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The IMF projects that China’s real GDP per person will be 15,040 yuan in 2015 and 16,010 yuan in 2016 and that India’s real GDP per person will be 54,085 rupees in 2015 and 56,840 rupees in 2016
The IMF projects that China’s real GDP per person will be 15,040 yuan in 2015 and 16,010 yuan in 2016 and that India’s real GDP per person will be 54,085 rupees in 2015 and 56,840 rupees in 2016. By maintaining their current growth rates, which country will be first to double its standard of living?
Expert Solution
From 2015 to 2016, Chinas real GDP per capita will grow by 6.45 percent while India's of real GDP per capita will show a growth rate of only 5.09 percent. This implies that China will be able to double its standard of living well before India. To know the accurate time period, use the Rule of 70.
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