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Hiroshi Naka is new vice-president of World Bank

Hiroshi Naka has been appointed as vice-president and auditor general of World Bank (WB).  His appointment was announced by Bank’s President Jim Yong Kim.

Naka who is Japanese citizen brings in more than 25 years of experience working with the Japanese ministry of finance and multilateral organizations, where he specialized in issues such as economic sanctions, anti-money laundering, and supervision of financial institutions

He will shoulder the responsibility of providing leadership on evaluating and improving the effectiveness of the organization’s risk management, control, and governance processes.

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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:

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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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World Bank to double its lending to developing nations

As part of its efforts to end extreme poverty by 2030, the World Bank Group declared that it will almost double yearly lending capacity to emerging nations like Brazil, China, India, etc. from USD 15 billion to USD 28 billion. In next decade, the WB it would be increasing its lending capacity by USD 100 billion to USD 300 billion for middle income nations.

IBRD  (International Bank for Reconstruction and Development) has increased its single borrower limit by $2.5 billion for Brazil, China, Indonesia, India, and Mexico.

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