Real GDP grows when the quantities of labour, physical capital and human capital grow and

when technology advances. As per the WEO (2021), global growth is projected at an estimated

5.5 percent in 2021 and 4.2 percent in 2022. This is happening within a very uncertain

environment as the global economy contracted by 3.5 percent in 2020. However, in 2019,

global growth was 2.8% and growth in the U.S in 2019 was 2.3%.

Using data from the Conference Board, work out the yearly growth accounting equations for

the period 2000 to 2019 for a) the U.S and b) a country of your choice. Discuss the drivers of

growth for the U.S over this 19-year period and provide a short comparison to the drivers of

growth for the country chosen for (b).

Sources of information:

A. The Conference Board: Total Economic Database

http://www.conference-board.org/data/economydatabase/