April 18, 2012 Leave a comment
Three weeks ago (March 28) the poorest countries of the world became the richest.
Well if you add up the GDP of all the richest countries (GDP = Gross Domestic Product = basically the total $ produced by a country thru goods and services) and then add up the GDP of all the developing countries, as of March 28, the developing countries’ number was bigger.
Of course developed economies number about 30 countries, and the developing world has about 150 – so it’s not exactly even. But it is a noteworthy landmark all the same. Times are changing.
For example, China spent more money on groceries than the USA last year. And next year China will be the biggest user of oil tankers - with 1/4 of all tankers looking to be bound for China come 2015.
Don’t worry too much though. The International Monetary Fund still says Australia has the strongest developed economy in the world and will outperform everyone else for the next two years. So that’s pretty good.
The end. Economics trivia over.