Nominal GDP per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore using a basis of GDP at purchasing power parity (PPP) is arguably more useful when comparing differences in living standards between nations.
lag verb. âº [I or T] to not make as much âprogress as other âpeople or things: lag behind sb/sth Business âleaders in the UK still lag behind their âEuropean âcounterparts in âforeign âlanguage âskills.lag well/far behind As usual we lag far behind the rest of the âworld in this matter.
See -lig-. n. 1  something by which a person is bound or obliged to do certain things, and which arises out of a sense of duty or results from custom, law, etc. 2  something that is done or is to be done for such reasons:to fulfill one's obligations.  a binding promise, contract, sense of duty, etc.