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 ?
Edwin G. Dolan is an economist and educator with a Ph.D. from Yale University. Early in his career, he was a member of the economics faculty at Dartmouth College, the University of Chicago, and George Mason University. From 1990 to 2001, he taught in Moscow, Russia, where he and his wife founded the American Institute of Business and Economics (AIBEc), an independent, not-for-profit MBA program. Since 2001, he has taught at several universities in Europe, including Central European University in Budapest, the University of Economics in Prague, and the Stockholm School of Economics in Riga, where he has an ongoing annual visiting appointment. During breaks in his teaching career, he worked in Washington, D.C. as an economist for the Antitrust Division of the Department of Justice and as a regulatory analyst for the Interstate Commerce Commission, and later served a stint in Almaty as an adviser to the National Bank of Kazakhstan. When not lecturing abroad, he makes his home in Washington's San Juan Islands.
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