In 2021, the real GDP of the Netherlands reached $972 billion, an increase of 5.0% from the previous year
The world's top five economies in terms of real GDP are the US, China, Japan, Germany, and India
Global economic growth has slowed as a result of COVID-19, the Russia-Ukraine conflict, and rising inflation
Overview of Netherlands’s Real GDP
The real GDP of the Netherlands increased by 5.0% from the previous year to $971.8 billion in 2021. Netherlands's real GDP increased at a CAGR of 1.3% between 2010 to 2021. The outlook for the Netherlands's economic growth is favorable, which can be attributed to the government's fiscal consolidation strategy, high COVID-19 vaccination rate, and improved economic resilience to containment measures.
Outlook on Global Economy
Real GDP refers to base year prices, which include inflation. Changes in real GDP indicate the increase or decrease in the volume of economic activity and measure economic growth.
The US, China, Japan, Germany, and India are the leading economies around the world in terms of real GDP. With a value of $18.6 trillion in 2021, the US had the highest real GDP, followed by China with a value of $12.7 trillion. Japan's real GDP rose to $6 trillion during the same period, placing it third globally. Other top economies are Germany and India, with real GDPs of $3.8 trillion and $2.9 trillion.
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:
Global economic expansion will be hampered by a protracted conflict between Russia and Ukraine. Due to the war, trade and investment have suffered because Russia has been subjected to economic sanctions, and several significant corporations have ceased operations there.
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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