Is global GDP $7trn bigger than everyone thought?
Discovering nearly $7 trillion in additional global GDP is like stumbling upon a hidden treasure trove. The World Bank’s recent findings reveal a significant boost to the global economy, equivalent to the combined economies of France and Mexico. This unexpected windfall can be likened to a valuable discount voucher, offering a 4% reduction in the cost of goods and services worldwide.
Despite this newfound economic wealth, China’s GDP per capita remains unremarkable, falling below the global average. With a high savings rate and relatively low consumer spending, China lags behind countries like South Africa and Peru in individual consumption. It’s akin to finding spare change in your couch cushions but failing to put it to good use.
