+ Economic Development Topic 5.2 Sources and Consequences of Economic Growth and Development.

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Presentation transcript:

+ Economic Development Topic 5.2 Sources and Consequences of Economic Growth and Development

+ Key concepts for Topic 5.2 Explain and give sources of economic growth Distinguish and give examples of physical and social capital Distinguish and give examples of the concepts of capital widening and deepening Explain consequences of economic development Give examples of infrastructure

+ Sources of Economic Growth and Development

+ Comparing Singapore and Zambia Singapore is a modern developed country with high standards of living. Zambia is a land locked county with low levels of development and few opportunities for Economic Growth. Both countries were colonized at similar times So where do the differences come from? GDP growth 7.5% (2007) GDP per capita $48,900 (2007) GDP by sector agriculture: 0%, industry: 33.7%, services: 66.3% GDP growth 6.0% (2007) GDP per capita $1400 (2007) GDP by sector agriculture: 22%, industry: 29%, services: 48.9% SingaporeZambia

+ Zambia …. You have to use this presentation as a template to research and explain how the four sources of economic growth relate to Zambia. Always use statistics to support your statements and explanation. You will print this out at the end of the lesson to use as notes and I will check over. Helpful websites….. Wikipedia - Zambia Biz Ed – Virtual Worlds Zambia, click on background CIA The World Fact Book – Zambia

+ Zambia IndicatorAnswer ? Education spending as % of GDP2% Literacy Rate for Total Population80.6% Unemployment Rate50% Investment (Gross Fixed) as % of GDP6% Inflation Rate (Consumer Prices)11.8%

+ Sources of Economic Growth Zambia Natural Factors Human Capital Factors Physical capital and technological factors Institutional Factors

+ Zambia has… - Copper, cobalt, zinc, lead, coal, gold, hydropower Natural resources

+ Human Capital Factors Zambia has… Total population of approx.11,670,000 Population growth rate % But, with million in labour force (50% unemployment rate) Literacy rate (up to age of 7)

+ Physical Capital - Technological Zambia has… Investment (gross fixed)- 26% of gdp Infrastructures/ transportation : - Road km - Airports – Waterways Telephone – Internet users – 500,000 - Mining and processing - Constructions - Textiles etc.

+ Institutional Factors Zambia has… 25% of investment have adequate legal system, Banking system (high lending rate 18.89%, and higher inflation11.8%) Military

+ What are the barriers to Economic Growth and Development in Zambia? Zambia’s barriers to Economic Growth ….. High poverty rate (68%) Corruption Rapid population growth and HIV/AIDs causes