ECONOMICS Paper 2 The National Economy In A Global
ECONOMICS Paper 2 The National Economy In A Global
ECONOMICS Paper 2 The National Economy in a Global
Exam (elaborations)
ECONOMICS Paper 2 The National Economy in a Global Context
4 views 0 purchase
Course
ECONOMICS Paper 2 The National Economy in a Global
Institution
ECONOMICS Paper 2 The National Economy In A Global
Insert
DO NOT WRITE ANY ANSWERS IN THIS INSERT. YOU MUST ANSWER THE QUESTIONS IN THE ANSWER BOOKLET PROVIDED.
Context 1
Total for this context: 50 marks
ECONOMIC GROWTH
Extract A: Real GDP growth, annual percentage change, various economies, 2015–2019
Year UK (%) Germany (...
insert do not write any answers in this insert you must answer the questions in the answer booklet provided context 1 total for this context 50 marks economic growth extract a real gdp g
Written for
ECONOMICS Paper 2 The National Economy in a Global
ECONOMICS Paper 2 The National Economy in a Global
ECONOMICS Paper 2 The National Economy in a Global
All documents for this subject (1)
Seller
Follow
esthermungai
Reviews received
Content preview
ECONOMICS
AS
ECONOMICS
Paper 2 The National Economy in a Global
Context
Insert
DO NOT WRITE ANY ANSWERS IN THIS INSERT. YOU MUST ANSWER THE
QUESTIONS IN THE ANSWER BOOKLET PROVIDED.
CONTEXT 1: ECONOMIC GROWTH
Questions 21 to 26
Add text
here
Extract A:Real GDP growth, annual percentage change, various economies, 2015–2019
Extract B:The global economy goes into recession
Extract C:Can we look forward to a decade of prosperity and opportunity?
CONTEXT 2: GOVERNMENT SPENDING AND TAXATION
Questions 27 to 32
Extract D:Composition of UK government spending, 1997–98 to 2018–19
Extract E: Government spending to the rescue
Extract F:
How should the money be spent?
ECONOMICS
IB/M/Jun22/ 7135/2
E5
, ECONOMICS
2
Context 1 Total for this context: 50 marks
ECONOMIC GROWTH
Extract A: Real GDP growth, annual percentage change, various economies, 2015–2019
Year UK (%) Germany (%) US (%) China (%) World (%)
2015 2.4 1.7 2.9 6.9 3.5
2016 1.9 2.2 1.6 6.8 3.4
2017 1.9 2.5 2.4 6.9 3.9
2018 1.4 1.5 2.9 6.7 3.6
2019 1.4 0.6 2.3 6.1 2.9
Source: International Monetary Fund, World Economic Outlook, April
2020
Extract B: The global economy goes into recession
Even before the world economy was hit by the pandemic in 2020, the greatest 1
economic shock
for centuries, there were signs that economies were in the midst of a global
slowdown. This
had made price stability easier to achieve but growth rates were disappointing.
Output had been adversely affected by the rising tensions in global trade. The US
had placed
import taxes on various goods from a number of countries including China, Canada 5
and those in
the EU, leading to a fall in exports from those countries. In addition, structural
changes to
industries, such as the movement away from petrol and diesel cars and the rise of
artificial
intelligence technology had resulted in some job losses. In the UK, political
uncertainty
surrounding Brexit had been cited as a major cause of disappointing growth and low
levels of
investment. These factors, amongst others, damaged business confidence, and 10
many firms
were reluctant to invest in new capacity.
Yet all this seems insignificant compared with what was to follow. When
consumption abruptly
fell and production in some industries completely stopped, economies contracted
severely. For
example, in the three months to May 2020, UK output shrank by a staggering 19.1%
compared to the previous three months. When a report by the International 15
Monetary Fund in June 2020
forecast that annual world output would contract by 4.9% during 2020, by 10.2% in
the UK and
the Euro area, and 8% in the US, people began to wonder if the recession would ever
end.
According to the report, even China was expected to have real GDP growth of only
1%.
IB/M/
Jun22/7135/2
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller esthermungai. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.99. You're not tied to anything after your purchase.
