A Comparative Analysis of Economic Growth and Living Standards in Russia and Germany

Economics Assignment
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Economics 1
Contents
Introduction......................................................................................................................................2
Economic growth of countries.........................................................................................................3
GDP of the countries...................................................................................................................3
GFC impact..................................................................................................................................4
The sector that drives growth......................................................................................................5
Examining the standards of living in terms of social and economic welfare..................................6
GDP per capita.............................................................................................................................6
Income inequality........................................................................................................................6
Human Development Index.........................................................................................................8
Unemployment figures..............................................................................................................10
Population living below the poverty line...................................................................................12
Comparing the economic growth and standard of living...............................................................12
The country better in terms of economic growth.......................................................................12
The country better in terms of living standards.........................................................................13
The extent to which economic growth contribute to the living standard......................................13
Conclusion and recommendations.................................................................................................15
References......................................................................................................................................16

Economics 2
Introduction
The aim of the report is to explore the concepts of economics with the help of two countries that
include Russia and Germany. The report includes examining economic growth and countries are
able to achieve it. In addition, the economic and social welfare of two companies has been
examined which helps in managing the standard of living. This economic, as well as the social
welfare, is examined with the help of GDP, income inequality, HDI, poverty line and many other
factors that help in evaluating the living standard. The comparison of the economic growth and
standard of living between the two countries that are Russia and Germany are discussed.
Moreover, the concepts of economics help in understanding to what extent economic growth has
effectively contributed to the living standard of the companies.

Economics 3
Economic growth of countries
GDP of the countries
Russia is the world main state with the borders European and Asian countries with the Pacific
and Arctic oceans. The country is growing that has been witnessed, as country is world’s sixth
largest global economy in the year 2017 according to World Bank ranking that majorly adjusts
the GDP for the price difference among the countries (Moscow Times, 2018).
(Source: Statista, 2018)
The above-given image reflects the statistics related to gross domestic product (GDP) in Russia
from year 2012 to 2017 with projection until the year 2022. GDP refers to total market worth of
all products as well as the services that are formed across the country on the annual basis. The
GDP reflects the important indicator of economic strength. In the year 2017, the GDP of Russia