Answer to Question #305625 in Macroeconomics for Saron

Question

If gdp doubled in 10 years, what was the average annual growth rate?

Answer 1

For this question, I will use the rule of 70 (70/n=growth rate):

where, n is the number of years. in this case the average annual growth rate needed for a country to double it's GDP in 10 years will be 70/10 which is 7%.