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Understanding Gross Domestic Product


What Makes for a Very High GDP?

To finish our discussion of gross domestic product, I'd like you to consider the following question. Let us say that, hypothetically, you were called upon to design your very own country. What characteristics would you choose for that country to maximize the chances of it having a very high GDP per capita?

Below is the list of characteristics that are associated with economic regions that have a very high GDP per capita.

Figure 8: Characteristics of countries with a very high GDP per capita

What Makes for a Very High GDP Per Capita?

  • Small to medium-sized land mass
  • Small to medium-sized population
  • Democracy
  • Free press
  • Stable government
  • Post-industrial economy (more dependence on services than on manufacturing and agriculture)
  • Business-friendly government
  • Long-range government planning
  • Significant investment in infrastructure
  • Highly literate and educated population
  • High-speed network connectivity
  • Stable work force
  • Diversified economy

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