Answer the below questions
a. What do you understand by Real GDP? What is the Real GDP Growth Rate of India and China in 2019? What is the estimated real GDP growth rate of India and China in 2020? What is the projected real GDP growth rate of India and China in 2021 and 2022?
b. What is the estimated 2022 GDP Loss (in percentage) in comparison to pre-covid levels (January 2020 forecast) in China and Other Emerging Economies in Asia other than
(a): Real gross domestic product (Real GDP) is an inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year (expressed in base-year prices) and is often referred to as "constant-price," "inflation-corrected", or "constant dollar" GDP.
The growth in real GDP in 2019 was 4.2 percent in India and 6.1 percent in China.
The growth in real GDP in 2020 was -10.3 percent in India and 2.3 percent in China.
The projected growth in real GDP in 2021 is 8.8 percent in India and 6 percent in China.
(b): Real GDP growth at market prices in percent as per world bank: