Understanding Gross Domestic Product
What Makes for a Very High GDP?
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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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