Question
The Gross Domestic Product (GDP) is one of the primary indicators used to gauge the health of a country's economy. It represents the total value
The Gross Domestic Product (GDP) is one of the primary indicators used to gauge the health of a country's economy. It represents the total value of all goods and services produced over a specific time period, often referred to as the size of the economy.
TheWorldBankseesMalaysiaashavingastrongexpandingeconomy.Initsreportonthe country,hasforecastgrowthtoremainsteadyat5.4%thisyear.TheMalaysianeconomy expanded5.4%inthefirstquarterof2018from5.9%intheprecedingquarter.BankNegara Malaysiaexpectsthecountry'sgrossdomesticproducttogrowbetween5.5%and6%this year.
Required:
- DiscussTHREE(3)reasonswhyit'simportanceforaneconomytogrow (6Marks)
- ThetablebelowshowstotalGDP(expenditureapproach)forselectedASEANcountries for 2016 at current price, in USdollar.
Country | Per CapitaGDP USD | GDP USD Billion | C USD Billion | G USD Billon | I USD Billion | (X - M) USD Billion | X USD Billion | M USD Billlion |
Malaysia | 9,508 | 296 | 163 | 37 | 77 | _ 19 | 199 | 180 |
Singapore | 52,814 | 297 | 109 | 34 | 75 | 79 | 512 | 433 |
Vietnam | 2,170 | 215 | 141 | 13 | 55 | 6 | 192 | 197 |
Indonesia | 3,570 | 953 | 538 | 88 | 320 | 7 | 178 | 171 |
Thailand | 5,910 | 435 | 206 | 70 | 99 | 60 | 280 | 220 |
Philippines | 2,951 | 324 | 224 | 34 | 74 | -28 | 85 | 113 |
From the above table comment on the Malaysian economy as compared to its neighbors.
(19Marks)
[Total: 25Marks]
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