Per capita GDP is one of the most important and widely used quantitative measures to compare and analyze economic performance of countries. It is also a useful indicator of economic growth, poverty levels and living standards of a country. It is used to measure the economic prosperity of any given country, its economic development, and its growth and development over time.

Per capita GDP is calculated by dividing the gross domestic product (GDP) of a country by its population. GDP represents the sum of all the goods and services produced within a country in any given year and it can be measured in monetary terms. Since the GDP of a nation is a yearly figure, its population is also taken into consideration to index the overall economic activity being conducted in that country.

Per capita GDP is an important measure of economic growth and success. When calculated averages reveal higher or lower per capita GDP, it can help determine potential areas of strength or weaknesses in the economy of a country. Analysis of the figures may reveal unequal regional or social development, and can help identify the sectors of the economy most likely to benefit from changes and interventions. Per capita GDP is useful in comparing different countries since it takes into account the size and population of each, allowing for a more valid comparison of all countries.

In conclusion, Per Capita GDP is an essential economic tool for comparing the economic and social growth of countries and determining economic disparities. Its analysis helps economists, researchers, and policy makers understand global prosperity and identify areas for economic development. This helps countries boost per capita GDP and increase their overall economic strength and global development.