Not all generation gaps are created equal.
Between 1990 and 2020, Equatorial Guinea and China are forecast to have the world’s biggest generation gaps – and that is a good thing. But a three-decade spread has not been so kind to Libya and Venezuela.
A generation gap in this case is not how different children are from their parents. Instead, Bloomberg analysed per-capita incomes in 1990 and forecasts for 2020 in more than 150 nations, and measured how much they moved up or down in the world rankings.
Equatorial Guinea, the only African nation where Spanish is an official language, is projected to rank 45th in terms of per-capita gross domestic product in 2020, compared to 146th in 1990. That surge of more than 100 places is mainly thanks to the discovery of oil. China will have the second-biggest jump, rising 66 places to rank 62rd in 2020, based on International Monetary Fund data.
The latest generation hasn’t been so kind to oil-rich Libya and Venezuela, though. War and political turmoil have sapped the flow of energy, leaving those nations far worse economically than they were three decades ago. A generation ago, Libya ranked 24th in the world. It is now projected at 85th in 2020.
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"GDP per capita is very geared to how big the capitalist sector is compared to the government sector" Steve Hanke, professor of applied economics and co-director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at Johns Hopkins University, said: "Very dramatic movements in prosperity (GDP per capita) can occur over time."
Using per-capita GDP to define the economic health of nations does not necessarily reflect quality of life for the average person, as calculations do not take into account the proportion of wealth going into the pockets of the elite compared to the masses. In Equatorial Guinea, which has 1.2 million people, vast macro gains mask how little money is trickling down to the lower tier. As much as 77 per cent of its population lives in poverty, according to the latest available data on the country.
That’s less the case in China. The world’s most-populous nation also had the most billionaires of any country, according to the Hurun Global Rich List 2018. About 10 per cent of the world’s population, or roughly 800 million people, have been raised above the poverty line since China introduced reforms in 1978 to embrace the market economy.
In Poland, which elected the first non-communist prime minister in the Eastern Bloc in late 1989, the nation has transitioned well to capitalism in the past three decades. While Poland’s population actually shrank since 1990, its ranking jumped 22 spots.
"Nobody was as well prepared as Poland from an institutional perspective to jump into the market system" said Professor Greg Kolodko, former minister of finance and deputy prime minister of Poland in emailed comments.
Among developed economies, countries plagued by high debt have fallen the most. Italy is forecast to fall to 34th in 2020 from 18th. Greece is seen dropping 10 spots to 44rd, while a series of “lost decades” and an aging society will push Japan down nine places to 29th.
Among the rest of the world’s seven most industrialised economies, only the UK rose, albeit a single spot, the same level the US fell.
Bloomberg
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Inside Out 2
Director: Kelsey Mann
Starring: Amy Poehler, Maya Hawke, Ayo Edebiri
Rating: 4.5/5
Mica
Director: Ismael Ferroukhi
Stars: Zakaria Inan, Sabrina Ouazani
3 stars
The years Ramadan fell in May
The five pillars of Islam
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Stage 5 results
1 Tadej Pogacar (SLO) UAE Team Emirates 3:48:53
2 Alexey Lutsenko (KAZ) Astana Pro Team -
3 Adam Yates (GBR) Mitchelton-Scott -
4 David Gaudu (FRA) Groupama-FDJ 0:00:04
5 Ilnur Zakarin (RUS) CCC Team 0:00:07
General Classification:
1 Adam Yates (GBR) Mitchelton-Scott 20:35:04
2 Tadej Pogacar (SlO) UAE Team Emirates 0:01:01
3 Alexey Lutsenko (KAZ) Astana Pro Team 0:01:33
4 David Gaudu (FRA) Groupama-FDJ 0:01:48
5 Rafał Majka (POL) Bora-Hansgrohe 0:02:11
The Specs
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Power: 118hp
Torque: 149Nm
Transmission: Six-speed automatic
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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
COMPANY PROFILE
Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends
ABU DHABI ORDER OF PLAY
Starting at 10am:
Daria Kasatkina v Qiang Wang
Veronika Kudermetova v Annet Kontaveit (10)
Maria Sakkari (9) v Anastasia Potapova
Anastasia Pavlyuchenkova v Ons Jabeur (15)
Donna Vekic (16) v Bernarda Pera
Ekaterina Alexandrova v Zarina Diyas
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Company profile
Company name: Hayvn
Started: 2018
Founders: Christopher Flinos, Ahmed Ismail
Based: Abu Dhabi, UAE
Sector: financial
Initial investment: undisclosed
Size: 44 employees
Investment stage: series B in the second half of 2023
Investors: Hilbert Capital, Red Acre Ventures
The five pillars of Islam
MATCH INFO
What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae
The specs: 2018 Peugeot 5008
Price, base / as tested: Dh99,900 / Dh134,900
Engine: 1.6-litre turbocharged four-cylinder
Transmission: Six-speed automatic
Power: 165hp @ 6,000rpm
Torque: 240Nm @ 1,400rpm
Fuel economy, combined: 5.8L / 100km