Why did Spain lose hope of being in the G7

Why did Spain lose hope of being in the G7

I spent a lot of time comparing Spain With the euro countries and the European Union, among other reasons because it is the closest to us and what affects GermanyIt affects us as members of the European Union, and what affects Spain affects them as well.

For a few articles, I’m going to get out of the wheel of the European Union and compare ourselves to the rest of the countries in the world and that’s why the data source will be world bank And in some cases, the OECD.

Today we will review what happened to the top 20 countries from the point of view of GDP at constant prices, and therefore, deflated with inflation, viewed in US dollars, so it is possible that some do not add up, but it is the one that the World Bank has in its database.

Spain ranked 10th in 2000

in the year 2000the country with the highest GDP The United States, followed by Japan, Germany and China Fourth place, ahead of the United Kingdom. France and Italy came next, and Brazil and Canada ranked eighth and ninth.

Spain ranked No. 10Mexico came in eleventh place, Russia took fifteenth place, and Argentina is still in the nineteenth place among the twenty most important countries.

In 2021 there were many changes. Thus, for example, China is in second place, while in 2000 it was overtaken by the United States by 11 billion dollars, and in 2021 it exceeded it only by 4.5 billion dollars.

To become the sixth economic power in the world, India emerges, just behind Japan, Germany and the United Kingdom and overtakes France, as it climbed six places in the world. classification.

Spain ranked tenth. It was acquired by South Korea, which rose four places. Russia is now 13th, moving up two places in the table, and the biggest loser in this environment is Spain, which lost four places and fell to 14th.

In this list, Saudi Arabia appears for the first time, removing Argentina from the theoretical G-20 list, which is in 22nd place. Poland has remained on the cusp of this list, all of which indicate that in the next five years it is possible to enter the exclusive group of the 20 most important economies In the world.

As these changes occurred, let’s also see what percentages of growth occurred in this period.

We can verify that the growth that China has achieved is astonishing in 21 years. They grew by 470.4%, while the United States grew by 47.9%, the European Union grew by 30.0%, the Eurozone grew by only 25.0%, and Latin America and Latin America and the Caribbean grew by 58.6%.

It is followed by India which also grew by 241.4% and puts it in second place in terms of growth rate. Turkey came third with 172.3%, making it 16th in GDP.

Indonesia and South Korea are the next developing countries and have triple digit growth too.

The last in the list turned out to be the largest country in the European Union, to which was added Japan, at number 19.

Spain is the 16th country in growthby 27.9%, followed by France, Germany and Italy which, according to the World Bank, grew in constant prices by only 1% in dollars.

With this picture of 21 years of history, or if you like, 20 years of downsizing the year of the virus, EU residents should start to worry. Asian countries such as India, Indonesia and South Korea, if they are able to maintain their growth rates, can outperform Italy and we find that Italy and France are not among the top seven in the world and Europe remains only with Germany and the United States. The kingdom.

Spain has already lost all possibilities of trying to be among the top seven and what it has to avoid is to continue to lose ground and become irrelevant to the global economy.

The European Union has gone from five times the importance and power of China to the fact that China is already 1.2 billion more powerful than the European Union.

And if someone tells me after this that Europe is going in the right direction, I will urge him to read this article.

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