3 ms·
On a per capita basis, China's GDP is relatively low. If you look at periods where the US was at those levels (it's been a long time), the US was certainly grow
by bitshiftfaced 3y ago
On a per capita basis, China's GDP is relatively low. If you look at periods where the US was at those levels (it's been a long time), the US was certainly growing at that rate and higher.
- alephnerd 3y agoIt's probably better to compare the growth slowdown in China today to the Asian Financial Crisis in the 1990s. Most countries impacted during that time period (South Korea, Taiwan, Malaysia, Thailand, Russia, Mexico) were on the preceipice of becoming upper income countries (similar to China today in 2023). All those countries saw growth stagnate and stall. South Korea and Taiwan only became "developed" in the 2000s and advanced economics in the late 2000s/early 2010s, while Mexico and Russia became developed economies around the 2010s before regressing due to the commodities collapse, and Malaysia and Thailand only recently became "developed" in the 2020s. All these countries had a 20-30 year slog after hypergrowth (Russia excluded) in the 70s-90s. Some decided to invest heavily in human capital (eg. Taiwan, SK), others lagged in the 90s but ended up making it a national priority in the 2000s (eg. Malaysia, Thailand, Russia), and others were unable to prioritize human capital development (eg. Mexico).