Special Report on the Global Economy

June 9, 2008


Global Economy – Special Report. Data collected May 31st

Ever wondered which economy pays the best wages? Or which countries are actually the most effective at producing and selling goods? Or which countries have invested the most Gold in their economy in the last 30 days? Now you can find out!

In order to give a greater insight into the global Erepublik economy I’ve augmented my usual analysis with some additional information which I hope people will find useful. I hope to do a report like this once a month.

Unemployment
1 Norway 19.90%
2 Hungary 24.72%
3 UK 24.78%
4 Venezuela 26.17%
5 Austria 26.19%
6 Portugal 29.25%
7 Sweden 30.38%
8 Turkey 30.74%
9 Spain 31.08%
10 Indonesia 31.98%
11 Italy 33.04%
12 Brazil 33.43%
13 Romania 36.45%
14 Canada 37.86%
15 France 39.06%
16 Netherlands 41.03%
17 Argentina 41.09%
18 Pakistan 43.61%
19 USA 44.76%
20 Iran 46.36%

This information is viewable in the top countries data but I thought I’d put in here for a top 20 comparison. My unemployment figure is also slightly different to what you get on the Economy pages.

Unemployment Change
1 UK -31.2%
2 Hungary -29.6%
3 Spain -17.4%
4 Sweden -13.8%
5 Canada -11.1%
6 Portugal -10.2%
7 USA -8.8%
8 Indonesia -6.0%
9 Austria -5.9%
10 Brazil -3.3%
11 Norway -0.9%
12 Netherlands 2.2%
13 France 4.5%
14 Turkey 7.9%
15 Iran 8.3%
16 Romania 8.9%
17 Italy 10.8%
18 Venezuela 12.5%
19 Argentina 15.8%
20 Pakistan 51.9%

Something you won’t get anywhere else! Strangely enough, despite having a planned economy, Pakistan has one of the highest unemployment rates now having seen unemployment rise 50% in May. Many companies have a surplus stock to sell and perhaps don’t feel the need to go out and hire more staff, perhaps that could be a reason. On the other hand, the UK has seen Unemployment drop the fastest.

Gold Investments (Gold invested in company formation, Export Licenses and Upgrades)
1 Spain 4820
2 Indonesia 3920
3 Romania 3580
4 Italy 2695
5 Iran 2510
6 Sweden 2465
7 Turkey 2085
8 Austria 1265
9 Hungary 1170
10 USA 1050
11 Norway 1045
12 UK 790
13 Argentina 790
14 France 750
15 Venezuela 605
16 Pakistan 545
17 Canada 515
18 Brazil 425
19 Netherlands 230
20 Portugal 225

Here is certainly something you can’t get anywhere else! This table shows how much Gold has been invested in each Erepublik economy over the past 30 days. Spain has had a whopping 4800 Gold invested in it’s economy in May. That’s gold invested in company formation, export licenses and upgrades. This is very much at the heart of the reason why Spain now sits on top of the GDP standings. This is also mainly a by-product of people inviting other people and using the Gold to create companies. Iran has also had a lot of gold investment which is why their GDP/C and GDP/W looks so high. It’s not mainly down to sales.

GDS – Gross Domestic Sales, the total value of all goods produced and sold by companies from that country
1 Sweden 6618.99
2 Spain 6576.88
3 Italy 3936.47
4 Norway 3115.29
5 Indonesia 3074.38
6 Pakistan 2792.62
7 Romania 2779.03
8 UK 1980.6
9 Austria 1524.8
10 Portugal 1333.75
11 Turkey 1234.17
12 USA 1145.52
13 Hungary 839.28
14 Brazil 837.73
15 Venezuela 818.09
16 France 752.71
17 Iran 736.93
18 Canada 682.68
19 Netherlands 474.06
20 Argentina 318.07

This is basically the GDP figure minus the Gold investments, so we can see what the economy is making through selling it’s produce. This is quite an eye opener and actually shows that Sweden still has the biggest economy in terms of what it makes and sells. Indonesia’s economic strength also doesn’t look as impressive and it comes out at 5th after Norway when calculated this way. Pakistan also comes much higher in the ranking with this system.

