Economics, or the study of money – essentially – is a funny old thing. The global economy is always likely to be shifting in one way or another, and it can be offset by all kinds of events. From big global issues to political events, there is often no telling quite what’s going to happen next when it comes to economic growth and decline. Therefore, those working in the markets are often preparing themselves for what happens next.
The economy really is a strange beast, meaning that while there are plenty of people out there who state they have a handle on it, this isn’t always going to be the case! As you can imagine, this often results in many interesting facts and fascinating figures rising up. In this fact file, we’re going to be looking at plenty which we find really astonishing. Stick around for the full lowdown and find out more about work, industry, and economics on a global scale. Keep in mind, too, that the economy is always changing – so let’s hope these stats aren’t too out of date by the time you get to them!
It’s thought that between 1990 and 2008, China’s available workforce grew by at least 145 million people. Let’s keep things in perspective – the US is said to only have a workforce of 156 million people strong by comparison!
Weirdly enough, if an unemployed person stops signing on or looking for work, the unemployment rate will actually improve. The more unemployed people look for work, the bigger the unemployment figure will be in the economy.
Believe it or not, the balance of economics in Russia means that around 100 people – so 0.00007% of the total populous – controls 20% of all the country’s wealth.
Macs have been closing the gap on PCs in terms of sales for many years now. Windows PCs outsold Apple’s computers by 60 to 1 around 2004. This shrunk by two times only a few years later!
The UK isn’t a big spender on investments, at least compared to other countries in the G7. They only spent around 15% of their GDP investing in 2013. France, however, spent 25% of their wealth!
It’s thought that while there are fewer businesses in the UK owned by foreign powers nowadays, their value is always on the increase.
The US has a debt to China which is reportedly rising. By the end of 2019, this sat at around $1.07 trillion.
Amazon owner Jeff Bezos has a net worth of more than $107 billion. At projection, he may become the first-ever trillionaire by the mid-20s if his speed of earning continues.
However, if you were to count all members of the British royal family together, they would be worth around $1 trillion.
40 years ago, it would have taken you around 254 hours of work at minimum wage to pay off a college degree in the US. Nowadays, it’s closer to 1,000 hours.
Just less than half of all American businesses reportedly struggle to fill jobs.
It’s thought that the obesity crisis in the US is forcing fuel investment to rise – as more money is needed to fuel vehicles taking on more weight.
Despite what certain people will have you believe, the US is not the richest country on the planet. In fact, based on GDP alone, it’s around 10th.
The richest country in the world based on GDP is in fact Qatar, who has a GDP of $130,475 per person. The US offers $65,000, comparatively.
US families are said to buy around 40% of all children’s toys produced. However, the US is only responsible for around 3% of the world’s children.
The Great Depression in the US resulted in some big shocks to the economy. For example, it resulted in an industrial downturn of at least 47%. The US GDP crashed massively, too, with a fall of 30%.
The UK expects around double the rate of tax on store goods which US citizens pay. The current rate at the time of writing is 20%, which was raised to help bring the country back out of recession. In the US, citizens expect to add around 10% onto purchases.
However, the difference in the UK is that VAT is included in pricing. In the US, shoppers always have to add 10% when they get to the checkout!
Taxes can differ from state to state and city to city. For example, you can expect to pay around 11.5% in Oklahoma’s capital!
Eagle Ford in the US continues to roll out oil barrels at a blistering pace. Comparatively, they produced fewer than 800 barrels in 2004. In 2017, this rose to 36.6 million.
Believe it or not, US President Woodrow Wilson was opposed to the introduction of car manufacturing into the US economy. He believed that your standard car was ‘a picture of the arrogance of wealth’.
The UK continues to suffer on the markets following the Brexit referendum. While things have recovered slightly in the years following, it’s thought that the British Pound lost as much as 14% in value up against the US dollar since 2016’s referendum.
The most expensive property on the planet, at the time of writing, is Buckingham Palace. It’s said to be worth around $1.55 billion.
The highest tax rate in the world is imposed in India. The rate of 28% is applied to some items considered particular ‘luxuries’.
However, Scandinavia generally imposes a tax rate of around 25%, which makes it around the highest you can expect worldwide. However, countries here such as Norway and Sweden often make the top of ‘best places to live’ lists!
California has a stunning economy worth around $3.137 trillion GDP. This is higher than many countries around the world. However, like the rest of the US, there’s debt to pay, too!
Despite not being the world’s richest, the US has the biggest economy on the planet. It’s been this way for well over 200 years.
Do you have any interesting or fun facts about economics that we’ve missed? Share them here in the comments section below!