Introduction
The economies of all nations are interconnected in this age of globalization. Determining a
nation's economic advantages and disadvantages is crucial as it facilitates the process of
making decisions regarding promoting economic expansion and enhancing trade tactics.
Measurements of trade dynamics, such as import, export, GDP (gross domestic product),
and GNI (gross national income), are necessary for assessing a nation's economic status.
A nation's GDP, GNI, import and export are considered as important economic indicators by
economists. These metrics help economists and policymakers understand how well an
economy is performing, identify areas for improvement, and make informed decisions to
promote sustainable growth.
We select the following countries for the comparison of the given metrics:
Developed Country- Switzerland
Developing Country - Bangladesh
Underdeveloped Country - Bhutan
The selection of these three countries is intended to illustrate how their economies compare
to one another. Through an examination of annual data, this project seeks to illustrate the
subtle variations within each nation's state of the economy. It will also offer an evaluation of
how adaptable a nation's economy is to worldwide crises.
Gross National Income (GNI)
Gross national income (GNI) is a measure of the total amount of money earned by a nation's
population and businesses. It indicates the value produced by a country's economy in a
given year, regardless of whether the source of the value created is domestic production or
foreign receipts.
Understanding Gross National Income (GNI)
The gross national income (GNI), which includes investment income, accounts for all income
earned by a nation's citizens and businesses, regardless of source. It also includes money
from foreign sources, such as investments made abroad and assistance for economic
expansion. As long as the residents use their income domestically, residence—rather than
citizenship—determines nationality in GNI calculations. Institutions such as the World Bank
have preferred to use GNI over GDP. It is also used by the European Union to calculate the
respective contributions of each member nation.
Examples of GNI
GNI is typically calculated in conjunction with per capita data for a certain country. For
example, the GNI per capita in the United States in 2021 was $64210. Between 1978 and
2020, gross national income per capita increased by an astounding 11.78%. This data was
produced and published in the World Bank's national accounts data section as well as the
OECD's national accounts data files.
Country-wise GNI Comparison
Switzerland
Switzerland’s GNI has shown resilience and growth over the past decade, contributing to its
strong economic position. Switzerland has a long history of political stability and neutrality,
which encourages foreign investment and creates a conducive economic environment. It is a
global financial hub, including significant banks, insurance companies, and investment
corporations & its banking secrecy restrictions (though partially loosened recently) have
traditionally attracted wealthy customers and capital. Switzerland's GDP contracted by
around 3% in 2020 due to corona virus pandemic, which is a relatively smaller decline
compared to the global average. The impact of the pandemic varied across sectors. While
some sectors like pharmaceuticals and healthcare remained stable, others like tourism and
hospitality faced significant challenges.
Graph of Gross National Income (GNI) of
Switzerland from 2013-2022
Source:https://www.macrotrends.net/global-metrics/countries/CHE/switzerland/gni-gross-
national-income
Observations from the Graph of Gross National
Income (GNI) of Switzerland
Highest Gross National Income (GNI) of Switzerland was $838.00 billion in the year
2022.
Highest Growth Rate of Gross National Income (GNI) of Switzerland was 2.10% in
2022.
Highest Gross National Income (GNI) per capita of Switzerland was $95,490 in 2022.
Lowest Gross National Income (GNI) of Switzerland was $682.67 billion in the year
2017.
Lowest Growth Rate of Gross National Income (GNI) of Switzerland was 0.57% in
2017.
Lowest Gross National Income (GNI) per capita of Switzerland was $80,770 in 2017.
Bangladesh
Bangladesh's Gross National Income (GNI) saw significant fluctuations between 2013 and
2022. Bangladesh's GNI grew steadily and quickly before the COVID-19 pandemic, rising by
6.36 percent in 2015 and 6.41 percent in 2016. The percentage rise of GNI was 5.88 percent
in 2017 and 8.12 percent in 2018. The COVID-19 pandemic has caused the world economy
to grind to a complete halt and has had a severe negative impact on Bangladesh's economy.
GNI growth in 2020 was 3.52%, a significant decline from 3.93 percent in 2019.
Bangladesh's economy is improving as a result of efforts to combat the global economic
coronavirus. There is a 13.06% increase in 2021 and a 10.98% increase in 2022 over the
prior year.
