UK, India and Spain are biggest GDP gainers among large economies with 20% average YoY growth
The global economy is gradually recovering from the impact of the coronavirus pandemic despite lingering uncertainties. However, some countries have made gains, as reflected in their respective gross domestic products for the past year.
According to data acquired by Finbold, among large global economies, the United Kingdom, India, and Spain are the biggest gainers in GDP, with an average growth of 20.7% on a year-over-year basis between September 2020 and September 2021. The UK, India, and Spain registered a GDP of 22.20%, 20.10%, and 19.80%, respectively.
Globally, Macau recorded the biggest gain in GDP at 69.50% YoY, followed by Guyana at 48.70%, with Peru registering gains of 41.90% while Azerbaijan’s GDP surged 35.51%
Elsewhere, Libya’s GDP took the biggest hit, losing by 60.30%, followed by Venezuela at 26.80%. Bolivia ranked as the third loser in GDP at 24.60%. Kuwait was the tenth loser at 11.20%.
Uncertainties outside pandemic potentially slowing growth
Besides the pandemic, the report highlights some factors that impacted the economic growth of leading countries like the United States. According to the research report:
“Although the economic recovery in leading countries like the U.S. is almost back on track, it failed to make it to the top gainers, potentially due to additional uncertainties around the November presidential elections and social justice issues. Aspects like an improving job market highlight the economic recovery in the U.S. amid a high inflation environment that is likely impacting the GDP.”
Overall, the gains and losses in GDP reflect how different countries have responded to the coronavirus pandemic. Moving ahead, some uncertainties like the emergence of new Covid-19 variants and also the ability to maintain fiscal measures will impact the GDP outlook.
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