Explaining the World Through Macroeconomic Analysis

TABLE OF CONTENT
QUESTION 1: ECONOMIC GROWTH 4
A. Data collection from World Bank Data 4
1. Nominal GDP (Billion USD) 4
2. Real GDP (Constant 2010 billion USD) 5
3. GDP per capita (Constant 2010 USD) 7
4. GDP growth rate (Annual %) 9
5. Unemployment rate 10
B. Unemployment Rates 12
1. Identification of countries with the highest and lowest UR from 1990-2020 12
2. Analysis of unemployment rate of countries with the highest UR in each period 13
Period 1990 - 1999 13
Period 2000 - 2009 14
Period 2011 - 2020 15
3. Analysis of unemployment type 16
Period 1990 - 1999 16
Period 2000 - 2009 16
Period 2011 - 2020 17
C. Global Financial Crisis and Covid-19 Impacts on Aggregate Demand 17
1. Impacts of Financial Crisis & Covid-19 on Aggregate Demand components 17
2. Relate analysis to IMF findings 19
D. Cryptocurrency 21
1. The function of money 21
2. El Salvador case study analysis: using bitcoin as a legal tender. 22
3. Cryptocurrency opportunities, challenges, and impact on money market 22
Opportunities 22
Challenges 23
Impact on the money market 23
QUESTION 2: ARTICLES ANALYSIS 23
A. Supply & demand for loanable funds 23
1. Supply 23
2. Demand 24
B. Illustrate findings with diagram for the loanable funds/financial market 24
C. Impact of the pandemic to the productive capacity 25
REFERENCES 26
APPENDICES 37

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ABBREVIATION LIST
AD Aggregate demand
AS Aggregate supply
CPI Consumer Price Index
DFLF Demand for loanable funds
ECLAC United Nations Economic Commission for Latin America and the Caribbean
ESAL El Salvador
EU European Union
FDI Foreign Direct Investment
GDP Gross Domestic Product
GFC Global Financial Crisis
G&S goods and services
IMF International Monetary Fund
LF Loanable Funds
LRAS Long Run Aggregate Supply
MW Minimum Wage
NTM Non-tariff measures
OEC The Observatory of Economic Complexity
OECD Organisation for Economic Co-operation and Development
SFLF Supply for loanable funds
UK United Kingdom
UNCTAD United Nations Conference on Trade and Development Statistics
UNFPA United Nations Fund for Population Activities
UR Unemployment Rates
USD United States Dollar
US United States

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QUESTION 1: ECONOMIC GROWTH
A. Data collection from World Bank Data
1. Nominal GDP (Billion USD)
NOMINAL GDP 1990 - 2020 (BILLION USD)
South America Europe
Developing Developed Developing Developed (1) Developed (2)
YEAR Colombia Chile Bulgaria United Kingdom Austria
1990 47.84 33.11 20.63 1,093 166.46
1991 49.18 37.84 10.94 1,143 173.79
1992 58.42 45.96 10.35 1,180 195.08
1993 66.45 49.30 10.83 1,061 190.38
1994 81.70 57.01 9.70 1,140 203.54
1995 92.51 73.45 18.98 1,342 241.04
1996 97.16 78.04 12.29 1,415 237.25
1997 106.66 84.95 11.32 1,558 212.79
1998 98.44 81.58 15.03 1,652 218.26
1999 86.19 75.17 13.63 1,682 217.19
2000 99.89 77.86 13.25 1,658 196.80
2001 98.21 70.98 14.18 1,639 197.34
2002 97.96 69.74 16.40 1,780 213.38
2003 94.64 75.64 21.15 2,051 261.70
2004 117.08 99.21 26.16 2,412 300.90
2005 145.62 122.97 29.87 2,533 315.97
2006 161.62 154.79 34.38 2,706 336.00
2007 206.18 173.61 44.41 3,093 388.69
2008 242.19 179.64 54.44 2,921 430.29

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2009 232.40 172.39 52.02 2,412 400.17
2010 286.56 218.54 50.38 2,482 391.89
2011 334.94 252.25 57.39 2,660 431.12
2012 370.92 267.12 54.03 2,704 409.43
2013 382.12 278.38 55.62 2,783 430.07
2014 381.11 260.54 56.90 3,066 442.00
2015 293.48 243.92 50.65 2,933 381.82
2016 282.83 250.44 53.81 2,693 395.57
2017 311.88 277.04 58.97 2,662 416.21
2018 334.20 297.57 66.23 2,857 454.87
2019 323.43 279.39 68.56 2,831 445.08
2020 271.35 252.94 69.11 2,708 428.97
Table 1A.1. Nominal GDP of 5 countries from 1990 - 2020 (Unit: Billion USD)
Figure 1A.1. Nominal GDP of 5 countries from 1990 - 2020 (Unit: Billion USD)