GDS/Worker
1 Pakistan 5.81
2 Norway 4.78
3 Sweden 4.45
4 Spain 4.22
5 UK 3.93
6 Canada 3.92
7 France 3.86
8 Brazil 3.79
9 Italy 3.74
10 Portugal 3.6
11 Netherlands 3.44
12 Austria 3.16
13 Turkey 3.01
14 Venezuela 2.87
15 Romania 2.56
16 Hungary 2.46
17 USA 2.44
18 Indonesia 1.99
19 Iran 1.92
20 Argentina 1.13

Very big differences between the top and the bottom! I wanted to show here which economies produce and sell the most goods at the highest prices per worker in their economy. Pakistan shows it’s planned economy is quite effective in this regard and Iran and Indonesia actually come out at the bottom. Romania and Turkey also look weak here despite Turkey actually having the highest GDP/Worker figure. Another surprise is Canada coming out at number 6th. 2 months on from the USA-Canada war Canada continues to outperform the US in most economic indicators. Perhaps the US has suffered from being a war base in many recent conflicts…?

AER – The average amount of local currency needed to buy one Gold.
1 Iran 9.5
2 Indonesia 18.0
3 Sweden 21.0
4 UK 22.0
5 Turkey 22.5
6 Romania 36.2
7 Norway 36.2
8 Hungary 36.6
9 Italy 37.7
10 Spain 39.7
11 Austria 40.7
12 Brazil 41.7
13 USA 51.0
14 Pakistan 53.4
15 Canada 53.5
16 Netherlands 56.7
17 Venezuela 59.0
18 France 62.5
19 Argentina 76.5
20 Portugal 264.0

Unfortunately there is still no ingame mechanism for calculating this so I have used my own formula. Iran’s currency is worth the most in terms of Gold and Portugal’s is the weakest. By my calculation 1 IRR is worth 27.7 PTE – quite a big differential.

Average Wage in terms of local currency
1 Portugal 26.87
2 Norway 8.16
3 Austria 7.99
4 Pakistan 7.68
5 Spain 7.68
6 Sweden 7.54
7 Venezuela 6.76
8 USA 6.68
9 Turkey 6.51
10 France 6.28
11 Canada 6.25
12 Argentina 6.24
13 Hungary 6.03
14 UK 5.82
15 Indonesia 5.47
16 Italy 5.12
17 Romania 4.92
18 Netherlands 4.32
19 Iran 3.71
20 Brazil 2.91

Here are the average wages in Erepublik’s T20 in terms of local currency. Portugal seems to pay the highest wage here, right?

Average Wage in terms of AER (ie the value of the wage in Gold)
1 Iran 0.39
2 Sweden 0.36
3 Indonesia 0.3
4 Turkey 0.29
5 UK 0.26
6 Norway 0.23
7 Austria 0.2
8 Spain 0.19
9 Hungary 0.16
10 Pakistan 0.14
11 Romania 0.14
12 Italy 0.14
13 USA 0.13
14 Canada 0.12
15 Venezuela 0.11
16 Portugal 0.1
17 France 0.1
18 Argentina 0.08
19 Netherlands 0.08
20 Brazil 0.07

If you calculate the average wage in terms of how much Gold you can get with that wage, this is how the Average Wage T20 look. If you want to earn money to get a hold of Gold then Iran, Sweden and Indonesia are the best places to be.

Average Wage in terms of RER (ie the value of the wage in local goods)
1 Sweden 0.21
2 Norway 0.21
3 Portugal 0.2
4 UK 0.18
5 Brazil 0.18
6 Spain 0.18
7 Netherlands 0.17
8 Pakistan 0.16
9 Venezuela 0.15
10 Turkey 0.14
11 Iran 0.14
12 Italy 0.14
13 Indonesia 0.13
14 Austria 0.13
15 Canada 0.12
16 USA 0.12
17 Romania 0.11
18 France 0.11
19 Hungary 0.1
20 Argentina 0.07

This is the Average Wage in terms of what you can buy in the local economy with your wage. Sweden, Norway and Portugal are the place to be if you want to be able to buy goods at your local market with your wage.

Average Wage in terms of AER and RER average
1 Sweden 0.29
2 Iran 0.26
3 UK 0.22
4 Norway 0.22
5 Indonesia 0.22
6 Turkey 0.21
7 Spain 0.19
8 Austria 0.16
9 Pakistan 0.15
10 Portugal 0.15
11 Italy 0.14
12 Hungary 0.13
13 Venezuela 0.13
14 USA 0.13
15 Brazil 0.12
16 Romania 0.12
17 Netherlands 0.12
18 Canada 0.12
19 France 0.1
20 Argentina 0.07

But which country’s citizens are actually earning the most? The figure above takes an average of the above two rates so it factors into account both what you can buy with your wage and how much Gold you can get with it. According to this stat Sweden, Iran and the UK are the best places to be.

Overall, when you factor in unemployment rates I would have to say, in pure Economic terms, that the best place to start life in Erepublik as a normal working citizen are Norway and then the UK.

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