India – One of the Top Economy in the World
A recent study released by Bloomberg shows that India has become one of the top economies in the world. The country saw record-beating growth in the April-June quarter. According to the Indian government, it is expected to grow at seven-7.5 percent in the coming years. The government believes that this expansion will widen the country’s lead over the UK.
List of countries by GDP (nominal) per capita
GDP (gross domestic product) per capita is a measure of a country’s economic output per person. It’s the value of goods and services produced in a country over a year. Gross domestic product (GDP) per capita varies widely across nations. It depends on the economy and the profits that a country generates relative to its expenditures.
The United States has maintained the top position in the list of countries by GDP (nominal) per person since the Gilded Age, when the country enjoyed rapid economic growth. It overtook the Qing dynasty and the British Empire in terms of overall output. Since 1978, China has moved up the list, rising from ninth to second place. Its share of world GDP has increased from 2% in 1980 to almost 15% in 2016. In addition to China, India has seen a similar economic boom since liberalisation in the 1990s.
The GDP per capita of a country is calculated in two ways: nominal and purchasing power parity. The former takes into account exchange rates and the cost of living and is thus more accurate than the latter. The latter, however, takes into account the relative cost of living and provides a more comprehensive picture of income.
Gross domestic product (GDP) is the total value of goods and services produced by a nation during a specific year. The countries on the list are ordered according to their nominal GDP as reported by financial institutions. These figures are based on the official and market exchange rates. However, the actual cost of living varies widely between countries. As a result, the GDP per capita of a country varies year after year, affecting its ranking and overall standard of living.