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.
Wiktionary (0.00 / 0 votes) Rate this definition: lug (Noun). A lug nut. lug (Noun). A device for terminating an electrical conductor to facilitate the mechanical connection; to the conductor it may be crimped to form a cold weld, soldered or have pressure from a screw. lug (Noun). A part of something which sticks out, used as a handle or support. lug (Noun). A fool, a large man.