Why Strong Economy is Important?

The economy is one of the important things in our lives. For a country, if there are no good economical sources and economical status, they don’t survive.

For a country, the economy is important. Because it decides where you stand on the charts and wealth. There is an easy way to decide it. Gross Domestic Product (GDP) is the answer. GDP helps to determine where the country stands. According to Investopedia, Gross Domestic Product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of the country’s economic health. Though GDP is usually calculated on an annual basis, it can be calculated on a quarterly basis as well. In the United States, for example, the government releases an annualized GDP estimate for each quarter and also for an entire year. Most of the individual data sets will also be given in real terms, meaning that the data is adjusted for price changes, and is, therefore, net of inflation (Chappelow). That’s how we understand. Because if they have huge products and trades to other countries, your GDP is high, and you probably can attend to G20. G20 is consistent with 19 individual countries plus the European Union. It’s a forum for the governments and central bank governors of the 19+1 countries. They discuss economic stability and status around the world and their countries. G20 countries are based on their GDP status. G20 countries are the US, EU, Germany, Canada, Turkey, Saudi Arabia, UK, India, Argentina, France, Brazil, South Africa, China, Russia, Mexico, Italy, Japan, Indonesia, South Korea, and Australia. Currently, United States of America has the highest economy with $19.4 trillion. And on the list, China, Japan, Germany, India, and the UK follow the US.

GDP basically shows where the country stands. Wrong political moves and sales of the companies left the country stalling with the economical status. A country’s economic status is important for the people who live there too. Because it determines the jobs, wages, and governmental support. Since the COVID-19 pandemic showed up, people have been struggling. And the United States offered more than $2 trillion for its people who pay taxes. Each independent taxpayer gets $1200 under the name of the Stimulus Package of 2020. Instead of not being able to pay the rent, people can pay at least half of it, and also get their grocery shopping. Other countries made funds too, like Canada and many European Union countries. In the economy, it’s important to not spend a lot of money or treasure for nothing. Turkey did that and instead of relieving a package, they asked people to donate money to those who needed it. Turkey is the highest 17th country with the economy. They could help the people, but the government wanted people to help who’s in need. And some people who are in need went to the bank and got 1000 Turkish liras.

This pandemic needs to be over because people will need more money. Some of US citizens did not receive their checks yet. They will receive it soon, but they’ll need another one for the upcoming month. A lot of people have funded to CDC, United Nations Fund, and more. And some social media influencers like MrBeast made content and collected more than 6 million US dollars. Some donated $5 which is not much but every small step creates big movements. Google Inc will match $2 for every $1 made, up to $5M in donations that were done through YouTube. Companies and people are trying to find ways to help healthcare workers, people who have to work like delivery drivers, postmen, doctors, etc., and people who are in need. And economically powerful countries will survive and help their people more.  

GDP, minimum wage, unemployment rate and treasure decides where the country stands. Even if the economy is down around the world due to the virus, everything will be back to normal. And competition between businesses and country economics will continue to grow and challenge each other.