• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Economic Growth. There is a clear difference in the economic growth of developed, developing and emerging countries. There are several reason for this; good examples that clearly protray this disparity are the United Kingdom, China and India

Extracts from this document...

Introduction

Economic Growth There is a clear difference in the economic growth of developed, developing and emerging countries. There are several reason for this; good examples that clearly protray this disparity are the United Kingdom, China and India. United Kingdom (%) 0.7 3.1 2.8 1.9 3.3 2.7 2.1 2.4 3.8 3.0 The United Kingdom is a developed country with positive economic growth. The United Kingdom Gross Domestic Product is worth 2646 billion dollars or 4.27% of the world economy, according to the World Bank. The United Kingdom is among the world's most developed economies. The UK has experienced economic growth since the last recession ended in 1990 until recently when it once agin entered recession. Since 1996 the level of real national output has grown in excess of two per cent each year; leading to a large rise in total real GDP and an increase in average living standards. The data shows than the UK has an average economic growth of 2.8% over the last 10 years excluding 2009 when it entered recession. ...read more.

Middle

7.4 9.0 9.2 9.2 8.3 8.4 3.7 5.2 4.0 7.4 India is an emerging country which hasreally started to show that it is in the up and up with the vast change in it economic growth. he India Gross Domestic Product is worth 1217 billion dollars or 1.96% of the world economy, according to the World Bank. India's economy is now made up of raditional village farming, modern agriculture, handcrafts, a wide range of modern industries, and a range of services. Services are the major source of economic growth, accounting for more than half of India's output with less than one third of its labor force. The economy has posted an average growth rate of more than 7% in the decade since 1997, reducing poverty by about 10 percentage points. India's economic growth was on the increase up until 2009 due to the recession however peaked at 9.2%. The three countries differ greatly as the data shows . They are all different countries interms of their status whether they are developed, developing and emerging. ...read more.

Conclusion

As a result of india showing increase in growth other factors aslo lead to more increase foreign investement allowed this by reducing unemployment and increasing the ammount of money into the circular flow of the economy. The UK had the lowest figures due to a couple fo reason one is that it has maximised much of the resources and input available tot them therefore a continuos large increase it not capable. Also when there is a high economic growth it is always brought down, the reason for this is because of the ammount of imports which means money is lost form the circuar flow of the economy. The UK is dependant on imports as it is a small island with few resources. Unlike India who have the resources but China are relied on for so many products the imports do not have such a bif impact on the growth. However all the countries have been affected by the recession however some countries economic growth has had a bigger negative impact than others, especially the UK with 0.7%. China and India have managed to maintain a high growth due to the continual reliance on the products. ?? ?? ?? ?? ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level UK, European & Global Economics section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Here's what a star student thought of this essay

4 star(s)

Response to the question

This essay engages well with the task, looking at the differences in economic growth in developed, developing and emerging economies. I would have liked there to be some definition of economic growth, as I feel this essay focuses greatly upon ...

Read full review

Response to the question

This essay engages well with the task, looking at the differences in economic growth in developed, developing and emerging economies. I would have liked there to be some definition of economic growth, as I feel this essay focuses greatly upon the rate of growth. If I were answering this question, I would be looking at the type of growth as well, exploring capital goods, consumer goods, services, industry, exports, etc. This would then allow some more thorough analysis, looking at why the growth rates are different. The countries picked are wise as there is plenty of data to be analysed, and this essay uses it well.

Level of analysis

The analysis here is good. I liked the background information given for each country, as it shows the examiner you understand the significance of the titles developed, developing and emerging. I'm not quite sure the "China also learnt that more money came from exports therefore altered it job sector" is fluently explained, but it is correct to say that China has used its labour-intensive production well. Such discussion of comparative advantage would've been relevant here, and would be highly rewarded as its a sophisticated concept. I really would've liked to have seen a diagram here, explaining that exports are a component of aggregate demand, and so this would shift right causing growth. Although some of the comments are good, I don't think this essay gets to discuss the crux of why developing and emerging countries have swifter growth. An exploration of swift investment in infrastructure, and institutions facilitating fast-growth would have been wise.

Quality of writing

This essay has a logical structure, starting with simple definitions and figures and then moving into analysis. Sentences sometimes don't make sense, though. For example "Therefore growth comes from a higher level of AD and therefore leading to greated AS". This sentence has grammatical problems, but not only that, the economics doesn't flow nicely. I would be looking for a more detailed explanation of why a higher level of aggregate demand should lead to an increase in aggregate supply. This is a style that comes with practice, but working upon making your statements link and flow will benefit your arguments within essays.


Did you find this review helpful? Join our team of reviewers and help other students learn

Reviewed by groat 15/04/2012

Read less
Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level UK, European & Global Economics essays

  1. Marked by a teacher

    How successful has the WTO been in achieving it’s objectives?

    5 star(s)

    A further proof of that is that for sugar alone, the EU puts 140% tariffs on many imports from Africa, supports its won sugar-beet farmers to the tune of $1.6 billiona year, and adds insult to injury by dumping surpluses in overseas markets.

  2. Marked by a teacher

    Discuss the extent to which globalisation has been beneficial to Africa, China, America or ...

    5 star(s)

    Some African countries such as Ghana and Uganda are creating growth preconditions and starting to pick up.

  1. Is the United Nations a success or failure?

    (Number 3 failure). Etc. So as the SC has been unable to achieve its aims, then how could it be claimed to be effective. The aim of peacekeeping is to provide a peaceful environment that will allow the parties to achieve a political settlement.

  2. Characteristics of economic growth.

    Primary products are income inelastic. In order for output to grow, factor inputs must either increase in quantity or in quality, or both. Which still doesn't ascertain the growth of a poor country. In order to grow, which also stands for willing to change and raise the standards of living, human attitudes and human institutions play a big role in the change.

  1. 'Critically assess the role of the World Trade Organisation (WTO) as a means of ...

    Li professor of economics in Hong Kong University published a paper in May 2004, a cross-country study analysing whether accession to the WTO does in fact stimulate faster growth. His findings would suggest that for a developing economy this is not necessarily the case.

  2. Why has GDP growth been so slow in Somalia?

    Somalia's GDP growth has been particularly poor over the last century. The average annual growth in real GDP per capita between 1965 and 1990 was -0.98, showing a decline in the amount produced by the country8. Although more recently Somalia has seen a slight improvement in growth, with estimations of

  1. A study of Patent system in India in the light of Patent Cooperation Treaty.

    One might say that a patent is a contract between society as a whole and an individual inventor. This particular definition is very much true because it is a contract between inventor and the society at large, although the parties of the contract are not entered mutually and personally.

  2. 'Anarchy is what states make of it' (A Wendt) Do you agree?

    This logic and reasoning has been seen many times in the past, more recently with Adolf Hitler invading Russia in order to gain the lebensraum that Germany so desperately needed for survival. This drive for power and the will to dominate that states possess, is under Realism held to be a fundamental aspect of human behavior.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work