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Country Comparison: Italy, Rwanda, Chile, Poland and Korea, Essay Example

Pages: 1

Words: 344

Essay

The comparison of these five countries provides a diverse array of capabilities and strengths, and includes very different cultures and societies. From a production standpoint, they are ranked as follows: 1) Italy, 2) Korea, 3) Poland, 4) Chile and 5) Rwanda. However, in terms of production/trade efficiency, the statistics alter as follows: 1) Chile, 2) Korea, 3) Italy, 4) Poland and 5) Rwanda. What we can clean from these statistics is that there is a distinct difference between the overall production of a country vs. production/trade efficiency. Additional statistics show annual GDP growth rankings over the past several years as follows: 1) Chile, 2) Rwanda, 3) Korea, 4) Poland, and 5) Italy. Rwanda’s growth,  although impressive, is not relevant due to its small economic size in comparison to the other nations. What is notable here is that there would appear to be a correlation between GDP annual growth and efficiency. Education rankings may also be an influence, as the countries rank as follows: 1) Korea, 2) Poland, 3) Italy, 4) Chile, and 5) Rwanda. Korea scores highest by far, which may explain how it’s very large economy is able to sustain a very respectable GDP growth rate.

From the perspective of growth performance, the other four nations enjoy a sizable advantage over Rwanda due to its history of instability, high illiteracy rate and lower level of development and infrastructure. Italy has the advantage of long established levels of education, infrastructure and high levels of production, but with a negative GDP growth they are stagnant. Arable land per capita ranks as follows: 1) Poland, 2) Italy, 3) Chile, 4) Korea, 5) Rwanda. This does not appear to be a heavy influencer on economic performance. There does appear to be a correlation between trade and economic growth, as those nations that experience high levels of growth are also exhibiting high levels of production/trade efficiency. The factors that lead to a good or bad economic record rank as follows: 1) Lots of trade, 2) Lots of investment, 3) Highly educated population and 4) Mineral and land resources.

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