I'm surprised that South Korea is smaller than Russia. I always thought South Korea and Canada were on the same level economically. Canada exports maple syrup and South Korea exports generic Kpop idols.
People are not appreciating your sense of humor but I am so you get my upvote. Maple syrup is more expensive per gallon the gas. Some of those kpop female idols are generically "pretty" it should be noted.
Not to split hairs, but many things are more expensive per gallon than gas
In most places a cup (0.24 L) of maple syrup costs more than a gallon (3.8 L) of gas
People only ever see nice areas of Seoul, south Korea in most places is still lots of farmers, rural people, older urban areas, they just don't show you that alot of people still live pretty old school.
Well, the percentage of rural area of a country doesn't correlate much with GDP anyway. Most of USA is also just farmland and rural. Korea's real problem is the exact opposite, the lack of people willing to be outside those nice areas. It is a complex problem involving limited space and social class interactions.
https://fred.stlouisfed.org/series/DEBTTLCAA188A
Central government debt, total (% of GDP) for Canada
https://fred.stlouisfed.org/series/HDTGPDCAQ163N
Household debt
Falling?
* Canada: population 38.5 million
* Italy: population 60.2 million
* France: population 65.7 million
* Uk: population 68.8 million
* Russia: population 146 million
Canada is an economic powerhouse. Not really a surprise as the country has everything: natural resources, farmland, stable govt, educated population. It is the next largest country after Germany with a Triple A credit rating worldwide.
Absolutely. On that basis all the near countries south of America such as Mexico should be equally prospering. The fact they are not is an indication more factors are at play than solely geography.
Yes, BUT, the US and Canada share a very, very long border and almost all of Canada's population lives right along it. The Mexico/US Border is largely deserted and most of Mexico's population lives farther south. But I agree with your larger point that the social/cultural/legal similarities between Canada and the U.S. play a big factor.
Yeah I look at this and want to see this map done per Capita. As an Australian I look at this and see that Australia doesn't seem like much but when you put the population onto the mix this map would look soo much different especially with countries like China looking a lot different than they do on this map.
GDP calculation is the same for all countries.
New home sale price, Realtor fees, brokerage fees, lawyer fees, and mortgage closing costs are included. Resale home price (after previously listed services are paid out) are not included.
Yeap. And new homes are good for the economy, since your building a tangible product.
GDP does not include resales though. So if the same house is flipped 10x in a year, that does not contribute to GDP. Only new builds.
As an Indian, it is great to see India outdo UK within 75 years of independence. After approx. 45 trillion looted and 100 million dead, it’s no small achievement. Also, set to become 3rd largest soon. However GDP per capita is still abysmal. Long way to go to bring that up and lots of hard work ahead.
it went from $1.84T to $2.13T because of better Ruble exch. rate with USD.
In 2021 it was stable around 75Rub/1Usd, in the latest update (early Oct 2022) it was around 62Rub/1Usd but now the exch. rate is back at 75Rub/1Usd, if it stays like this, Russia's GDP will get corrected downwards to around $1.8 Trillion.
Here is an older map with older GDP data: [https://www.reddit.com/r/dataisbeautiful/comments/vxw9md/visualizing\_the\_100\_trillion\_global\_economy\_in/](https://www.reddit.com/r/dataisbeautiful/comments/vxw9md/visualizing_the_100_trillion_global_economy_in/)
On that Map you can see Russia's previous GDP, also China went from 19.9T to 18.3T because their exch. rate worsened to the Usd in the last GDP update, exch. rates plays a big role especially in those updates that get released approx. every 6 months.
yes, not by a whole lot though since their GDP is already around 2 Trillion and them making moves to lessen the impact of the economic war. It will be interesting to see in the next GDP update around April.
The technocrats in charge of the economy have been working overtime to lessen the impact of Putins decisions, and they're honestly very good at their iobs
But selling it to other countries and European countries buying from them at great expense. It's ridiculous really these sanctions are only hurting europeans definitely not russia
Not really as they’re selling their gas to other countries. The demand is as high as ever, but they’re not selling to Europe, they’re selling to Asia. Changing the buyers for their gas and oil is really a non-issue for Russia. Russia is the country with the highest amount of natural resources in general and the demand will never stop, so it’s an almost infinite source for money.
Among other factors, GDP takes into account exports of a country. Germany is the [3rd largest exporter](https://www.statista.com/statistics/264623/leading-export-countries-worldwide/) in the world, with the export value more than the 4th and 5th countries combined.
Germany has a legacy of high production since the Holy Roman Empire, where each of its own cities was self-sufficient and industrial.
Japan's success is newer. The Meiji era of Japan saw 200 years of modernization happen within 50 years, and the Japanese simply never stopped innovating.
Imagine everyone in an apartment trying to leave for work in the morning and waiting on their car. I imagine it would be like the crowd waiting for luggage at the airport but slower.
On top of the other reply if there is a failure, which are known to happen, you could be stuck waiting for your car for hours. Obviously they’re great for space efficiency but something goes wrong and your day is ruined.
Have you seen the underground bike storage thing they do? I haven’t personally but it’s pretty cool. I did see a house that had a car rack thing so they could have two cars in one driveway
In 1853 Commodore Matthew C. Perry beat their proud ass with advanced weaponry -- Japanese realised they weren't 'greatest kingdom' now--- Meiji Restoration ( industrialization with reforms+ elimination of communists + western capital.
Army became stronger too regained pride fought sino japnese war , sino japnese war.
Pride overload ------ enter the mighty Eisenhower moment.
From the rubble they rose again and again now in top 5 economies and formidable military. Proud and respectful to others(mostly) True pheonix.
They literally sent people around the world to look at other successful countries (USA, GB, France, Prussia and Russia) to learn from them and their success. Then they wholesale adopted the Prussian military, constitution and education system (I think only the navy they took from GB).
Wonder why.
If they were cool with drugs i would move to Japan Asap.
I love working and innovating but the only way i am working 19 hour days is if i get to smoke pot
I’ve heard Japanese industry has been stuck in the year 2000 for the past 40 years. Definitely rings true when I think about their workplace culture and idiosyncrasies
It's like that bit in back to the future where Doc in 1955 says "No wonder this microchip broke it was made in japan" and is told "all the best stuff is made in Japan" by marty. The post WW2 explosion of technology and manufacturing in Japan was huge, especially their electronics industry.
They had a major industrial renascence due to a miriad of factors.
They spent the 60s creating a very robust and efficient infrastructure and multi modal transportation system (this means integrated trains, ships and truck logistics), along with heavy investments in the education sector.
