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PaperclipPerfector  9mo ago (text post)   2472 thread views

Small-Scale Question Sunday for August 13, 2023

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One thing I have noticed when looking up GDP per capita statistics is that many countries seem to have a peak and then decline between 2008-2011. This gives the effect of flat GDP per capita for the last decade or so in many places.

My question is, is this an artefact of the strength/weakness of the dollar relative to the country's currency? For example, the World Bank lists the UK's 2022 GDP per capita as $45,850, the same as it was in 2006. Yet, measuring in GBP (inflation adjusted) seems to show actual (albeit uneven) economic growth between 2006 and today, from £30,800 to £32,900. Certainly not strong growth, but growth nonetheless.

Basically, is measuring GDP per capita in dollars really the most objective way to measure economic growth?

My question is, is this an artefact of the strength/weakness of the dollar relative to the country's currency?

Yes.

Basically, is measuring GDP per capita in dollars really the most objective way to measure economic growth?

No. Purchasing Power Parity is better. Not perfect, but better. It's less volatile year-to-year and it has a higher correlation to other measurable things such as life expectancy.

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