Not all generation gaps are created equal.
Between 1990 and 2020, Equatorial Guinea and China are forecast to have the world’s biggest generation gaps – and that is a good thing. But a three-decade spread has not been so kind to Libya and Venezuela.
A generation gap in this case is not how different children are from their parents. Instead, Bloomberg analysed per-capita incomes in 1990 and forecasts for 2020 in more than 150 nations, and measured how much they moved up or down in the world rankings.
Equatorial Guinea, the only African nation where Spanish is an official language, is projected to rank 45th in terms of per-capita gross domestic product in 2020, compared to 146th in 1990. That surge of more than 100 places is mainly thanks to the discovery of oil. China will have the second-biggest jump, rising 66 places to rank 62rd in 2020, based on International Monetary Fund data.
The latest generation hasn’t been so kind to oil-rich Libya and Venezuela, though. War and political turmoil have sapped the flow of energy, leaving those nations far worse economically than they were three decades ago. A generation ago, Libya ranked 24th in the world. It is now projected at 85th in 2020.
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"GDP per capita is very geared to how big the capitalist sector is compared to the government sector" Steve Hanke, professor of applied economics and co-director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at Johns Hopkins University, said: "Very dramatic movements in prosperity (GDP per capita) can occur over time."
Using per-capita GDP to define the economic health of nations does not necessarily reflect quality of life for the average person, as calculations do not take into account the proportion of wealth going into the pockets of the elite compared to the masses. In Equatorial Guinea, which has 1.2 million people, vast macro gains mask how little money is trickling down to the lower tier. As much as 77 per cent of its population lives in poverty, according to the latest available data on the country.
That’s less the case in China. The world’s most-populous nation also had the most billionaires of any country, according to the Hurun Global Rich List 2018. About 10 per cent of the world’s population, or roughly 800 million people, have been raised above the poverty line since China introduced reforms in 1978 to embrace the market economy.
In Poland, which elected the first non-communist prime minister in the Eastern Bloc in late 1989, the nation has transitioned well to capitalism in the past three decades. While Poland’s population actually shrank since 1990, its ranking jumped 22 spots.
"Nobody was as well prepared as Poland from an institutional perspective to jump into the market system" said Professor Greg Kolodko, former minister of finance and deputy prime minister of Poland in emailed comments.
Among developed economies, countries plagued by high debt have fallen the most. Italy is forecast to fall to 34th in 2020 from 18th. Greece is seen dropping 10 spots to 44rd, while a series of “lost decades” and an aging society will push Japan down nine places to 29th.
Among the rest of the world’s seven most industrialised economies, only the UK rose, albeit a single spot, the same level the US fell.
Bloomberg
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
The%20specs%20
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THE BIO
Favourite holiday destination: Whenever I have any free time I always go back to see my family in Caltra, Galway, it’s the only place I can properly relax.
Favourite film: The Way, starring Martin Sheen. It’s about the Camino de Santiago walk from France to Spain.
Personal motto: If something’s meant for you it won’t pass you by.
Company%20Profile
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
COMPANY%20PROFILE
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
COMPANY%20PROFILE%20
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Fixtures
Opening day Premier League fixtures for August 9-11
August 9
Liverpool v Norwich 11pm
August 10
West Ham v Man City 3.30pm
Bournemouth v Sheffield Utd 6pm
Burnley v Southampton 6pm
C Palace v Everton 6pm
Leicester v Wolves 6pm
Watford v Brighton 6pm
Tottenham v Aston Villa 8.30pm
August 11
Newcastle v Arsenal 5pm
Man United v Chelsea 7.30pm
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
Our Time Has Come
Alyssa Ayres, Oxford University Press
Company%20Profile
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Forced%20Deportations
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Violence%20
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The biog
Family: He is the youngest of five brothers, of whom two are dentists.
Celebrities he worked on: Fabio Canavaro, Lojain Omran, RedOne, Saber Al Rabai.
Where he works: Liberty Dental Clinic
The%20specs
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