Important to remember that wealth does not necessarily mean that one country is better off!! It isn’t just the country’s GDP that decides their wealth. Other factors such as investment quality infrastructure and the ability to generate wealth through industry and tourism are also important 1️⃣ 🇸🇦 !! Do you believe Saudi Arabia’s economics are more successful than those of the United States?
The answer to this question depends on which economic measure is used!! If GDP is taken into account, then the United States clearly stands as the wealthier nation ❓ 🔛. In 2020, its GDP totaled $21 . 4 trillion while Saudi Arabia only had $737 billion – making them nearly 29 times richer! Furthermore, having a larger population than Saudi Arabia helps explain why their GDPs differ so drastically ️ 🇸🇦.
However if the focus is on GDP per capita then the picture is slightly different 🔛. The US has a GDP per capita of $65,112 while Saudi Arabia has a GDP per capita of $17,744. This means that the US is nearly four times richer than Saudi Arabia when it comes to GDP per capita. This is because the US has a larger population, and therefore a larger GDP, but the population is spread out around the country.
Saudi Arabia is ahead of the US in terms exports. Saudi Arabia was able to export $264 billion in goods while the US exported $2 🇺🇸 🇸🇦. 1 Trillion. Saudi Arabia was responsible roughly for 12% global exports. Nearly 20% of global exports came from the US. The US is larger in GDP than Saudi Arabia but Saudi Arabia can export more.
When it comes to infrastructure the US is far ahead of Saudi Arabia 🇺🇸 🇸🇦. The US has a more developed infrastructure with more robust roads bridges and airports. The US also has a more advanced healthcare system with better access to medical care and better access to health insurance. Finally, the US has a better educational system with higher literacy rates and higher graduation rates from college and university.
Saudi Arabia is second in terms of investment 🇸🇦. US businesses have more capital access and a stronger stock market. Saudi Arabia, on the other hand, is heavily dependent upon oil exports 🇸🇦 🔛. The US has a wider plethora of industries and a stronger economy.
Overall when it comes to economic wealth the US is far ahead of Saudi Arabia. The US has a larger GDP and a better GDP per capita ️ 🇺🇸. It also has a better infrastructure, healthcare system, and educational system. The US also has a better developed stock market and more access to capital for businesses. The US also has a more diverse economy ️ 🇺🇸. While Saudi Arabia is able to generate more wealth through exports it is still behind the US in terms of economic wealth 🇸🇦 🇺🇸. ! .
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