according to the rule of 70, if a country grows at an average rate of 2 percent per year, what would happen after 35 years?

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04-11-2022
Business

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according to the rule of 70, if a country grows at an average rate of 2 percent per year, what would happen after 35 years?

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rafikiedu09 rafikiedu09 · Answer 1 · 2022-11-08T05:56:33-05:00

The real GDP per capita of a nation will double after 35 years if the average annual growth is 2 percent, according to the rule of 70.

It will take 70 / 2 = 35 years for an economy to double in size if it grows at 2% annually. If an economy expands at 7% annually, it will take 70 x 7%, or 10 years, to double in size, and so on.

A country's economy is said to be growing when the value of its goods and services rises, generating more revenue for companies. Consequently, stock prices increase. This provides businesses with money to expand and recruit more workers. Incomes increase as more jobs are created.

To learn more about annual growth

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