Aruba's real GDP growth rate was 16% in 2021, with a real GDP of $2.6 billion
In terms of real GDP growth rate, Libya was the fastest-growing economy, followed by the Maldives, Guyana, Macau, and Aruba in 2021
A slowdown in global economic growth has been attributed to COVID-19, the Russia-Ukraine war, and rising inflation
Overview of Aruba’s Real GDP Growth Rate
In 2021, Aruba was one of the fastest-growing countries in the world, with a growth rate of 16%. The real GDP of Aruba increased to $2.6 billion in 2021 from $2.2 billion in 2020. Aruba's economy grew at a CAGR of 1% between 2010 and 2021.
Outlook on Global Economy Growth
Real GDP growth is GDP’s annual percentage growth rate at market prices based on constant local currency.
The US, China, Japan, Germany, and India are the world's top five economies in terms of real GDP. The US is the largest economy in the world, with a real GDP of $18.7 trillion in 2021, which rose 5.7% over the previous year. China is one of the fastest-growing economies; it grew at a CAGR of 7% between 2010 and 2021.
Factors Affecting the Global Economy
A rise in COVID-19 cases:
More cases have been reported globally due to Omicron, a new COVID-19 variant, which has disrupted supply chain management. However, the worldwide vaccination campaign has decreased COVID-19 fatalities.
Russia-Ukraine war:
A prolonged conflict between Russia and Ukraine will continue to affect global economic growth. Investment and trade have been adversely affected due to the war as economic sanctions have been imposed on Russia, and several big companies have stopped their operations in the country.
Rising Inflation and Interest Rates:
The inflation rate in developing and advanced economies have been rising, causing central banks to tighten monetary policy and raise interest rates to control price rises. However, a sustained rise in interest rates could push some economies into financial distress.
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