A study of Trends of Gross Domestic Product of Selected Countries From 2012 to 2021

Gross domestic product is taken by economist of world as one of the most important Indicator of the National Economic Growth. It reflects the value of Gross total product produced by a country within its National Physical boundries. It is also considered good if this growth rate  increases every year as compared to previouse year.

In this article we have selected data of certain Asian countries for a time period of 2012 to 2021 i.e ten year period. The Asian countries have been selected on random basis based on their location in south Asia.

An Analysis of The table 1 Reveals following Findings:

1. Each countey showed a decline in the years 2019 and 2020.This was the period when covid 19 was at its peak and economies globally suffered recession.
2. Out of the selected countries India, Pakistan,Srilanka and Nepal registered Negative GDP growth rate in 2020. India suffers maximum at -6.60% while Bangladesh maintained highest positive in the year 2020 at 3.45%.
3. In the year 2021 Most countries recover except for Myanmar which registered a negative decline of 17.98%. India leads the recovery registering 8.95% Growth Rate followed by China and bangladesh at 8.11% and 6.94% respectively.
4. The Average growth rate of China is highest (6.69%) followed by Bangladesh(6.44%) and India(5.48%). The standard deviation of GDP is Highest in case of Myanmar(8.04) as it registered maximum decline in the year 2021 followed by India (4.50) and Nepal (3.36). However In case of India there is regular GDP growth rate and as such the standard deviation only reflects positivity.

With respect to Chart 1 we find that percentage changes of GDP over previouse year the selected countries show following trends

1. Myanmar leads the countries which highlights its volatility as it registers too frequent rise and fall of GDP.
2. 2nd Position is held by Nepal as it also experiences volatility due to frequent rise and fall of GDP
3. India is placed at 3^rd Position however this is mazorly due to positive growth rate experienced by the countrey over the years as also depicted by its 3^rd highest growth rate.
4. Srilanka is at position 4 as its growth rate for most of the part is aroung the average growth rate. This shows a stability factor in the study period.
5. China is at Position 5 with a positive outlook as its economy registers highest averahe growth rate as well alowest standard deviation depicting stability in general.
6. Pakistan is at position 6 as its growth rate is low but steady for most of the study period.
7. India is placed at 7th Position with respect to volatility. this is mazorly due to positive growth rate experienced by the countrey over the years as also depicted by its 3^rd highest growth rate.

Conclusion: –

The article reveals the comparative performance of the selected countries over the period 2012 to 2021. It shows that out of the 7 countries selected the performance of China followed by Bangladesh and India is commendable. Nepal and Pakistan show an average performance but with low volatility. Myanmar followed by Sri Lanka are the countries which should take steps immediately to control their GDP performance

The researcher cautions that GDP is one of the indicators of Economic performance of the country. Its results should be verified through other Indicators such as Per capita GDP, per capita National Income for more conclusive results

Webliography 

• India GDP Growth Rate 1961-2022. www.macrotrends.net. Retrieved 2022-09-03.
• Pakistan GDP Growth Rate 1961-2022. www.macrotrends.net. Retrieved 2022-09-03.
• Sri Lanka GDP Growth Rate 1962-2022. www.macrotrends.net. Retrieved 2022-09-03.
• Bangladesh GDP Growth Rate 1961-2022. www.macrotrends.net. Retrieved 2022-09-02.
• Myanmar GDP Growth Rate 1962-2022. www.macrotrends.net. Retrieved 2022-09-03.
• Nepal GDP Growth Rate 1961-2022. www.macrotrends.net. Retrieved 2022-09-03.
• China GDP Growth Rate 1961-2022. www.macrotrends.net. Retrieved 2022-09-02.