Growing economies

Overview

Why emerging economies grow faster than the UK, the factors behind growth in Asia and Africa, the trade opportunities and employment changes growth brings, and GDP per capita, literacy, health and the Human Development Index as indicators.

What you need to know

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Questions from this subtopic

Each one with the model answer underneath.

1. 1

   Why does the UK economy typically have a lower growth rate compared to emerging economies?

   Model answer

   Emerging economies often experience faster GDP growth due to industrialisation and development, whereas the UK is already a mature, developed economy with slower growth potential.

2. 2

   Define an emerging economy.

   Model answer

   A country transitioning from low income to higher income status, characterised by rapid industrialisation and increasing integration into global markets.

3. 3

   What three factors are driving the growing economic power of Asian countries?

   Model answer

   Manufacturing expansion, technological development, and increasing consumer markets.

4. 4

   What factors are contributing to the growing economic power of African countries?

   Model answer

   Natural resource extraction, population growth, and infrastructure development.

5. 5

   How does economic growth in emerging markets create trade opportunities through customer bases?

   Model answer

   It expands potential customer bases as growing markets contain more consumers able to purchase goods and services.

6. 6

   How does economic growth create trade opportunities related to suppliers?

   Model answer

   It provides access to new suppliers and resources in developing regions.

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