Under its national industrialization strategy, Ghana experienced significant changes in its macroeconomic indicators between 2012 and 2021. Its principal export market is Switzerland, while its primary import source is China. Ghana's imports as a percentage of GDP rose from 24% in 2012 to 31% in 2021, and its GDP per capita increased from 1,650to 1,650 to \,1,650to2,360 over the same period.
The Ghanaian government launched a national financial inclusion campaign to bolster the domestic supply of finance for private investment. This initiative urged households to open digital bank accounts and established community cooperative credit unions to encourage regular deposits. However, direct and indirect tax rates were kept unchanged during these ten years.
| Year | % change in GDP per capita | Savings ratio (%) |
|---|---|---|
| 2012 | 5.2 | 6.0 |
| 2013 | 4.8 | 7.5 |
| 2014 | 2.1 | 8.0 |
| 2015 | 1.5 | 9.0 |
| 2016 | 3.4 | 10.5 |
| 2017 | 6.1 | 11.0 |
| 2018 | 4.0 | 12.0 |
| 2019 | 4.5 | 12.5 |
| 2020 | 0.8 | 13.0 |
| 2021 | 3.5 | 12.5 |
Using information from the stimulus material, evaluate whether the size of Ghana's multiplier is likely to have increased between 2012 and 2021.
