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.
lag noun [C/U]. âº a âdelay in the âperiod of âtime in which âevents âhappen: [C] There is often a lag between âbecoming âinfected and the first âsigns of the âillness. (Definition of lag from the Cambridge Academic Content Dictionary Â© Cambridge University Press).