Question: Use the data in the Table below to answer the questions asked in a and b on each of the 3 variables for the US
Use the data in the Table below to answer the questions asked in a and b on each of the 3 variables for the US economy:
a. Calculate the annual changes in RGDP growth rates, unemployment rates and inflation rates in % for the years from Year 2007 through 2020 and show them in a new column next to each of the values of the three variables (a template of the table is given below).You may use excel spreadsheet for estimation as well.5 pts
Year
Real GDP in 2012 Base Year prices
RGDP growth rate in %
Unemployment Rate
Change in U rate in %
CPI Indices
Inflation rate in %
2006
15,338.3
-
4.4%
-
201.6
-
2007
15,626.0
?
5.0%
?
207.3
?
2008
15,604.7
?
7.3%
?
215.3
?
2009
15,208.8
?
9.9%
?
214.53
?
2010
15,598.8
?
9.3%
?
218.05
?
2011
15,840.7
?
8.5%
?
224.93
?
2012
16,197.0
?
7.9%
?
229.59
?
2013
16,495.4
?
6.7%
?
232.96
?
2014
16,912.0
?
5.6%
?
236.74
?
2015
17,432.2
?
5.0%
?
237.02
?
2016
17,730.5
?
4.7%
?
240.01
?
2017
18,144.1
?
4.1%
?
245.12
?
2018
18,687.8
?
3.9%
?
251.11
?
2019
19,091.7
?
3.5%
?
255.66
?
2020
18,426.1
?
8.1%
?
258.81
?
b. Based on those calculations, briefly analyze the overall economic performance over the last 14 years (2007-2020) and critically predict about these three macroeconomic variables for 2021-22. 5 pts
Note: please make sure you take into account of the sudden economic downturn in 2020 amid COVIOD-19 Pandemic crisis in your prediction and its subsequent recovery in 2021. In another words, while predicting the trend for 2021-2022 (based on the growth rates and trend you estimated in the table above), it is imperative to observe the most recent data on these three variables.
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