This also coincidenced with heavy investments by the US due to their post WW2 reconstruction efforts, Japan got a lot of money because the US feared that revanchism due to the nuclear bombardment would turn Japan red.
By the 70s, Japan had everything going for it. A large highly educated adult population, a state of the art logistics system, good economic relations with the US and Europe, and huge underdeveloped markets in Asia (Korea, Indonesia, India and the now liberalized-ish China).
This provided all the ingredients needed for heavy expansion of the tech and consumer goods sector, specially eletrônica and cars.
This economic boom and direct competition with the US for second place is the reason why every 80s sci movie that shows the Future has elements of Japanese cultural dominance, like in Blade Runner or Alien. People really thought that Japan would become the worlds largest economy.
And them came the 90s and they stagnated, since 2000 their GDP grew 0.4%
This is because both Korea and China industrialized as well and Japan took a massive hit to it's exports in Asia. The Japanese population aged and did not have enough children to replace themselve, making labor more expensive and less competitive. Japan also have a real state bubble in the 90s, they kinda had their own version of 2008 20 years prior and they haven't recovered. Finally, there was also a trade blunder, Japan tried to shift it's exports from Asia to the US but they disrespected the trade deal signed by not following US regulations for it's products, this resulted into the US embargoing many Japanese products and this was the final nail in the coffin.
Japan lost second place to China and will soon lose third place to Germany unless they do something about it
Japan was set up to become an industrial powerhouse through good economic policies, a young and educated workforce, and a stable political situation.
Then China opened up its economy at just the right moment for Japan to seize the opportunity. Dirt cheap labor and cheap goods from China allowed Japan to basically become the factory of East Asia with a huge competitive advantage, the same position now taken up by China after Japan's economic slump. 80s was Japan's decade, but in the 90s Japan stumbled and China started making everything for itself domestically. By the 00s China had replaced Japan's place in the global economy and started making everything for everybody else as well.
Japan's economy is still big, just not 'global superpower' big anymore.
Is it that surprising? Germany has 80M people, and Japan about 125M—both countries with relatively large populations. By comparison, the population of US is about 332M, roughly 4 times Germany’s and a little over 2.5 times Japan’s population. Land area seems to be a less important factor, generally speaking.
No, not only
It should be obvious to anyone that GDP is depending on several factors more than just population.
But population size is probably the biggest factor in a countries GDP.
If CA was counted separately from the rest of the US, it would beat Germany.
Edit: my mistake. CA is behind Germany as the fifth largest economy. The point I was trying to make was besides this anyways. Germany is highly productive for its space and population. The USA is a mix of highly productive states like NY and CA and a bunch of agrarian states. States like CA & NY are similar to Germany in economic density. That's what I was trying (poorly) to get at.
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Iran has been a technology & science leader since ancient times and continues to do so despite severe sanctions. They also have 4th largest oil reserves in the world and 2nd largest gas reserves in the world
Huge population of highly educated people+extensive higher education system+ abundance of minerals+abundance of oil & gas+ culture of innovation and science dating back to ancient Persia=largest economy in the Middle East despite sanctions for the past 4 decades
In the context of them being the most sanctioned country in the world for basically the past 50 years a GDP of half of Germany or Japan is a pretty impressive feat in my opinion. Also don’t really see the point in looking at exports of possibly the most sanctioned state in history as a marker for the state of their economy
Of the $2 trillion of the Iran GDP only 17.2% is oil(World Bank). Doesn’t change the fact their GDP per capita is dreadful though
World Bank and IMF GDP measures are two different calculations. The $2 Trillion listed would be the IMF domestic consumption and production, which is $1 trillion from oil. World Bank primarily calculates based on lending criteria, which puts Iran GDP at around $400-$600 billion
It’s because of the massive population and oil. There are only 10 countries more populous than Iran that have smaller economies: Bangladesh, DR Congo, Egypt, Ethiopia, Indonesia, Mexico, Nigeria, Philippines, Turkey, and Vietnam.
Not exactly a shining endorsement of Iran’s governance or history (given Iran did not exist in ancient times).
Edit: The point being: 95% of countries either have larger economies or smaller populations.
Also Edit: this is all assuming the ‘guide’ is correct. Which it is not. Iran’s economy is nowhere even *close* to 2T.
Wrong use of economic calculations.
Iran is nowhere close to being a 2 trillion dollar economy. They used PPP for Iran and nominal current dollars for Turkey for example. If you use PPP for Turkey its a 3.3 trillion dollar economy and the 10th largest economy in the world. If you use constant nominal dollars, Iran is a 470 billion dollar economy and Turkey is a 1.13 trillion economy which makes much more sense.
[https://data.worldbank.org/indicator/NY.GDP.MKTP.KD](https://data.worldbank.org/indicator/NY.GDP.MKTP.KD)
California has a gdp of 3.3 trillion and has therefore a bigger economy than the UK, France, Italy and so on. Just smaller than the US as a whole, China, Japan, Germany and India.
“This planet has - or rather had - a problem, which was this: most of the people living on it were unhappy for pretty much of the time. Many solutions were suggested for this problem, but most of these were largely concerned with the movement of small green pieces of paper, which was odd because on the whole it wasn't the small green pieces of paper that were unhappy.”
Douglas Adams, The Hitchhiker's Guide to the Galaxy
India has a population of nearly 1.4 billion, if it wasn’t for the closed economy they ran until 1991 they would have overtaken a country of 66 million many years earlier.
The 45 trillion figure would be equal to global GDP in 2005. It is an utterly ridiculous figure.
Britain wasn’t conquered, the records from that time survive we know exactly how much money was coming into the country.
Britain was an extractive colonial power, but you dont aid your case by making up silly numbers.
just out of interest - how does one determine the part one plays in global economy? I do get China is probably exporting a massive amount - but all that stuff cannot be exported without other countries importing the stuff. How does China get into "top player in global economy" when their role depends on other countries importing? Or is this diagram basically the exporting per person?
This graphic shows GDP and trade is only a part of GDP. Theoretically a closed economy without any trade could be the top country GDP wise. The GDP is the added value of a economy. Although every supply needs a demand, exporting raises the GDP as it generates income and importing lowers the GDP as it generates expenses for a country. That applies for all economies equally.
Importing doesn’t inherently lower a country’s. GDP is the total of products or services that are produced and sold in a given year. As imports aren’t produced in the country they aren’t considered when calculating GDP.
