Furthermore, its per capita GDP improved immensely, reversing the decline of preceding years.

Following a decline from 163 per cent of GDP in 1999 to 143 per cent in 2001, the absorption GDP ratio climbed to 164 per cent in 2004.

The reason for the ranking decline is that Brazilian GDP growth is expected to worsen in the medium term.

This decline was a consequence of the decrease in the share of manufacturing activities in Singapore's GDP in the same period.

Global trade as a share of GDP may therefore decline, but without adverse consequences for global economic growth. Rising productivity does not require relentlessly increasing trade intensity.

French production costs are high, but Greek costs are higher. Despite the considerable decline in Greek (and Italian and Spanish) real GDP since 2007, adjustment is far from complete.

In the US, investment spending declined from 23.6 of GDP in 1990 to 19.3 in 2013, and fell even more markedly in net terms (gross investment excluding capital depreciation). In the European Union, the decline was from 24 of GDP in 1990 to 18.1 in 2013.

Moreover, low inflation and periods of deflation did not prevent real incomes from rising in Japan. From 1999 to 2013, real per capita GDP rose at an annual rate of about 1 (which reflected a more modest rise of real GDP and an actual decline in population).

The government has pledged in its National Common Minimum Program to raise public expenditure on education to 6 of GDP. However, recent years have witnessed a steady decline in educational spending, from 4 of GDP in 2001 02 to 3.8 in 2002 04 and 3.5 in 2004 05.

More striking is the CBO s projection that the deficit will continue to decline rapidly, reaching just 2.1 of GDP in 2015, before rising gradually to just 3.5 of GDP in 2023, the end of the CBO s official forecast period. That path of deficits implies that the government debt GDP ratio will remain at about the current level of 75 for the next ten years.

The Decline and Fall of America s Decline and Fall

The collapse of China s credit bubble would likely cause annual GDP growth to drop to 1 2 , on average, for the subsequent four years, assuming a 2 annual decline in capital expenditure and a still respectable consumption growth rate of 3 5 . Consolidated public sector debt would rise to 100 of GDP.

Some countries face the growing risk of near perpetual belt tightening, which would further dampen growth and thus keep debt ratios high. After all, if a country s debt GDP ratio is to decline without austerity, the interest rate that it pays on its debt must be lower than its GDP growth rate.

For Greece, with an overall deficit of 4.1 of GDP and a debt GDP ratio of 170 , the debt ratio would fall if the combination of inflation and real (inflation adjusted) GDP growth exceeded 2.4 . Stated differently, now that Greece has achieved a zero primary budget deficit, its debt burden will decline if its nominal growth rate exceeds the average interest that it pays on its government debt.

Another consequence of China s skewed growth model has been a decline in household income as a share of GDP, from 70 in 1990 to 60 in 2009, whereas in the US, for example, the ratio has remained stable, at around 80 of GDP. In other words, Chinese households are missing out on the benefits of economic growth.

Though investment is likely to decline as a share of GDP, it will probably take a decade for it to dip below 40 still robust by international standards. Meanwhile, the capital stock can maintain a reasonable growth rate.

It is now at about 58 of GDP. According to research by the economists Loukas Karabarbounis and Brent Neiman, half of this decline is the result of cheaper information technology, which has enabled firms to replace workers with computers.

AIPAC in Decline

America s Overrated Decline

Dignity or Decline?

I must decline.

Pessimists focus on the rapid decline of its demographic dividend, its high debt to GDP ratio, the contraction of its export markets, and its industrial overcapacity. But both groups neglect a more fundamental determinant of China s economic prospects the world order.

I did not decline.

America s Self Inflicted Decline

Debt and America s Decline

The Decline of Ahmedinejad

As a result, the US current account deficit in 2013 had narrowed by half in dollar terms from its 2006 peak, and from 5.8 of GDP to 2.4 . This is a decline of two thirds when expressed as a share of global output.

This debt reduction, coupled with Canada's strong economic growth, has resulted in a significant decline in the federal debt to GDP (Gross Domestic Product) ratio, from its peak of 68.4 percent in 1995 1996 to an expected 38.8 percent in 2004 2005.

It may decline some more.

The Challenge of Russia s Decline

Japan s Road to Harmonious Decline

The Decline of Renewable Energy

The impact of a sharp decline in real estate prices would be far reaching. After all, property collateral is the bedrock of the Chinese financial system, with estimates of banks direct and indirect exposure to real estate ranging from 66 to 89 of GDP.

Meanwhile, direct taxation of corporations and individuals has tended to decline despite the moot claim that lower direct taxation ensures investment and growth. As a result, the tax GDP ratio in most countries in Sub Saharan Africa and Latin America has stagnated or even fallen.

GDP link was also introduced to allow extra payments in case actual real GDP exceeded the base case GDP as projected by the Argentine Government.

The Decline of the West Revisited

The Decline of US Military Innovation

The High Cost of Ocean Decline

Unfortunately I must decline your invitation.

( OF NOMINAL GDP)

Had Greece defaulted on its debt in 2010, imposing the same haircut on private creditors as it has imposed now, it would have reduced the debt to GDP ratio to a more manageable 80 . That would have been painful, but it could have spared the Greeks from a 7 decline in GDP and a rise in unemployment to 22 (including an increase in youth unemployment to a whopping 48 ).

And yet, while trends among European economies have varied, private investment was, overall, the hardest hit component of GDP during the crisis, plunging by more than 350 billion ten times greater than the fall in private consumption and four times more than the decline in real GDP between 2007 and 2011. The magnitude of the private investment downturn was, in fact, unprecedented and lies at the heart of Europe s economic malaise.

Investment can sustainably drive growth only up to the point when returns decline dramatically. In the case of public sector investment, that means that the present value of the increment to the future GDP path (using a social discount rate) is greater than the investment itself.

Italy, meanwhile, failed to use the significant windfall from the steep decline in long term interest rates caused by the introduction of the euro and a decade of rapid economic growth to repair its debt position. Italy s debt barely budged and stayed well above 100 of GDP.

Since China s external surplus is already down to less than 2 of GDP, a decline in domestic saving could result in China beginning to run a current account deficit. In that case, China would no longer be a net buyer of foreign bonds and other assets.