Macroeconomic Objectives Real World Examples

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IB Economics - Macroeconomics - Macroeconomic Objectives - Real World Examples

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8 Terms

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Strong economic growth

Taiwan (10% each year in 60s and 70s)

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Big recession

2008 Great Recession (US GDP fell by over 4%)

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Country experiencing high unemployment

Spain (over 10%)

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Country experiencing low unemployment

Thailand (1.2%)

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Country seeing a significant increase in cyclical unemployment

Greece after 2008 (8% in 2008 to 27% in 2013)

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Natural rate of unemployment in the UK

4%

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Country with low income inequality

Norway - 0.28 Gini

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Country with high income inequality

South Africa - 0.65 Gini