Abstract:
GDP and GNP both try to measure the market value of all goods and services produced for final sale in an economy. The difference is how each term interprets what constitutes the economy. GDP refers to and measures the domestic levels of production in a country. It represents the monetary value of all goods and services produced within a nation's geographic borders over a specified period of time. GNP measures the levels of production of all the citizens or corporations from a particular country working or producing in any country. Therefore, it includes the compensation and investment income received by nationals working or investing abroad. More closed economy impact negatively more on GDP. We see how New Trade War impact to GDP and GNP on developed and developing countries differently.
