An average of three percent increase in world incomes

- The Conundrum of Economics - Dhawal Mehta

- High levels of economic inequality in developed and communist countries of the world

Average per capita income of any country is a better indicator of prosperity and standard of living of the people than its total GDP (national income). An even more effective indicator is the equality of income and wealth in that country. A country is very rich, but if the income and wealth of the first ten percent of its people is about 70 percent of the country's GDP (national income) and the remaining ninety percent of the people have only 30 percent of the country's income and wealth, then in the language of economics, distributive justice in that country is very high. Considered to be of lower rank. Suppose there is a single family in a country and 100 percent of the country's total income and wealth, then zero distributive justice in that country is considered extreme inequality. Countries like America, Britain, France, Germany, Spain, Portugal also have huge inequality of income and wealth, while communist countries like China, North Korea, Russia, etc., which developed on the orders of equality, also have huge economic inequality. To 'justify' all this, a myth has been created that the rich have become richer because they are smarter, more intelligent, more hardworking and more ambitious than the poor. While the poor of the country remain poor because they are lazy or without ambition or achievement. Distributive justice is not visible in any country of the world but one thing of relief is that the rich democratic countries of the world have created a welfare state in which no one dies of hunger but even in such welfare states there is severe economic inequality.

GDP of the world

The world has not gone to hell. The income of the entire world has been growing at an average rate of 3 percent for the past several years, while the world population is now growing at a rate of 1 percent or a little less than that, i.e. at the rate of 9 percent. It is no longer the case that a large part of the world's population is suffering from the pangs of hunger. Some statistics on how much inequality there is in terms of national income in the world are worth checking out. The richest country in the world is America, which according to the latest statistics of the International Monetary Fund is 26.8 trillion dollars. It is followed by China at 19.4 trillion dollars, Japan at 4.4 trillion dollars, Germany at the fourth position at 4.3 trillion dollars and after that India at the fifth position at 3.7 trillion dollars. So far in fifth place is the UK. was Which India has grabbed. But the average per capita income compared to the gross national income of the countries of the world presents a very grim picture. According to the last report of the IMF, the average per capita income of America is 80,034 dollars, Russia is 14,403 dollars, China is 13,721 dollars, Canada is 52,772 dollars, UK is 46,371 dollars, Japan is 35,385 dollars, Germany is 51,383 dollars. , UK is $46,371, France is $44,408, Italy is $36,812 and Sri Lanka is $3362. While the average per capita income of India, the spiritual master of the world, is 2601 dollars and that of Pakistan is only 1658 dollars. If Shri Narendra Modi can win the BJP in 2024, India's GDP will increase from the current 3.7 trillion dollars to In five years after winning the 2024 election, after the economy of America and China, it will become the third largest economy in the world in terms of GDP, but India's GDP will not even reach 4000 dollars per capita due to its huge population of 142 crores at that time? Which American has a per capita income of 80,034 dollars and which India has an average per capita income of about 4000 dollars or less even after BJP wins the elections in 2029!