Country GDP Growth
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A country’s growth is calculated in terms of growth in the real gross domestic product (GDP). GDP is a measure of all the goods and services produced within a country and offers insight into economic flaring and subsequent growth. Economists study to the trends in real GDP to estimate a country’s growth going ahead.
A country’s growth is calculated in terms of growth in the real gross domestic product (GDP). GDP is a measure of all the goods and services produced within a country and offers insight into economic flaring and subsequent growth. Economists study to the trends in real GDP to estimate a country’s growth going ahead.
Country GDP Growth
| Country | GDP Growth Rates for 2008 |
| Azerbaijan | 48.23% |
| Equatorial Guinea | 47.30% |
| Iraq | 45.72% |
| United Arab Emirates | 44.38% |
| Qatar | 44.00% |
| Libya | 43.23% |
| Kuwait | 41.46% |
| Republic of the Congo | 40.71% |
| Angola | 40.70% |
| Venezuela | 40.26% |
| Moldova | 39.34% |
| Myanmar | 38.56% |
| Tajikistan | 38.34% |
| Syria | 35.13% |
| Mongolia | 33.79% |
| Belarus | 33.16% |
| Kyrgyzstan | 32.66% |
| Uruguay | 32.05% |
| Ethiopia | 32.05% |
| Bulgaria | 31.26% |
Factors that Determine Country Growth
The various factors that determine a country’s growth are:
- Savings and investments: Investment is a subset of economic growth and has a significant impact on the growth achieved during a fiscal year. The accumulation of capital goods is called investment. By strengthening the instruments for investments, governments can encourage people to save and invest.
- Foreign investment: Developing nations rely heavily on foreign investments for economic growth. In search of new markets and cheap labor, investors from developed nations make investments in developing nations. The final quarter of the twentieth century saw several Asian economies strengthening due to large sums of foreign investments. Among these were Hong Kong, Singapore and Thailand.
- Raising export capability: Exports are the most prominent means to gain foreign currency, which determines a nation’s financial soundness. Favorable export figures helps to nullify trade imbalance due to excessive imports. Countries have to nourish their export potential through strategic business models. Promoting small and medium enterprises (SMEs), strengthening the educational base, incorporating technology and creating market opportunities are essential determinants of export promotion.
- Trade liberalization: Advocates of a free trade market believe that a country can grow only through trade liberalization. The abolition of tariffs and quotas ensures healthy economic relations with other nations and fosters international trade. It helps to create a favorable environment both for manufacturers as well as consumers. It creates synergy in the market to propel economic growth.
- Macroeconomic stability: A country’s growth is also influenced by the prevailing macroeconomic conditions, such as inflation and fiscal balance. Macroeconomic stability ensures lower risk on investments. In turn, it works to stabilize exchange rates and keep interest rates low.
