Syria’s population increased by 5.32 percent in 2021 compared to the previous year, making it the country with the fastest population growth rate. The world population, or the total number of living humans on Earth, is now estimated to be over 7 billion people.
What is the rate of real GDP growth?
Retail and wholesale trade industries led the increase in private inventory investment. The largest contributor to retail was inventory investment by automobile dealers. Increases in both products and services contributed to the increase in exports. Consumer products, industrial supplies and materials, and foods, feeds, and beverages were the biggest contributions to the growth in goods exports. Travel was the driving force behind the increase in service exports. The rise in PCE was mostly due to an increase in services, with health care, recreation, and transportation accounting for the majority of the increase. The increase in nonresidential fixed investment was mostly due to a rise in intellectual property items, which was partially offset by a drop in structures.
The reduction in federal spending was mostly due to lower defense spending on intermediate goods and services. State and local government spending fell as a result of lower consumption (driven by state and local government employee remuneration, particularly education) and gross investment (led by new educational structures). The rise in imports was mostly due to a rise in goods (led by non-food and non-automotive consumer goods, as well as capital goods).
After gaining 2.3 percent in the third quarter, real GDP increased by 6.9% in the fourth quarter. The fourth-quarter increase in real GDP was primarily due to an increase in exports, as well as increases in private inventory investment and PCE, as well as smaller decreases in residential fixed investment and federal government spending, which were partially offset by a decrease in state and local government spending. Imports have increased.
In the fourth quarter, current dollar GDP climbed 14.3% on an annual basis, or $790.1 billion, to $23.99 trillion. GDP climbed by 8.4%, or $461.3 billion, in the third quarter (table 1 and table 3).
In the fourth quarter, the price index for gross domestic purchases climbed 6.9%, compared to 5.6 percent in the third quarter (table 4). The PCE price index climbed by 6.5 percent, compared to a 5.3 percent gain in the previous quarter. The PCE price index grew 4.9 percent excluding food and energy expenses, compared to 4.6 percent overall.
Personal Income
In the fourth quarter, current-dollar personal income climbed by $106.3 billion, compared to $127.9 billion in the third quarter. Increases in compensation (driven by private earnings and salaries), personal income receipts on assets, and rental income partially offset a decline in personal current transfer receipts (particularly, government social assistance) (table 8). Following the end of pandemic-related unemployment programs, the fall in government social benefits was more than offset by a decrease in unemployment insurance.
In the fourth quarter, disposable personal income grew $14.1 billion, or 0.3 percent, compared to $36.7 billion, or 0.8 percent, in the third quarter. Real disposable personal income fell 5.8%, compared to a 4.3 percent drop in the previous quarter.
In the fourth quarter, personal savings totaled $1.34 trillion, compared to $1.72 trillion in the third quarter. In the fourth quarter, the personal saving rate (savings as a percentage of disposable personal income) was 7.4 percent, down from 9.5 percent in the third quarter.
GDP for 2021
In 2021, real GDP climbed 5.7 percent (from the 2020 annual level to the 2021 annual level), compared to a 3.4 percent fall in 2020. (table 1). In 2021, all major subcomponents of real GDP increased, led by PCE, nonresidential fixed investment, exports, residential fixed investment, and private inventory investment. Imports have risen (table 2).
PCE increased as both products and services increased in value. “Other” nondurable items (including games and toys as well as medications), apparel and footwear, and recreational goods and automobiles were the major contributors within goods. Food services and accommodations, as well as health care, were the most significant contributors to services. Increases in equipment (dominated by information processing equipment) and intellectual property items (driven by software as well as research and development) partially offset a reduction in structures in nonresidential fixed investment (widespread across most categories). The rise in exports was due to an increase in products (mostly non-automotive capital goods), which was somewhat offset by a drop in services (led by travel as well as royalties and license fees). The increase in residential fixed investment was primarily due to the development of new single-family homes. An increase in wholesale commerce led to an increase in private inventory investment (mainly in durable goods industries).
In 2021, current-dollar GDP expanded by 10.0 percent, or $2.10 trillion, to $22.99 trillion, compared to 2.2 percent, or $478.9 billion, in 2020. (tables 1 and 3).
In 2021, the price index for gross domestic purchases climbed by 3.9 percent, compared to 1.2 percent in 2020. (table 4). Similarly, the PCE price index grew 3.9 percent, compared to 1.2 percent in the previous quarter. The PCE price index climbed 3.3 percent excluding food and energy expenses, compared to 1.4 percent overall.
Real GDP rose 5.5 percent from the fourth quarter of 2020 to the fourth quarter of 2021 (table 6), compared to a 2.3 percent fall from the fourth quarter of 2019 to the fourth quarter of 2020.
From the fourth quarter of 2020 to the fourth quarter of 2021, the price index for gross domestic purchases grew 5.5 percent, compared to 1.4 percent from the fourth quarter of 2019 to the fourth quarter of 2020. The PCE price index climbed by 5.5 percent, compared to 1.2 percent for the year. The PCE price index increased 4.6 percent excluding food and energy, compared to 1.4 percent overall.
