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Nigeria the largest economy? Really?
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Jangwa la Jangili
#21 Posted : Monday, April 07, 2014 7:34:12 AM
Rank: Member

Joined: 10/9/2009
Posts: 311
some south africans are catching feelings which is sad and shortsighted. nigeria's gain can be their gain. they have the sophisticated corporations that can tap that huge market and some already are.
Katika Jangwa la Jangili ndipo Pwagu hupata Pwaguzi.
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Candlesticks
#22 Posted : Monday, April 07, 2014 8:47:10 AM
Rank: New-farer

Joined: 12/16/2013
Posts: 49
Location: Nairobi
I am sure you are all aware of the GDP re-basing by Nigeria that propelled it into the largest economy in AFRICA.
Whereas i feel the re-basing was necessary on the account that Film production, financial services and telecommunication service were included in the new formula, i feel like its a leap too high.
I still think S.A is miles ahead if you consider factors such as the per capita income. i mean 52% of Nigerians live below the poverty line and the per capita income of SA is 3x that of Naija (I know the population is high)

What i think?
Nigeria has a long way to go. Some crazy statistics should let them borrow more. In addition to that, they need to tackle graft and diversify their economy not just depend on oil production.

Did i say this adds no nairas to the pockets of Ike and his sister Dora?
"'Nowadays people know the price of everything and the value of nothing.' - Oscar Wilde.
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InnovateGuy
#23 Posted : Monday, April 07, 2014 9:58:37 AM
Rank: Veteran

Joined: 11/15/2012
Posts: 1,110
McReggae wrote:
masukuma wrote:
Swenani wrote:
InnovateGuy wrote:
Quality of life should be the key. The rest is unnecessary details.


That's what am trying to say


no they are not!


How can the GDP of a country be called unneccessary details????


Yes, GDP is unnecessary detail without the human aspect. It's not the size. It's the quality.
Live Full Die Empty - Les Brown.
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Robinhood
#24 Posted : Monday, April 07, 2014 10:00:23 AM
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Joined: 12/11/2008
Posts: 2,306
Na yetu tuta recalculate lini ishinde ya EAC yote?
Great men are not always wise, neither do the aged understand judgement...
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InnovateGuy
#25 Posted : Monday, April 07, 2014 10:07:52 AM
Rank: Veteran

Joined: 11/15/2012
Posts: 1,110
Whoever started the GDP concept was bent on presenting macro figures which have little or no relation at all to other index factors that matter to human life.

What does GDP tell you about access to water, education and better health facilities?

Even economists agree that GDP is not an adequate measure of wealth. That's why they introduced GDP per capita.

***
Bottom line: those figures are useless without a social dimension.
Live Full Die Empty - Les Brown.
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Jangwa la Jangili
#26 Posted : Monday, April 07, 2014 10:16:56 AM
Rank: Member

Joined: 10/9/2009
Posts: 311
Robinhood wrote:
Na yetu tuta recalculate lini ishinde ya EAC yote?


ours base year should much more current kama sijakosea. reason for a rise labda identifying missing chunks of the informal economy. watu waombe tupate mafuta. another skyrocketing economy is angola which was smaller than kenya in 2003. saa hii wako number 5 africa and they are almost triple our size.
Katika Jangwa la Jangili ndipo Pwagu hupata Pwaguzi.
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McReggae
#27 Posted : Monday, April 07, 2014 10:22:01 AM
Rank: Elder

Joined: 6/17/2008
Posts: 23,365
Location: Nairobi
InnovateGuy wrote:
Whoever started the GDP concept was bent on presenting macro figures which have little or no relation at all to other index factors that matter to human life.

What does GDP tell you about access to water, education and better health facilities?

Even economists agree that GDP is not an adequate measure of wealth. That's why they introduced GDP per capita.

***
Bottom line: those figures are useless without a social dimension.


Really? The GDP represents the economic production and growth of a country and thus has a large impact on nearly everyone within that economy. When the economy is healthy, you will typically see low unemployment and wage increases as businesses demand labor to meet the growing economy!
..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".
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Swenani
#28 Posted : Monday, April 07, 2014 11:15:54 AM
Rank: User

Joined: 8/15/2013
Posts: 13,237
Location: Vacuum
McReggae wrote:
InnovateGuy wrote:
Whoever started the GDP concept was bent on presenting macro figures which have little or no relation at all to other index factors that matter to human life.

