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Compare and contrast the total populations and total GDPs as well as the GDPs per capita - Essay Example

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The highest GDP amongst the entire lot of G7 and OPEC countries is of the United States of America at $16,720bn. On the contrary, the lowest GDP in the entire lot…
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Compare and contrast the total populations and total GDPs as well as the GDPs per capita
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Population, GDP & GDP/Capita The total GDP of G7 countries is about 16 times the combined GDP of 6 OPEC countries falling within the Middle East. The highest GDP amongst the entire lot of G7 and OPEC countries is of the United States of America at $16,720bn. On the contrary, the lowest GDP in the entire lot is of Kuwait at $179.50bn (The World Fact Book, 2015).
It is rather interesting to note that many people believe that Saudi Arabia and UAE are amongst the richest counties of the world, thanks to their invaluable oil reserves. However, according to the analysis carried out Saudi Arabia has a total GDP of just $718.50bn (the highest in the OPEC Middle East Bloc), with GDP per capita of just $26.27, as compared to the highest GDP per capita of $100.51 in the Middle East Bloc (The World Fact Book, 2015). Interestingly, a good measure of wealth of a country is the GDP per capita, and that places Saudi Arabia at the third last slot in the list of OPEC Middle East Bloc, while a comparison with the GDP per capita of G7 nations leaves Saudi way below the country with the least GDP per capita in the G7 (Italy with a GDP per capita of $33.52).
The G7 bloc has an average GDP per capita of $45.16 compared to a figure of just $14.11 portrayed by the OPEC Middle East Bloc. To much surprise, while the highest GDP amongst the two lots is that of the United States, Canada and US share a GDP per capita figure thanks to Canada’s low population as compared to its overall GDP. The highest population in the OPEC Middle East Bloc is found in Iran, at 80.84bn people, while the lowest is found if Qatar, at 2.12bn. Similarly, the highest population in the G7 as well as the OPEC Middle East Bloc is made up by USA (318.89bn), whereas the country with the lowest population in the G7 Bloc is Canada at 34.83bn people (The World Fact Book, 2015).
Reference
The World Fact Book. (2015, February 10). Retrieved February 10, 2015, from https://www.cia.gov/library/publications/the-world-factbook/index.html Read More
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