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Thread: European & global economy: who is getting richer ?

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    1 members found this post helpful.

    Post European & global economy: who is getting richer ?



    I have checked the forecasts for GDP per capita (PPP) for the next five years. Slavic and Baltic countries in the EU are starting to overtake older member states from southern Europe. The Czechs are already richer than the Greeks and Portuguese, and will have caught up with the Italians by 2018. Meanwhile the Estonians, Lithuanians, Slovaks and Slovenes will also overtake the Greeks and Portuguese and get much closer to the Italians. The Russians will become almost as rich as the Portuguese and catch up with the Poles.

    Worldwide, the South Koreans, who are now as rich as the Spaniards, will become richer than the French, Belgians, Brits, Danes, Finns and Japanese in five years. The Taiwanese, who now have the same GDP per capita as Germany, will become richer than any Europeans except the Norwegians and Luxembourgers, and on a par with the Swiss. People in Hong Kong, the United Emirates and Qatar are already richer than all Europeans bar Luxembourg and the gap will become even wider.

    The Chinese will become slightly richer than the Brazilians and South Africans and over three times richer than the Indians.

    Here is a categorisation of Western countries by wealth in 2018.

    Category 1 : the super-rich (GDP per capita at PPP over $60,000 in 2018)

    Luxembourg, Norway, USA

    Category 2 : the rich (GDP per capita at PPP over $50,000 in 2018)

    Austria, Australia, Canada, Ireland, Netherlands, Sweden, Switzerland

    Category 3 : the fairly rich (GDP per capita at PPP over $40,000 in 2018)

    Belgium, Denmark, Finland, France, Germany, United Kingdom

    Category 4 : the moderately rich (GDP per capita at PPP over $30,000 in 2018)

    Czech Republic, Greece, Italy, Lithuania, Malta, New Zealand, Slovakia, Slovenia, Spain

    Category 4 : the slightly poor (GDP per capita at PPP over $20,000 in 2018)

    Belarus, Croatia, Cyprus, Estonia, Hungary, Latvia, Poland, Portugal, Russia, Turkey

    Category 5 : the relatively poor (GDP per capita at PPP between $10,000 and $20,000 in 2018)

    Albania, Bosnia and Herzegovina, Bulgaria, Macedonia, Montenegro, Romania, Serbia, Ukraine
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    GDP per capita is overrated tool for measuring wealth. That's just my opinion, I don't care if it's a "useless" answer.

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    1 members found this post helpful.
    Quote Originally Posted by Wilhelm View Post
    GDP per capita is overrated tool for measuring wealth. That's just my opinion, I don't care if it's a "useless" answer.
    Which way would be better then?

    Obviously, you have to take into account how wealth is distributed - i.e. a country in which 80% of the population owns 10% of the wealth or earns 20% of the income, would be a country in which GDP per capita would matter for little (though it would still be a relatively accurate way to know how wealthy the country in general is).

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    Quote Originally Posted by Boss View Post
    Which way would be better then?

    Obviously, you have to take into account how wealth is distributed - i.e. a country in which 80% of the population owns 10% of the wealth or earns 20% of the income, would be a country in which GDP per capita would matter for little (though it would still be a relatively accurate way to know how wealthy the country in general is).
    Yeah, I think HDI or Quality of Life index is better indicators for wealth than "per capita". Because honestly, even if Russia had to become higher per capita than Portugal, I would still perceive Portugal as being richer, since Russia has a lot of contrast between a new emergent capitalistic oligarchy, and a mass of poor people.

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    This century becomes Asian century, primarily due to growth of Chinese and Indian economics.


    The Asian Century

    http://dailyasianage.com/news/23856/the-asian-century

    We can see the strongest economies in the world, projections for 2050:

    2050

    1. China
    2. India
    3. US


    (Quote)
    For understanding the future trajectory, we look at the economic forecasts, which place China and India as number one and two in 2050. During that time, the GDP size of China will be 61 Trillion USD and that of India will be 42 Trillion USD. The professional services firm PricewaterhouseCoopers (PwC) has made this prediction in its latest series 'The World in 2050: Will the shift in global economic power continue?' According to the forecast, other two Asian countries will also occupy the top 10 list of economies. Indonesia will be 4th with its 12 trillion dollar GDP (rising from 9th in 2014 and 5th in 2030) and Japan will be 7th with its 7 trillion dollar GDP (dropping from 4th in 2014 and 2030 alike). Fortune will be shining brightly on Asia. If predictions go right, the middle of the century is sure to witness the Asian supremacy. The balance of power will be shifted to Asia, with China and India at the helm.
    ...

    China and India-these two names are essential to define what we call the Asian Century. China lies on the eastern side of the continent flanked by the Pacific Ocean, and India on the southern side flanked by the Indian Ocean. Both of the nations have long historical traditions, which go back to 5000 to 10000 years. They were the birthplace of ancient civilizations: one called Chinese civilization and the other Indian civilization. Rich in treasure as well as culture, they went through the rules of magnificent empires. From time immemorial through the middle ages, the territories had mutual communication, visible in pilgrimage and trading, mainly via the Silk Route. China was spiritually influenced by India as Buddhism spread to east and north. China and India have given so much to humanity that it cannot simply be counted and measured. Both Chinese and Indian emperors and monarchs were tremendously mighty. China was fortunate in the sense that it was ruled by its own people most of the times in its known history. But it was unfortunate for India that it repeatedly fell to foreign invasions, mainly because of its legendary affluence. Both of them were affected by colonialism, directly or indirectly, more or less. Now they are free and strong again. Old empires have come back to the stance of modern superpowers. It seems that the wheel of history has taken a full rotation so that the ancient civilizations resurface in new form.\

    ...
    The Sino-Indian supremacy will also bring about phenomenal socio-cultural changes in the world. The world affairs will be dictated by the East, which will be 'the ego' and the rest of the world will be treated as 'the other', a paradigm shift in epistemological outlook. The whites are no more masters. The yellows, the blacks and the mixed will hold the master's baton. There will presumably be huge migration from the west to the east. It will be called the White Diaspora. They will learn eastern languages and cultures. Then Mandarin and Hindi will be on high demand while Chinese and Indian cuisine will enjoy a heyday. The people from other parts of the world will hanker after Yuan or Rupee. Chinese and Indian traditional rituals may be revived, with a renewed interest in sacred scriptures. Animosity apart, there is an excellent opportunity for the rapprochement of two great cultures.

    (End of quote)
    ...

    European countries only united can compete with Asian giants. Nationalism, separatism, etc. may seem attractive to some people but there is no benefit from it.

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    Rich gets richer and poor get poorer

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