunny answered 2 years ago

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