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LOG-IN
Thought for the day
Russian Living Standards
Held Back by Irredentist Putin
Real GDP per capita growth per year near-stagnation since 2008
9 May 2024
GDP Per Capita Growth
Index: 1998=100
* GDP in
Purchasing Power Parity
terms with added estimates for the size of the
informal economy
and adjustments for out-of-date
GDP base year
data.
The breakup of the USSR was followed by rapid growth in living standards for four of the European countries now most threatened by Russian aggression: the Baltic States, and Poland by the end of 2023. Moving from collectivism to a market system was particularly successful for these countries, with real GDP per capita rising by 211% in Lithuania, 195% in Latvia, 136% in Estonia, and 133% in Poland by end of 2023. The World Economics Governance Index rates these four countries at 82.8, 79.3, 87.8, and 68.1 respectively compared to Russia’s lowly rating of 22.5.
The living standards of the average Russian benefited from the initial move from Socialism rising by 100% from 1998 to 2008, the year of the invasion of Georgia. Since then, the average annual rise in real GDP per capita in Russia has averaged less than 1.5% per year and has slowed further since 2014, the year of the annexation of Crimea. Productive economic growth in Russia of benefit to citizens has been impacted by the imposition of sanctions, by the high level of GDP allocated to defence spending, at 4.2% twice the ratio in Poland. And by the lack of freedom and corruption shown by the Governance indexes.
See the Russia Review...
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Some Reasons why China's GDP is Likely to Continue Growing Faster than that of the USA
China's GDP growth record is extraordinary; its education system is extraordinary (it graduates 1.4m engineers a year and over 20% of the world's bachelor degrees); it is far ahead of all countries in patent applications; it has a vast and highly skilled workforce focussed on the most tech intensive industries; and suggestions that China will get old before it gets rich due to the e...
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The World’s Biggest Economy
There is some dispute over which of the two undisputed superpowers is the biggest. The Economist (for example) clearly thinks America remains king of the jungle. Its issue dated May 13th 2023 subheads a paper called Peak China with the unequivocal "The meteoric rise of China's economy is ending". And notes later that "Even if China's economy does become the biggest in the world, i...
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Which European Countries are Likely to Suffer First from Global Warming?
Climate change is likely to cause many different problems ranging from rising sea levels to more erratic and severe weather patterns. While impossible to be sure of the precise impact of global warming, it is reasonable to suppose that those countries with the highest average temperatures today will be first in line to suffer serious problems. The United Nations Climate Action Fa...
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