Economic Growth and Trade Competitiveness Presentation

Economic Growth and Trade Competitiveness Presentation

Instructions/Descriptions

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The economic growth and trade competitiveness of countries can be influenced by the economic, political, and cultural development within the country. There are several countries that can be compared to see how a successful economy’s decisions differed from a less-successful economy.Step 1: Select EconomiesReview the pairs of economies listed below. Each pair has 1 highly successful country and 1 less successful country, except for NAFTA /EU.

• NAFTA vs. European Union (world’s two largest economic entities)
• China vs. India (world’s two most populous countries)
• South Korea vs. North Korea (two polar economic opposites, one people)
• Venezuela vs. Saudi Arabia (world’s two largest sources of oil reserves)
• Nigeria vs. Democratic Republic of the Congo (functioning government and civil order vs. struggling government and violent clashes among factions; note: the Republic of the Congo is not the same country as the Democratic Republic of the Congo)
• Research the economies for your chosen pair of countries.
  Compare similarities and differences between your chosen countries/economies.
  Step 2: Create a Presentation – Evaluate Economic Growth and AdvantagesIn a 12- to 16-slide presentation with detailed speaker’s notes and visual elements, including graphs and tables, explain how their economic, political, and cultural development since 1992 has influenced their economic growth and trade competitiveness.
  Use tables or graphs to support your analysis of the following economic statistics/indicators of your 2 chosen economies through the most recent year available since 2009 (the trough of the last economic cycle):
• GDP per capita growth over time
• Inflation rate over time
• Unemployment rate over time
• Exports as a percentage of GDP over time
• National government debt as a percentage of GDP
• Whenever possible, plot the metric for both economies on the same chart.
  Evaluate why the economic growth of the 2 economies/countries varied.
• Discuss how international trade influenced the strength of each economy.
• Discuss the role of value chains and value-added production.
• Analyze how the failure to use value-added trade measures distorts trade statistics.
  Examine at least 2 industries that have provided each economy a comparative advantage in world trade.

1. Promoting international trade is not a zero-sum game. It is a win-win proposition; both parties gain from trade.
   Consider the following:
   • Tariffs are paid by the citizens of the country imposing tariffs, not by the citizens of the country producing the products upon which the tariffs are levied.
   • The term “trade deficits” is a misnomer. Every country’s trade is always in balance.
   • Trade deficits do not mean the US no longer produces anything to export. The US is the world’s second largest manufacturer and the world’s second largest exporter of manufactured goods.
   • Trade deficits reflect a strong economy. Trade deficits rise during economic expansions and fall during economic contractions. Unemployment falls as trade deficits rise and rises as trade deficits fall.
   • Imports and exports are complements, not competitors. Both are necessary and both contribute to economic growth.
   • Roughly one-third of all US imports and exports is trade between US multinational companies and their overseas subsidiaries.
   • Foreign-owned companies operating in the US number in the thousands and provide directly or indirectly jobs for more than 13 million US workers (roughly, 10% of the US workforce).
   • US trade deficit in goods in 2018 (as a % of GDP) was the same as it was 5, 10 and 15 years earlier.
   • The rise in US goods trade deficit with China has not increased the US total goods trade deficit. It has been offset by reduced goods imports from other trading partners.
   • There is a strong correlation between the rise in world trade and:
   • The rise in world GDP
   • The dramatic fall in the world’s extreme poverty rate
   • The rise in world life expectancy
   • For every US manufacturing job lost to trade between 2000 and 2010, seven US jobs were lost to domestic productivity improvements. Those seven jobs cannot be brought back from overseas because they never left the US.
   • Write a 700- to 1,050-word evaluation of credible economists’ unbiased opinions on the benefits, costs, and results of current US trade and tariff policies. Complete the following in your evaluation:
   • Evaluate how US trade policy changes in the last 2 years affect global trade activities by multinational corporations.
   • Discuss credible economists’ opinions on the long-term effects of trade and tariff policies changes in the last 2 years.
   • Explain the effect of recent changes to trade and tariff policies have had on your employer, you, or someone you know.

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