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1. Choose the country you would like to research:
a. Canada- Canadian Economy is my choice
b. U.S.A.
c. Any other country in which you have a particular interest.
2. In your essay, you will consider and address the following questions and points:
a. What is the current state of the economy that you have chosen? Collect the latest available data on nominal GDP, real GDP, per capita real GDP, unemployment rate, inflation rate, interest rates, exchange rate(s), and any other important macroeconomic data.

b. Is the country experiencing an inflationary gap or a recessionary gap?
c. What kind of macroeconomic policy should this country follow?
d. Is the real GDP growing and at what rate?
e. What is the per capita real GDP on Purchasing Power Parity basis? What is the trend in this variable? Is the per capita real GDP increasing? Can you find the relevant data for the last couple of years or more?
f. Is the current unemployment rate close to NAIRU? Higher or lower?
g. At what stage of the Business Cycle is this country presently in? Is there

an inflationary or recessionary gap?
h. What kind of fiscal and monetary policies is this country presently following? Expansionary or contractionary?
i. What kind of exchange rate policy is this country presently following? Fixed exchange rate or flexible exchange rate?
j. How is this country’s economy going to perform in the coming years? What does the future look like? Will the unemployment rate and inflation rate change? Why or why not?

 

Sample Solution

Subject-wise, although traditional emphasis has always been on STEM subjects, the overriding priority for education systems is, and will continue to be, literacy.
In most countries Technical and Vocational Education will become increasingly important, especially as economies move from the production of simple commodities (agriculture, raw materials) to complex (manufactured goods, technology and services). The biggest challenge for TVE from a teaching and learning perspective is assessment – how do we define competencies and skills in this sector, and how do we assess and certify them to international standards? Technology that allows for the assessment of complex skills both in the classroom and onsite (through mobile devices) would be extremely valuable. There is also an opportunity to use A.I. for this, as it will allow for the assessment of intricate tasks and projects beyond simple testing.
We are seeing a move away from high stakes international testing (such as PISA, TIMS etc.) and the use of statistics and Big Data in education. There has been little evidence to date that these systems are useful to course correct or inform policy and practice. Despite the efforts of bodies like the OECD these tests struggle to assess the complex competencies and skills that will increasingly be needed over the next few years. While they have certain political currency, the impact on classroom practice appears to be largely negative as teachers are under increasing pressure to compile data, which detracts from teaching itself, and teach to the test. National boards, like OFSTED in the UK, are now moving away from the statistical ‘evidence of progress’ towards inspections focussed on the quality of teaching and learning in the classroom and we are seeing similar trends worldwide.
In summary – for centralised and developing education systems the next three to five years will see:
1. The need for standardised and central administrative control over resources, content and the implementation of technology in the classroom.

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