What is the impact of GDP per capita on a country's economy?

What is the impact of GDP per capita on a country's economy?

GDP per capita is a key indicator of a country's economic performance, reflecting the average income of its citizens.

How does it affect living standards?

Higher GDP per capita generally indicates better living standards, as it suggests more resources are available for public services and individual consumption.

Are there any countries with high GDP per capita but low living standards?

Yes, some countries may have high GDP per capita due to wealth concentration or reliance on specific industries, which can lead to disparities in living standards.

What other factors should be considered alongside GDP per capita?

Other important factors include income inequality, employment rates, access to education and healthcare, and overall economic stability.