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On an average, real GDP per capita has grown at a much slower rate in USA...

On an average, real GDP per capita has grown at a much slower rate in USA than in Japan after the second world war. This is because of much lower levels of GDP per capita in USA than in Japan around the second world war time. Is it true or false?

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Answer #1

The given statement is false.

Levels of GDP in USA were not low compared to that in Japan after WWII. Both the economies grew and recovered at a rapid rate after the end of the world warII. US especially experienced growth fantastically after WWII and became one of the richest countries in tje world. So it did not have low level of GDP at that time.

One of the reasons why Japan could recover so fast after WWII was that it was getting financial aid from US. So rather Japan was dependent upon US for growth.

A major reason why real GDP per capita has grown slowly in US was the financial crisis of the year 2008.

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