Graph of Gross National Income (GNI) of
Bangladesh from 2013-2022
Source: https://www.macrotrends.net/global-metrics/countries/BGD/bangladesh/gni-gross-
national-income
Observations from the Graph of Gross National
Income (GNI) of Bangladesh
Highest Gross National Income (GNI) of Bangladesh was $483.36 billion in the year
2022.
Highest Growth Rate of Gross National Income (GNI) of Bangladesh was 8.07% in
2022.
Highest Gross National Income (GNI) per capita of Bangladesh was $2,820 in 2022.
The Growth Rate of Gross National Income (GNI) of Bangladesh declined
significantly in the year 2020 due disruptions during COVID-19 period.
Lowest Gross National Income (GNI) of Bangladesh was $158.83 billion in the year
2013.
Lowest Growth Rate of Gross National Income (GNI) of Bangladesh was 3.52% in
2020.
Lowest Gross National Income (GNI) per capita of Bangladesh was $1,030 in 2013.
Bhutan
From 2013 to 2022, Bhutan's economy has typically grown more slowly than that of several
of its neighboring countries. But since Bhutan shifted to a democratic constitutional
monarchy in 2008, the country has embarked on a development strategy. Abundant water
resources of this country create perfect circumstances for tapping into renewable energy
sources through hydropower development, which has fueled economic expansion by
providing nearly universal access to low-cost electricity. Fiscal earnings from selling surplus
electricity to India and tourism have enabled the country to spend heavily in human capital
development. This has resulted in major advances to service delivery, education, and health
outcomes Bhutan’s economy has been heavily impacted by a succession of external shocks,
including the COVID-19 epidemic and the global ramifications of Russia's invasion of
Ukraine.
Graph of Gross National Income (GNI) of Bhutan
from 2013-2022
Source:https://www.macrotrends.net/global-metrics/countries/BTN/bhutan/gni-gross-
national-income
Observations from the Graph of Gross National
Income (GNI) of Bhutan
Highest Gross National Income (GNI) of Bhutan was $2.58 billion in the year 2019.
Highest Growth Rate of Gross National Income (GNI) of Bhutan was 6.62% in 2015.
Highest Gross National Income (GNI) per capita of Bhutan was $3,360 in 2019.
The Growth Rate of Gross National Income (GNI) of Bhutan declined significantly in
the year 2020 due disruptions during COVID-19 period. (-7.84% Growth Rate)
Lowest Gross National Income (GNI) of Bhutan was $1.71 billion in the year 2013.
Lowest Gross National Income (GNI) per capita of Bhutan was $2,350 in 2013.
Gross Domestic Product (GDP)
GDP is the total monetary or market worth of all finished products and services produced
within a country's borders during a given time period. As a broad measure of total domestic
production, it serves as a comprehensive assessment for a country's economic health. GDP
is normally estimated on a yearly basis, however it can also be measured quarterly.
A country's GDP is the final market value of all the items and services produced in a given
year. Another way to calculate GDP is to add four factors: consumer spending, government
spending, net exports, and total investment.
Understanding Gross Domestic Product (GDP)
A country's GDP is calculated by taking into account all private and public consumption,
government spending, investments, additions to private inventories, paid-in building costs,
and the international trade balance. Exports are added to the value, while imports are
deducted. GDP is made up of both market-driven products and services such as goods and
services provided by the government for education and the armed forces. The gross national
product, or GNP, is a distinct concept that totals the productivity of a country's population.
Examples of GDP
GDP can be reported in several ways, each of which provides slightly different information.
The two nations with the largest GDPs worldwide are the US and China. However, their
position fluctuates based on the approach used to compute GDP. The United States is at the
top of the list with a nominal GDP of $25.46 trillion as of 2022, compared to China's $17.96
trillion.
Country-wise GDP Comparison
Switzerland
Graph of Gross Domestic Product (GDP) of
Switzerland from 2013-2022
Source:https://www.macrotrends.net/global-metrics/countries/CHE/switzerland/gdp-
gross-domestic-product
Observations from the Graph of Gross
Domestic Product (GDP) of Switzerland
Highest Gross Domestic Product (GDP) of Switzerland was $818.43 billion in
the year 2022.
Highest Growth Rate of Gross Domestic Product (GDP) of Switzerland was
5.39% in 2021.
Highest Gross Domestic Product (GDP) per capita of Switzerland was
$93,446 in 2022.