What does GDP tell you about access to water, education and better health facilities?

Even economists agree that GDP is not an adequate measure of wealth. That's why they introduced GDP per capita.

***
Bottom line: those figures are useless without a social dimension.


Really? The GDP represents the economic production and growth of a country and thus has a large impact on nearly everyone within that economy. When the economy is healthy, you will typically see low unemployment and wage increases as businesses demand labor to meet the growing economy!


MMcreggae

As I said before when the economy grows it mainly benefits the top percent,politicians and the corrupt.Otherwise GDP and GDP per capita are just unnecessary details

Take the case of seychelles and Nigeria which have the highest GDP per capita and highest GDP in africa respectively and compare their GDP sizes,HDI and GDP per capita.

Now, Do you know that Seychelles is among countries with the highest income inequality at 65% yet they have the highest GDP per capita? Nigeria's income inequality is at 49% while the people living below the poverty line in Nigeria is 70% while south africa the people living below poverty line is 32% and uganda is 25%

So would you rather live in Seychelles which has the highest GDP per capita or Nigeria which has the highest GDP and your chances of living below poverty is 70% or live in south africa or uganda and the chances of you living above the poverty line is 68% and 75% respectively?

For me am better of in uganda or south africa




If Obiero did it, Who Am I?
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InnovateGuy
#29 Posted : Monday, April 07, 2014 11:20:36 AM
Rank: Veteran

Joined: 11/15/2012
Posts: 1,110
Jangwa la Jangili wrote:
Robinhood wrote:
Na yetu tuta recalculate lini ishinde ya EAC yote?


ours base year should much more current kama sijakosea. reason for a rise labda identifying missing chunks of the informal economy. watu waombe tupate mafuta. another skyrocketing economy is angola which was smaller than kenya in 2003. saa hii wako number 5 africa and they are almost triple our size.


Angola has oil. So its understandable when their GDP is ranked 5th in Africa. However, life expectancy in Angola is 51 years. That tells a lot about the human aspect of their GDP.
Live Full Die Empty - Les Brown.
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McReggae
#30 Posted : Monday, April 07, 2014 11:23:23 AM
Rank: Elder

Joined: 6/17/2008
Posts: 23,365
Location: Nairobi
Swenani wrote:
McReggae wrote:
InnovateGuy wrote:
Whoever started the GDP concept was bent on presenting macro figures which have little or no relation at all to other index factors that matter to human life.

What does GDP tell you about access to water, education and better health facilities?

Even economists agree that GDP is not an adequate measure of wealth. That's why they introduced GDP per capita.

***
Bottom line: those figures are useless without a social dimension.


Really? The GDP represents the economic production and growth of a country and thus has a large impact on nearly everyone within that economy. When the economy is healthy, you will typically see low unemployment and wage increases as businesses demand labor to meet the growing economy!


MMcreggae

As I said before when the economy grows it mainly benefits the top percent,politicians and the corrupt.Otherwise GDP and GDP per capita are just unnecessary details

Take the case of seychelles and Nigeria which have the highest GDP per capita and highest GDP in africa respectively and compare their GDP sizes,HDI and GDP per capita.

Now, Do you know that Seychelles is among countries with the highest income inequality at 65% yet they have the highest GDP per capita? Nigeria's income inequality is at 49% while the people living below the poverty line in Nigeria is 70% while south africa the people living below poverty line is 32% and uganda is 25%

So would you rather live in Seychelles which has the highest GDP per capita or Nigeria which has the highest GDP and your chances of living below poverty is 70% or live in south africa or uganda and the chances of you living above the poverty line is 68% and 75% respectively?

For me am better of in uganda or south africa



You are arguing on why GDP is not important and using lines that can form another very important topic, otherwise read again my simple reason above on why a bigger GDP is still a good thing for a country!!!
..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".
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