article: Metaphor
At different stages of development, countries are facing different opportunities and challenges. In addition, each country faces different national conditions, so their economic performance is also very different. As of now, if you want to compare the economic strength between countries, the most important indicator is the total amount of GDP and the GDP growth rate.
022 can be said to be a very "wonderful" year. Affected by international disputes, global food prices and crude oil prices have soared, resulting in inflation in countries around the world. Moreover, the epidemic is still raging around the world, which has had a huge impact on the global economic situation, and the economic development of countries around the world is not optimistic. related data shows that in the GDP ranking in the first half of the year, India's growth rate was the first, Japan's third place was unstable, and the gap between China and the United States widened. What's going on?
India's first growth rate
First from the perspective of GDP growth rate, India's GDP growth rate ranks first in the world, and is currently the fastest growing economy in the world. In 2021, India's GDP growth rate can reach 8.3%. After entering 2022, India will still maintain a high economic growth trend, reaching 4.1% in the first quarter, and by the second quarter of this year, India's economic growth rate is as high as 13.5%.
It is in such a rapid economic growth that India created a total GDP of considerable in the first half of this year, reaching US$1.719 trillion, surpassing the UK to become the fifth largest economy in the world. Before this, the UK has been ahead of India and is now surpassed, and it is estimated that it will be difficult to return to the fifth position in the future.
In fact, India has a huge population advantage, and it will be a matter of time before it surpasses the UK. According to the forecasts of relevant institutions, India's population will surpass China this year, becoming the most populous country in the world. Therefore, under the huge population base, India has a huge consumer market.
And recently, the country has imitated my country and launched the concept of "Made in India". With the advantages of policies and cheap labor, a large number of foreign-invested enterprises have attracted to India to invest and build factories, thus promoting the rapid development of India's manufacturing industry, and manufacturing has also become one of the main driving forces for India's economic growth.
In addition, in the second quarter of this year, India's service industry recovered rapidly as the epidemic was under control. Compared with the same period, the growth of India's service industry reached 25.7%, contributing more than 2/3 of the overall economic growth of India. Many people even believe that India is expected to become a developed country within 25 years.
However, the gap between rich and poor in India is also an important factor hindering India's sustainable development. It is understood that the per capita GDP in 2021 is only US$2,277, less than 1/10 of that in developed countries, so the possibility of India becoming a developed country by the middle of this century is relatively low. Moreover, if India does not reasonably improve the gap between the rich and the poor, then India may face more restrictive factors in its subsequent economic development.
Japan's third position is unstable
In addition to India, one of the most important changes must be Japan. Since the outbreak of the epidemic around the world, the epidemic in Japan has been not optimistic, such as the manufacturing and service industries have been greatly affected, and the economy has been deteriorating. Relevant data show that Japan's total GDP in the first half of 2022 was 270 trillion yen. Although it has a certain increase compared with 2021, it is still not optimistic overall.
And due to the continued inflation of the US dollar in recent years, many currencies including the Japanese yen have depreciated. Therefore, Japan is still ranked third this year, with a total GDP of US$2.191 trillion. This total GDP is not much different from Germany, because Germany's total GDP in the first half of the year was US$2.058 trillion. Japan has more than 13 million US dollars more than Germany, and Japan's economic growth rate in the first half of this year is only 0.9%. If Japan's economic development still does not improve much in the second half of this year, perhaps the third position will be out of stock.
The gap between China and the United States widens
It is worth mentioning that the top two places in the total GDP rankings this time are still occupied by the United States and China.As for the United States, although economic growth was negative in the last quarter, the economy created in the first half of this year exceeded US$12 trillion, and the economic growth rate reached 3.2%, so it is also quite considerable.
As for China, compared with last year, although the total economic output created in the first half of this year showed an increase, exceeding US$8.6 trillion, in terms of economic growth, it is only 2.5%. It can be clearly seen that the economic gap between China and the United States is gradually widening. There are two main factors that widen the GDP gap between China and the United States.
is the impact of the epidemic. In the first half of this year, many large cities in my country, such as Shanghai and Guangdong, were forced to stop work and production due to the epidemic, causing huge losses to my country's economy and resulting in a decrease in the growth rate of GDP. Second, due to the influence of various factors, the global economic environment is fragile. In order to resist the risks brought by inflation, the United States has been continuously hiking interest rates and printing money, which has caused the currencies of various countries to depreciate, and my country's RMB exchange rate has also been affected and has declined. The superposition of these two reasons has gradually widened the gap between China and the United States' GDP. At present, the epidemic in my country is gradually improving, the economy is also recovering, production is fully recovering, and market consumption is gradually increasing. It is expected that the growth rate in the third quarter will increase significantly, thereby shortening the gap with the United States. It is expected to return to the world's first-ranked incremental position by the end of the year.
In this ranking, Canada also surpassed Italy and ranked as the eighth largest economy in the world. It is understood that in the first half of this year, the Canadian economy recovered effectively, achieving GDP of US$1.046 trillion and economic growth of 4.2%. In contrast, although Italy's economic growth rate could reach 5.2% during the same period, the total GDP generated was less than that of Canada, with only US$993.192 billion. One of the main reasons for this phenomenon is the depreciation of the euro. At the same time, Brazil also successfully surpassed South Korea and became the tenth largest economy.
Conclusion
Generally speaking, the economic development of countries around the world in the first half of this year is optimistic and unsatisfactory. Of course, in the process of economic development of a country, there will be more or less obstacles, especially the influence of some uncontrollable factors. When you go through this difficult period, the economy may also rebound rapidly. What do you think about this? Do you think our country is expected to return to the world's number one in terms of growth before the end of the year?
