US ‘Latin GDP’ of US$3.2 trillion will exceed that of the UK and India | The world | United States | GDP | Latinos | Economy | Population | workers | world

Income has also increased for Latinos in the United States, who enjoy higher work participation, population growth and higher productivity compared to other groups. Between 2011 and 2021, the Group’s revenues increased at an annual rate of 4.7%, Before 1.9% than the rest of the population, according to the 2023 Latino GDP report, which measures the economic output of the country’s cohort.

Across the United States, Latinos have contributed to 20.9% of real GDP growth during that decade, researchers from Arizona State University said in the report, prepared by the nonprofit Latino Donor Collaborative in partnership with Wells Fargo & Co.

Read also: Three out of every four Latinos in the United States speak Spanish fluently

Latinos have made important contributions to states like California, Texas and New York, but among the smaller states, the report’s authors noted “The silent revolution is happening.” In the decade ending in 2021, the gross domestic income of Latinos in South Dakota, North Dakota, and New Hampshire grew at a real annual rate of at least 10%.

This data should inform the broader conversation about immigration in the United States, Saul Trujillo, co-founder and president of LDC, said in an interview.

“If we have uneducated policies that say, ‘We don’t want immigrants,’ we won’t be able to create and fill new jobs, which could stimulate amazing growth in our economy.”Trujillo said.

Compared with the world’s largest economies, Latin America’s GDP was the third-fastest growing economy during the decade ending in 2021, after China and India.

In the report, Latino GDP is an indicator of purchases made by or on behalf of Latinos. GDP is measured by the income earned by Latinos residing in the United States.

The study showed that the most important components of the Latin American economy include public administration, manufacturing, real estate, and health care. Between 2011 and 2021, there has been an increase in 6.8% In the number of people with a bachelor’s degree or higher.

According to the US Census Bureau, in 2021 there were 62.6 million people of Hispanic descent in that country, which is nearly 19% Of the total population.

Read also: Latinos and African Americans are investing more in cryptocurrencies in search of fair wealth