Real GDP grows when the quantities of labour, physical capital and human capital grow and when technology advances. As per the WEO (2020), global growth is projected to rise from an estimated 2.9 percent in 2019 to 3.3 percent in 2020 and 3.4 percent in 2021. Growth in the U.S was 2.8% in 2018.
Using data from the Conference Board, work out the growth accounting equations for the period 2000 to 2018 for a) the U.S and b) a country of your choice. Discuss the drivers of growth for the U.S over this period and provide a short comparison to the drivers of growth for the country chosen for.