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Ch. 20/Section 4 introduces the macroeconomic principle of economic convergence and the impact of economic convergence on emerging markets. (a) Describe (in your own words)
Ch. 20/Section 4 introduces the macroeconomic principle of economic convergence and the impact of economic convergence on emerging markets. (a) Describe (in your own words) the macroeconomic principle of economic convergence. Choose a country that you think can benefit from economic convergence. Describe your chosen country and the likely impact of economic convergence on the country in the long term. Include two macroeconomic reasons to support your response. (b) Describe the country current economic climate and include two macroeconomic factors that can be implemented to improve the country's economic progress. Describe how the economic factors you chose will positively impact the country's market for goods/services and benefit the country's population. (c) Assume the country you chose engages in free market, has an established government (or close to) and is integrated in the global financial system. Which GDP related factors would sustain the country's economic growth status in 3 - 5 yrs.? Explain the GDP factor and include an example to support your response. (d) Prepare a basic GDP growth rate table to show how economic activity will improve the country growth rate over 5 years (ref. pg. 483). You may use assumed figures to prepare the table. Include a brief
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