“Times, they are a chang’n.” Reading the business news, China is projected to surpass the US probably. For certain, “India surpasses Japan in terms of PPP.” It all depends upon which method is used for calculation. The fact is that economies are growing among the world leading nations. Here is a list of what that means:
- That means consumption is up.
- It means competition for scarce resources is up.
- It means that the struggle to sustain economies is fierce.
- It means that developing nations and people who are mislocated may be on the losing end of the economic spectrum.
See the annotated list items below.
"India now world's 3rd largest economy, behind just US, China
FE Online | New Delhi | Updated: Apr 30 2014, 17:40 IST
India beats Japan to become world's third largest economy in terms of purchasing power partiy (PPP).
World Bank: India 'went from 10th largest economy in 2005 to 3rd largest in 2011'
India is now the world's third largest economy in terms of purchasing power parity, ahead of Japan and behind the US and China which hold the top two spots. This was revealed by the 2011 round of the World Bank's International Comparison Program (ICP) released on Tuesday.
"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 report said.
It highlighted the fact that the largest economies were not the richest, as shown in the ranking of GDP per capita. The middle-income economies with large economies also had large populations, setting the stage for continued growth, it added.
The report says India "went from the 10th largest economy in 2005 to the third largest in 2011.
“Gather 'round people
Wherever you roam
And admit that the waters
Around you have grown
And accept it that soon
You'll be drenched to the bone
If your time to you
Is worth savin'
Then you better start swimmin'
Or you'll sink like a stone
For the times they are a-changin'”
“China’s Economy Surpassing U.S.? Well, Yes and No
By TOM WRIGHT
There are a number of reports around Wednesday (here and here) that China’s economy, by one measure at least, is likely to surpass the U.S. in size sometime this year.
The headlines will surprise many people, used to hearing China’s economy will overtake the U.S. sometime in the 2020s, or even later.
On Wednesday, the International Comparison Program, a statistical project coordinated by the World Bank, announced new data on the size of economies by purchasing power parity that suggests China’s economy is bigger than previously thought.
But the latest news is anything but surprising.
Regular GDP power rankings are compiled by converting a country’s gross domestic product into U.S. dollars at market exchange rates. The U.S.’s economy in 2012 was valued at over $16 trillion, twice the size of China’s, according to World Bank statistics. It’s by these measures that China’s economy won’t overtake the U.S. for a decade or more.”