5 ms·
Nominal 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 euro
by gumballindie 3y ago
Nominal 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.