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Gross Domestic Product

April 2nd, 2014

 

Gross Domestic Product, or GDP, is the total value of all goods and services produced domestically by a nation during a year. GDP provides a measuring stick for the development of individual nations.

 

Some nations, such as the United States, have a very large GDP and continue to grow. China has emerged as a powerhouse due to its rapid growth as a nation. Today, it is one of the world’s largest exporting nations.

imf gdp graph

While the United States continues to be an economic powerhouse, several other countries are beginning to emerge in the marketplace. China has developed into one of the largest economic hubs in the world.

 

However, other countries’ GDPs, such as India and Turkey’s, are also growing at an accelerated rate. It appears that a new generation of economic powers is moving to the forefront of the economic world. The world is no longer focused on just the United States and Europe. Asia is establishing itself as a new economic hub.