A comparative understanding of economic prosperity and global economic advancements can be gained by analyzing GDP per capita on a global scale.
The per capita calculation takes into account both GDP and population. Therefore, the highest GDP per capita may or may not be found in the highest GDP countries.
As nations grow through technical advancements, their per capita GDP may also rise significantly. With a constant population, technology can be a game-changing element in raising a nation's per capita position.
Data from the World Bank show that in 2021, the global per capita GDP rose by an average of 4.8%. Despite having populations of over a billion people each, economies like China and India have experienced per capita GDP growth rates well above the global average in the twenty-first century. This is due to the financial reforms that China began in the late 1970s and India in the middle of the 1990s.
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