Approximately how long will it take Ethiopia to double its real GDP per person of $100 if its growth rate of real GDP per person is 0.9 per cent?

Question

Quizplus · Accepted Answer

To estimate the time it will take for Ethiopia's real GDP per person to double with a growth rate of 0.9%, we can use the Rule of 70, which states that dividing 70 by the annual growth rate gives an approximation of the time it will take for an investment to double. Thus, 70 / 0.9 ≈ 77.7 years.

Approximately How Long Will It Take Ethiopia to Double Its