Planners in Canukistan hope to double real GDP per person in 20 years. The Rule of 70 suggests that Canukistan needs an average growth rate of at least 3.5 percent per year.

Question

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The Rule of 70 states that to find the number of years it will take for a variable to double, divide 70 by the annual growth rate of the variable. Therefore, to double real GDP per person in 20 years, Canukistan needs an average growth rate of approximately 3.5 percent per year (70 divided by 20 equals 3.5).

Planners in Canukistan Hope to Double Real GDP Per Person