China to become high-income country by next year, the second country after S.Korea moved from low to high-income since the second world war

[Mista]

Not really true. Not just SK, Singapore or other East Asian economies, there are many more countries which became high income economies after WW2.

The threshold is adjusted only for inflation, which means all countries with positive real GDP growth will eventually become high income economies. The only difference is time taken, whether 10, 20 or 100 years.

Classifying begins in 1987:

World Bank high-income economy - Wikipedia

en.wikipedia.org

 

[Mista]

As long as China's GDP reaches US $28 trillion, the per capita GDP will reach US $20000. In 2021, China's GDP increased by $3 trillion, and China's GDP is now $18 trillion. Reaching $28 trillion by 2030 is not difficult.

$20K is around 1.66x of China's current GDP per capita of ~$12K.

1.065^8 = ~1.66

Assuming there is no change to the current exchange rate, China needs to achieve an average nominal GDP growth of around 6.5% pa in the next 8 years to reach $20K GDP per capita.
Assuming an average inflation rate of 2%, that's around 4.5% real growth pa on average.

 

[beijingwalker]

As long as China's GDP reaches US $28 trillion, the per capita GDP will reach US $20000. In 2021, China's GDP increased by $3 trillion, and China's GDP is now $18 trillion. Reaching $28 trillion by 2030 is not difficult.

If US dollar keeps dropping like it did in the past year, it'll be a very easy target.

 

[MH.Yang]

If US dollar keeps dropping like it did in the past year, it'll be a very easy target.

If the exchange rate of CNY does not continue to rise, it indicates that the Chinese government has issued additional m2. If so, China's economy will grow faster.

 

[Kai Liu]

We can feel the rising standard of living, not just from the GDP per capita figures, but the tangible things such as the ~30 million cars sold every year (including over 3 million luxury cars sold, figures all provided directly by car companies), the first rate infrastructure build-up such as HSRs, and the keep improving air quality, etc., these are all tangible things you can't fool, the indication that we are rapidly reaching the level of a moderately developed society.
Actually, you can feel if you are living in a high-income country or not very easily once you get out of the airport:
Vlogs from South Asians:

Vlog/Travelogue Compilation of South Asians Living/Travelling in China

From Gansu, the poorest province in China:

 

[serenity]

more fake news like China zero COVID police meanwhile 2 million are in lockdown in Beijing

only thing that counts is GDP per capita

South Korea GDP per capita is more than 3 times that of China

and isn't it bit embarrassing comparing 1.3 billion China to 51 million South Korea

Zero Covid policy isn't equal to zero covid. It is there to minimize numbers of cases as much as possible through things like lockdowns.

South Korea is far ahead in GDP per capita. If China reaches that level, it would be two USAs in size.

China's economic size is nearly 15 trillion USD with a devalued currency. South Korea's is nearly 2 trillion USD. But per capita it is far behind, it has that much potential to still fill. If China's GDP per capita is the same level, China's economic size using same as today's measure would be around 45 trillion USD. That would be roughly just under the same as current USA + Japan + South Korea + Germany + France + UK and this sum is currently the majority of the world's wealth.

China's GDP per capita is about 5 times larger than India's and this is with a much bigger proportion of China's population being retirement age and still 5 times bigger than young india. If we only compare population of working age, China's GDP per cap of working age is way more than 5 times india, This puts into perspective China and South Korea's GDP per cap difference.

 

[Song Hong]

South Korea is moden slavery. Chaebo controls 90% of economy. People are brainwashed and sex cult are promoted to keep people content. In terms of material well being, Beijing and Shanghai is far far far better than Seoul.

South Korean have a higher salary but everything is expensive. Eventually South Korean enjoys nothing but works long hours.

Korean Chaebo companies sucks big time. Korean engineers have siege mentality and they do not share knowledge.

 

[faithfulguy]

It is even more embarrassing for his home country india...though...LOL...

I called him an Indian in another thread and he gave me a negative check mark. His action proven that he is a head wobbler.

 

[Dungeness]

A country that was supposed to collapse 20 years ago, is becoming a nightmare for the West and their minions.

 

[FairAndUnbiased]

Not really true. Not just SK, Singapore or other East Asian economies, there are many more countries which became high income economies after WW2.

The threshold is adjusted only for inflation, which means all countries with positive real GDP growth will eventually become high income economies. The only difference is time taken, whether 10, 20 or 100 years.

Classifying begins in 1987:

World Bank high-income economy - Wikipedia

en.wikipedia.org

View attachment 811961

Singapore didn't exist as a country at the time except as part of Malaysia which is why it wasn't counted - Malaysia was middle income.

The other countries which existed pre WW2 and were not developed countries but became developed, were also at least middle income. Poland, Czechoslovakia, etc were already major European powers before WW2. Czechoslovakia had a huge arms industry, for instance.

I really cannot think of a single example of a country that existed in some form, was low income (not just middle) and became high income, except China and South Korea.

 

[Dungeness]

I called him an Indian in another thread and he gave me a negative check mark. His action proven that he is a head wobbler.

He used to have a Pakistan flag in his profile. Anyway, he abuses his "Think Tank" privilige quite often, that does make PDF look bad.

 

[Hamartia Antidote]

While many low-income countries (defined as having per capita income of under $1,046 in 2021) have become middle-income countries, China would only be the second to move from low to high-income since the second world war, after South Korea.

hmmm...second since WW2...um I see plenty of countries on this list that seem to make the cut. I'm sure tourism wasn't high before the 1950's so many of the Carribbean Islands would be in tough shape. Oil started pumping in the middle east in the late 1930's but I'm sure the War delayed any modernization.