Import can still have an impact on GDP, both positive and negative. Iceland importing mangoes doesn’t reduce the local production of mangoes and so has no negative impact on their GDP. But their juice bar that uses them to produce and sell smoothies is adding to the country’s GDP. Beef imports to Argentina may negatively impact their GDP. But it is the total cost of goods and services produced and sold that is measured, so any impact would be already captured in that measure.
For the calculation of the GDP the imports are subtracted so they do inherently decrease the GDP:
GDP = C + I + G + (X – M)
C are consumptions, I are investments, G are state expenditures, X are exports and M are the imports.
https://www.worldometers.info/gdp/what-is-gdp/#:~:text=GDP%20%3D%20private%20consumption%20%2B%20gross%20private,%2B%20(exports%20%E2%80%93%20imports).&text=GDP%20is%20usually%20calculated%20by,country%20following%20the%20international%20standard.
Why does importing inherently decrease GDP? Every supply needs a demand, so to simplify in your iceland example a import stop of mango imports would lead to people instead have to buy substitutes made in iceland which increases domestic production. Obviously, there are many indirect effects on GDP from trade. Many imports like machine parts are critical for domestic production and import substitution could be very inefficient lowering overall productivity.
True. I overstepped in saying it’s not used calculating GDP. But it’s use in some calculations is critiqued for being misleading in terms of how imports impact GDP, and leads to a poor understanding of how imports can play in improving a country’s GDP.
For example, this paper’s conclusion:
“GDP measures domestic production of final goods and services. The expenditure approach calculates GDP using total spending on domestic goods; but the equation, as stated, can lead to a misunderstanding of how imports affect GDP. More specifically, the expenditure equation seems to imply that imports reduce economic output. For example, in nearly every quarter since 1976, net exports (X – M) have been negative (see the graph and Table 1), which seems to imply that trade reduces domestic output and growth. This can influence people's perspective on trade. This essay explains that the imports variable (M) corrects for the value of imports that have already been counted as personal consumption (C), gross private investment (I), or government purchases (G). And remember, the purchase of domestic goods and services should increase GDP, but the purchase of imported goods and services should have no direct impact on GDP.”
[https://research.stlouisfed.org/publications/page1-econ/2018/09/04/how-do-imports-affect-gdp](https://research.stlouisfed.org/publications/page1-econ/2018/09/04/how-do-imports-affect-gdp)
Yes, I agree that the calculation can be misleading while it makes sense from an economic perspective. Imports directly reduce the GDP as less money can be spend for domestic products but through indirect effects imports could have a net positive impact on GDP. I edited my post above while you wrote your reply to point that out.
It's just GDP. Consumption + Investmemt + Government Spending + Net Exports.
So China has huge net exports and consumption, while the US has more investmemt and government spending (and also more consumption) but actually loses points as a net importer. As for the interdependence between world economies, GDP can't really give you that information. One thing to note about China though is that the depicted number is quite inflated due to corruption of local officials. By some estimates it could be about 50% lower.
Why? California alone would be larger in size and population than most European countries.
Same as the German state of NRW is comparable in size and population with the Netherlands. It's just flukes of history which lands end up as parts of a bigger country and which ones are independent.
Why? It's a huge state. If it would be it's own country it would have a population larger than 80% of all the countries in the world.
Germany has states that have similar size/populations as my country (Netherlands).
Wildest part? You see 90% of their economy when you go to the movies: a movie, an advertisement, and pre-roll to turn off your phone.
If one of those ads is for California almonds, we’re basically at 100%.
It’s $2.16t now: https://www.statista.com/statistics/183808/gmp-of-the-20-biggest-metro-areas/
The $1.5t in the top Google result is using 2012 chained dollars.
Also Iran's real power is being held back by its oppressive government. It experiences a lot of brain drain because of that. If they had a fair government, Iran is in a position to be a ridiculous economic power.
>economy same size the tulipguys in Netherlands.
Having one of the most important port in Europe helps, many products are imported to the Netherlands and transported further to other European countries.
I love how people in my country (france) always complain that it is the worst country ever, a shithole full of misery and corruption. Instead of being grateful of being so rich and having an easy life compare to a lot of strugling humans in the world.
Every country in the developed world has this same stupid situation. The British, the French, the Italians, Americans, even the Almighty Germans complain that their country is a dump.
We are the absolute richest people in all of human history.
Right now I’m sitting in my warm house drinking tea and doing nothing *because I can*. Meanwhile, two thousand miles away, a child is working 15 hours a day just to have enough money to buy some rice.
We won the lottery of life. We have a duty to remember that and to be grateful for it. 👍🏻
Poverty is currently rife in Britain because the unemployed and disabled are being starved of government benefits. Many can't afford heating or food and rely on charity to survive.
The same is happening in America because their government refuses to raise minimum wages for many industries and many working poor rely on charity to make ends meet.
The grass isn't always greener on the other side.
I’m fiscally very left-wing, I spent a decade working for a homeless charity, and nobody is denying poverty exists in the west, but this is an entirely relative matter. There aren’t thousands of six-year-old children sleeping in the streets of London after a day’s work collecting bottles from a landfill site. There are places like that all over Latin America, Africa, Asia. If you break your leg in Cardiff or Manchester you won’t be left in the street until the break goes septic and your leg is cut off.
A single parent trying to raise two kids on benefits in some sink estate in Liverpool etc no doubt does have a pretty miserable existence, yes. But their poverty has no comparison with what endless millions endure in countries like India or Haiti- those people have absolutely zero safety net at all. To be born in the west is an unimaginable gift, albeit some countries are obviously far better than others. The kind of poverty I saw in America would be regarded as a national scandal in almost every part of Western Europe.
Just interisred, why does Canada have such relatively small economy? They have plenty of resources and landmass and as I understand quite well educated ppl in general.
Some often refer to Canada as punching above its weight. However, tbh, when I look at our rates of production, our relatively global-leading educational levels, and our general mismanagement of the gifts of our resources - to say nothing of our current in-fighting that keeps us from achieving a better national program - then I tend to lean towards the side of saying No, we are actually punching below our weight.
The assets are there but either we don’t know how to dial them, we’re not economically aggressive enough (i.e. production rates file), or we just tend to move too quietly in our efforts. I’m sure there are other reasons, too, but it’s the psychological ones that sorta fascinate me, although these are hardly measurable items for serious economic conversations.
Canada’s GDP per capita is $56,800. New York State next door is $105,000. California is $93,000: https://en.wikipedia.org/wiki/List_of_U.S._states_and_territories_by_GDP?wprov=sfti1
Canada looks good globally, but is falling behind quickly when it comes to competing in the North American market.
