India emerged as 3rd largest economy in 2011: World Bank

As per the data released by the International Comparison Program (ICP) of the World Bank, India replaced Japan to become the world’s third-largest economy in 2011. It was the tenth largest economy in 2005. The US remained the largest economy closely followed by China.

According to ICP report:

  • Purchasing Power Parities (PPPs)-based world GDP estimated at to $ 90,647 billion, compared with $ 70,294 billion measured by exchange rates.
  • The 6 largest middle-income nations are China, India, Russia, Brazil, Indonesia and Mexico. The economies account for 32.3% of world GDP.

Six largest high-income economies accounting for 32.9% of world GDP are: 

  1. The US
  2. Japan
  3. Germany
  4. France
  5. UK
  6. Italy

Top 5 economies with the highest GDP per capita:

  1. Qatar
  2. Macao
  3. Luxembourg
  4. Kuwait
  5. Brunei.

Top five economies with highest actual individual consumption per capita:

  1. Bermuda
  2. US
  3. Cayman Islands
  4. Hong Kong
  5. Luxembourg

Asia and the Pacific, including China and India, account for 30% of world GDP. China, at 27%, has the biggest share of the world’s expenditure for investment (gross fixed capital formation) followed by the US at 13%. India, Japan and Indonesia follow with 7%, 4%, and 3%, respectively. The median yearly per capita expenditure for the world is approximately $ 10,057. The world average actual individual consumption per capita is approximately $ 8,647.

International Comparison Program (ICP):

ICP was established in  Late 1960s, on the recommendation of the United Nations Statistical Commission (UNSC) and hosted by the Development Data Group at the World Bank Group.

Objective: To compare the Gross Domestic Product (GDP) of economies to determine those economies’ relative size, productivity, and material well-being.

Methodology used by ICP:

Nations across the globe estimate their GDP at national price levels and in national currencies. Due to variation in price levels and value of currency from one country to another these GDPs are not comparable. In order to be comparable, they must be valued at a common price level and expressed in a common currency. The ICP uses Purchasing Power Parities (PPPs) to effect this double conversion.

2011 Indian Results:

Screenshot_4

2011 Global Results:

  • Click Here for Summary Report on “Purchasing Power Parities and Real Expenditures of World Economies- ICP”.
  • Click Here Excel File on ICP Data
  • Click Here for ICP Data Visualization (Graphs, Charts, etc.)

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Categories: International Current Affairs 2017

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