The dataset that is composed of macroeconomic variable from selected countries is derived from IMF World Economic
Question:
The dataset that is composed of macroeconomic variable from selected countries is derived from IMF World Economic Outlook (WEO) Database. It is already available on KHAS Learn course web page. The WEO is published twice a year presenting IMF’s analyses of global economic developments and it covers almost all countries in the world.
For this research project, only five countries are selected (Turkey, South Africa, China, Argentina and Brazil).
Description of Data:
This sample dataset covers the years between 2000 and 2021 and incudes five macroeconomic indicators, which are Gross Domestic Product (GDP), Total Investment, Inflation, Unemployment, and Current Account Balance.
Based on IMF definitions;
Gross Domestic Product (GDP, constant prices, Percent change): measures the monetary value of final goods and services—that is, those that are bought by the final user—produced in a country in a given period of time (say a quarter or a year). It counts all of the output generated within the borders of a country
Total Investment (Percent of GDP): is measured by the total value of the gross fixed capital formation and changes in inventories and acquisitions less disposals of valuables for a unit or sector.
Inflation (Percent change): is the rate of increase in prices over a given period of time. Inflation is typically a broad measure, such as the overall increase in prices or the increase in the cost of living in a country.
Unemployment Rate (Percent of total labor force): is the percentage of the labor force that is looking for a job. The labor force is only a portion of the total population.
Current Account Balance (Percent of GDP): is the difference between current receipts from abroad and current payments to abroad.
Research Question:
Based on this sample, identify the main differences between countries, taking into account the variation of the variables between the years 2000-2021. Please explain your findings in less than 500 words.
During this analysis, you are expected to:
*Find the mean (i.e. xGDP, Turkey, xGDP, Brazil , etc. ) and the variances (σ) for each variable and compare across countries and briefly state your economic inferences
*Graph to see the trends of the variables and compare all countries for each variable. Hint: You can revise the lecture recordings which is related with basic excel methods.
Expert Answer:
What Is the World Economic Outlook WEO The World Economic Outlook WEO is a comprehensive report published twice a year by the International Monetary Fund IMF It includes the IMFs estimates and forecas... View the full answer
