Question
Consider these statistics for a particular country (it's not the US!) 2020 2022 GDP $300 billion $355 billion GDP per capita $50,000 $62,000 Unemployment rate
Consider these statistics for a particular country (it's not the US!)
2020 | 2022 | |
GDP | $300 billion | $355 billion |
GDP per capita | $50,000 | $62,000 |
Unemployment rate | 4% | 5% |
Labor force participation rate | 65% | 70% |
Inflation rate | 2% | 6% |
Consumer Price Index | 100 | 110 |
Is this economy in a recession or in an expansion in 2022 (compared to 2020)? Justify your answer carefully and completely, being sure to incorporate each piece of information into your assessment. In order to fully answer this question, you will have to make at least one calculation - you must show all the steps in that calculation
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