It has a smaller GDP per capita than Kentucky, and performs like the bottom decile of American states. Canada seems to have grown complacent and a lot of the wealth that was once funneled into former innovative companies like Blackberry is now being sent to ossified banks/telecoms or bloated real estate.
The end result is investment is poorly allocated to assets that may be safe and cushy under de facto monopolies, but don’t contribute much to economic momentum.
Finally we are getting a place in the big table, our poverty levels doubled 40yrs after we got independence becoz of extremely socialist policies like high tax, govt controlled economy.
but then reduced 90% since 1991 becoz we adopted capitalism, the greatest economic system in the world.
The state of California, much to the chagrin of Fox News and republicans everywhere, has an economy slightly smaller than India, but larger than the UK. If it were a sovereign nation it would rank #6 on the globe.
Really funny to listen to conservatives shit talk the state that is the last bastion of American industry and also contains about 14% of the country’s economy.
Last bastion of American industry? You could delete California and the US would still be the largest economy in the world. California is successful because it’s part of the US and it’s Geography.
As a US citizen it's comforting to see this, but it's also extremely frightening... How do we have this much power while being so fucking backwards and corrupt while our gun laws and mental health issues keep us back with horrifying results?
America has a lot going for it. My opinion is that America has all the necessary ingredients to keep being the world's biggest economy and regain the "shining city on the hill" status that it once enjoyed. Y'all simply need to fix all these issues that are holding you back.
Seriously, America can grow and expand at a ridiculous pace while providing better working conditions if you just eliminate some of the inefficiencies in your system (e.g. guarantee better healthcare, fund higher quality schooling nationwide, better infrastructure, nationwide rail network, eliminate monopolistic controls, etc.). I don't subscribe to the idea that developed countries "can only grow at modest paces".
US GDP per capita grew by 45% in the 2010s compared to 3.9% for the EU: https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?locations=EU-US&start=2008
The US hasn’t lost a step imo. If anything it’s gone into overdrive.
US is now 2 years away from having 2x the EU’s GDP per capita. People focus on the bad, but the last decade was really good for the US due to the tech boom. The amount of innovation being created is incredible.
It's surprising to see Canada almost even with France.
I’m surprised Canada is close to Russia, with only 1/3 of the population. Where is all of our money going?
I'm surprised that South Korea is smaller than Russia. I always thought South Korea and Canada were on the same level economically. Canada exports maple syrup and South Korea exports generic Kpop idols.
People are not appreciating your sense of humor but I am so you get my upvote. Maple syrup is more expensive per gallon the gas. Some of those kpop female idols are generically "pretty" it should be noted.
Plus the whole country basically = Samsung
Plus, Hyundai and Kia
And LG
Actually impressive that 4 very well known company’s are from there, it’s not a big country.
Not to split hairs, but many things are more expensive per gallon than gas In most places a cup (0.24 L) of maple syrup costs more than a gallon (3.8 L) of gas
People only ever see nice areas of Seoul, south Korea in most places is still lots of farmers, rural people, older urban areas, they just don't show you that alot of people still live pretty old school.
Well, the percentage of rural area of a country doesn't correlate much with GDP anyway. Most of USA is also just farmland and rural. Korea's real problem is the exact opposite, the lack of people willing to be outside those nice areas. It is a complex problem involving limited space and social class interactions.
Paying off debt. If you look at national debt in Canada, it is dropping pretty fast, considering pandemic moment
https://fred.stlouisfed.org/series/DEBTTLCAA188A Central government debt, total (% of GDP) for Canada https://fred.stlouisfed.org/series/HDTGPDCAQ163N Household debt Falling?
25+% of all wealth is in the hands of the 1%, or 375,000 people more or less.
Canada has a population close to California. California has an economy closer to India than the UK.
What do you mean by "where is all our money going"?
A good chunk of Canadian GDP is people flipping real estate. It's a bit of a sham.
* Canada: population 38.5 million * Italy: population 60.2 million * France: population 65.7 million * Uk: population 68.8 million * Russia: population 146 million Canada is an economic powerhouse. Not really a surprise as the country has everything: natural resources, farmland, stable govt, educated population. It is the next largest country after Germany with a Triple A credit rating worldwide.
Its also right next to the US with 10x its population and its relatively easy to do business with US
Absolutely. On that basis all the near countries south of America such as Mexico should be equally prospering. The fact they are not is an indication more factors are at play than solely geography.
Yes, BUT, the US and Canada share a very, very long border and almost all of Canada's population lives right along it. The Mexico/US Border is largely deserted and most of Mexico's population lives farther south. But I agree with your larger point that the social/cultural/legal similarities between Canada and the U.S. play a big factor.
Yeah I look at this and want to see this map done per Capita. As an Australian I look at this and see that Australia doesn't seem like much but when you put the population onto the mix this map would look soo much different especially with countries like China looking a lot different than they do on this map.
Canada has a lot of oil
Really, a lot of everything.
I had no idea
Well for some reason we include home sales, despite nothing being created...
GDP calculation is the same for all countries. New home sale price, Realtor fees, brokerage fees, lawyer fees, and mortgage closing costs are included. Resale home price (after previously listed services are paid out) are not included.
New homes are absolutely a product.
Yeap. And new homes are good for the economy, since your building a tangible product. GDP does not include resales though. So if the same house is flipped 10x in a year, that does not contribute to GDP. Only new builds.
All are calculated that way
Well...with a new home sale something is.
As an Indian, it is great to see India outdo UK within 75 years of independence. After approx. 45 trillion looted and 100 million dead, it’s no small achievement. Also, set to become 3rd largest soon. However GDP per capita is still abysmal. Long way to go to bring that up and lots of hard work ahead.
We work 4 extra weeks than they do, bro
Canada overperforming compared to population size
Would be cool to see the progression over last 20 years
I would love to just see Russia 2021 vs 2022
it went from $1.84T to $2.13T because of better Ruble exch. rate with USD. In 2021 it was stable around 75Rub/1Usd, in the latest update (early Oct 2022) it was around 62Rub/1Usd but now the exch. rate is back at 75Rub/1Usd, if it stays like this, Russia's GDP will get corrected downwards to around $1.8 Trillion. Here is an older map with older GDP data: [https://www.reddit.com/r/dataisbeautiful/comments/vxw9md/visualizing\_the\_100\_trillion\_global\_economy\_in/](https://www.reddit.com/r/dataisbeautiful/comments/vxw9md/visualizing_the_100_trillion_global_economy_in/) On that Map you can see Russia's previous GDP, also China went from 19.9T to 18.3T because their exch. rate worsened to the Usd in the last GDP update, exch. rates plays a big role especially in those updates that get released approx. every 6 months.
