Last updated: May 21, 2019
Topic: Essay database
Sample donated:

There are numerous ways on how to identify the most progressive country in the world today. One particular gauge that can be used is the country’s gross domestic product where this shows the total value of the products and services of a nation in a particular year. This encompasses the totality of an economic measure of a country. Another measure that can be used is its citizen’s capability to purchase goods and services for their personal needs. Such measure is critical because this would show the status of the populace of a particular country in terms of its growth in economy. The third guide that can be utilized to categorize the country that leads the other nations in the economic arena is the percentage of those people living below the scarcity line. It is not enough for a nation to boast its gross domestic figures without having it experienced by its citizens in general. The fourth indicator that can be used is the unemployment rate of a country because this would affect some of the aforementioned indicators in recognizing an economic growth.

The United States of America still has the largest economy based on the mentioned economic indicators. This country has an estimated gross domestic produce of 14.33 trillion dollars compared to the second country that has the second highest value of approximately 4.8 trillion dollars. In terms of per capita income of every citizen, the United States still has a higher mark with a rough estimate of 48 thousand dollars while Japan also has a good value of a little more than 35 thousand dollars. The unemployment rate in the United States has a higher value of 7.2 % compared to Japan’s 4.2 %. Such discrepancy can be compensated by the vast number of labor force in the US compared to Japan. Such low value in the unemployment rate can ensure us that for both countries, there are low percentages of people that lives below the poverty level. By such measures, we can declare that presently, these two countries are the leaders in terms of economic aspect.

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References

Top World Economies. Retrieved on February 17, 2009. Retrieved from <www.economywatch.com/economies-in-top>

The World Factbook. Retrieved on February 17, 2009. Retrieved from <www.cia.gov/library/publications/the-world-factbook>