ECONOMY: Four largest economies in the world drives positive growth worldwide and on the local level
AGN.News Team
February 25, 2024
WASHINGTON (AGN.News) – The global Covid pandemic that upended the world’s economy going back to January 2020 had an outsized effect on the local economies around the world. However, as national governments began to mitigate the economic downturn locally, the four largest economies worked to secure their economies.
Implimenting policies to sustain growth
The current four largest economies in the world have initiated interoperable policies to stablize the global economy. Their Gross Domestic Product (GDP) reflects the economic health of these countries.
As of January 2024, the four largest economies are: 1. The United States; 2. China; 3. Germany; and four, Japan as reflected in their GDP.
Number 1: The United States is still the world’s largest economy, with a GDP OF $27.94 trillion at the end of 2023.
Number 2: China with a GDP of $17.5 trillion makes it the second largest economy in the world.
Number 3: Germany with a GDP of $4.4 trillion secures the third spot.
Number 4: Japan with a GDP of $4.2 trillion economy as of December 2023 makes it number four.
Japan was number 3 but lost its spot when its economy shrank in the last quarter of 2023. It fell behind Germany who now has the number three spot. Just for your information, Japan was number two in 2010 when it lost that spot to China.
Continued economic growth begins at the local level and goes up to the national level from there. A lesson for everyone is to help the national GDP and that will help the local and national population in return.
What is Gross Domestic Product (GDP)?
GDP is a monetary measure of the market value of all the final goods and services produced in a specific time period by a country or countries. GDP is more often used by a single country to measure the economic health of the nation.
Globally, GDP is measured by a number of international organizations like the International Monetary Fund (IMF). The IMF offers a clear picture of what GDP represents.
According to the IMF, “GDP measures the monetary value of final goods and services- that are bought by the final user – produced in a country in a given period” (as in a three-month period known as a quarter of a year or a given year).
Based on this IMF report, when a person or group of people make purchases of big-ticket items like cars or appliances, those purchases are eventually factored into the country’s GDP.
What Harms Gross Domestic Product (GDP)?
First, the lack of goods to purchase means consumers are not buying. When millions of people are not buying, the GDP reflects negatively in the report for a given time period.
Secondly, when the cost of goods or services is out of reach for millions of people, the GDP will eventually show that in its final report for a given period.
Thirdly, when products or services are too costly for a given city, state, or communities within those areas that means people are not buying those products or services. For example, when a company’s prices are too high for people to buy them, the company’s sales reflect negatively on their bottom line on the GDP and the country.
Now, the people who work for the company don’t get pay raises, the management staff don’t get bonuses, and with less money from sales coming into the bank accounts of employees and managers – layoffs start.
With less money coming into homes, no one can pay for items they once could afford. Then the economy starts to head for negative growth – recession fears start to spread, and people start to hold off making any new purchases. If those recession fears spread across a country – a depression may be in their future.
What Helps Gross Domestic Product (GDP)?
There are many ways to help GDP. It starts with confidence – confidence in those in charge of the country and those in charge of the economy.
History has shown us when the leadership of a country speaks negatively about the country – fears spread. Conversely, when leaders speak positively about the country, people go out and confidently spend money on goods and services.
This also applies to any leader – regardless of who or what is being led. Remember, according to the IMF, “GDP measures the monetary value of final goods and services- that are bought by the final user – produced in a country in a given period.”
Therefore, whether you’re in the United States or any other country, keeping a positive attitude about the economy and or the future growth of the economy – helps improve the overall spirit within the local community.
Americans have taken the lead in economic growth as the largest economy in the world. That’s no accident! Why?
Because when negative ideas and thoughts enter the equation, American creativity goes into hyperdrive. More people create startups as self-employed entrepreneurs. They create home-based businesses.
As a mother of four recently stated something many of us have heard several times, “When times get tough – the tough gets going”. She meant it was time for ‘Plan B’ to go into action.
She started a home-based business as an online marketer of products. Childcare costs were eliminated, almost no travel expenses, and out-for-lunch ended. Now, more money to buy what she wanted for her family and some funds went into savings.
Help for Gross Domestic Product (GDP)
America was built on the creative ability of its people going back several hundred years. Woodworking, carpentry, construction, farming, metal working, food services, education, plant-based cures, sewing and seamstresses, quilt-making, and many more arts and crafts.
The Internet came about because of the need to share information. we used to call it, “The Information Superhighway”. Since the Internet came online on March 12, 1989, thirty-five years ago next month, an untold number of people have created companies, international operations came online.
Then came information sharing programs, online schools, delivery businesses, email replaced snail-mail, cellphones became smartphones, laptop computers became the craze, and a whole lot more.
The Internet has helped people in the four largest economies support their nation’s GDP. Many of these people have created generational wealth for future generations to enjoy. More people within their community began using an online platform to make sales and offer services – supporting the nation’s GDP.
Other Ways You Can Help GDP
Using the Internet to make sales and offer services to people online will help your nation’s GDP. Buying locally produced products will help the GDP. We call it, “Buy Local, Shop Local”. Everyone can support local businesses by shopping at your neighborhood market or store. Those purchases will produce income that will factor into the local economy and by extension, the national GDP economy.
Help spread the word about new local offerings like the new bakery that just opened or the new bicycle repair shop, or the new farmer’s market. A new lawn service, a new professional house painter, a new caregiver service, a new interior decorator, or a new print shop – all will create local jobs, even part-time jobs for the local GDP economy.
The Internet is experiencing some GDP negativity via social media. Anyone caught up into this whirlwind can help the country’s GDP by replacing negativity with positivity. How?
Do an online search for positive ideas about the economy. For example, lower unemployment rates or the number of new businesses in your community, city, state, or the country. Those numbers inspire hope and confidence.
For those at home looking at their community’s website can feel a ray of HOPE for a better day and a better month and a better year ahead.
Remember, bad news travel fast so it doesn’t need our help. Good news travel slow so it needs our help. Spread good news about the economy. Help people feel better about spending their hard-earned cash by spreading good news.
You can advise your local community members to “GO SHOPPING”. Let them know their money can help create jobs by supporting local businesses.
Good news will help local GDP
For the first time since the start of the pandemic, there is a real feeling of confidence in the economy again. People are buying goods and services because of their confidence.
Nationally, America is coming back from a national slowdown! America is putting the pandemic behind and replacing those old fears with confidence in a more prosperous future.
Our nation’s economic growth, our GDP, depends on a national attitude of support starting at the community level. We need more builders of the homeland, not more anti-business or anti-family economic destroyers. Those opposed to pro-GDP initiatives can become pro-business promoters just by implementing a pro-business program.
How is the global GDP?
The global economy appears to be resilient despite challenges. GDP growth was 3% in 2023, and there are positive indications for continued expansion in 2024 and beyond.
The United States economy is particularly strong, outperforming others globally, with a 3.3% GDP gain in the last quarter of 2023. We’re not where we want to be yet, but as a country, we’re on our way to a stronger and an improved GDP. That’s news you can spread!
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