Why Is Eastern Europe Poorer? The key difference between Western and Eastern Europe is that Eastern Europe consists of countries that once belonged to the Soviet block, unlike the Western European countries. … Eastern Europe is much poorer than Western Europe because it is still dealing with the effects that communism brought it. Is Eastern
Why Is Germany So Successful? Open economy Judging by the importance of foreign trade for gross domestic product (GDP), Germany is the most open economy among the G7 states. The foreign trade quota is currently 84.4 per cent – that’s the sum of imports and exports in relation to GDP. In comparison, the USA quota
How Do Countries Compare To Standard Of Living? Economists typically would normalize the comparison between country A and country B in your example by calculating the growth rate of output (GDP) on a per capita, or per person, basis. Per capita output is a more meaningful measure for comparing the standard of living of different