Answer to Question #259406 in Microeconomics for kaisha

Question

raded Discussion

a) Prepare a table and line graph showing the unemployment and economic growth rate for a Caribbean country and a developed country (other than the US) for the last 5 years. Examine the relationship observed between the two countries.

b) Identify THREE public policies that can stimulate employment and facilitate economic growth in an economy.

Answer 1

           The Caribbean is a diversified area offering a lot of opportunities for economic development. The Gross national income per capita ranges from roughly US$800 to more than US$30,000, and several nations depend primarily on tourism, whereas others concentrate on commodities exports.     

           The Caribbean is among the globe's most popular tourist attractions, thanks to its breathtaking beauty and colorful customs. The "blue economy," or appropriate use of ocean riches, provides the opportunity for economic expansion while conserving the country's ecology, along with future advancement of other fields with growth ability.

           Previously to the commencement of the COVID-19 epidemic, many minor economies, notably those reliant on tourism, were seeing significant development rates. The Caribbean has suffered dramatically as a result of the tourism freeze. The Caribbean Gross domestic product expects to decrease by 8.6 percent in 2020 and 12.6 percent if the exclusion of Guyana. Many employment is at risk, and a current increased phone poll in one of the Caribbean's tiny nations indicates that impoverished staff numbers are growing, albeit the extent and length of this rise will rely on the rate of economic revival.