Overview of Netherlands’s Real GDP Growth
The real GDP of the Netherlands increased by 5.0% from the previous year to $972 billion in 2021. Netherlands's real GDP increased by 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 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:
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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