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Economics Reporting
Student’s Name
Institution
Youthanesia Daily News: Asia, Youthanesia the GDP growth rates and changes
By (Student’s Name)
1st November 2018
Youthanesia: the economy of this country has always depended on widget production with the many widget companies employing a total of 40% of the entire country’s labor force. The country has therefore been depending on the exportation widgets for its survival. So, what could be the implications of this industry model?
There has been a growth in the gross domestic product of the country in the third quarter of 2018 compared to that of the previous years. The GDP has grown by 10.9% compared to the 8.8% of the year before. Based on inflation, however, the growth rate was 6.8% compared to 7.2% in the same period a year earlier. The inflation rate has grown to 4% compared to 3.5% the year before.
The reason behind the growth in the GDP is the booming international market for widgets which Youthanesia export in bulk. However, the increased global labor pay for widget workers has created an increased amount of money in the economy, and that is why the inflation rate has grown to 4%.
The fear of increased inflation in the future has ended up forcing the government to shift the economy model towards tourism. The government’s effort has ended up doubling the number of tourists annually from 15000 to 30000 and 90% occupancy of the hotels.
Experts in the economy have been keen to acknowledge the growth of th…