GDP per capita is gross domestic product divided by midyear population. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. Life expectancy is a statistical measure of the average time an organism is expected to live, based on the year of its birth, its current age, and other demographic factors like sex. The United Nations estimates a global average life expectancy of 72.6 years for 2019 – the global average today is higher than in any country back in 1950. According to the UN estimates the country with the best health in 1950 was Norway with a life expectancy of 72.3 years. The three largest economies in the world as measured by nominal GDP per capita are Qatar, United Arab, Luxembourg. Economic growth and prosperity are impacted by a wide array of factors, namely investment in workforce education, production output (as determined by investment in physical capital), natural resources, and entrepreneurship. According to the reports, Luxembourg stands first in the year of 2019 for the GDP per capita record.
Here in this report, we have measured the GDP for the top 10 countries according to the World Happiness Record by considering the average value from years 2015 to 2019. The general conclusion is that the wealthier a country is, the greater its level of self-reported happiness is. The simple correlation suggests that doubling GDP per person lifts life satisfaction by about 0.7 points. In short, while GDP per capita does not directly measure what makes life valuable, it does reflect our ability to access many of the necessary inputs. However, GDP is not a perfect indicator of happiness. Some factors that contribute to a decent life, such as freedom, are not included in GDP. According to the reports, we can say that Qatar has higher GDP per capita followed by the United Arab Emirates and Luxembourg.
Now next we are taking the measure for consideration is life expectance for top 10 countries according to the World Happiness Records from years 2015 to 2019. People desire to live happily and for a long time. As a result, we should assess a society based on its ability to enable individuals to live long, happy lives. For any individual, the measure of this is simply the well-being she/he experiences each year summed up over all the years that he or she lives, with a discount rate applied to account for increasing uncertainty the further we look into the future. We look at the length of life as well as well-being to see how different countries are fairing. According to the reports, the life expectance of Hong Kong has more expectations of life (103) followed by Singapore(101) and Japan(98). Presently the United States stands at 46th rank according to the 2022 record.
Here is the Average Life Acceptance Vs Average GDP for the highest and lowest countries from 2015 to 2019 World Happiness Records. In conclusion, we have observed that GDP per capita is directly proportional to the life expectancy of population. We can easily understand that if a government is spending more towards basic needs and medical infrastructure, people’s life expectancy will rise. If population is educated and can easily access good medical service it will reflect on the health. However, on a few instances we can also notice although having large budget government is not accommodating towards medical system and basic needs, they are spending behind either military or own life style due to corruption or monarchy. For example, Qatar has huge income from oil and natural gas resources hence its GDP per capita is among the top however there is always news of monarchy’s lavish life style and expenses. Therefore, still we can see GDP per capita can imply healthy life and higher life expectancy in majority of cases.