Tariff Barriers Openness of Trade and Economic Growth International Trade

Posted On Mar 01 2021

Data Analysis type: Tariff Barriers, Openness of Trade and Economic Growth (International Trade) There is an ongoing debate that trade barriers have a negative effect on growth. In this simple data analysis, our goal is to : (1) Examine the relationship between tariffs and growth among 19 countries during the year 2015, and (2) Investigate the correlation between openness of trade and economic growth in the United States. Below are the questions: Question 1: Goal: We want to uncover the relationship between the weighted average tariff rate and per capita growth rate in GDP for 19 nations in 2015. Question: Using the steps below: i. Plot a scatter diagram to examine the economic relationship between the weighted average tariff rate (a measure of trade barrier) and per capita growth rate in GDP for the 19 developing and developed countries listed below for the year 2015. ii. Briefly discuss the relationship between the two economic variables as revealed in your scatter plot. In the context of this analysis, can we “loosely” say that trade barriers are bad?


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