Global dynamics of GDP and trade

Abhin Kakkad and Arnab K. Ray

Papers from arXiv.org

Abstract: We use the logistic equation to model the dynamics of the GDP and the trade of the six countries with the highest GDP in the world, namely, USA, China, Japan, Germany, UK and India. From the modelling of the economic data, which are made available by the World Bank, we predict the maximum values of the growth of GDP and trade, as well as the duration over which exponential growth can be sustained. We set up the correlated growth of GDP and trade as the phase solutions of an autonomous second-order dynamical system. GDP and trade are related to each other by a power law, whose exponent seems to differentiate the six national economies into two types. Under conducive conditions for economic growth, our conclusions have general validity.

Date: 2021-09, Revised 2022-09
New Economics Papers: this item is included in nep-int, nep-isf and nep-mac
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Published in IJMPC, 2022 (Published online in August 2022)

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Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:2109.05262

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