How to gdp are work in economic development

I want understand how gdp are working in economic development

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13 Answers
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  • If gdp of a country is strong the development of a country in ways like exports and imports increases which leads to inflow and outflow of foreign currency and many other factors...
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  • in order to know the interrelation between gdp and economic development you must know what is gdp first
    Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period.GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore using a basis of GDP per capita at purchasing power parity (PPP) is arguably more useful when comparing living standards between nations, while nominal GDP is more useful comparing national economies on the international market.

    if gdp is high and it is strong ones country may top in their economic development
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  • If gdp of a country is strong the development of a country in ways like exports and imports increases which leads to inflow and outflow of foreign currency and many other factors
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  • “Economic production and growth, what GDP represents, has a large impact on nearly everyone within [the] economy”. When GDP growth is strong, firms hire more workers and can afford to pay higher salaries and wages, which leads to more spending by consumers on goods and services.
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  • I DO NOT KNOW MUCH ABOUT THIS
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  • GDP is important because it gives information about the size of the economy and how an economy is performing. The growth rate of real GDP is often used as an indicator of the general health of the economy. In broad terms, an increase in real GDP is interpreted as a sign that the economy is doing well.
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  • (GDP) is the broadest quantitative measure of a nation's total economic activity. More specifically, GDP represents the monetary value of all goods and services produced within a nation's geographic borders over a specified period of time.
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  • Gross Domestic Product (GDP) is one of the most widely used measures of an economy’s output or production. It is defined as the total value of goods and services produced within a country’s borders in a specific time period — monthly, quarterly or annually.
    GDP is an accurate indication of an economy's size, while GDP per capita has a close correlation with the trend in living standards over time, and the GDP growth rate is probably the single best indicator of economic growth. As Nobel laureate Paul A. Samuelson and economist William Nordhaus put it, “While GDP and the rest of the national income accounts may seem to be arcane concepts, they are truly among the great inventions of the twentieth century.”
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  •  In Economic growth to increase total final output of economic development,gdp works.  gdp means gross domestic product whose main intention is to bring about continuous economic growth of a country
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  • see the country can print its currency on behalf of the goods and services it is producing for ex if the GDP of India is 3.1 trillion dollars it means it is producing goods and services of total cost 3.1 trillion dollars...if it produces currency greater than the cost of goods produce then the inflation would be higher ...you can see it in Venezuela where 1kg meat costs 100000 rupees....if your GDP increase then automatically services will increase and global dominance will increase... which leads to much more foreign investment... thank you hope you like it
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  • Lets try to understand the whole process with an example.
    Lets take an example of an individual's house. Suppose in year 2000 , the individual has total property net worth of ₹100000 where property can be any product inside the home ex- TV, fridge, AC etc.
    In year 2005 i.e 5 years later his total property worth increases to suppose ₹ 500000 i.e if we compare it to the year 2000 we can easily see that the individual has 5 times more property i.e he has grown 5 times when we compare him with 5 years before.
    Exactly this examples works in our nation.
    Where the individuals home is a country.
    Individual Property means all the products present inside the boundary of the country.
     Total value of all these product is termed as GDP . Hence the total growth of a nation is calculated by the GDP of the nation.
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