Statistical Learning-World Country’s

GDP Analysis
Domain:
As per the report of the World Bank, the indicators within the economy sector allow us to examine various
characteristics of both national and world economic activity. As countries produce goods and services, and
consume these domestically or trade internationally, economic indicators measure levels and changes in the size
and structure of different economies, and identify growth and contractions.

What are the basic indicators of economic activity?

Measuring economic activity in a country or region provides insights into the economic well-being of its
residents. Gross Domestic Product (GDP), a widely used indicator, refers to the total gross value added by all
resident producers in the economy. Growth in the economy is measured by the change in GDP at constant price.
Many WDI indicators use GDP or GDP per capita as a denominator to enable cross-country comparisons of
socioeconomic and other data.

Dataset:
The Dataset for this work is having the following indicators for all the countries in the world.
1. GDP (current US$)
2. GDP growth (annual %)
3. Agriculture, value added (annual % growth)
4. Industry, value added (annual % growth)
5. Manufacturing, value added (annual % growth)
6. Service, value added (annual % growth)
7. Final Consumption Expenditure (annual % growth)
8. Gross Capital Formation (annual % growth)
9. Exports of Goods and Services (annual % growth)
10. Imports of Goods and Services (annual % growth)
11. Gross Savings (% of GDP)
12. Population
13. Country Metadata

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The dataset has the information about the above indicators from the year 1960 to 2018. All the above information
is provided in separate csv files (13 csv files). Combine/Merge the data as per your requirement. For more
information/explanation about those indicators please refer http://datatopics.worldbank.org/world-development-
indicators/themes/economy.html

Problem Statement:
Quantitatively explore the economic characteristics of different countries across the world to understand the
economic stability and inequality using the features in the dataset.

Approach:
⮚ Track the pattern of GDP across different years using the different economic indicators provided in the
dataset for the selected country.
⮚ Analyze the contribution of agriculture on overall GDP growth (Country wise).
⮚ Similarly analyze the contribution of all the economic indicators on the annual GDP growth. Use
required statistical techniques and testing.
⮚ Compare India’s GDP with China and infer your insights.
⮚ One can see some posts which say Bangladesh's growth rate is more than India’s. As we have data now,
perform the required analysis and comment on this point.
⮚ Compare the GDP growth of MANMOHAN Vs MODI era.
⮚ Who was the successful finance minister of India in terms of achieving more GDP growth during their
tenure? Refer this link for the list of finance ministers and their period
https://en.wikipedia.org/wiki/Minister_of_Finance_(India). Consider only those who are in charge of
office for around two years.
⮚ Perform the missing value analysis. Thinking of imputation is really necessary. If it is performed, it
requires imputation technique.
⮚ Perform Uni-variant and Bi-variant analysis to understand the relationship between different economic
indicators and GDP growth.
⮚ Perform the region wise GDP analysis. Regional data is available in the country metadata sheet.
⮚ Perform the OUTLIER analysis for each region's economic indicator values to understand the economic
inequality in the different regions of the world.
⮚ Perform the GDP growth analysis between LOW, MEDIUM and HIGH income countries.
⮚ Don’t restrict your analysis only on the above points. Think out of the box, explore the data and come up
with your own insights.

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