Review these carefully.
Discuss these here.
You may respond to issues raised by others.
a. The US is by far still the largest economy in the world with a gargantuan GDP of $21.1 trillion.
b. And the US is seconded only by China with $14.8 trn.
c. Israel with less than 7m people has a GDP of $391.5bn
d. While Nigeria with over 200 m people has a GDP of $488.5 bn
e. Therefore, population is really not a big factor in determining the size of the economy of any nation.
f. On the contrary wise, the major factor to be considered is production.
g. We know for sure that all the countries except Nigeria are major producers and exporters of hi-tech goods and services.
a. To get out of our economic under-performance as a nation, we must engage in massive production leveraging our comparative advantages like cheap labour.
b. However, to get this done, we must put in place the necessary fundamentals like constant electricity, good infrastructure etc.
c. Govt must divest from economic activities and begin to play the role of a regulator and a driver.
d. The private sector should lead the drive for Nigeria’s industrialization.
a. We cannot overtake a man we have not caught up with.
b. Therefore, we must understood the dynamics of modern economic development and adopt same here.
c. We cannot re-invent the wheel as it is.
a. The private sector must be made to be on the driving seat of Nigeria’s economy.
b. We must engage in massive production of goods in Nigeria. Production is what creates wealth.
c. Right now, Nigeria is import-dependent. This must stop.
d. Set targets for ourselves.
e. Limit the role of govt to that of a regulator.
a. This has laid bare to us in the wealthmarket what the challenges of developing Nigeria are.
b. And it has put us in a good stead in knowing what to do.
c. We are no longer in doubt to the fact that we must do something drastic if we must get Nigeria out of the woods.
d. And this accords very well with our CoNPro Plan; which is a well-thought plan with production at its core.
TO BE CONTINUED
Observations,
Questions,
Analysis,
The US surpasses China in economic growth, China however, surpasses the US in terms of GDP growth per person ( pa), Domestic demand ( change pa), and Gross national savings rate (%),
Thoughts,
Conclusions?
How do these affect your recommendations for the Wealthmarket’s initiatives and technologies?
Recent analysis and projections indicate that the American economy is not only the largest, but would remain so up to 2023.
An excerpt from an interview with the US’ chief economist, Gregory Daco states as below;
*“We foresee record-breaking consumer spending growth in 2021, driven by a watered-down $1.3tn version of Biden’s $1.9tn American Rescue Plan, vaccinations reaching 60% of Americans over 15 by July, and job growth accelerating this spring. Real-time data already show demand picking up, which suggests the recent soft patch was temporary. We expect the economy will grow 5.9% in 2021 as an improved health situation supports a summer mini-boom in activity.” *
~ Gregory Daco, chief U.S. economist at Oxford Economics
In the accompanying chat, China follows the United States as the second largest economy, although not so closely.
China is projected to follow the US with a size difference of about $5 trillion.
Meanwhile, Israel with less than 7m people has a GDP of $391.5bn. While Nigeria with over 200 m people has a GDP of $88.5 bn.
These countries have a potential of growing economically. Nigeria’s future does look a little bleak with its inability to domesticate technology and join the league of exporters of hi tech products.
It appears that as a nation, Nigeria is not interested in increasing productivity by leveraging the current trends in technology.
By domesticating modern equipment, we can get massive production leveraging our comparative advantages like cheap labour.
This ought to be driven by the private sector which is obviously doing little to detach itself from the apron strings of the government at the moment.
Everything we need as a nation is available to us. We need the political will to move our nation forward.
Of course, this is why the WealthMarket is to the rescue to lead the economic revolution of Nigeria.
We can catch up if we put our acts together and take production seriously. Israel is an arid land, yet the only agricultural country even when surrounded by hostile countries in the middle east.
It merely looked inward and used technology to make up for it’s natural inadequacies.
We can also do it in Nigeria.
