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Why could the difference between 2.5 and 3.0 percent annual growth rate make a great difference over several decades?
Wiki User
∙ 10y ago
If population is growing at 2.5 percent a year-and it is in some of the poorest nations-then a
2.5 percent growth rate of real GDP means no change in living standards. A 3.0 percent growth
rate means a gradual rise in living standards. For a wealthy nation, such as the United States,
with a GDP in the neighborhood of $10 trillion, the 0.5 percentage point difference between 2.5
and 3.0 percent amounts to $50 billion a year, or more than $150 per person per year
Wiki User
∙ 10y ago
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