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.
Climate Lag. The delay that occurs in climate change as a result of some factor that changes only very slowly. For example, the effects of releasing more carbon dioxide into the atmosphere occur gradually over time because the ocean takes a long time to warm up in response to a change in radiation. See climate, climate change.