Macroeconomic Data Analysis, Macroeconomic Instability, and Policy Measures

Long-run Economic Growth Extract the annual data for GDP growth, inflation, unemployment rate, export and import betweenCanada and the remaining two countries and exchange rate for Canada, USA, Mexico of p e r i od1970-2020 from global databases (like the IMF or World Bank) and perform a data analysis focusingon, pairwise correlation, pairwise covariance, and relationship trend analysis.

You can use anydata analysis programming language that you are convenient with for this term paper preferably excel. In this work, focus on the following key contents: 1. Introduction a. Discuss the regional economic bloc interactions between these countries b. Based on your analysis which of the two countries is most connected to Canada in terms of traderelations 2. Background a. Provide a summary statistics table for all countries for the years from 1970-2020 b. Based on the three countries explain what important key historic or economic issues havehappened during the years under consideration and how is this reflected in their GDPgrowthrate, inflation, unemployment rate and the policy measures in these countries during this time?Note, the major economic shocks to consider during this time could be financial crisis, pandemic, war, political instability, hyperinflation, etc.

3. Discussion and Implications Explain the structure of the data provided and how it characterizes the countries under considerationover the years that are taken into account. Using your own words, explain why you believe that thethree countries in the data should continue to trade? 4. Conclusion In summing up your analysis; provide a summary of the main points in your paper in connectionwiththe macroeconomic theories covered in the class. PARTTWO Based on the evidence observed in part one of this project, assess the monetary and fiscal policies for Canada only. In this work, focus on the following key points. 1. Fiscal and Monetary policy: Discuss how fiscal and monetary policy can be usedincombination for macroeconomic stability for Canada going forward considering the hyper inflation trending in Canada.