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Thomas George Thomas, Shounak Dahale, Aakash Musale
GROSS DOMESTIC PRODUCT (GDP) is a monetary measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Total GDP can be broken down into the contribution of each industry or sector of the economy.
We explore and visualize GDP expenditures trends across various sectors for countries across the globe using a dataset from The World Bank [1]
The data consists of GDP share values for Military, Pharmaceuticals, Education, Infrastructure, and Research and Development for a timeline ranging from 1970’s to 2020. The trends obtained can be used to improve healthcare, education, and infrastructure which will aid in the development of countries and better planning of resources. This in turn will help reduce disparities between the underdeveloped, developing and developed countries to provide better facilities and opportunities to its citizens.
The Sparkline table shows the top economies in the world as a factor of GDP. The growth in these countries can be attributed to the investment in the following sectors analyzed below.
education
education
Many of the developing and under developed countries have invested heavily in providing good quality of education to it's citizens.
In 2017, the United States had the fourth highest expenditures per FTE student at the elementary/secondary level, after Luxembourg ($21,900), Austria ($15,600), and Norway ($15,600). Of these three countries, only Norway had data available in 2010. The gap in expenditures between Norway and the United States was smaller in 2017 ($1,500) than in 2010 ($1,700), which was driven by an increase in spending in the United States. [2]
PHARMACEUTICALS
PHARMACEUTICALS
The research-based pharmaceutical business is entering an exciting new age in drug creation, thanks to improvements in science and technology. The possibilities afforded by tailored medications, as well as the potential offered by leveraging the power of big data, are transforming research methodologies, and we have many bright prospects on the horizon. Medication research, development, production, and distribution are all handled by the pharmaceutical business.
In recent years, the global pharmaceutical market has seen tremendous increase. The overall worldwide pharmaceutical market was estimated to be worth around 1.27 trillion dollars by the end of 2020. This represents a considerable gain from 2001, when the market was only worth $390 billion.
The pharmaceutical industry has a significant impact on how people obtain prescriptions and how much they pay for them.
This demonstrates the importance of government investment in the pharmaceutical industry in creating a strong healthcare foundation for its citizens
MILITARY
MILITARY
The military of a country is a valuable asset. The military is in charge of enforcing domestic and foreign policy as well as protecting citizens. The security of citizens, the economy, and the country's institutions are all considered government responsibilities. National security is critical, and it necessitates enormous sums to establish and maintain it - this is referred to as military spending. The total global military expenditure in 2018 is expected to be around $1.981 trillion. The size of each country's military varies significantly, usually in proportion to its population and military needs.
All of the Department of Defense's normal activities, as well as war spending, nuclear weapons, international military assistance, and other Pentagon-related spending, are included in its military spending. The United States will spend $778 billion on defense in 2018, more than the next nine highest-spending countries combined.
The following are the ten countries with the highest military spending:
The United States ($778 billion)
China (estimated at $252 billion)
India ($72.9 billion)
Russia ($61.7 billion)
The United Kingdom ($59.2 billion)
Saudi Arabia (estimated at $57.5 billion)
Germany ($52.8 billion)
France ($52.7 billion)
Japan ($49.1 billion)
South Korea ($45.7 billion)
INFRASTRUCTURE
INFRASTRUCTURE
Gross capital formation (Infrastructure) is made up of expenditures on additions to the economy's fixed assets as well as net changes in the level of inventories. Land improvements; plant, machinery, and equipment acquisitions; and the construction of roads, trains, schools, offices, hospitals, private residential homes, and commercial and industrial structures are examples of fixed assets. Out of these countries, Tanzania has the highest GDP% in 2020 which is 41.02% and Namibia ranks the lowest with 14.4%.
While, back in 1980, Switzerland had the highest GDP% (3.09) and Bangladesh had the least with 14.43%.
Research and Development
Research and Development
Direct expenditures pertaining to a country's efforts to create, design, and improve its goods, services, technology, or processes are referred to as "Research and Development expenditures". R&D expenditures are often highest in the industrial, technical, health care, and pharmaceutical sectors.
The chart suggests that, for the most of the years between 1996 to 2018, the nations which spent the most on Research and Development were; Netherlands, Cuba, Mexico, India, Portugal and Israel. Although, China seems to have a steady decrease in expenditure through the years 1996 to 2018.
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