For the uninitiated, GDP is an economic parameter that measures the financial health and normal of living in a country. Now, if we take the GDP alone to be a parameter, it could be ambiguous. The most very best methods are adopted by international organizations just like the United Nations, World financial institution, International Financial Fund (IMF), and others, who provide you with their record of richest international locations, annually. Fawley The GDP per capita, that can be intently termed as Purchasing Power Parity, is utilized by statisticians the world over. Alone, GDP cannot be considered as the only standards for putting a country, because, when only GDP is considered, China competes close to the US. But when you think about GDP per capita, China falls many places behind the US. That is owing to the massive inhabitants of China. Attention-grabbing, Isn’t it? Arab international locations like Qatar have usually scaled up the order because of their smaller inhabitants, similar to Singapore, although they are very small in size as in comparison with the US. One additionally has to take under consideration the general normal of living, well being care of residents, and literacy rate.
Luxembourg, known as the ‘Inexperienced Coronary heart of Europe’, located in North West Europe, enjoys the best GDP per capita, and is always in close competitors with the Scandinavian country of Norway, known for its financial wealth, and Qatar, the nation that has wealthy reserves of black gold, petroleum. Luxembourg’s economic system is diversified into banking and industrial sectors, that are main contributors to its economic system.
RankCountriesGDP per capita (in USD approx)
1Luxembourg95,000
2Norway77,000
3Qatar75,000
4Switzerland66,000
5Denmark55,000
6Ireland51,000
7Netherlands47,000
8United Arab Emirates46,000
9United States46,000
10Finland45,000
As we are able to see, the richest nations have a small inhabitants. barring exceptions like the US. Singapore, and other growing economies like China, UAE, Japan, UK, and India, although not among the top ten, have robust economies.
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