World's Richest Countries

By IntroBooks Team

A frequently asked question is – what makes a country richer
than the others. How could some countries be so flourished
where technology has reached a zenith and continues to
improve while some countries still struggle to get a basic
internet connection. For years economists have tried to get into
the depth, seeking for answers which seem to be warped.
There are different points and conditions that help in a country
to be more developed and better in economic conditions than
the others. Culture, political conditions, geophysical location on
the globe, natural calamities, society and natural resources are
some of them. The fact on how rich a country is can be
determined by its Gross Domestic Product or GDP per capita
at nominal values. Countries compete amongst each other to
reach the frontline in the long race of progress and
development and to be the number one in the world. The list
of the richest countries tends to change every year depending
on how much luck, nature and politicians have helped in
keeping them ahead of everyone.

• Language: English
• Publisher: IntroBooks
• Release date: Dec 2, 2019
• ISBN: 9781393036623

Book preview

World's Richest Countries

Preface

A frequently asked question is – what makes a country richer than the others. How could some countries be so flourished where technology has reached a zenith and continues to improve while some countries still struggle to get a basic internet connection. For years economists have tried to get into the depth, seeking for answers which seem to be warped. There are different points and conditions that help in a country to be more developed and better in economic conditions than the others. Culture, political conditions, geophysical location on the globe, natural calamities, society and natural resources are some of them. The fact on how rich a country is can be determined by its Gross Domestic Product or GDP per capita at nominal values. Countries compete amongst each other to reach the frontline in the long race of progress and development and to be the number one in the world. The list of the richest countries tends to change every year depending on how much luck, nature and politicians have helped in keeping them ahead of everyone.

Introduction

Being called as one of the richest countries is a highly respectful statement. There is a complex phenomenon on how a country could become rich or poor. It is the GDP or Gross Domestic Product that determines how rich a country is. The GDP is the measure of the monetary value of services and goods which is produced in a specific country in a year. The data is an indicator of the progress which an economy is making or not making. A measurable figure aids the government in taking various types of decision including the amount of monetary funds which should be driven into the country.

GDP could be defined as a cumulative measure of production equal