Economic Growth and Its Determinants

Description

you will take the role as an assistant researcher to conduct a study on the major determinants of the variations in the economic growth of countries. Your research must be detailed, and presented in a 4-page research paper that analyzes the factors that indicate the disparities of economic growth among countries. In addition, you will discuss the value of recognizing and accommodating multiculturalism and diversity in a globalized economic environment and their roles in promoting long-run economic growth and development.

The below resources will help you familiarize yourself, or discover, how multiculturalism and diversity play a significant role in aiding economic growth and development. Then, you will conduct your own research to analyze factors that determine the disparities of economic growth among countries.

Diversity has become the characteristics of the majority of the countries in the world. Globalization and economic interdependence of countries calls for understanding and accommodating diversities. Economic development theories and empirical studies also widely discuss and debate the impacts of multiculturalism and diversity on economic growth and development. The positive roles of multiculturalism and diversity in economic growth and development are praised in democratic countries that have cultivated systems that accommodate and capitalize on diversities and multiculturalism (see the article below).

Economic benefits of cultural diversity. (n.d.). SGS Economics & Planning. Retrieved from https://www.sgsep.com.au/publications/economic-benefits-cultural-diversity

On the other hand, developing countries in Asia, Africa, and Latin America, cultural and religious diversities are the internal instability, polarization, conflicts, disintegration, etc., which have adverse impact on economic growth and development. Since the developing countries do not have systems that effectively accommodate multiculturalism and diversity and dominant ethnic groups control power and resources, they lead to the lack of equal opportunities and significant socioeconomic gaps in countries (see the links below for research examples on the issues for Latin America, Asia, and Africa).
Based on this background information, and research you conduct using the Library and Internet, identify key factors that determine long-term economic growth by comparing two different countries of your choice. One advanced economy such as England, Canada, Germany, etc., and the other country is considered a developing economy, such as Angola, Afghanistan, Bangladesh, etc.

Conduct research to determine how economically different the two countries are, by examining at least five different economic indicators, such as gross domestic product, gross domestic product per person, etc., and the differences in at least three of their social indicators, such as population, population per square kilometer, etc. Then, expand your research into the cultural differences, including political structure, average education, and social influences, to determine why these two countries are so different economically.

The first half of your paper will describe, how you determined what data to collect, the sources of that data, how you sorted that data, the time periods that the data describes, how you chose to analyze the data, and your resulting conclusions regarding the differences between these two countries. The second half of your paper will focus on your analysis of the cultural, social, and political diversity between these two cultures and how these differences contribute to the economic differences you found based on specific evidence from the data you collected.

Use the Library and databases to conduct your research to identify the key factors that determine long-term economic growth. You can find the most up-to-date reports on the economic growth trends of different countries under the World Bank website below.

World Bank. (2017). World development indicators. Retrieved from http://data.worldbank.org/products/wdi

After you have conducted research and read from the above website, access the “Data & Research” tab in the World Bank website and compare growth rates between two countries of your choice. Specifically, select one advanced economy, and select one developing economy.

Download their data for five major economic indicators, and three major social indicators from the most recent five years. Then, identify and describe possible factors that may explain the differences between the GDP growth rates and long-term economic growth of the advanced and developing economies for the countries you selected.

Sample Solution

ACED ESSAYS