Countries is converted into common currency

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Question

To make meaningful comparisons of GDP per capita between two countries, we need to make sure GDP in both countries is converted into a common currency, usually USD. One option to make this conversion is to use the official exchange rate (OXR).2 For example, using the OXR, the GDP per capita of Namibia and Switzerland were $5,129 and $84,122 in 2019, respectively3. Can we say that the Swiss were 16.4 times richer than Namibians in 2019?

Reference no: EM134033378

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