Lowest Gross Domestic Product (GDP) of Switzerland was $742.00B billion in
the year 2020.
Lowest Growth Rate of Gross Domestic Product (GDP) of Switzerland was -
2.14% in 2020 due to disruptions during COVID-19 period.
Lowest Gross Domestic Product (GDP) per capita of Switzerland was $82,153
in 2016
Latest Growth Rate of Gross Domestic Product (GDP) of Switzerland is 2.57%
in 2022.
Bangladesh
Graph of Gross Domestic Product (GDP) of
Bangladesh from 2013-2022
Source:https://www.macrotrends.net/global-metrics/countries/BGD/bangladesh/gdp-
gross-domestic-product
Observations from the Graph of Gross
Domestic Product (GDP) of Bangladesh
Highest Gross Domestic Product (GDP) of Bangladesh was $460.20 billion in the
year 2022.
Highest Growth Rate of Gross Domestic Product (GDP) of Bangladesh was 7.88% in
2019.
Highest Gross Domestic Product (GDP) per capita of Bangladesh was $2,688 in
2022.
Lowest Gross Domestic Product (GDP) of Bangladesh was $149.99 billion in the
year 2013.
Lowest Growth Rate of Gross Domestic Product (GDP) of Bangladesh was 3.45% in
2020 due to disruptions during COVID-19 period.
Lowest Gross Domestic Product (GDP) per capita of Bangladesh was $974 in 2013.
Latest Growth Rate of Gross Domestic Product (GDP) of Bangladesh is 7.10% in
2022.
Bhutan
Graph of Gross Domestic Product (GDP) of Bhutan
from 2013-2022
Source:https://www.macrotrends.net/global-metrics/countries/BTN/bhutan/gdp-
gross-domestic-product
Observations from the Graph of Gross Domestic
Product (GDP) of Bhutan
Highest Gross Domestic Product (GDP) of Bhutan was $2.77 billion in the year 2021.
Highest Growth Rate of Gross Domestic Product (GDP) of Bhutan was 8.13% in
2016.
Highest Gross Domestic Product (GDP) per capita of Bhutan was $3,565 in 2019.
Lowest Gross Domestic Product (GDP) of Bhutan was $1.76 billion in the year 2013.
Lowest Growth Rate of Gross Domestic Product (GDP) of Bhutan was -10.22% in
2020 due to disruptions during COVID-19 period.
Lowest Gross Domestic Product (GDP) per capita of Bhutan was $2,409 in 2013.
Latest Growth Rate of Gross Domestic Product (GDP) of Bhutan is 4.42% in
2021.
Export
Export Standings of Switzerland
The top exports of Switzerland are Gold ($101B), Vaccines, blood, antisera, toxins and
cultures ($46.7B), Packaged Medicaments ($45.4B), Nitrogen Heterocyclic
Compounds ($16.6B), and Base Metal Watches ($16.1B), exporting mostly to United
States ($61.7B), Germany ($53.5B), China ($44.1B), Italy ($22.8B), and France ($20.4B).
Major Export Destinations
European neighbors like Germany, France, and Italy offer natural trading partners due to
their close geographic location and established trade ties. Switzerland's top export
destinations are:
United States: Absorbing roughly 15% of Swiss exports.
Germany: Importing around 12% of Swiss goods.
China: Accounting for approximately 11% of Switzerland's exports.
Italy: Taking in close to 6.5% of Swiss exports.
France: Importing around 4.8% of Swiss goods.
Graph of Export of Switzerland from 2013-2022
Source:https://www.macrotrends.net/globalmetrics/countries/CHE/switzerland/export
Observations from the Graph of Export of
Switzerland
Highest Export of Switzerland was $629.66 billion in the year 2022.
Economic Contribution through Export of Switzerland was highest in 2022; 76.94% of
the GDP.
Lowest Export of Switzerland was $443.05B billion in the year 2015;
Economic Contribution through Export of Switzerland was lowest in 2015; 63.83% of
the GDP.
Export Standings of Bangladesh
The top exports of Bangladesh are Knit T-shirts ($9.06B), Non-Knit Men's
Suits ($8.82B), Knit Sweaters ($8.02B), Non-Knit Women's Suits ($6.63B), and Knit
Women's Suits ($4.08B), exporting mostly to United
States ($11.7B), Germany ($10.2B), United Kingdom ($4.86B), Spain ($4.41B),
and Poland ($3.53B).
