The Chinese economy grew at its slowest pace in 24 years in 2014. Provinces have in response lowered their GDP targets for 2015, with Shanghai eliminating its target altogether. Today’s graphic tracks the growth targets across Chinese provinces.
Israel’s high tech industry is a major growth engine and investment magnet. High-tech goods and services account for 12.5% of Israel’s GDP and half of its industrial exports. Israel leads the OECD when it comes to R&D, spending 4.3% of GDP on it, nearly twice the OECD average. The last available full data set (from 2012) is reflected in the graphic below, showing Israel’s high (and later rising) rank in R&D expenditure.
On Tuesday, the World Bank predicted the global economy would grow 3% this year, below a forecast of 3.4% made in June. The World Bank also lowered its global growth forecast for 2015, and suggested world GDP growth will reach 3.3% in 2016, before dipping to 3.2% in 2017. Today’s graphic breaks down their GDP growth forecasts.
Japan’s economy unexpectedly slipped into recession in Q3 after the rise in the national sales tax in April, setting the stage for Prime Minister Shinzo Abe to delay an unpopular sales hike planned for next year. Today’s graphic looks at wages, spending and GDP in the months before & after the tax hike.
Cooling growth in China and an economic trouble in Europe are adding to pressure on the Bank of Japan and the government to step up policy support as the economy struggles to recover from the pain of an April sales tax hike. Today’s graphic contains seven charts on key economic indicators of the Japanese economy.
GDP is a traditional headline economic indicator. Every three months we hear about the latest measurement of gross domestic production. But there are limitations to using GDP as a yardstick for economic output, such as:
- it doesn’t reflect depletion of natural resources used to achieve growth
- it measures goods not bads (e.g. pollution events)
- it doesn’t reflect harm by bads (e.g. overfishing which destroys a fishing stock)
- it doesn’t measure well-being, or the human capacity to maintain a growth rate
“From an economic viewpoint, a development path is sustainable if human well-being does not decline at any point along the path; part of this well-being is provided by the environment,” explains Dr. Kirk Hamilton of the London School of Economics.” GDP doesn’t measure whether a given rate of production is sustainable given the dependencies listed above. It’s a bit like only looking at revenue in an earnings report, when a company could be losing money on every widget it produces.” (more…)
Japan suffered its biggest economic contraction since the devastating March 2011 earthquake in the April-June quarter, as a sales tax hike took a heavy toll on household spending. Today’s graphic charts seven key indicators for the Japanese economy.
Analysts polled in July are less optimistic about the growth prospects in Latin America than they were three months earlier. Today’s graphic shows the projected GDP growth for Brazil, Mexico, Argentina and Chile.
The leaders of the BRICS economies are expected to sign a deal that creates a $100 billion bank and a reserves fund to challenge Western dominance over global finance. Today’s graphic shows the GDP, current account balance and exports for the five BRICS economies, compared to the United States.
Today’s graphic looks at the Russian economy under Vladimir Putin in six charts. This month marked the 10th year of Putin’s presidency. Read the full Reuters investigates special report on how Russia does business in the Putin era.