Different Countries Different Cultures Assignment - 2

Different Countries Different Cultures - Assignment Example Therefore, comparatively, there is a higher growth rate in GDP in the USA as compared to Japan. The unemployment rate in the USA during the first quarter was rated at 8.2%, while that of Japan over the same period was rated at 4.6% (Robert, 2008). While there was an increase in the unemployment rates in Japan during this period, in the USA, more jobs were created. The annual inflation rate by January 2012 for Japan was observed to rise by 0.1%, while that of the USA decreased to 2.9%. However, both countries trade deficits widened, with the imports for both countries being higher than their exports. Another similarity between the countries is in their economic performance, where both economies are performing well. China is the world’s fastest growing economy, with an average annual growth rate of 10% over the last thirty years. While China has an average quarterly growth rate of 2.15% from the year 2001 to 2011, the average quarterly GDP growth rate in India is 7.45, as from the year 2000 to 2011. Since 1997, the economy of India has recorded a steady growth rate of 7%, thus serving to reduce the poverty levels by a greater margin (Jayati, 2010). The GDP of India grew by 6.9% in the last one year, while that of China increased by 8.1%. While the economy of China is mostly supported by exports, which forms the bulk of China’s GDP, that of India is mostly supported by the service industry, which forms the bulk source of income for the country’s economy (Jayati, 2010). In the first quarter of 2012, China’s inflation level went up by 3.6%, while that of India decreased by 0.3%. While the GDP per capita of China was 8,394 US dollars, that of India was $3,703 for the same period. China is the world’s largest producer and consumer of Agricultural goods, while India is the second largest producer and consumer (Rogers, 2011).