Here we present the evolution of GDP per capita (OECD dataset) for Euro area, USA, China, India, and Russia. In Figure 1, instead of presenting real GDP levels, we normalize all time series to their respective values in 2008. Euro area is the looser in term of growth – real GDP has gained 17% since 1995 with the peak in 2007. Moreover, it is about 4% below the 2007 level with a negative trend.
It might be surprising for some readers that USA had the same evolution between 1995 and 2011 with some minor deviations, but definitely has been growing at a larger rate than Euro area since 2011. In 2013, U.S. was marginally above the 2007 level.
China and India are winners in growth rate, but still are far behind in terms of GDP per capita level. Russia is in a middle position in both graphs.
Figure 1. Real GDP per head for several countries and Euro area all normalized to their respective levels in 2008.
Figure 2. Real GDP per head for several countries and Euro area.