Growth rate of the GDP per capita revisited. 4. Positive outliers

The MPD gives many examples of poor economic performance, which can be explained by various reasons and causes. These reasons are usually very convincing. In this section, we present the results of real GDP per capita analysis for nine small and mid-size countries demonstrating extremely high economic performance: Norway, Ireland, South Korea, Singapore, Taiwan, Hong Kong, Saudi Arabia, Bahrain, Qatar, and Oman. The reasons for such excellent performance are less self-explanatory. We are not going to discuss these reasons here and just present data and the overall misfit with our model. These countries are small and have one-sided economics. They do not influence the global economy and we can consider them as exotic but insignificant outliers.   

Figure 1. Norway. The upper panel: the annual GDPpc increment between 1961 and 2018 with the average value for the studied period of $1260 (2011 prices). The middle panel: the same annual increment as a function of GDPpc level. The lower panel: the relative growth rate of the GDPpc as a function of the GDPpc.