Question

Now that you have selected a country (Seychelles )know basic socio-demographic and socio-economic information about it, you need to relate another country . In particular, we will use the United States - the world's largest economy - as the comparative. You compare your country to the United States on each of the economic variables listed below.

(1)GDP and GDP Per Capita: compare these values for your country with those for the United States, keep the year used as close as possible (the same year is preferred, if available), be specific about the currency in which the numbers are expressed - you should be able to obtain all values in US Dollars. If the values are in Purchasing Power Parity (PPP), do note that - most likely they will be in PPP.
(2)Using the data you collected for question 1, compare the standard of living of your country to that of the United States (remember that by definition, GDP Per Capita is the universal measure of standard of living, but you may also include other variables if you wish).
(3)What is the most recent inflation rate and does it compare to the inflation rate for the same year in the United States?
(4)What is the most recent rate of growth of the country and how does it compare to the economic growth rate for the same year in the United States?
(5)What explains the recent economic growth, or lack of growth in your country?

Answer 1

1. The comparative chart of Seychelles with United States is given as :

	Seychelles	United States
GDP	148.6 crore USD (2017)	19.39 lakh crores USD (2017)
GDP per capita	15504.46 USD	59,531.66 USD
Inflation	3.43%	2.5%
Growth Rate	3.5%	3.57%
Type of Economy	Growing	Developed

The standard of living of Seychelles is much lower compared to that of US. This is attributed to lower GDP per capita of Seychelles compared to US.

Seychelles has shown large rate of economic growth attributed to its focus on farming and fishing industries. Moreover the tourism has also grown in Seychelles leading to high economic growth.

On the other hand, economy of US has shown downfall due to the biggest recession which hit the economy in 2006-2008. Although economy has recovered in 2014 but it has hit the economy badly.