High income | Data

High income from The World Bank: Data

data.worldbank.org

High income

• ANDORRA
• ANTIGUA AND BARBUDA
• ARUBA
• AUSTRALIA
• AUSTRIA
• BAHAMAS, THE
• BAHRAIN
• BARBADOS
• BELGIUM
• BERMUDA
• BRITISH VIRGIN ISLANDS
• BRUNEI DARUSSALAM
• CANADA
• CAYMAN ISLANDS
• CHANNEL ISLANDS
• CHILE
• CROATIA
• CURACAO
• CYPRUS
• CZECH REPUBLIC
• DENMARK
• ESTONIA
• FAROE ISLANDS
• FINLAND
• FRANCE
• FRENCH POLYNESIA
• GERMANY
• GIBRALTAR
• GREECE
• GREENLAND
• GUAM
• HONG KONG SAR, CHINA
• HUNGARY
• ICELAND
• IRELAND
• ISLE OF MAN
• ISRAEL
• ITALY
• JAPAN
• KOREA, REP.
• KUWAIT
• LATVIA
• LIECHTENSTEIN
• LITHUANIA
• LUXEMBOURG
• MACAO SAR, CHINA
• MALTA
• MONACO
• NAURU
• NETHERLANDS
• NEW CALEDONIA
• NEW ZEALAND
• NORTHERN MARIANA ISLANDS
• NORWAY
• OMAN
• PALAU
• POLAND
• PORTUGAL
• PUERTO RICO
• QATAR
• SAN MARINO
• SAUDI ARABIA
• SEYCHELLES
• SINGAPORE
• SINT MAARTEN (DUTCH PART)
• SLOVAK REPUBLIC
• SLOVENIA
• SPAIN
• ST. KITTS AND NEVIS
• ST. MARTIN (FRENCH PART)
• SWEDEN
• SWITZERLAND
• TRINIDAD AND TOBAGO
• TURKS AND CAICOS ISLANDS
• UNITED ARAB EMIRATES
• UNITED KINGDOM
• UNITED STATES
• URUGUAY
• VIRGIN ISLANDS (U.S.)

 

[casual]

Not really true. Not just SK, Singapore or other East Asian economies, there are many more countries which became high income economies after WW2.

The threshold is adjusted only for inflation, which means all countries with positive real GDP growth will eventually become high income economies. The only difference is time taken, whether 10, 20 or 100 years.

Classifying begins in 1987:

World Bank high-income economy - Wikipedia

en.wikipedia.org

View attachment 811961

SK was the only one that was in abject poverty after WW2. The rest started in much better economic shape.

hmmm...second since WW2...um I see plenty of countries on this list that seem to make the cut. I'm sure tourism wasn't high before the 1950's so many of the Carribbean Islands would be in tough shape. Oil started pumping in the middle east in the late 1930's but I'm sure the War delayed any modernization.

High income | Data

High income from The World Bank: Data

data.worldbank.org

High income

• ANDORRA
• ANTIGUA AND BARBUDA
• ARUBA
• AUSTRALIA
• AUSTRIA
• BAHAMAS, THE
• BAHRAIN
• BARBADOS
• BELGIUM
• BERMUDA
• BRITISH VIRGIN ISLANDS
• BRUNEI DARUSSALAM
• CANADA
• CAYMAN ISLANDS
• CHANNEL ISLANDS
• CHILE
• CROATIA
• CURACAO
• CYPRUS
• CZECH REPUBLIC
• DENMARK
• ESTONIA
• FAROE ISLANDS
• FINLAND
• FRANCE
• FRENCH POLYNESIA
• GERMANY
• GIBRALTAR
• GREECE
• GREENLAND
• GUAM
• HONG KONG SAR, CHINA
• HUNGARY
• ICELAND
• IRELAND
• ISLE OF MAN
• ISRAEL
• ITALY
• JAPAN
• KOREA, REP.
• KUWAIT
• LATVIA
• LIECHTENSTEIN
• LITHUANIA
• LUXEMBOURG
• MACAO SAR, CHINA
• MALTA
• MONACO
• NAURU
• NETHERLANDS
• NEW CALEDONIA
• NEW ZEALAND
• NORTHERN MARIANA ISLANDS
• NORWAY
• OMAN
• PALAU
• POLAND
• PORTUGAL
• PUERTO RICO
• QATAR
• SAN MARINO
• SAUDI ARABIA
• SEYCHELLES
• SINGAPORE
• SINT MAARTEN (DUTCH PART)
• SLOVAK REPUBLIC
• SLOVENIA
• SPAIN
• ST. KITTS AND NEVIS
• ST. MARTIN (FRENCH PART)
• SWEDEN
• SWITZERLAND
• TRINIDAD AND TOBAGO
• TURKS AND CAICOS ISLANDS
• UNITED ARAB EMIRATES
• UNITED KINGDOM
• UNITED STATES
• URUGUAY
• VIRGIN ISLANDS (U.S.)

Only SK was low income after WW2. Learn to read

 

[Hamartia Antidote]

Only SK was low income after WW2. Learn to read

I'm quite sure some of the Caribbean Islands listed were low income before the war. Many of them make their money on tourism...which was relatively non-existent before the War (unless the super rich few who were going there were keeping them afloat). Remember you pretty much have to fly there and commercial airline travel for the masses didn't really kick in until after the War.

What It Was Like to Fly in the 1930s​

1930's air travel to the Caribbean islands was pretty much a rich man's endeavor.

 

[casual]

I'm quite sure some of the Caribbean Islands listed were low income before the war. Many of them make their money on tourism...which was relatively non-existent before the War (unless the super rich few who were going there were keeping them afloat).

I'm quite sure none of those islands have been independent or been brutally occupied by Japanese.