Evaluate the role of gdp as a measure of economic growth

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Reference no: EM133287657

Read the extract below and answer the questions that follow:

High unemployment rate, rising taxes drag down S Africa's Economic Freedom rank
"South Africa has fallen from its position of 93 last year in the Economic Freedom of the World Annual Report, released by the Free Market Foundation (FMF) and Canada's Fraser Institute, to 99 this year.
"FMF director Eustace Davie attributes South Africa's worsening ranking among 165 jurisdictions monitored, to the deterioration of economic activity in the country, including its high unemployment rate..."

Question 1: Explain how high taxes may contribute to the deterioration of economic activity and high unemployment rates in South Africa.

Question 2. Discuss the consequences of deteriorating economic freedom and high unemployment for the economy and the society as a whole.
Question 3. Formulate a fiscal policy that may be implemented to improve this situation.

Question 4. Critically evaluate the role of GDP as a measure of economic growth.

Reference no: EM133287657

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