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The economic growth-rates of countries are commonly compared using the ratio of the GDP to population (per-capita income). The "rate of economic growth" refers to the geometric annual rate of growth in GDP between the first and the last year over a period of time. This growth rate represents the trend in the average level of GDP over the period ...
Growth accounting. Growth accounting is a procedure used in economics to measure the contribution of different factors to economic growth and to indirectly compute the rate of technological progress, measured as a residual, in an economy. [1] Growth accounting decomposes the growth rate of an economy's total output into that which is due to ...
A nominal income target is a monetary policy target. Such targets are adopted by central banks to manage [1] national economic activity. Nominal aggregates are not adjusted for inflation. Nominal income aggregates that can serve as targets include nominal gross domestic product (NGDP) and nominal gross domestic income (GDI). [2]
Population growth is the increase in the number of people in a population or dispersed group. Actual global human population growth amounts to around 83 million annually, or 1.1% per year. [2] The global population has grown from 1 billion in 1800 to 7.9 billion in 2020. [3] The UN projected population to keep growing, and estimates have put ...
This determinant has come under scrutiny in 2020-2021 as the levels of M1 and M2 Money Supply grow at an increasingly volatile rate while Velocity of M1 and M2 flattens to stable new low of a 1.10 ratio. While interest rates have remained stable under the Fed Rate, the economy is saving more M1 and M2 rather than consuming, in the expectations ...
External debt. A country's gross external debt (or foreign debt) is the liabilities that are owed to nonresidents by residents. [1] : 5 The debtors can be governments, corporations or citizens. [1] : 41–43 External debt may be denominated in domestic or foreign currency. [1] : 71–72 It includes amounts owed to private commercial banks ...
Okun's law in macroeconomics states that in an economy the GDP growth should depend linearly on the changes in the unemployment rate. Here the ordinary least squares method is used to construct the regression line describing this law. In statistics, ordinary least squares ( OLS) is a type of linear least squares method for choosing the unknown ...
IMF estimates of the 2009 output gaps as % of GDP by country. The GDP gap or the output gap is the difference between actual GDP or actual output and potential GDP, in an attempt to identify the current economic position over the business cycle. The measure of output gap is largely used in macroeconomic policy (in particular in the context of ...