East Kayal economists produce fresh report on major world economies26 July 4894
Economists from Vascania's prestigious East Kayal University have released a new report in which they attempt to place a monetary value on the total economic output of some of the most important economies in the world. The team was led by prize-winning Vascanian economist Bhadrakali Misra and Liore-born Shomari Mshindi, who have worked together for many years in East Kayal's economics department.
Utilising mainstream economic theory and statistical methods, the team produced a monetary figure for the market value of all final goods and services produced in a country using the so-called "expenditure method". In brief this involved aggregating household spending, government spending and business investment, as well as net exports, to produce a final overall value (gross domestic product) for the period of a single calendar year. In all their calculations, the researchers used the "universal standard dollar".
For their report the team selected a group of twelve countries across six different continents, all of which are regarded as strong or important economies by international sources. In their preface the authors noted that they considered including Dolgava and Lourenne in their analysis but opted to leave them out because there is some disagreement about the economic position of both countries. However, they noted that is is possible either country may break into the "top twelve" in the coming years.
Above: Twelve major world economies sorted by annual gross domestic product (millions)For overall gross domestic product, there was a wide variety among the countries driven in part by the differing population sizes. As the two most populous countries in the world, both Yingdala and Vascania had figures much higher than any other country at around $13.5 and $12 trillion respectively. Dorvik occupied a category almost to itself with a figure of $7.3 trillion ahead of Istalia, Deltaria, Endralon and Hutori- each with a figure between $2 and $4.5 trillion.
Davostan had the smallest economic output of the countries included with a figure of around $230 billion, somewhat behind Liore in the penultimate position with $647 billion. In their remarks at the end of the report, the team noted that these figures would probably be considerably smaller than some less developed countries such as Lourenne or Hanzen owing to the much larger population of those countries. In order to account for these differences in population size, the report provides "per capita" figures too.
Above: Twelve major world economies sorted by annual per capita gross domestic productBy this measure it was Dorvik who emerged at the top, with an annual figure of $49,575. At the top of this measure was a group of six countries (Dorvik, Yingdala, Hutori, Endralon, Deltaria and Badara), who have the highest average economic output in the world. After this top group there is a notable gap to Vascania with a figure of $29,863, highlighting how a large population can distort data on the overall size of economic output. On this measure it was Liore who ranked bottom with a figure of $16,098 but there was a similar level of per capita output in both Trigunia and Davostan.
Possibly the most noteworthy section of the report was the "final thoughts" section. The research team dedicated several pages to highlighting the problems associated with placing too much emphasis on the economic output figures at the expense of other relevant measures. In doing so they highlighted that the figure should not be presented as the "average income" in a country because of the potential for distortionary effects as a result of economic inequality.
Even more broadly, focusing solely on economic output can create problems from a social and environmental perspective when those gains in output are improperly distributed or when they come at the cost of sustainability. In these regards, the team identified Badara as a country whose economic output doesn't accurately reflect the standard of living for most citizens due to relatively high inequality and over-reliance on the oil and gas industry.
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