Source Data for the Advance Estimate
A Technical Note that is issued with the news release on BEA’s website contains information on the source data and major assumptions utilized in the advance estimate. Each version comes with a thorough “Key Source Data and Assumptions” file. Refer to the “Additional Details” section below for information on GDP updates.
In 2050, who will be the world’s ruler?
And, to no one’s surprise, China will be the world’s most powerful economy by 2050. PwC, on the other hand, did not arrive at this conclusion. From the World Bank to the United Nations, Goldman Sachs to the European Union, a slew of organizations, financial institutions, and governments have predicted this for quite some time.
China will not be able to grow if it continues to be as isolated as it has been for years. Instead, Beijing will expand by allowing international companies such as General Motors and Tesla Motors access to its markets. Since entering a trade war with the United States in 2017, President Xi Jinping has supported market-oriented reforms, allowing for more foreign direct investment.
Despite geopolitical tensions and trade issues, the authors of the study are optimistic that China would remain dominant in 30 years.
Which country is the most powerful in the world?
In the 2021 Best Countries Report, Canada wins the top overall rank as the world’s number one country for the first time. After coming in second place in the 2020 report, Canada has now eclipsed Switzerland in the 2021 report, with Japan, Germany, Switzerland, and Australia following closely behind.
Is Saudi Arabia or India more developed?
India vs. Saudi Arabia: A Comparison of Economic Indicators With a GDP of $2.7 trillion, India is the world’s seventh largest economy, while Saudi Arabia ranks 18th with $786.5 billion. India and Saudi Arabia were placed 6th vs. 124th and 150th vs. 41st, respectively, in terms of GDP 5-year average growth and GDP per capita.
What accounts for Japan’s high GDP?
Japan has one of the world’s largest and most sophisticated economies. It boasts a highly educated and hardworking workforce, as well as a huge and affluent population, making it one of the world’s largest consumer marketplaces. From 1968 to 2010, Japan’s economy was the world’s second largest (after the United States), until China overtook it. Its GDP was expected to be USD 4.7 trillion in 2016, and its population of 126.9 million has a high quality of life, with a per capita GDP of slightly under USD 40,000 in 2015.
Japan was one of the first Asian countries to ascend the value chain from inexpensive textiles to advanced manufacturing and services, which now account for the bulk of Japan’s GDP and employment, thanks to its extraordinary economic recovery from the ashes of World War II. Agriculture and other primary industries account for under 1% of GDP.
Japan had one of the world’s strongest economic growth rates from the 1960s to the 1980s. This expansion was fueled by:
- Access to cutting-edge technologies and major research and development funding
- A vast domestic market of discriminating consumers has given Japanese companies a competitive advantage in terms of scale.
Manufacturing has been the most notable and well-known aspect of Japan’s economic development. Japan is now a global leader in the production of electrical and electronic goods, automobiles, ships, machine tools, optical and precision equipment, machinery, and chemicals. However, in recent years, Japan has given some manufacturing economic advantage to China, the Republic of Korea, and other manufacturing economies. To some extent, Japanese companies have offset this tendency by shifting manufacturing production to low-cost countries. Japan’s services industry, which includes financial services, now accounts for over 75% of the country’s GDP. The Tokyo Stock Exchange is one of the most important financial centers in the world.
With exports accounting for roughly 16% of GDP, international trade plays a key role in the Japanese economy. Vehicles, machinery, and manufactured items are among the most important exports. The United States (20.2%), China (17.5%), and the Republic of Korea (17.5%) were Japan’s top export destinations in 2015-16. (7 per cent). Export growth is sluggish, despite a cheaper yen as a result of stimulus measures.
Japan’s natural resources are limited, and its agriculture sector is strictly regulated. Mineral fuels, machinery, and food are among Japan’s most important imports. China (25.6%), the United States (10.9%), and Australia (10.9%) were the top three suppliers of these items in 2015. (5.6 per cent). Recent trade and foreign investment developments in Japan have shown a significantly stronger involvement with China, which in 2008 surpassed the United States as Japan’s largest trading partner.
Recent economic changes and trade liberalization, aiming at making the economy more open and flexible, will be critical in assisting Japan in dealing with its problems. Prime Minister Abe has pursued a reformist program, called ‘Abenomics,’ since his election victory in December 2012, adopting fiscal and monetary expansion as well as parts of structural reform that could liberalize the Japanese economy.
Japan’s population is rapidly aging, reducing the size of the workforce and tax revenues while increasing demands on health and social spending. Reforming the labor market to increase participation is one of the strategies being attempted to combat this trend. Prime Minister Shinzo Abe’s ‘Three Arrows’ economic revitalisation strategy of monetary easing, ‘flexible’ fiscal policy, and structural reform propelled Japan’s growth to new heights in 2013.
Do you want to know more? Download the Japan Country Starter Pack or look through our other Indonesia information categories.
Which economy is the world’s fastest growing?
During the second quarter of the current fiscal year, India was the world’s fastest growing major economy.
