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On the average, the long term growth rate of the United States real gross domestic product (GDP) for a hundred years from 1903 to 2003 was 2.2 per cent. This growth is considered one of the most exemplary in the world. Figure 1 shows the real GDP per person in for this period…
However, the United States still displays the highest growth rate in this period as shown in the left panel of Figure 2. The rest of the world also displayed increasing growth rate, but at a much slower pace than the seven biggest economies which resulted to a wider gap between the real GDP per person among these countries as shown in the right panel of Figure 2.
The rest of Asia, on the other hand, as represented by Hong Kong, Singapore, Taiwan South Korea, and China also showed tremendous gains in their economies as shown by their real GDP per person growth depicted in Figure 3. China, the world's newest economic superpower, showed an exponential growth in its real GDP.
A question, prompted by the above, is what are the underlying causes of economic growth' Furthermore, why is it that some countries grow faster than others' Is trade a major engine of economic growth' Or is it foreign direct investments' A major goal of this paper is to debate the effectiveness foreign direct investments and trade in fostering economic growth, and in the end answer the question on whether 'developing countries are right to increasingly shift resources towards attracting foreign direct investment rather than promoting trade in their objective to achieve economic growth''
Admittedly, these questions must be answered amidst ...
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