Submitted by Porchie12 t3_1044si2 in dataisbeautiful
Comments
iohognbdfh t1_j35k5qo wrote
Quite frankly expressing the size of foreign economies in USD is just wrong. The most meaningful data point is PPP GDP, not nominal GDP in USD.
[deleted] t1_j35zrfw wrote
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_CHIFFRE t1_j36a4ga wrote
Japan was growing in the Tech sector until the Usa forced them to strangle their economy. 1 2 3
https://www.theatlantic.com/magazine/archive/1989/05/containing-japan/376337/
https://www.nytimes.com/1982/04/06/us/resentment-of-japanese-is-growing-poll-shows.html
https://www.nytimes.com/1985/07/28/magazine/the-danger-from-japan.html
https://www.latimes.com/archives/la-xpm-1987-03-28-mn-698-story.html
Porchie12 OP t1_j32qaal wrote
This chart shows the GDP of China, Japan, India, Russia, the UK and the EU as a percentage of American GDP in each year between 1992 and 2022.
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The EU27 figure includes GDP of all current 27 member states, regardless of their membership in the Union in the past.
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Source: https://www.imf.org/en/Publications/WEO/weo-database/2022/October
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Tools Used:Microsoft Excel, GIMP
ar243 t1_j34wjyx wrote
Poor Japan :/
iohognbdfh t1_j35itpl wrote
The entire developed world is basically following in their footsteps. Their just ahead of the curve in terms of demographic devastation.
[deleted] t1_j35ec88 wrote
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ModsBannedMyMainAcc t1_j34tk29 wrote
You guys believe in communist China data?
https://www.voanews.com/a/satellites-shed-light-on-dictators-lies-about-economic-growth/6813119.html
"A report published by the Brookings Institution in 2019 suggested that China had been overstating its economic growth by about 2% every year, making its economy 12% smaller than official figures"
iohognbdfh t1_j35im5l wrote
Quite frankly; yes I do. A country like China which is incredibly connected with the rest of the world couldn't manipulate data to that large an extent. We know how large their imports and exports are because we are on the other end of those trades. That's been the main driver of their growth these last 30 years. It's potentially more possible for them to lie about domestic consumption, but it's not like China is a closed society. You can travel there and see with your own eyes the progress they have made. You can see the new skyscrapers everywhere, you can ride the new subways and HSR lines, you can fly over the massive factories. People constantly trying to make up reasons not to believe the data are really just scared of the reality which is that the US is no longer the sole power in this world and we are likely entering a new Cold War.
PS: This is part of why travel is so important. Actually going other places and experiencing foreign cultures makes it a lot harder for politicians to lie to you.
Acrobatic-Event2721 t1_j37i99t wrote
GDP isn’t just exports, it also factors in consumption, investment and government spending. I’m guessing that the consumption part is what is trailing behind in their analysis.
ModsBannedMyMainAcc t1_j35onjw wrote
Yeh, I travel, 43 countries so far in my early 30s. Yeh I have been to China, please teach me how to "see" an annual gdp growth lol. No one is saying they are not growing, but they lie about by how much. You can found plenty of under-occupied development, empty ghost cities. Also China said I think 15 people died from covid last few weeks after the full re-opening, you believe that too? Lol so hilarious, yet you believe in Chinese politicians so easily.
goddbrother t1_j38iifb wrote
The reality of any situation is complex and multifaceted, with many factors at play. For instance, when China calculates its quarterly GDP numbers, it uses the so-called production account, which prioritizes the value-add of each industry and brushes aside end demand. As such, local officials can worry less about what households spend.
It is impossible to fabricate the entire reality of a situation, as there are too many variables and nuances to consider. If official statements and the actual reality diverge too significantly, it becomes increasingly difficult to ignore the discrepancy. The reality of any situation is always larger and more complex than one person or group can fully understand or control, however, It is important to consider all available information and remain open-minded. To not do so, to reject everything, is leaving yourself just as blind as those who freely accept it all.
Cattlegod t1_j34ubre wrote
The spend on the P&Ls that I’ve managed reflect this
BelinCan t1_j3758a4 wrote
I assume the IMF corrects for that, no?
Strong-Ad-9641 t1_j39t6ty wrote
I came across a paper addressing this issue. It concluded that even though the central government tends to exaggerate economic progress the provincial governments tend to understate its economic performance to avoid tax extraction. So overall the number isn’t much deviate from reality. But that's just my two cents.
Jackdaw99 t1_j34yc8d wrote
You should probably reword this. "EU27" is not a country. Also, the plural possessive of "country" is "countries'"
pk10534 t1_j358fbr wrote
It’ll be very interesting to see this chart in 5 years, after sanctions against Russia have really kicked in and China’s slowdown starts to take really show itself.
Vast_Tomato_612 t1_j3h68wq wrote
Let us bet on this. I don't think it will slow down
0tt0attack t1_j3jchs6 wrote
Russia does not matter. Even with China’s growth slowing down, it will be higher than the US. China has significantly larger population.
11160704 t1_j34u5ct wrote
Important to keep in mind that much of this is driven by exchange rate fluctuations.