Japans Real Gross Domestic Product was the highest (around 3.5 percent) among the four countries at that point of time followed by the United Kingdom (at about 3 percent), and United States and Canada which were almost at the same level at below 2 percent, in that order. Japan experienced a fast steep decline in Real Gross Domestic Product Growth immediately following this period and by the end of the year its growth fell below that of the other three economies. Until the end of 2007, the other 3 countries actually experienced a period of growth and their growth rates coincided at about just below three percent. Thereon, the growth of these three economies also began falling rapidly. The decline in growth for Japan reached its minimum in early 2009. The growth of Japan was the lowest among all the 4 economies throughout this period. The other three economies reached their respective minimums around the middle of 2009. By this time Japans recovery had already began and it had reached up and touched the growth rate of the United Kingdom which was the lowest among the other three countries. At this point of time Canada had the highest growth rate followed by the United States. Canada, United States and United Kingdom all began their recoveries at this point of time. They like Japan experienced a sharp period of increased growth and that trend continues to be ongoing. By early 2010, Japan had once again retained its position as fastest grower followed by the United States, Canada and United Kingdom respectively.
The productivity trends, as expected are very similar to the output growth trajectories described earlier. In fact, since growth of real out put is directly related and by the most part determined by productivity, the growth paths of real output is essentially a moderated mapping of the productivity trajectory. Notably, at 2007, Japan has the highest productivity and is at a local maximum, while the other countries are at local minimums. ...
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(ECO202 Macroeconomics Measures and Indicators: GDP, National Income, Admission/Application Essay)
“ECO202 Macroeconomics Measures and Indicators: GDP, National Income, Admission/Application Essay”, n.d. https://studentshare.net/miscellaneous/405787-eco202-macroeconomics-measures-and-indicators-gdp-national-income-unemployment-inflation.
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