1. Look at the recent economic indicators from the most recent issue of the Economist (October 30, 2021 https://www.economist.com/economic-and-financial-indicators/2021/10/28/economic-data-commodities-and-markets) Among other details, the chart tells us about output growth in various economies, where national output is measured by the gross domestic product (GDP). Growth rates are presented in columns 1-4.

1. What are 2021 GDP growth rates in developed countries, such as in the US, Japan, and the Euro Area?

1. What are 2021 GDP growth rates in developing countries, such as in China and India? In Southeast Asian economies? In Latin American economies?

1. Consider the "Rule of 72." This is a handy rule for determining how long it takes something to double in size, given that it grows at a constant rate. The Rule of 72 states that gN = 72, where g is the growth rate and N is the number of years it takes the thing to double. For instance, if an investment with an 8% rate of return, then it will take 72/8 = 9 years to double.

1. Assume Chinese GDP has been projected to grow at about 10% per year. If this is true, how long would it take China to double its GDP?

1. Assume U.S. GDP is projected to grow at about 2.9% per year. If this is true, how long would it take the US to double its GDP?

1. U.S. GDP in 2006 was $12.5 trillion. Chinese GDP was $2.2 trillion (at market exchange rates). What will the Chinese GDP be, approximately, by the time the US GDP doubles? (plot out across the years)

1. Do you think the high current growth rates seen in developed versus developing countries such as China and elsewhere (as noted in Question 1) will continue? Why? Why not?