Globalisation

The worlds economy is always changing. Small economies grow while others shrink. China is the perfect example. If you had asked someone about China’s economy 30 years ago they couldn’t tell you a thing. Now, it is a world superpower.

There are many ways to measure the wealthiest counties in the world. If we measure by GDP, America has the largest economy worth $21 trillion; in second place is China with a GDP of $13 trillion (however its GDP is growing rapidly). You could also measure the economy with GDP per Capita. The country with the highest GDP per capita is Luxembourg with $113 thousand. The US has the 8th highest GDP per capita. Burundi has the smalles GDP per capita ($660) so could be classed as the poorest country. There are many more ways to measure an economy’s size.

You could classify countries as developed or undeveloped, but there are also many developing currently. Emerging market countries include Mexico, Indonesia, Turkey and Bangladesh. Mexico has the 15th highest GDP globally and is rapidly expanding due to development in railroads, telecommunications, electricity generation and general infrastructure. A lot of its income comes from agriculture and technology. Technology development has rapidly increased in Mexico recently.

The fastest growing countries are currently Bangladesh and Rwanda. Both of their GDP’s increased by 7.8% on 2019. It is brilliant for growth to be above 7% because that means the economy will double in 10 years.

Overall, the world is ever changing and it is important to move along with the developments we might not see coming. Technology is giving people and countries opportunities like never before and I cannot wait to see how things change in the future.