This Great Graphic comes from The Economist. It depicts world GDP per capita and shows the contribution from advanced and developing countries. It notes that per capita GDP growth rates have returned to pre-crisis levels, though the composition has changed.
Developing countries are contributing the lion’s share of the world growth. The financial crisis has been centered in the advanced economies. However, we note that the US is the only major advanced economy where output has surpassed the pre-crisis levels.
There also seems to be a measuring problem here. Do those categories even have merit or is it like the label “recession” which has no agreed upon definition. Are advanced and developing categories fixed over time? If a country, such as Israel or South Korea, OECD members incidentally, have higher per capita GDP than some countries in western and central Europe, should they still be considered developing ? If some countries can move up from developing to advanced, can’t other countries, such as Greece, for example, slip from advanced to developing?
This post was originally published at MarctoMarket and is reproduced here with permission.
285687One Responsehttp%3A%2F%2Fwww.economonitor.com%2Fblog%2F2012%2F10%2Fgreat-graphic-world-gdp-per-capita%2FGreat+Graphic%3A+World+GDP+Per+Capita2012-10-12+14%3A18%3A44Marc+Chandlerhttp%3A%2F%2Fwww.economonitor.com%2F%3Fp%3D285687 to “Great Graphic: World GDP Per Capita”
Great graphics! Trend of share of developing countries indicates the obvious, ever rising from '92 onwards. There is a caveat, however, that developing countries' share dips cyclically every 10 years ie, 1990, 1998, and last during 2008. Will one expect another dip during 2015-16? The moot point is, what indicators will the world community monitor, control, strategize to avoid such an eventuality ?
Edward is a macro economist, who specializes in growth and productivity theory, demographic processes and their impact on macro performance, and the underlying dynamics of migration flows.
Edward is based in Barcelona, and is currently engaged in research on aging, longevity, fertility and migration, and the impact of all of these on economic growth. He is currently working on a book "Population, The Ultimate Non-renewable Resource?" He is a regular contributor to a number of economics weblogs, including India Economy Blog, A Fistful of Euros, Global Economy Matters and Demography Matters. He was, in fact, a founding member of all these weblogs.
Edward follows in detail the Indian, Italian, Spanish, German and Japanese economies. He has a more than a passing interest in the economies of Turkey and Brazil and in the emerging economies of Eastern Europe.
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