In 2016 global gross domestic product growth was marked by the decline of 0.12 % compared with the previous period. There were expectations of world economy growth by dint of developing economies which were to have demonstrate the growth of 3.98 percent in 2015 and were expected to grow by 4.1 percent in the next year. As far as advanced economies it were expected to decrease to 1.86 percent in 2016 but it is estimated to lightly recession of 1.57 percent. Economic projections have approved - developing economies are estimated to its growth by 4.17 percent in 2016 and advanced economies have been continuing to decrease. According to the forecasts 2016 should be a flex point and in 2017 the world economy is estimated to its growth by 3.44 percent.
The United States continued growing at the moderate pace in 2016 after the decrease of output growth in the second quarter of 2015. Thus, U.S. real GDP increased at an annual rate of 1.88 percent in the first quarter of 2016 and 1.23 percent in the second quarter according to the estimate by the International Monetary Fund. As a result, GDP growth is estimated to level off at 2.4 percent in 2016 with a modest uptick of 2.5 percent in 2017.
The world's second largest economy, China is gradually slowing down as it continues the transition to a more balanced growth. Thus, Chinese GDP expanded by 6.7 percent in the second quarter of 2016, broadly in line with the previous quarter. So, in 2016, GDP of China is expected to rise by 6.49 percent.
GDP per capita determines the level of economic development of the country what means higher GDP per capita - higher the level of development. Since the beginning of the century Luxembourg, Switzerland and Norway have the sustainable high positions with the highest GDPs per capita at current prices. It is reported as a stable level of development - the leader Luxembourg helds this exponent approximately at 100,000 US dollars level over the past years. Luxembourg's GDP per capita has grown by 3,110 $ compared to 2015. As such, the Real GDP growth percentage is estimated to 1.1 % in 2016 which is in about 2 times less than in previous year.
GDP per capita at purchasing power parity (PPP) is the most accurate characteristic determining the level of economic development and economic growth. The highest criterion of GDP per capita based on purchasing power parity has the Middle East country Qatar while Luxembourg ranks the second. Bypassing that situation Qatar has the passive real GDP growth but has positive statement equal to 0.7 % in 2016 compared with 2015.
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NOTE: Purchasing power parity (PPP) between two countries, A and B, is the ratio of the number of units of country A’s currency needed to purchase in country A the same quantity of a specific good or service as one unit of country B’s currency will purchase in country B. PPPs can be expressed in the currency of either of the countries. In practice, they are usually computed among large numbers of countries and expressed in terms of a single currency, with the US dollar (US$) most commonly used as the base or “numeraire” currency" - Global Purchasing Power Parities and Real Expenditures, 2005 International Comparison Program - World Bank.
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