Question

What was the average annual economic growth rate in Singapore over the 22.00 years from 1957 to 1979

Answer 1

The average annual economic growth rate in Singapore over the 22.00 years from 1957 to 1979 was 3.20%.

What is average annual economic growth rate (AAGR) ?

The average annualised return of a portfolio, asset, or cash flow over time is known as the average annual growth rate, or AAGR.

The basic arithmetic mean of a set of returns is used to calculate AAGR.

Calculation for average annual economic growth rate:

Real per capita GDP in Singapore in 1957 was about $400 and it doubled to about $800.00 by 1979 over the period of 22 years.

Growth rate = $(\frac{last value}{initial value} )^{\frac{1}{n} } -1$

The last value = $800

The initial value = $400

n = number of years

Growth rate = $(\frac{800}{400} )^{\frac{1}{22} } -1$

                   = $(2)^{\frac{1}{22} } -1$

                   = 1.032 - 1

                   = 0.032

Growth rate % = 0.032×100

                        = 3.2%

Therefore, the growth rate in Singapore over 22 years are 3.2%.

To know more about Gross domestic product (GDP), here

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