South Korea and other east Asian country saw growth in 35 years that took other countries centuries to reach. The real GDP per capita has doubled in 35 years. That means the growth rate in East Asia region has been:
Added by Christina C.
Step 1
The rule of 70 is a simple way to calculate this. This rule states that to find the number of years required to double a money value, with a given interest rate, you divide 70 by the interest rate. In this case, we want to find the interest rate that would Show more…
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While gross domestic product growth is picking up a bit in emerging market economies, it is picking up even more in the advanced economies. Real GDP in the emerging market economies is forecasted to grow at $5.4 \%$ in 2015 up from $4.9 \%$ in $2012 .$ In the advanced economies, real GDP is expected to grow at $2.3 \%$ in 2015 up from $1.4 \%$ in $2012 .$ The difference in growth rates means that the large spread between emerging market economies and advanced economies of the past 40 years will continue for many more years. Do growth rates over the past few decades indicate that gaps in real GDP per person around the world are shrinking, growing, or staying the same? Explain.
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