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In: Economics

china has the largest gross domestic product of any country in the world. therefore china is...

china has the largest gross domestic product of any country in the world. therefore china is the richest country in the world. explain why this is flawed

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Expert Solution

The given reason in the statement to make china, a richest country is flawed, because China has the highest population in the world and Real GDP per person in China is nowhere in the top 10 nations with highest real GDP per person. Hence, on the basis of real GDP per person, or real income per person, China is not the richest country. Further, highest real GDP of China, does not explain the quality of life, living standards and poverty level of the country. Though, a rich country is known for the highest quality of life and lowest poverty level. Hence, it is not justified to say that China is the richest country in the world on the basis of its real GDP only.

Rahul Sunny answered 2 years ago
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