Bangladesh
- GDP per Capita = $2100
Real GDP growth rate = 6.1%
Population growth rate = 1.59%
- Growth rate in real GDP per capita = Real GDP growth rate – Population growth rate
Growth rate Real GDP = 6.1%-1.59% = 4.51%
- Use the 70 Rule (70/4.51)% = 15.5years
Brazil
- GDP per Capita = $12, 100
Real GDP growth rate = 0.9%
Population growth rate = 0.83%
- Growth rate in real GDP per capita = Real GDP growth rate – Population growth rate
Growth rate Real GDP =0.9%-0.83% =0.07%
- Use the 70 Rule (70/0.83)% = 84.3 years
China
- GDP per Capita = $9,300
Real GDP growth rate = 7.8%
Population growth rate = 0.46%
- Growth rate in real GDP per capita = Real GDP growth rate – Population growth rate
Growth rate Real GDP = 7.8%-0.46% =7.34%
- Use the 70 Rule (70/0.46)%= 152.17years
Columbia
- GDP per Capita = $11,000
Real GDP growth rate = 4 %
Population growth rate = 1.1%
- Growth rate in real GDP per capita = Real GDP growth rate – Population growth rate
Growth rate Real GDP = 4%-1.1% =2.9%
- Use the 70 Rule (70/2.9)= 24.14 years
Costa Rica
- GDP per Capita = $12,800
Real GDP growth rate = 5%
Population growth rate = 1.27%
- Growth rate in real GDP per capita = Real GDP growth rate – Population growth rate
Growth rate Real GDP = 5%-1.27%= 3.73%
- Use the 70 Rule (70/3.73)= 18.77years
Democratic Republic of Congo
- GDP per Capita = $400
Real GDP growth rate = 7.1%
Population growth rate = 2.54%
- Growth rate in real GDP per capita = Real GDP growth rate – Population growth rate
Growth rate Real GDP = 7.1%-2.54%=4.56%
- Use the 70 Rule (70/4.56)= 15.35 Years
Finland
- GDP per Capita = $ 37,000
Real GDP growth rate = -0.2%
Population growth rate = 0.06%
- Growth rate in real GDP per capita = Real GDP growth rate – Population growth rate
Growth rate Real GDP = -0.2%-0.06= -0.26%
- Use the 70 Rule (70/-0.26)= (Absolute) 269 Years
Germany
- GDP per Capita = $39,700
Real GDP growth rate = 0.7%
Population growth rate = -0.9%
- Growth rate in real GDP per capita = Real GDP growth rate – Population growth rate
Growth rate Real GDP = 0.7%-(-0.9%)= 1.6%
- Use the 70 Rule (70/1.6)= 43.75 Years
Ghana
- GDP per Capita = $3,400
Real GDP growth rate = 7%
Population growth rate = 2.1%
- Growth rate in real GDP per capita = Real GDP growth rate – Population growth rate
Growth rate Real GDP = 7%-2.1%= 4.9%
- Use the 70 Rule (70/4.9)= 14.3Years
India
- GDP per Capita = $3,900
Real GDP growth rate = 6.5%
Population growth rate = 1.28%
- Growth rate in real GDP per capita = Real GDP growth rate – Population growth rate
Growth rate Real GDP = 6.5%-1.28%= 5.22%
- Use the 70 Rule (70/5.22) = 13.4 Years
Korea North
- GDP per Capita = $1,800
Real GDP growth rate = 0.8%
Population growth rate = 0.53%
- Growth rate in real GDP per capita = Real GDP growth rate – Population growth rate
Growth rate Real GDP =0.8%-0.53%= 0.27%
- Use the 70 Rule (70/0.27)= 259 Years
Korea South
- GDP per Capita = $32,000
Real GDP growth rate = 2%
Population growth rate = 0.18%
- Growth rate in real GDP per capita = Real GDP growth rate – Population growth rate
Growth rate Real GDP = 2%-0.18% =1.82%
- Use the 70 Rule (70/1.82) = 38.5%
Liechtenstein
- GDP per Capita = $89,400
Real GDP growth rate = -0.5%
Population growth rate = 0.81%
- Growth rate in real GDP per capita = Real GDP growth rate – Population growth rate
Growth rate Real GDP = -0.5%-0.81%= -1.31%
- Use the 70 Rule (70/-1.31)= Absolute 53.4 Years
Mexico
- GDP per Capita = $15,600
Real GDP growth rate = 3.9%
Population growth rate = 1.07%
- Growth rate in real GDP per capita = Real GDP growth rate – Population growth rate
Growth rate Real GDP = 3.9%-1.07%= 2.83%
- Use the 70 Rule (70/2.83)= 24.73 Years
Peru
- GDP per Capita = $10,900
Real GDP growth rate = 6.3%
Population growth rate = 1%
- Growth rate in real GDP per capita = Real GDP growth rate – Population growth rate
Growth rate Real GDP = 6.3%-1%= 5.3%
- Use the 70 Rule (70/5.3) = 13.2 Years
Russia
- GDP per Capita = $18,000
Real GDP growth rate = 3.4%
Population growth rate = -0.2%
- Growth rate in real GDP per capita = Real GDP growth rate – Population growth rate
Growth rate Real GDP = 3.4%-(-0.2%)= 3.6%
- Use the 70 Rule (70/3.6) = 19.44 Years
Vietnam
- GDP per Capita = $3,600
Real GDP growth rate = 5%
Population growth rate = 1.03%
- Growth rate in real GDP per capita = Real GDP growth rate – Population growth rate
Growth rate Real GDP = 5%-1.03%= 3.97%
- Use the 70 Rule (70/3.97) = 17.63%
Venezuela
- GDP per Capita = $13,800
Real GDP growth rate = 5.5%
Population growth rate = 1.14 %
- Growth rate in real GDP per capita = Real GDP growth rate – Population growth rate
Growth rate Real GDP = 5.5%-1.14%=4.36%
- Use the 70 Rule (70/4.36) = 16Years
Zimbabwe
- GDP per Capita = $600
Real GDP growth rate = 4.4%
Population growth rate = 4.38%
- Growth rate in real GDP per capita = Real GDP growth rate – Population growth rate
Growth rate Real GDP = 4.4%-4.38%= 0.02%
- Use the 70 Rule (70/0.02)= 3500 Years
Works Cited
Arnold, Roger A. Economics. Melbourne, Vic.: South-Western Cenage Learning, 2014. Print.
CIA, 2013. The world Fact Book: Library. Retrieved 17 October 2013. Internet Source.
Sexton, Robert L. Exploring Microeconomics. Cengage Brain. com, 2011.
