₦airaland Forum

datola:
This is more authentic coming from IMF unlike the other time when the government of the day did the calculation and were jumping around celebrating like empty barrel.

See levels:

The United States, China and Japan maintained their spots as the largest economies in the world, with a GDP of $18.561 trillion, $11.391 trillion and $4.73 trillion respectively.

Bom4Real:
There is nothing APC cannot lie about,now its propoganda that the economy is the biggest in Africa,when Ivory Coast has almost upturned us in West Africa?
When do we start telling ourselves the simple truth

Shym3xx:
In as much as it doesn't vindicates anyone - currency value has no bearing on GDP. GDP is only affected by the growth/shrinkage of the economy. However, the most important thing is the GDP per capita which puts Nigeria as one of the poorest countries in Africa. Somewhere around where Somalia is.

mindworx:
In a recent publication on The Guardian, China is currently the largest economy in the world (based on PPP).

Emeskhalifa:
for present abi for past

Jesusloveyou:
were you not among the iPods that insulted pmb for this same issues? Hypocrites

ttmacoy:
I agree with you about the relationship between exchange rate and GDP and I said same to some guy when the news of SA taking over Nigeria again mainly on the fall of the Naira. Though I wouldn't go as far as say currency has no bearing on GDP as import and export of goods and services impact GDP growth and shrinkage which is indirectly impacted by exchange rates.

Your point re GDP per capita is true as well and I appreciate your unbiased logical point as opposed to the many emotional and illogical points we see here.

989900D:
America is the biggest economy in the world, with GDP per capita at over $50K, and there are destitute . . . even in the gulf where some countries have GDP per capita in excess of $70k, they have poor people. While we could do better, and this is far, far, short of where we need to be as a country, calling others myopic 'cause they feel happy about this little positive ain't cool.

Would you rather a GDP of $200b divided by 170 million people, or $400b divided by 170 million people?

Shym3xx:
Yes, you're right to an extent, albeit not with the way BBC recalculated the GDP. Also, in most cases when the currency is devalued, it does enhance the growth of the economy over a period of time. However, that's dependent on the export during that period and not currency conversion.

That's the point I was trying to make.

wristbangle:
Generally there is recession in the globe just that it varies in countries. That of Nigeria is quite heavy due to our over-reliance on oil hence a monopolised economy. We hope to see a government that will harness other untapped resources in the country such as Agriculture, Natural resources, Information Technology and other mainstreams, not just to stay as Africa giant but to compete with other developed countries in the world but it's a pity we have never had good leadership in power since independence.

ttmacoy:
Ok I get you and tbh most means of measuring economic output are flawed one way or another, but even the GDP per capita which is the best enasure of comparison is dependent on the exchange rate as it still uses the GDP which is calculated based on the prevailing exchange rate divided by number of people.

martineinstein:
if i were wailers i wouldnt visit nairaland for 2 months.....so as to get quick recovery

millionaireman:
.. Africa's largest economy whose inhabitants are starving.
Largest Economy my foot.


APC of now northern Nigeria party and Lai Mohammed can even bribe the gods to lie in other to keep Buhari afloat.

Shym3xx:
Yes, there's no perfect way of measuring the wealth distribution in a country, due to the disparities in income levels and social class. However, GDP per capita still paints a better picture than GDP cos it's based on averages. And GDP per capita isn't dependent on exchange rate - it's just basically the average figure based on GDP vis-a-vis population.

At least you don't need a rocket scientist to tell you that the life of the average person in Gabon, Equatorial Guinea, Seychelles, South Africa, Egypt, Mauritius et al is better than that of the average Nigerian. And GDP per capita adds credence to that. Wealth distribution is a different kettle of fish entirely.

obailala:
[size=15pt]IMF Affirms Nigeria as Africa’s Biggest Economy[/size]


http://www.thisdaylive.com/index.php/2016/10/19/imf-affirms-nigeria-as-africas-biggest-economy/

Even in our comatose state, we still stand taller, one can only imagine what the case would be when we recover on our feet.