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2. Real GDP (Constant 2010 billion USD)
REAL GDP 1990 - 2020 (CONSTANT 2010 BILLION USD) - Base year:
2010
South America Europe
Developing Developed Developing Developed (1) Developed (2)
YEAR Colombia Chile Bulgaria United Kingdom Austria
1990 147.88 78.76 41.11 1638 260.45
1991 150.84 84.91 37.63 1620 269.41
1992 156.94 94.39 34.90 1627 275.05
1993 165.40 100.61 34.38 1667 276.50
1994 175.01 105.67 35.01 1731 283.14
1995 184.12 115.11 36.01 1775 290.70
1996 187.90 122.94 37.86 1819 297.53
1997 194.35 132.07 32.48 1910 303.76
1998 195.46 137.78 33.88 1981 314.64
1999 187.24 137.22 31.07 2046 325.82
2000 192.72 144.53 32.56 2118 336.82
2001 195.95 149.30 33.80 2176 341.09
2002 200.86 153.94 35.81 2223 346.73
2003 208.73 160.24 37.66 2297 349.99
2004 219.86 171.79 40.08 2349 359.56
2005 230.47 181.65 42.95 2419 367.63
2006 245.95 193.13 45.87 2484 380.33
2007 262.53 202.60 48.88 2543 394.51
2008 271.15 209.75 51.85 2535 400.27
2009 274.24 206.47 50.10 2431 385.20
2010 286.56 218.54 50.38 2482 392.28

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2011 306.47 231.89 51.57 2513 403.74
2012 318.46 244.23 51.75 2549 406.49
2013 334.81 254.11 51.92 2605 406.59
2014 349.88 258.59 52.90 2679 409.28
2015 360.22 264.55 55.01 2743 413.43
2016 367.74 269.08 57.11 2790 421.66
2017 372.74 272.27 59.11 2839 431.78
2018 382.30 282.38 60.94 2874 442.92
2019 394.84 285.04 63.19 2914 449.20
2020 367.80 268.59 60.57 2628 419.60
Table 1A.2. Real GDP of 5 countries from 1990 - 2020 (Unit: Constant 2010 billion USD)
Figure 1A.2. Real GDP of 5 countries from 1990 - 2020 (Unit: Constant 2010 billion USD)
3. GDP per capita (Constant 2010 USD)
GDP PER CAPITA 1990 - 2020 (CONSTANT 2010 US$) - Base year: 2010
South America Europe

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Developing Developed Developing Developed (1) Developed (2)
YEAR Colombia Chile Bulgaria United Kingdom Austria
1990 4,467.40 5,933.21 4,714.90 28,617.61 33,889.00
1991 4,468.30 6,291.69 4,359.68 28,214.54 34,707.07
1992 4,559.33 6,879.78 4,086.27 28,251.20 35,045.84
1993 4,713.30 7,214.69 4,058.02 28,885.27 34,941.14
1994 4,894.24 7,459.17 4,145.85 29,919.94 35,643.03
1995 5,055.21 8,004.32 4,283.26 30,596.36 36,537.99
1996 5,068.00 8,427.82 4,526.65 31,278.96 37,346.01
1997 5,151.89 8,932.07 3,907.91 32,750.72 38,084.70
1998 5,094.74 9,199.20 4,102.66 33,866.21 39,405.42
1999 4,801.07 9,049.47 3,784.08 34,865.73 40,727.48
2000 4,862.88 9,419.99 3,984.67 35,959.49 42,001.21
2001 4,867.58 9,622.15 4,219.94 36,799.36 42,370.93
2002 4,913.86 9,814.65 4,569.27 37,442.28 42,859.33
2003 5,031.50 10,109.67 4,842.89 38,506.35 43,052.60
2004 5,225.25 10,726.64 5,193.91 39,163.26 43,956.58
2005 5,404.12 11,225.09 5,607.53 40,044.91 44,637.86
2006 5,693.27 11,808.83 6,034.62 40,822.47 45,951.73
2007 6,002.33 12,256.43 6,477.77 41,462.00 47,510.29
2008 6,126.93 12,553.80 6,920.39 41,022.28 48,053.48
2009 6,128.20 12,227.22 6,730.06 39,038.24 46,123.49
2010 6,336.71 12,808.04 6,812.41 39,536.77 46,858.04
2011 6,711.67 13,455.83 7,017.66 39,729.44 48,065.32
2012 6,911.76 14,035.67 7,083.60 40,018.49 48,172.24
2013 7,201.01 14,461.17 7,146.56 40,620.38 47,901.37
2014 7,449.33 14,561.32 7,322.81 41,476.64 47,842.75