The Growth Rate in Costa Rica, Statistics Problem Example

In 2010, the approximate population is 4,516,220.  The growth rate in Costa Rica is 1.35% (CIA – World Factbook, 2010).  Therefore, using the population growth grate formula, the estimate population increase for Cuba can be determined through the year 2015.

In 2010, the approximate population is 4,516,220 P=4,516,220 * (1.0135)^0
In 2011, the approximate population is 4,577,189. P=4,516,220 * (1.0135)^1
In 2012, the approximate population is 4,638,981. P=4,516,220 * (1.0135)^2
In 2013, the approximate population is 4,701,607. P=4,516,220 * (1.0135)^3
In 2014, the approximate population is 4,765,079. P=4,516,220 * (1.0135)^4
In 2015, the approximate population is 4,829,408. P=4,516,220 * (1.0135)^5

As a politician, this information is critical because it shows the gradual increase over the next five years in overall population.  Essentially, this means that more workers will be available as well as there being more people to feed, clothe, and shelter.  This is roughly a 300,000 person increase in total population in just five years.  While this may seem small in comparison to much larger countries, this is actually quite large for Costa Rica and will put stress on a GDP that decreased by 1.6% in 2009 (CIA – World Factbook, 2010).  The current resources are clearly not enough for the current size of the population, and this gradual increase over time will only make matters worse.  This does not bode well for the economy or the federal budget in Costa Rica unless something can be changed immediately to address this growth rate and the available resources over the next five years.  Furthermore, the unemployment rate has increased from 4.9% in 2008 to 6.4% in 2009 (CIA – World Factbook, 2010).  This will likely continue to increase if the government cannot address the issues to create more jobs, especially with a greater-sized workforce coming over the next five years.  It is critical that the Costa Rican government begin to think long-term immediately to address the lack of resources and poor economic statistics that are likely to get worse over the next five years.

References

CIA – World Factbook — Costa Rica. (2010, May 17). Retrieved from https://www.cia.gov/library/publications/the-world-factbook/geos/cs.html