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The following table shows the GDP per capita of various countries for the years 1960 and 2010 in PPP-adjusted 2005 dollars. The table also contains
The following table shows the GDP per capita of various countries for the years 1960 and 2010 in PPP-adjusted 2005 dollars. The table also contains the implied growth rates, which show how much on average each country needed to grow each year to reach the 2010 level of GDP per capita starting from the 1960 level of GDP per capita. Use the table to answer the following questions.
Country GDP per Capita ($) Implied (average) annual growth 1960 2010 United States 15.398 41,365 2.00% Singapore 4.383 55,862 5.22% China 772 7.746 4.72% Kenya 1.020 1.247 0.40% Haiti 1,513 1,410 -0.14% Ghana 1.286 2.094 0.98%Step by Step Solution
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