Wednesday, April 30, 2014

China Set To Overtake US As World's Largest Economy While India Pulls Ahead Of Japan To Become Third-Largest Economy: World Bank

From IBT: (...) "The report released the findings of the 2011 International Comparison Program, or ICP, which assesses economies based on purchasing power parity, or PPP, and noted that China’s Gross Domestic Product, or GDP, was nearly 87 percent of U.S. GDP in 2011 while India had moved up from being at tenth position in 2005. The world produced goods and services worth more than $90 trillion in 2011 and half of that output came from low- and middle-income countries, according to the report.

"“The United States remained the world's largest economy, but it was closely followed by China when measured using PPPs. India was now the world's third largest economy, moving ahead of Japan,” the ICP report said, according to CNBC, adding: “The results indicate that only a small number of economies have the greatest shares of world GDP. However, the shares of large economies such as China and India have more than doubled relative to that of the United States.” Read the article: China Set To Overtake US As World's Largest Economy While India Pulls Ahead Of Japan To Become Third-Largest Economy: World Bank By Sneha Shankar, International Business Times April 30 2014