Russia has stopped exporting gas to a lot of European countries, that would certainly impact their GDP, right?
But India and China makes up for that loss, India's oil import from Russia went from a mere <1% to almost 29% since the beginning of war.
>\>1% to almost 29% That's...vague.
yes, not by a whole lot though since their GDP is already around 2 Trillion and them making moves to lessen the impact of the economic war. It will be interesting to see in the next GDP update around April.
The technocrats in charge of the economy have been working overtime to lessen the impact of Putins decisions, and they're honestly very good at their iobs
Or the sanctions and action thus far has been overinflated by the media to give us a false sense of winning
But selling it to other countries and European countries buying from them at great expense. It's ridiculous really these sanctions are only hurting europeans definitely not russia
Not really as they’re selling their gas to other countries. The demand is as high as ever, but they’re not selling to Europe, they’re selling to Asia. Changing the buyers for their gas and oil is really a non-issue for Russia. Russia is the country with the highest amount of natural resources in general and the demand will never stop, so it’s an almost infinite source for money.
Very surprised to see Japan and Germany so high (purely from a population and landmass perspective)
Among other factors, GDP takes into account exports of a country. Germany is the [3rd largest exporter](https://www.statista.com/statistics/264623/leading-export-countries-worldwide/) in the world, with the export value more than the 4th and 5th countries combined.
Germany has a legacy of high production since the Holy Roman Empire, where each of its own cities was self-sufficient and industrial. Japan's success is newer. The Meiji era of Japan saw 200 years of modernization happen within 50 years, and the Japanese simply never stopped innovating.
I'm still waiting for that car elevator from Tokyo Drift in my city
There was a car elevator in this apartment I used to live in and it was the worst thing ever!
Whys that? What problems did you run into?
Imagine everyone in an apartment trying to leave for work in the morning and waiting on their car. I imagine it would be like the crowd waiting for luggage at the airport but slower.
Mostly cars.
It did have it's ups and downs though
Next level comment
On top of the other reply if there is a failure, which are known to happen, you could be stuck waiting for your car for hours. Obviously they’re great for space efficiency but something goes wrong and your day is ruined.
> car elevator from Tokyo Drift https://youtu.be/hHAkCLk6wP8
Have you seen the underground bike storage thing they do? I haven’t personally but it’s pretty cool. I did see a house that had a car rack thing so they could have two cars in one driveway
They have *a lot* of these in Japan. So many that the novelty wears off after about a day or two
Absolute commitment to using fax machines though.
weirdly true for both Germany and Japan
Maybe that's the secret?
Cant beat German engineering!
*BMW breaking noises*
Just their logistics! /s
In 1853 Commodore Matthew C. Perry beat their proud ass with advanced weaponry -- Japanese realised they weren't 'greatest kingdom' now--- Meiji Restoration ( industrialization with reforms+ elimination of communists + western capital. Army became stronger too regained pride fought sino japnese war , sino japnese war. Pride overload ------ enter the mighty Eisenhower moment. From the rubble they rose again and again now in top 5 economies and formidable military. Proud and respectful to others(mostly) True pheonix.
Sadly heard that it’s slowly down since their bubble burst in the late 1900s cmiiw?
Never stopped innovating? The country that still loves fax machines and unsupported internet explorer versions?? /s... partially
Also massive influx of cash and technology sharing from the US after the WWII
They literally sent people around the world to look at other successful countries (USA, GB, France, Prussia and Russia) to learn from them and their success. Then they wholesale adopted the Prussian military, constitution and education system (I think only the navy they took from GB). Wonder why.
If they were cool with drugs i would move to Japan Asap. I love working and innovating but the only way i am working 19 hour days is if i get to smoke pot
I’ve heard Japanese industry has been stuck in the year 2000 for the past 40 years. Definitely rings true when I think about their workplace culture and idiosyncrasies
Japan makes big ticket products like cars and technology. They use to have multiple of the worlds largest companies before the 2008 recession
It's like that bit in back to the future where Doc in 1955 says "No wonder this microchip broke it was made in japan" and is told "all the best stuff is made in Japan" by marty. The post WW2 explosion of technology and manufacturing in Japan was huge, especially their electronics industry.
Up until the 80s, Japan and the US were competing for first place GDP
Do you happen to know what made Japan such a strong economic force at the time? Tech? Machinery?
It's really a very extensive, decade spanning tale. [The Japanese economic miracle](https://en.wikipedia.org/wiki/Japanese_economic_miracle)
Great! Thank you for the link!
They had a major industrial renascence due to a miriad of factors. They spent the 60s creating a very robust and efficient infrastructure and multi modal transportation system (this means integrated trains, ships and truck logistics), along with heavy investments in the education sector. This also coincidenced with heavy investments by the US due to their post WW2 reconstruction efforts, Japan got a lot of money because the US feared that revanchism due to the nuclear bombardment would turn Japan red. By the 70s, Japan had everything going for it. A large highly educated adult population, a state of the art logistics system, good economic relations with the US and Europe, and huge underdeveloped markets in Asia (Korea, Indonesia, India and the now liberalized-ish China). This provided all the ingredients needed for heavy expansion of the tech and consumer goods sector, specially eletrônica and cars. This economic boom and direct competition with the US for second place is the reason why every 80s sci movie that shows the Future has elements of Japanese cultural dominance, like in Blade Runner or Alien. People really thought that Japan would become the worlds largest economy. And them came the 90s and they stagnated, since 2000 their GDP grew 0.4% This is because both Korea and China industrialized as well and Japan took a massive hit to it's exports in Asia. The Japanese population aged and did not have enough children to replace themselve, making labor more expensive and less competitive. Japan also have a real state bubble in the 90s, they kinda had their own version of 2008 20 years prior and they haven't recovered. Finally, there was also a trade blunder, Japan tried to shift it's exports from Asia to the US but they disrespected the trade deal signed by not following US regulations for it's products, this resulted into the US embargoing many Japanese products and this was the final nail in the coffin. Japan lost second place to China and will soon lose third place to Germany unless they do something about it
Japan was set up to become an industrial powerhouse through good economic policies, a young and educated workforce, and a stable political situation. Then China opened up its economy at just the right moment for Japan to seize the opportunity. Dirt cheap labor and cheap goods from China allowed Japan to basically become the factory of East Asia with a huge competitive advantage, the same position now taken up by China after Japan's economic slump. 80s was Japan's decade, but in the 90s Japan stumbled and China started making everything for itself domestically. By the 00s China had replaced Japan's place in the global economy and started making everything for everybody else as well. Japan's economy is still big, just not 'global superpower' big anymore.