However, unlike in India, not all growth rates were calculated on a year-over-year basis. It is calculated on a quarter-by-quarter basis in most advanced economies. While India’s economy must yet recover at a fair rate in comparison to pre-Covid economic activities, the narrative is similar around the world. “Since entering the third quarter, home and abroad risks and obstacles have intensified,” Fu Linghui, a spokesperson for the National Bureau of Statistics, said of China’s economy.
Is India’s economy the fastest growing?
(ANI): New Delhi, Feb. 1 (ANI): According to the World Bank, Asian Development Bank, and International Monetary Fund’s predictions in the Economic Survey 2021-22 released on Monday, India will remain the world’s fastest-growing major economy from 2021 to 2024.
The Economic Survey 2021-22, which was tabled in Parliament today by Union Minister for Finance and Corporate Affairs Nirmala Sitharaman, states that the year ahead is well poised for a pick-up in private sector investment, with the financial system in a good position to support the economy’s revival.
The growth forecast for 2022-23 is based on the assumption that there will be no further debilitating pandemic-related economic disruptions, that the monsoon will be normal, that global liquidity withdrawal by major central banks will be orderly, that oil prices will be in the USD70-USD75/bbl range, and that global supply chain disruptions will gradually ease over the course of the year.
According to the yearly poll, the aforesaid prognosis is equivalent to the World Bank’s and Asian Development Bank’s recent forecasts of 8.7% and 7.5 percent real GDP growth for 2022-23, respectively. India’s real GDP is expected to rise at 9% in both 2021-22 and 2022-23, and at 7.1 percent in 2023-24, according to the IMF’s latest World Economic Outlook (WEO) growth predictions announced on January 25, 2022. In all three years, India is expected to be the world’s fastest-growing major economy.
According to the Survey’s First Advance Estimates, the Indian economy is expected to increase by 9.2% in real terms in 2021-22, following a contraction of 7.3 percent in 2020-21. Almost all data reveal that the “second wave” in Q1 had a far smaller economic impact than the full lockdown period in 2020-21, despite the fact that the health damage was much worse.
Agriculture and associated industries have been the least affected by the pandemic, according to the survey, and are anticipated to rise by 3.9 percent in 2021-22, up from 3.6 percent the previous year. The area planted in Kharif and Rabi crops, as well as wheat and rice production, has gradually increased over time.
According to Survey, the industrial sector experienced a sharp turnaround from a 7% decline in 2020-21 to an 11.8 percent expansion this fiscal year. The manufacturing, construction, and mining sub-sectors all had a similar swing, however the utilities sector saw a more subdued cycle, as basic supplies like electricity and water were maintained even throughout the national lockdown. The contribution of industry to GVA is presently estimated to be 28.2%.
According to the survey, the services industry has been hurt the most by the epidemic, particularly parts involving human contact. Following a decrease of 8.4% last year, this industry is expected to rise by 8.2% this fiscal year.
Both the finance/real estate and public administration categories are now significantly higher than they were prior to COVID.
Travel, trade, and hotels, on the other hand, have yet to fully recover. Even while tourism earnings have dropped substantially, software and IT-enabled services exports have exploded.
According to the survey, total consumption is expected to increase by 7.0 percent in 2021-22, with government consumption continuing to be the largest contributor, as it was the previous year. Government consumption is expected to increase by 7.6%, above pre-pandemic levels. Private consumption is also anticipated to have improved dramatically, recovering 97 percent of pre-pandemic output levels, and it is expected to witness a stronger rebound with increased vaccine coverage and faster economic activity normalization.
According to the survey, investment, as measured by Gross Fixed Capital Formation (GFCF), is predicted to expand by 15% in 2021-22, bringing it back to pre-pandemic levels.
In terms of exports and imports, merchandise exports in 2021-22 exceeded USD30 billion for eight months in a row. In terms of demand, India’s overall exports are predicted to increase by 16.5% in 2021-22, reaching pre-pandemic levels. In 2021-22, imports are predicted to increase by 29.4 percent, reaching pre-pandemic levels.
Moreover, despite all of the disruptions caused by the global pandemic, India’s balance of payments has been in surplus for the past two years, according to the Survey. The Reserve Bank of India was able to continue collecting foreign exchange reserves, which reached USD634 billion on December 31, 2021. This is more than the country’s external debt and equals 13.2 months of imports. (ANI)
In 2050, which country will be the wealthiest?
The Gross Domestic Product of the United Kingdom is expected to be 3.58 trillion US dollars in 2050, with a per capita income of 49,412 US dollars. The current economic wealth disparity between the United Kingdom and Germany will narrow dramatically. With the annual expected rise in the UK working population, BZZZZy 2050 (from 346 billion US dollars to 138 billion US dollars). Although the long-term effects of Brexit are more difficult to forecast, the United Kingdom’s economic league table is likely to drop only one rank.
In 2030, which country will be the wealthiest?
In 2030, China is predicted to overtake the United States as the world’s largest economy. The headline for this piece in the February/March issue of Fortune is “Global Growth Gathers Speed.”