Please consider the following real GDP data for five countries. The values are measured in billions of
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Question:
Please consider the following real GDP data for five countries. The values are measured in billions of each country's national currency, except for Panama, which is measured in US Dollars and is in millions, not billions. The base year for India, Brazil and Russian Federation is 2000, and for France and Panama is 2010.
India | Brazil | France | Panama | Russia | |
2015 | 27,802 | 298 | 525 | 10,766 | 21,386 |
2016 | 30,301 | 288 | 530 | 11,107 | 21,433 |
2017 | 32,237 | 293 | 543 | 11,530 | 21,810 |
2018 | 34,544 | 297 | 553 | 11,755 | 22,380 |
2019 | 36,138 | 302 | 564 | 11,910 | 22,783 |
Source: OECD, Eurostat, World Bank
- Which country experienced the highest average annual growth rate between 2015 and 2019?
- Does it matter for your answer above that the Real GDP for each country is measured in a different currency and base year? Briefly explain.
- What additional information would you need to assess - and compare - standard of living over this time period and across these five economies?
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