Major Export Destinations
United States: The US remains the largest export market for Bangladesh,
accounting for a significant portion of total exports.
European Union (EU) Countries: Germany, the United Kingdom, Spain, France,
and Italy are all major importers of Bangladeshi goods, particularly garments.
Other Key Players: Canada, Australia, Japan, and Poland are also increasingly
important export destinations for Bangladesh.
Graph of Export of Bangladesh from 2013-2022
Source:https://www.macrotrends.net/globalmetrics/countries/BGD/bangladesh/exports
Observations from the Graph of Export of
Bangladesh
Highest Export of Bangladesh was $59.28 billion in the year 2022.
Economic Contribution through Export of Bangladesh was highest in 2013; 19.54% of
the GDP.
Lowest Export of Bangladesh was $29.30 billion in the year 2013.
Economic Contribution through Export of Bangladesh was lowest in 2020; 10.44% of
the GDP.
Latest Economic Contribution through Export of Bangladesh is 12.88% of the nation’s
GDP.
Export Standings of Bhutan
The top exports of Bhutan are: iron, steel (US$263.3 million), salt, sulfur, stone, cement
($81.7 million), mineral fuels including oil ($9.6 million), beverages, spirits, vinegar ($8.7
million), inorganic chemicals ($8 million), pharmaceuticals ($7.5 million), aircraft, spacecraft
($3.7 million), coffee, tea, spices ($3.3 million), wood ($2.7 million), machinery including
computers: $2.5 million (0.6%) exporting mostly
to India ($343M), Italy ($18.5M), Nepal ($7.44M), Colombia ($7.42M),
and Singapore ($4.58M).
Major Export Destinations
India - India accounts for a staggering 97% of Bhutan's total exports.
Bangladesh: Bhutan exports some electricity and other goods like cement and
dolomite to Bangladesh.
Italy: A smaller market for Bhutanese exports, potentially including minerals and
specialty products.
Nepal: Limited trade exists between Bhutan and Nepal, with some potential for
cross-border trade in agricultural products or handicrafts.
Singapore: Singapore may import a minimal amount of Bhutanese goods, although
the specific products are unclear.
Graph of Export of Bhutan from 2013-2022
Source:https://www.macrotrends.net/globalmetrics/countries/BTN/bhutan/exports
Observations from the Graph of Export of Bhutan
Highest Export of Bhutan was $0.86B billion in the year 2019.
Economic Contribution through Export of Bhutan was highest in 2013; 41.43% of the
GDP.
Lowest Export of Bhutan was $1.89 billion in the year 2021 in the one year after
COVID 19 lockdown was imposed.
Economic Contribution through Export of Bhutan was lowest in 2021 due the adverse
effect of COVID-19 lockdown all over the world; 5.12% of the GDP.
Latest Economic Contribution through Export of Bhutan is 6.76% of the nation’s
GDP.
Import
Import Standings of Switzerland
The top imports of Switzerland are Gold ($94.9B), Packaged Medicaments ($32.9B),
Vaccines, blood, antisera, toxins and cultures ($15B), Cars ($10.9B), and Jewelry ($8.84B),
importing mostly from Germany ($76.1B), United States ($37.7B), Italy ($27.8B), France
($22.3B), and China ($17.9B).
Major Import Destinations
Germany: The leading source of imports, supplying essential goods like machinery,
vehicles, and chemicals.
Italy: Another major player, providing a range of goods, including food products,
textiles, and machinery.
France: A significant import source for agricultural goods, pharmaceuticals, and
transportation equipment.
United States: A source of technology products, aircraft, and raw materials.
China: Supplying electronics, machinery, and textiles.
Graph of Import of Switzerland from 2013-2022
Source:https://www.macrotrends.net/globalmetrics/countries/CHE/switzerland/import
Observations from the Graph of Import of
Switzerland
Highest Import of Switzerland was $517.52 billion in the year 2022.
Economic Contribution through Import of Switzerland was highest in 2022; 63.23% of
the GDP.
Lowest Import of Switzerland was $370.03 billion in the year 2015.
Economic Contribution through Import of Switzerland was lowest in 2015; 53.31% of
the GDP.
