Countries with Highest per capita GDP

Discussion in 'Off Topic Discussion' started by scifi, Dec 20, 2009.

  1. scifi

    scifi
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    GDP - gross domestic product is often the most common parameter discussed about to measure the health of the economy..here is a good list displaying the countries with highest GDP in decreasing order along with some indicative information as why they might have high GDP..read on ---- Highest GDP Countries

    I am sure many of you will find your country being enlisted here..cheers 4 that..!!!:D
     
  2. Fergal

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    I'm surprised that the US is only tenth on the list. I'd also have liked to see Ireland on the list.
     
  3. stephenmatty

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    hmm nice list .
    i thought there would be more scandinavian countries in the list and placed higher in the list but cool : ) nice post : )
     
  4. TimeRider

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    GDP is something we read in subject Economics. It' also shows how rich the country is. I am no suprised to see the list as I have seen and read about this before. America is going a bit down in terms of GDP and currency rate. As america is a powerful nation, it should not have been like that.
     
  5. scifi

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    Well it can not be said exactly that the GDP shows how rich the country is since GDP is an indicator of standard of living in the country and that too on the belief that all the citizens of the country will benefit from the increased economic production. It might be possible that while GDP increase, personal income might decrease...
    To say country on the top of GDP list Liechtenstein is more rich than America is not a digestive fact....

    GDP just indicates the health of your economy as it is the aggregate sum of all production of goods and services within national boundaries..thats all..:)
     
  6. simple

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    Hope to see more Asian countries in the list. :)
     
  7. TimeRider

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    I strongly disagree with scifi. I am not comparing the richness. I am just saying that it also shows richness.

    I know The total GDP(or just GDP) refers to how much a country can produce within a period of time.

    Under the basic principles of economics, we assume that the living standard of a nation is determined by how much they can produce(therefore more production = higher living standards).

    But GDP allows economists to measure any economic growth in countries, and be able to measure how "rich" the country is, for example in measuring expansion of military potential or political preeminence.

    Source = Wikipedia.
    Liechtenstein and America are both rich countries. Comparing the richness would not be good. However, American dollars now have less exchange rates than European countries. You know that well. :)
     
  8. scifi

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    I have a point here...Just that :)..Exchange rate ..no means of comparison can be possible..It might be possible that one currency be undervalued and other overvalued..moreover currency rates are mostly determined by forces of demand and supply..
    Moreover, Wikipedia is not a reliable reference source to quote, standard of living is usually determined by Per Capita Income not GDP..GDP just gives you an idea of economic health of the country not how rich the country is..GDP can also be greater despite high fiscal deficits and other factors...
     
  9. myte

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    Nice post. go to my favorites.
     
  10. TimeRider

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    I am not saying Wikipedia would be reliable too. :) But it's the answer chosen by people / voters and is chosen as the best answer.

    Just think about it. If economic health is good, then country's health will be good = people's health too. People's health is country's wealth.
     
  11. scifi

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    To infuse some reality, Capitalist Economies where there is large gap between rich and poor..benefits enjoyed by some people can not be taken granted for all...
    To take the very example of India ..though the rate of increase in GDP is among highest in the world after China...But still there is considerable % of people below BPL- Below poverty line....Thus it can not be implied in general, if we see practical aspect..!!:)
     

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