Gross Domestic Product and Welfare

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The following figure shows the reported Gross Domestic Product of three countries Canada, China, and United States during the years 1994, 1999, and 2005. The data are sourced from the International Monetary Fund World Economic Outlook Database. All the GDP are in US$ billion and in current prices.


Since the land areas of these countries are almost the same, their GDP can be explained by the other factors of production, the economic policies being implemented, the political situation, and the overall economic atmosphere.
For all the years considered, it should be noted that the United State leads in terms of GDP. US has always been regarded as one of the largest and strongest economies in the whole world with its highly developed industries. The country boasts of its advancement in technologic especially in the fields of information technology, medicine, aerospace, and military equipment (United States 2007). Currently, the economy is still the largest and most powerful in the world with a GDP of $12.98 trillion. During years under consideration, US report the largest amount of GDP albeit at a decreasing rate. The economy had experienced the drawbacks of financial crisis in the late 1990s. In 2001, the 9-11 terrorist attack also led to an economic slowdown. Later in 2003, the country transfers huge amount of resources to finance its war against Iraq (Economy of United States 2007).
Canada, like the United States is one of the most developed and stable economies in the world. ...
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