Sources: Wood Mackenzie, CNBC
quote: Ironically, the report comes after growth hit relative lows -- 7.5 percent year-to-year gross domestic product (GDP) growth in Q2 2013. Still that growth compares favorably to an anemic 1.7 percent growth by the U.S.
quote: It does not compare favorably. The Chinese growth of 7.5%*5445$ = 408$ per capita is significantly lower than the U.S. growth of 1.7%*48112$ = 818$ per capita.
quote: The Chinese growth rate is getting lower every year because the basic assumption that any economy could grow exponentially over an extended period of time is just incorrect,
quote: and reporting growth in % is as useless as it is popular.
quote: Economies always grow exponentially. Exponential growth doesn't mean it grows the same percent every year. It means the growth is proportional to its size. That if something doubled in size, all other things being equal you'd expect its growth rate to also double.