Real GDP growth rates and healthcare spending - comparison between the G7 and the EM7 countries.

Globalization and Health
Mihajlo Michael JakovljevicVladimir Reshetnikov

Abstract

Accelerated globalisation has substantially contributed to the rise of emerging markets worldwide. The G7 and Emerging Markets Seven (EM7) behaved in significantly different macroeconomic ways before, during, and after the 2008 Global Crisis. Average real GDP growth rates remained substantially higher among the EM7, while unemployment rates changed their patterns after the crisis. Since 2017, however, approximately one half of the worldwide economic growth is attributable to the EM7, and only a quarter to the G7. This paper aims to analyse the association between the health spending and real GDP growth in the G7 and the EM7 countries. In terms of GDP growth, the EM7 exhibited a higher degree of resilience during the 2008 crisis, compared to the G7. Unemployment in the G7 nations was rising significantly, compared to pre-recession levels, but, in the EM7, it remained traditionally high. In the G7, the austerity (measured as a percentage of GDP) significantly decreased the public health expenditure, even more so than in the EM7. Out-of-pocket health expenditure grew at a far more concerning pace in the EM7 compared to the G7 during the crisis, exposing the vulnerability of households living close to the poverty line. Regression a...Continue Reading

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Citations

Dec 19, 2020·International Journal of Environmental Research and Public Health·Kristijan KrsticMihajlo Jakovljevic
Apr 6, 2021·Frontiers in Public Health·Xiaohong PuYaling Luo
Jun 8, 2021·The International Journal of Health Planning and Management·Irving StackpoleTricia Johnson
Jun 25, 2021·Frontiers in Public Health·Mihajlo JakovljevicLouis-François Pau
Jul 6, 2021·Frontiers in Public Health·Mihajlo JakovljevicSeiritsu Ogura
Oct 15, 2021·Inquiry : a Journal of Medical Care Organization, Provision and Financing·Razieh AhmadiHossein Fallahzadeh
Oct 26, 2021·Journal of Biomedical Informatics·Thomas SearleRichard Dobson

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