Question 1 (10 marks) You are a junior economist at the United Nations Development Program (UNDP) and your supervisors would like you to prepare a technical brief on economic growth for several countries for their annual report on economic growth and development in specific regions. Specifically they would like to know, for each country, the annual growth rate of GDP (including its breakdown following the formula used), and the contribution of the share of GDP that accrues to capital (K) and labour (L). It is necessary to show all formulas and workings in your brief. Use properjargon and write as if you are presenting this to your supervisor. Here is the information available for the hypothetical economy of Macifique: It's capital stock has seen an annual growth rate of 1.8%, which is 1.5 times greater than the increase in the labourforce. The labour share of GDP (i.e. output) is 0.60. A sudden jump in available technology boosted GDP by 2% within the same timeframe. D G M P Q U W 1 Back Table 10. National income and composition of resources W N SDG8.1 SDG10.4 SDG17.4 Gross domestic product (GDP) Debts Labour share of GDP, comprising wages Gross fixed capital General government final consumption Taxes on income, Total Per capita expenditure Total tax revenue profits and capital External debt stock Total debt service and social protection formation gains transfer (2017 PPP $) % of GDP) Total Average annual growth HDI rank Country (2017 PPP $ billions) Annual growth (%) (% % of GDP) % of total tax revenue) % of GNI) (% of GNI) 6 (% of GDP) (%) 2019 01 2019 2017 2014-2019 2014-2019 2014-2019 2014-2019 2014-2019 2017-2018 2018 Very high human development Norway 340.3 53,633 0.5 52.7 26.1 24.4 1.1 23.9 24.6 Ireland 428.8 86,781 4.0 36.6 43.4 12.0 5.1 18.3 42.9 ANN Switzerland 588.5 68,628 0.2 70.7 24.1 11.9 1.3 10.1 24.8 Hong Kong, China (SAR) 449.6 59,893 -1.9 54.0 19.1 10.8 5 .1 Iceland 20.2 55,874 -0.5 61.3 20.2 24.3 4.1 23.4 24.8 Germany 4,473.8 53,815 0.3 60.3 21.7 20.3 2.7 11.5 18.0 Sweden 547.2 53,205 0.1 55.4 24.4 26.0 0.3 27.9 15.6 8 Australia 1,262.0 0.4 57.2 23.3 18.9 4.2 23.0 65.2 Netherlands 990.4 57,141 1.2 63.9 21.0 24.4 1.6 23.0 29.1 10 Denmark 332.7 57, 184 1.9 58.1 22.2 24.0 0 .5 32.4 43.1 11 Finland 268.4 48,62 0.9 56.3 23.7 23.1 0.9 20.8 15.9 11 Singapore 555.2 97,341 -0.4 49.2 23.1 10.3 2.8 13.1 33.3 13 United Kingdom 3, 121.1 46,699 0.8 58.0 17.1 18.9 3.5 25.5 33.3 14 Belgium 593 .8 51,708 0.9 62.5 24.1 23.2 1 .8 24.0 34.0 14 New Zealand 210.9 42,88 0.6 51.2 23.6 18.5 3.9 29.0 54.2 Canada 1,843.1 49,031 0.2 61.0 22.1 21.2 2.1 12.9 55.1 17 United States 20,575.0 62,68 1.8 58 .6 20.7 14.1 1.7 9.6 51.3 18 Austria 500.2 56,352 1.2 60.9 24.3 19.3 0.6 25.4 27.5 19 Isra 363.6 40,162 1.6 53.2 21.4 23.0 40 23.1 31.7 Japan 5 , 231.1 41,429 09 54.2 24.1 19.8 0.9 11.9 49.3 29 Liechtenstein .. Slovenia 80 .8 38,689 1.8 58.4 19.3 18.4 1.6 18.6 12.0 Korea (Republic of) 2,206.0 42,661 1.8 53.8 29.8 17.3 6.5 15.6 30.4 Luxembourg 71.0 114,482 0.3 56.2 16.9 17.1 4.8 26.5 32.4 Spain 1,924.7 40,883 1.4 61.2 20.0 18.7 2.3 14.2 34.4 France 3,097.1 16,184 1.4 31.0 23.6 23.1 1.7 24.2 27.5 Czechia 430.1 40,314 2.2 50.4 25.5 20.2 2.6 14.9 15.6 36 Malta 21.8 43,340 0.6 48.6 19.6 17.3 12.0 26.2 33.8 Estonia 48.7 36,710 4.0 58 .2 26.1 19.9 2.9 20.9 20.5 38 Italy 2,557.4 42,413 0.5 57.5 18.1 18.8 -0.4 24.3 31.3 39 United Arab Emirates 655.8 67,119 0.2 36.8 17.6 13.3 14.3 0.1 Greece 324.9 30,315 2.0 50 .3 11.4 19.5 2.1 26.2 19.4 Cyprus 34.9 39,545 1.9 48.9 19.1 16.4 11.3 24.5 22.9 Lithuania 103.0 36,975 45 47.6 21.1 17.0 0.7 16.9 16.8 Poland 1,256.3 4.2 48.1 18.6 17.9 4.9 17.4 13.0 Andorra 1.7 45 Latvia 59.0 30,830 3.0 53.4 22.9 18.2 2.6 22.9 7.2 46 Portugal 357.4 34,798 2.3 54.5 18.3 16.9 1.1 22.8 24.2 47 Slovakia 178.9 32,793 2.3 51.0 21.5 19.6 4.6 18.7 18.5 48 Hungary 318.7 32,623 5 .0 47.6 28.6 19.4 1 .7 23.0 16.0 49 Saudi Arabia 1,609.3 46,962 -1.3 31.5 22.1 23.8 3.5 8.9 1.8 50 42 Bahrain 73.9 45,026 -2.6 30.0 29.6 16.3 0.6 51 43 Chile 459.1 24,226 - 0.1 62.1 22.4 14.6 03 18.2 36.7