Overview of Spain’s Real GDP Growth
The real GDP of Spain increased by 5.1% from the previous year to $1.5 trillion in 2021. Spain's economy grew by 0.3% between 2010 and 2021. However, the outlook for Spain's economy was clouded due to a spike in COVID-19 cases and rising oil prices amid the war between Russia and Ukraine.
Outlook on Global Economy Growth
Real GDP growth is GDP’s annual percentage growth rate at market prices based on constant local currency.
In terms of real GDP, the United States, China, Japan, Germany, and India are the top five economies. The US is the largest economy in the world, followed by China. In 2021, the US economy grew by 5.7% and reached $18.7 trillion in real GDP. Between 2010 and 2021, US real GDP grew at a CAGR of 2.0%. China, one of the world's fastest-growing economies, grew at a CAGR of 7% between 2010 and 2021. In 2021, India's real GDP grew at a rate of 9% and at a CAGR of 5% for the period 2010-2021.
Factors Affecting the Global Economy
A rise in COVID-19 cases:
As a result of Omicron, a new variant of COVID-19, more cases have been reported worldwide, resulting in the disruption of supply chain management. However, the global vaccination drive has reduced the fatality from COVID-19.
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 nation.
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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