Import Standings of Bangladesh
The top imports of Bangladesh are Refined Petroleum ($11.3B), Raw Cotton ($2.9B), Non-
Retail Pure Cotton Yarn ($1.97B), Scrap Iron ($1.86B), and Palm Oil ($1.77B), importing
mostly from China ($26.8B), India ($13.8B), Singapore ($4.68B), Malaysia ($4.23B),
and Indonesia ($3.89B).
Major Import Destinations
China: China supplies raw materials like cotton and yarn for the garment industry, as
well as machinery and electronics.
India: India supplies a variety of goods, including fuel, chemicals, and agricultural
products.
Singapore: Singapore acts as a trading hub, supplying refined petroleum products
and other goods.
Other Major Destinations: Additional important import sources include:
Japan (around 1.5%)
Malaysia (around 1.2%)
United Arab Emirates (around 2.5%)
United States (around 0.9%)
Graph of Import of Bangladesh from 2013-2022
Source:https://www.macrotrends.net/globalmetrics/countries/BGD/bangladesh/import
Observations from the Graph of Import of
Bangladesh
Highest Import of Bangladesh was $96.17 billion in the year 2022.
Economic Contribution through Import of Bangladesh was highest in 2013; 26.76% of
the GDP.
Lowest Import of Bangladesh was $40.14 billion in the year 2013.
Economic Contribution through Import of Bangladesh was lowest in 2020 due the
adverse effect of COVID-19 lockdown all over the world; 15.83% of the GDP.
Latest Economic Contribution through Import of Bangladesh is 6.76% of the nation’s
GDP.
Import Standings of Bhutan
The top imports of Bhutan are Computers ($149M), Refined Petroleum ($141M), Other
Electrical Machinery ($68M), Coke ($48.3M), and Wood Charcoal ($45.2M), importing mostly
from India ($1.01B), China ($165M), Indonesia ($67.5M), Thailand ($24.7M),
and Singapore ($17M).
Major Import Destinations
India: supplies Bhutan with a diverse range of imports, including: fuel and lubricants,
food products, building materials, machinery and equipment, consumer goods
South Korea: Machinery and electronics.
Thailand: Food products and construction materials.
Singapore: Consumer goods and pharmaceuticals.
Japan: Machinery and vehicles.
China: While not a major player, China's presence in Bhutan's imports has grown in
recent years, with some concerns about potential trade imbalances.
Graph of Import of Bhutan from 2013-2022
Source: https://www.macrotrends.net/global-metrics/countries/BTN/bhutan/imports
Observations from the Graph of Import of Bhutan
Highest Import of Bhutan was $1.34 billion in the year 2021.
Economic Contribution through Import of Bhutan was highest in 2013; 63.77% of the
GDP.
Lowest Import of Bhutan was $1.08 billion in the year 2020.
Economic Contribution through Import of Bhutan was lowest in 2020; 43.76%
of the GDP.
Latest Economic Contribution through Import of Bhutan is 48.38% of the nation’s
GDP.
Conclusion
When the economies of Switzerland, Bangladesh and Bhutan are compared, the findings
reveal stark variations in GDP, GNI, exports, and imports—all crucial markers of developed,
developing, and under developed countries.
As evidenced by its high GDP and GNI, Switzerland is a developed country with robust
economic growth and a high standard of living. Its stable economy and strong international
economic connections are demonstrated by its considerable exports of gold and watches, as
well as a diverse range of imports.
Bangladesh's GDP and GNI are considered modest for a developing country. Although its
economy is mostly reliant on the export of textiles, its industrial sector is supported by the
import of raw materials and machinery. This balance trade points to steady economic growth
and rising living standards.
With a relatively low GDP and GNI, Bhutan—which is considered underdeveloped—shows
that it is facing economic challenges and has a lower standard of living. Its import sector,
which primarily imports petroleum products, computers, and other electrical machinery, is
larger and more diverse than its export business, which is focused on electricity, chemicals,
and agricultural products. This indicates a reliance on foreign sources for energy and
industrial needs.
Reference:
https://data.worldbank.org/indicator/NY.GNP.MKTP.CD
https://data.worldbank.org/indicator/NY.GDP.MKTP.CD
https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=US-CN
https://oec.world/en/profile/country/che
https://oec.world/en/profile/country/bgd
https://oec.world/en/profile/country/btn
https://trendeconomy.com/data/h2/Switzerland/TOTAL
https://trendeconomy.com/data/h2/Bangladesh/TOTAL
https://trendeconomy.com/data/h2/Bhutan/TOTAL