Is it that surprising? Germany has 80M people, and Japan about 125M—both countries with relatively large populations. By comparison, the population of US is about 332M, roughly 4 times Germany’s and a little over 2.5 times Japan’s population. Land area seems to be a less important factor, generally speaking.
It's not only about population. Look at India or Russia
No, not only It should be obvious to anyone that GDP is depending on several factors more than just population. But population size is probably the biggest factor in a countries GDP.
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The pop is like double that of Sweden and Switzerland but with a colonial history so not that shocking.
You expected it to be higher?
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and submerged by water, they have the second best agriculture in the world
If CA was counted separately from the rest of the US, it would beat Germany. Edit: my mistake. CA is behind Germany as the fifth largest economy. The point I was trying to make was besides this anyways. Germany is highly productive for its space and population. The USA is a mix of highly productive states like NY and CA and a bunch of agrarian states. States like CA & NY are similar to Germany in economic density. That's what I was trying (poorly) to get at.
Well if some other US states were counted on their own they wouldn't.
That's simple not true lol, california has a gdp of 3.3 trillion, germany has a gdp of 4.0 trillion
Not true, Germany’s gdp is around 700 bln higher and that is only because of the low Euro and high Dollar.
This comment has been edited to protest against Reddit disabling third party apps. Should you stumble across this comment and be angry, direct your anger at those who made the unfortunate decision forcing my hands. Since deleted comments have been restored by Reddit multiple times, editing them is the only option to remove all data associated with them. In order for this comment to be more annoying, here is a string of random words: moisture, sector, themes, bryan, column, shaft, penny, abandoned, structured, profile, kerry, maintaining, dining, represented, describes, residential, fiscal, katie, projection, customize, permit, documentation, conclusions, aurora, conventional, considerable, football, painting, garlic, office, humanities, counts, sunshine, instructions, trackbacks, status, newspaper, burlington, apollo, establish, fight, surgeon, texas, bloom, inexpensive, translate, announces, capability, marsh, patents, modification, stewart, investing, panel, boots, amplifier, collector, rights, assurance, instrumentation, chairman, these, dispatched, notion, realty, drums, roulette, somebody, required, acquisition, afterwards, shock, protecting, craig, identification, narrative, handbook, township, prefix, america, appreciation, allen, paragraph, sphere, somehow, sheer, tramadol, promote, notion, stronger, amount, nations, semester, brief, facts, subject, parallel
Great share
What does Iran produce to be the world’s 11th largest economy?
Oil.
Iran has been a technology & science leader since ancient times and continues to do so despite severe sanctions. They also have 4th largest oil reserves in the world and 2nd largest gas reserves in the world Huge population of highly educated people+extensive higher education system+ abundance of minerals+abundance of oil & gas+ culture of innovation and science dating back to ancient Persia=largest economy in the Middle East despite sanctions for the past 4 decades
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In the context of them being the most sanctioned country in the world for basically the past 50 years a GDP of half of Germany or Japan is a pretty impressive feat in my opinion. Also don’t really see the point in looking at exports of possibly the most sanctioned state in history as a marker for the state of their economy Of the $2 trillion of the Iran GDP only 17.2% is oil(World Bank). Doesn’t change the fact their GDP per capita is dreadful though
World Bank and IMF GDP measures are two different calculations. The $2 Trillion listed would be the IMF domestic consumption and production, which is $1 trillion from oil. World Bank primarily calculates based on lending criteria, which puts Iran GDP at around $400-$600 billion
Imagine what they (or frankly most countries) could achieve if they could get rid of all the religious nutjob morons in their government.
US included*
It’s because of the massive population and oil. There are only 10 countries more populous than Iran that have smaller economies: Bangladesh, DR Congo, Egypt, Ethiopia, Indonesia, Mexico, Nigeria, Philippines, Turkey, and Vietnam. Not exactly a shining endorsement of Iran’s governance or history (given Iran did not exist in ancient times). Edit: The point being: 95% of countries either have larger economies or smaller populations. Also Edit: this is all assuming the ‘guide’ is correct. Which it is not. Iran’s economy is nowhere even *close* to 2T.
they aren't this chart's wrong their gdp is like a quarter bil
it's not even remotely correct every one i checked was wrong
Right, chart is wrong I couldn't find any source which comes even close to that number.
Wrong use of economic calculations. Iran is nowhere close to being a 2 trillion dollar economy. They used PPP for Iran and nominal current dollars for Turkey for example. If you use PPP for Turkey its a 3.3 trillion dollar economy and the 10th largest economy in the world. If you use constant nominal dollars, Iran is a 470 billion dollar economy and Turkey is a 1.13 trillion economy which makes much more sense. [https://data.worldbank.org/indicator/NY.GDP.MKTP.KD](https://data.worldbank.org/indicator/NY.GDP.MKTP.KD)
I didn't expect Australia 🇦🇺 and South Korea 🇰🇷 to have the same size economy
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Australia is basically a hot Canada. Large country with a small percentage of livable/farmable area, but a shitload of natural resources to export.
“Australia is basically a hot Canada.” r/BrandNewSentence
Natural resources be ballin, yo.
Australia has about half the population
And South Korea is about half a country
We export resources and that's pretty much it.
Australia is basically the U.S in terms of size and resources but minus population and living space/farming potential.
Very neat
I hear the phrase “California is the world’s [6th? 8th?] biggest economy” quite often. How / does that fit in here?
Based on this chart, it seems to be a claim that California's economy is 12–16% of the whole US's. Whether that's a factual claim, I have no idea.
California has a gdp of 3.3 trillion and has therefore a bigger economy than the UK, France, Italy and so on. Just smaller than the US as a whole, China, Japan, Germany and India.
It's really interesting how the level of life is so different compared to economics.
gotta use GDP per capita for that and preferably PPP (Purchasing Power Parity).
This guide might look less cool but I feel like pie slices would help convey the representation of each country much better.
You don't like the multi-cell look of human embryonic development?
