India emerged as third largest economy of the World in 2011 in terms of the Purchasing Power Parity (PPP) according to the World Bank Report. The report was released on 29 April 2014 by the World Bank's International Comparison Program (ICP). The US remained the largest economy and is followed by the China. India that is on the third position has replaced Japan. Earlier, India was placed at the 10th position in 2005.
Highlights of the report
• The world produced goods and services worth over 90 trillion dollars in 2011 and that almost half of the total output came from low and middle-income countries.
• The Purchasing Power Parity (PPP) based world (Gross Domestic Product) GDP amounted to 90647 billion dollars as compared to 70294 billion dollars measured by exchange rates.
• Among the 12 largest economies accounted for two- thirds of the world economy and six economies were in the middle income category based on the World Bank’s definition.
• The six largest middle-income economies (China, India, Russia, Brazil, Indonesia and Mexico) account for 32.3 percent of world GDP, whereas the six largest high-income economies (US, Japan, Germany, France, UK and Italy) account for 32.9 percent.
• China and India make up two-thirds of the Asia and the Pacific economy excluding Japan and South Korea (part of OECD comparison). Russia accounts for more than 70 percent of the Common Wealth Independent states (CIS), Brazil for 56 percent of Latin America. South Africa, Egypt and Nigeria account for about half of the African economy.
• The most expensive economies are in GDP terms Switzerland, Norway, Bermuda, Australia and Denmark, with indices ranging from 210 to 185. The United States ranked 25th in the world which is lower than high-income economies (France, Germany, Japan, and the United Kingdom).
• The cheapest economies are Egypt, Pakistan, Myanmar, Ethiopia and Lao People's Democratic Republic, with indices ranging from 35 to 40.
• China has the largest share of the world’s expenditure for investment at 27 percent followed by the United States at 13 percent. Other countries follow India with 7 percent, Japan with 4 percent and Indonesia with 3 percent.
• China and India account for about 80 percent of investment expenditures in the Asia and the Pacific region. Russia accounts for 77 percent of CIS, Brazil for 61 percent of Latin America and Saudi Arabia for 40 percent of Western Asia.
• The low-income economies shares more than two times larger than respective exchange rates shares in 2011. These economies accounted for 1.5 percent of the global economy which covers 11 percent of the world population.
• The approximate median annual per capita expenditure for the world at 10057 dollars, which means half of the global population, has per capita expenditure above that amount and half below.
• Qatar, Macao, Luxembourg, Kuwait and Brunei are the top five economies with the highest GDP per capita. The US has the 12th-highest GDP per capita.
• Malawi, Mozambique, Central African Republic, Niger, Burundi, Congo, Dem. Republic, Comoros and Liberia are eight economies have a GDP per capita of less than 1000 dollars (average actual individual consumption per capita is approximately 8647 dollars)
• Bermuda, US, Cayman Islands, Hong Kong and Luxembourg are the five economies with highest actual individual consumption per capita.
When: 29 April 2014