I dey look for how to express my mind but now you said it all

[size=4pt]Attn: Lalasticlala, seun, mynd44[/size]

Ngozi123:
Hahahaha are you really comparing America to Nigeria? Nigeria is going through a famine and you're saying "we could do better". It would be funny if it wasn't so sad but that truly is the understatement of the year!

millionaireman:
Are you not the most gullible Nigerian if Buhari is working?

ttmacoy:
Given GDP per capita is a derivative of GDP which is affected by exchange rates, how can you say GDP per capita is not affected by exchange rates?

Nigeria's GDP per capita will fall due to the GDP falling based on the exchange rate against the dollar.

I agree GDP per capita is the best measure to compare (not measure) economic output but I disagree when you say it isn't based on exchange rates as it also affected by rising and falling rates against the dollar in line with GDP.

Abagworo:
No West African country is anywhere halfway close to Nigeria in everything. You should refer your doubts to South Africa that is far more developed than Nigeria even with our big for nothing economy.

Bom4Real:
Bros I do business in West Coast ok,I can tell u the real state of things,Nigeria is big and good no doubt but Ivory Coast is currently leading in West Coast

989900D:
Read again.

Ngozi123:
Did you or did you not try to compare the US with Nigeria?

989900D:
If you don't get it, I can't help you further -- it is self explanatory.

Ngozi123:
It's not really. You downplay Nigeria's issues by saying simply saying that "they could do better", hence why I said it was a massive understatement. Certain parts of Nigeria are currently undergoing a famine- they could do be doing a lot better than they are now. I agree that the US has a very distorted distribution of wealth but Nigeria's own is so much worse that one cannot even begin to compare the two.

America is the biggest economy in the world, with GDP per capita at over $50K, and there are destitute . . . even in the gulf where some countries have GDP per capita in excess of $70k, they have poor people. While we could do better, and this is far, far, short of where we need to be as a country, calling others myopic 'cause they feel happy about this little positive ain't cool.

Would you rather a GDP of $200b divided by 170 million people, or $400b divided by 170 million people?

989900D:
The below was my comment.



I don't see how that seems to indulge Nigeria doing poorly. My point is/was we have an improvement from a few months back in this department, with hope of building on that (better than retrogress), but your comment pissed on everybody applauding the improvement I mean, it is not like we do not know we are not where we should be, others and I already stressed that out in our earlier comments on this same thread.

I only referred to the US and some other rich countries to stress that rich country does not necessarily translate to people not going hungry. And as bad as things are in Nigeria ATM, some businesses are making the money of their lives, some that could not build a house or buy a car in the time of plenty are just doing so now. Does that mean I am trying to say everything is fine? No. It is called 'drawing perspective'.

obailala:
[size=15pt]IMF Affirms Nigeria as Africa’s Biggest Economy[/size]


http://www.thisdaylive.com/index.php/2016/10/19/imf-affirms-nigeria-as-africas-biggest-economy/

Even in our comatose state, we still stand taller, one can only imagine what the case would be when we recover on our feet. i thought kenyans said their economy is bigger than nigerians economy.? i hope the read news sha.

[size=4pt]Attn: Lalasticlala, seun, mynd44[/size]

Ngozi123:
Yes, that's because, in isolation, it's not really a meaningful improvement at all. I admire your optimism but we've been in a similar situation before and it has yielded very few positive results. You can pick out as many little positives as you can from the situation at hand now but for every positive result we've seen, there are 9 more lurking right behind it, the most pertinent being the fact that certain parts of the country are suffering from a famine. Nigeria, one of the richest countries in the world and the biggest economy in Africa, is undergoing a famine right now. Let that sink in...

This doesn't just mean that the country is 'not fine', as you would put it, it means that the country is in a mess right now and it's in need of a rigorous shake up. People like you who like to downplay the country's problems are a part of the problem as you're less likely to believe that a radical change is needed here .