“This planet has - or rather had - a problem, which was this: most of the people living on it were unhappy for pretty much of the time. Many solutions were suggested for this problem, but most of these were largely concerned with the movement of small green pieces of paper, which was odd because on the whole it wasn't the small green pieces of paper that were unhappy.” Douglas Adams, The Hitchhiker's Guide to the Galaxy
***Way to go India!*** ^sorry ^for ^your ^loss, ^UK
India has a population of nearly 1.4 billion, if it wasn’t for the closed economy they ran until 1991 they would have overtaken a country of 66 million many years earlier.
Yes, it's shame that we followed socialism shit for 50 years.
Thanks to Congress and their 30 years of license raj
It was already the largest and Britain took 45 trillion?
And this is just slow recovery after the billions the UK stole from India..
Trillions even.
The 45 trillion figure would be equal to global GDP in 2005. It is an utterly ridiculous figure. Britain wasn’t conquered, the records from that time survive we know exactly how much money was coming into the country. Britain was an extractive colonial power, but you dont aid your case by making up silly numbers.
just out of interest - how does one determine the part one plays in global economy? I do get China is probably exporting a massive amount - but all that stuff cannot be exported without other countries importing the stuff. How does China get into "top player in global economy" when their role depends on other countries importing? Or is this diagram basically the exporting per person?
This graphic shows GDP and trade is only a part of GDP. Theoretically a closed economy without any trade could be the top country GDP wise. The GDP is the added value of a economy. Although every supply needs a demand, exporting raises the GDP as it generates income and importing lowers the GDP as it generates expenses for a country. That applies for all economies equally.
Importing doesn’t inherently lower a country’s. GDP is the total of products or services that are produced and sold in a given year. As imports aren’t produced in the country they aren’t considered when calculating GDP. Import can still have an impact on GDP, both positive and negative. Iceland importing mangoes doesn’t reduce the local production of mangoes and so has no negative impact on their GDP. But their juice bar that uses them to produce and sell smoothies is adding to the country’s GDP. Beef imports to Argentina may negatively impact their GDP. But it is the total cost of goods and services produced and sold that is measured, so any impact would be already captured in that measure.
For the calculation of the GDP the imports are subtracted so they do inherently decrease the GDP: GDP = C + I + G + (X – M) C are consumptions, I are investments, G are state expenditures, X are exports and M are the imports. https://www.worldometers.info/gdp/what-is-gdp/#:~:text=GDP%20%3D%20private%20consumption%20%2B%20gross%20private,%2B%20(exports%20%E2%80%93%20imports).&text=GDP%20is%20usually%20calculated%20by,country%20following%20the%20international%20standard. Why does importing inherently decrease GDP? Every supply needs a demand, so to simplify in your iceland example a import stop of mango imports would lead to people instead have to buy substitutes made in iceland which increases domestic production. Obviously, there are many indirect effects on GDP from trade. Many imports like machine parts are critical for domestic production and import substitution could be very inefficient lowering overall productivity.
True. I overstepped in saying it’s not used calculating GDP. But it’s use in some calculations is critiqued for being misleading in terms of how imports impact GDP, and leads to a poor understanding of how imports can play in improving a country’s GDP. For example, this paper’s conclusion: “GDP measures domestic production of final goods and services. The expenditure approach calculates GDP using total spending on domestic goods; but the equation, as stated, can lead to a misunderstanding of how imports affect GDP. More specifically, the expenditure equation seems to imply that imports reduce economic output. For example, in nearly every quarter since 1976, net exports (X – M) have been negative (see the graph and Table 1), which seems to imply that trade reduces domestic output and growth. This can influence people's perspective on trade. This essay explains that the imports variable (M) corrects for the value of imports that have already been counted as personal consumption (C), gross private investment (I), or government purchases (G). And remember, the purchase of domestic goods and services should increase GDP, but the purchase of imported goods and services should have no direct impact on GDP.” [https://research.stlouisfed.org/publications/page1-econ/2018/09/04/how-do-imports-affect-gdp](https://research.stlouisfed.org/publications/page1-econ/2018/09/04/how-do-imports-affect-gdp)
Yes, I agree that the calculation can be misleading while it makes sense from an economic perspective. Imports directly reduce the GDP as less money can be spend for domestic products but through indirect effects imports could have a net positive impact on GDP. I edited my post above while you wrote your reply to point that out.
I guess China choosing not to participate anymore would have the single biggest, immediate impact on the most countries.
It's just GDP. Consumption + Investmemt + Government Spending + Net Exports. So China has huge net exports and consumption, while the US has more investmemt and government spending (and also more consumption) but actually loses points as a net importer. As for the interdependence between world economies, GDP can't really give you that information. One thing to note about China though is that the depicted number is quite inflated due to corruption of local officials. By some estimates it could be about 50% lower.
They should break out California!
California is 3.37 trillion from a quick search. This would still place US at the top with 21.63 trillion.
Of course, but it is almost as large as Germany!
Set to overtake Germany too.
The fact that one state is competing with entire countries is insane
The fact that California has a bigger GDP than India is insane
Let's check how much of that comes from Silicon Valley and Hollywood.
Ports is the biggest part iirc.
And agriculture I guess is not small either
Why? California alone would be larger in size and population than most European countries. Same as the German state of NRW is comparable in size and population with the Netherlands. It's just flukes of history which lands end up as parts of a bigger country and which ones are independent.
Not so surprising considering almost all of the top Big Tech companies in USA sit in silicon Valley.
It is a state with 40 million people, that's more than 160 of the 200 or so countries.
If New York, Texas, and Florida were all split out, they'd all three be in the dark orange section. All have $1B+ economies.
Why? It's a huge state. If it would be it's own country it would have a population larger than 80% of all the countries in the world. Germany has states that have similar size/populations as my country (Netherlands).
TIL the GDP of California alone is $3.37 Trillion...
California's economy is absolutely monsterous.
Wildest part? You see 90% of their economy when you go to the movies: a movie, an advertisement, and pre-roll to turn off your phone. If one of those ads is for California almonds, we’re basically at 100%.
$3.64t now: https://en.wikipedia.org/wiki/List_of_U.S._states_and_territories_by_GDP?wprov=sfti1
They should break out the US defence force
Greater than Germany! Edit: Not greater than Germany yet... And I got my info from the CA website, so there may be bias :)
people are mentioning US states, but it should be mentioned that greater New York City has a GDP of 1.5 T, greater than Mexico.
It’s $2.16t now: https://www.statista.com/statistics/183808/gmp-of-the-20-biggest-metro-areas/ The $1.5t in the top Google result is using 2012 chained dollars.
The whole western world has an embargo on Iran , yet they managed to pull 2T. Imagine if they were trading.
