The economic condition of the globe can be measured with different indicators which seeks to define the changes which have occurred and determine whether there is a positive or negative trend in the economic growth within various regions. Economic growth around the world is analyzed as per the regions due to the existing regional trading policies and the diversity of economic environments when the key driving factors of economic development are different (Acs, Groot, & Nijkamp, 2013). Many of the developed countries, for example, mainly rely on manufacturing as the main stimulus for economic development. In the years preceding 2013, the globe had generally experienced a recession and there was an upward trend of recovery in many regions but
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These two aspects have been major contributors to the slow growth within the European Union. These states have been involved in continuous discussions on various economic issues affecting individual countries like the collapsing of the Greek economic systems. Increased concentration on the economic policies within the region has resulted in the slow decision making process since the members operate under a single body, but have different regulations in terms of taxation and enforcement of the policies (Kriesi & Pappas, …show more content…
The economic growth in China reached levels close to 8% in 2013. As the second largest economy in the world, this growth had a significant contribution to the global GDP growth, with the country contributing 51.3% of the global growth in nominal GDP (IMF, 2015). The country has adopted macroeconomic policies which have triggered a shrink in the current account surplus, making the domestic consumption to become the most important economic growth driver. The country has adopted policies which have been focusing on not just growth, but quality growth, which not driven by aggressive investment, but also effectiveness of supporting systems through cracking down on corruption and
These two aspects have been major contributors to the slow growth within the European Union. These states have been involved in continuous discussions on various economic issues affecting individual countries like the collapsing of the Greek economic systems. Increased concentration on the economic policies within the region has resulted in the slow decision making process since the members operate under a single body, but have different regulations in terms of taxation and enforcement of the policies (Kriesi & Pappas, …show more content…
The economic growth in China reached levels close to 8% in 2013. As the second largest economy in the world, this growth had a significant contribution to the global GDP growth, with the country contributing 51.3% of the global growth in nominal GDP (IMF, 2015). The country has adopted macroeconomic policies which have triggered a shrink in the current account surplus, making the domestic consumption to become the most important economic growth driver. The country has adopted policies which have been focusing on not just growth, but quality growth, which not driven by aggressive investment, but also effectiveness of supporting systems through cracking down on corruption and