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> If you take out London. Britain now has the same GDP per capita as Romania. Right wing economic policies have consequences The UK's economic self-immolation
by laurencerowe 3y ago
> If you take out London. Britain now has the same GDP per capita as Romania. Right wing economic policies have consequences
The UK's economic self-immolation under the Tories has been awful to watch, but it is still a far richer country than Romania.
Romania nominal GDP per capita 2021: 14,858 USD (2021, Google)
The poorest region in the UK is the North East with a nominal GDP per capita 2021 of 24,575 GBP = 31,210 USD.
Things are much closer at purchasing power parity, but then that really should be accounted for at the UK regional level too given housing is so much cheaper outside of London.
https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/regionaleconomicactivitybygrossdomesticproductuk/1998to2021#gross-domestic-product-by-uk-country-and-region https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulle...
- gumballindie 3y agoNominal GDP is irrelevant, unless we want to impress the economically illiterate. Let’s face it - the UK is rich but the people are poor. A lot wanted east europeans out because it reminded them if what they are: poor.
- laurencerowe 3y agoTaking the IMF PPP GDP per capita figures for Romania are $41,029 and the UK are $56,836. So even using the PPP multiplier for the UK as a whole (which will underestimate for poorer regions with lower housing costs) that would put even the UK's poorest region on a par with Romania at $41,391. (Nominal figures aren't completely useless. They reflect purchasing power for globally traded consumer goods.) https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)_per_capita https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)...
- gumballindie 3y agoThat’s still quite an issue, considering Romania is not a prime example of economic development. Puts things into perspective.