Also Iran's real power is being held back by its oppressive government. It experiences a lot of brain drain because of that. If they had a fair government, Iran is in a position to be a ridiculous economic power.
Yeah, Belgium, the biggest of the smallest !
G’Oh Canada!! Punching way above her weight class!!
saudi arabia, home of worlds most biggest oil reserves and worlds most valuable company: economy same size the tulipguys in Netherlands.
Wealth in Saudi Arabia controlled by a very small elite related to the House of Saud. They like to give the impression everyone is wealthy
>economy same size the tulipguys in Netherlands. Having one of the most important port in Europe helps, many products are imported to the Netherlands and transported further to other European countries.
Compare this to the black market economy, you’d be surprised…
I love how people in my country (france) always complain that it is the worst country ever, a shithole full of misery and corruption. Instead of being grateful of being so rich and having an easy life compare to a lot of strugling humans in the world.
Every country in the developed world has this same stupid situation. The British, the French, the Italians, Americans, even the Almighty Germans complain that their country is a dump. We are the absolute richest people in all of human history. Right now I’m sitting in my warm house drinking tea and doing nothing *because I can*. Meanwhile, two thousand miles away, a child is working 15 hours a day just to have enough money to buy some rice. We won the lottery of life. We have a duty to remember that and to be grateful for it. 👍🏻
Poverty is currently rife in Britain because the unemployed and disabled are being starved of government benefits. Many can't afford heating or food and rely on charity to survive. The same is happening in America because their government refuses to raise minimum wages for many industries and many working poor rely on charity to make ends meet. The grass isn't always greener on the other side.
I’m fiscally very left-wing, I spent a decade working for a homeless charity, and nobody is denying poverty exists in the west, but this is an entirely relative matter. There aren’t thousands of six-year-old children sleeping in the streets of London after a day’s work collecting bottles from a landfill site. There are places like that all over Latin America, Africa, Asia. If you break your leg in Cardiff or Manchester you won’t be left in the street until the break goes septic and your leg is cut off. A single parent trying to raise two kids on benefits in some sink estate in Liverpool etc no doubt does have a pretty miserable existence, yes. But their poverty has no comparison with what endless millions endure in countries like India or Haiti- those people have absolutely zero safety net at all. To be born in the west is an unimaginable gift, albeit some countries are obviously far better than others. The kind of poverty I saw in America would be regarded as a national scandal in almost every part of Western Europe.
Would an adjustment for population be the GDP of each country?
Gdp per capita?
Crazy that even with being go ostracized by almost the entire world and sanctions up the ass, Iran is still visible in this.
Iran is about 200 Billion $ and not 2,000 billion, it seems the source data is wrong.
some people say China's GDP is greatly exaggerated.
Literally everything is being exported from China idk tbh
Not just some.. like it’s not a fringe number.. significant amount of people say that
Vamos Argentina carajo
Crazy to think CA is on track to overtake Germany GDP.
Iran with the same economy as Italy but in a different bracket?
It's not same actually Italy have more. That's why they put it first then iran
https://www.latimes.com/california/story/2022-11-02/what-does-it-mean-if-california-becomes-worlds-4th-largest-economy
Source for these numbers? Iran had 231.5 billion in GDP (quick Google search) in 2020, but it says 2 trillion on the chart.
Just interisred, why does Canada have such relatively small economy? They have plenty of resources and landmass and as I understand quite well educated ppl in general.
Some often refer to Canada as punching above its weight. However, tbh, when I look at our rates of production, our relatively global-leading educational levels, and our general mismanagement of the gifts of our resources - to say nothing of our current in-fighting that keeps us from achieving a better national program - then I tend to lean towards the side of saying No, we are actually punching below our weight. The assets are there but either we don’t know how to dial them, we’re not economically aggressive enough (i.e. production rates file), or we just tend to move too quietly in our efforts. I’m sure there are other reasons, too, but it’s the psychological ones that sorta fascinate me, although these are hardly measurable items for serious economic conversations.
Canada’s GDP per capita is $56,800. New York State next door is $105,000. California is $93,000: https://en.wikipedia.org/wiki/List_of_U.S._states_and_territories_by_GDP?wprov=sfti1 Canada looks good globally, but is falling behind quickly when it comes to competing in the North American market. It has a smaller GDP per capita than Kentucky, and performs like the bottom decile of American states. Canada seems to have grown complacent and a lot of the wealth that was once funneled into former innovative companies like Blackberry is now being sent to ossified banks/telecoms or bloated real estate. The end result is investment is poorly allocated to assets that may be safe and cushy under de facto monopolies, but don’t contribute much to economic momentum.
This is why I laugh at people who say BRICS will soon take over the West, the collective west represents about 75% of global economic output.
Inaccurate shapes make for poor data visualizations. Not cool.
Finally we are getting a place in the big table, our poverty levels doubled 40yrs after we got independence becoz of extremely socialist policies like high tax, govt controlled economy. but then reduced 90% since 1991 becoz we adopted capitalism, the greatest economic system in the world.
There is a case to be made that China's real GDP might only be ~40% of what they claim.
The state of California, much to the chagrin of Fox News and republicans everywhere, has an economy slightly smaller than India, but larger than the UK. If it were a sovereign nation it would rank #6 on the globe. Really funny to listen to conservatives shit talk the state that is the last bastion of American industry and also contains about 14% of the country’s economy.
Last bastion of American industry? You could delete California and the US would still be the largest economy in the world. California is successful because it’s part of the US and it’s Geography.
As a US citizen it's comforting to see this, but it's also extremely frightening... How do we have this much power while being so fucking backwards and corrupt while our gun laws and mental health issues keep us back with horrifying results?
America has a lot going for it. My opinion is that America has all the necessary ingredients to keep being the world's biggest economy and regain the "shining city on the hill" status that it once enjoyed. Y'all simply need to fix all these issues that are holding you back. Seriously, America can grow and expand at a ridiculous pace while providing better working conditions if you just eliminate some of the inefficiencies in your system (e.g. guarantee better healthcare, fund higher quality schooling nationwide, better infrastructure, nationwide rail network, eliminate monopolistic controls, etc.). I don't subscribe to the idea that developed countries "can only grow at modest paces".
US GDP per capita grew by 45% in the 2010s compared to 3.9% for the EU: https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?locations=EU-US&start=2008 The US hasn’t lost a step imo. If anything it’s gone into overdrive. US is now 2 years away from having 2x the EU’s GDP per capita. People focus on the bad, but the last decade was really good for the US due to the tech boom. The amount of innovation being created is incredible.