WASHINGTON, D.C. - “The economies of Japan and the UK became smaller relative to the U.S.,
“The relative rankings of the three Asian economies — China, India, and Indonesia — to the U.S. doubled, while Brazil, Mexico and Russia increased by one-third or more,” the report said. The world produced goods and services worth over $90 trillion in 2011 and that almost half of the total output came from low and middle-income countries, it said.
According to the major findings of the ICP, six of the world’s 12 largest economies were in the middle-income category (based on the World Bank’s definition). When combined, the 12 largest economies accounted for two-thirds of the world economy and 59 per cent of the population, it said. The purchasing power parities based world GDP amounted to $90,647 billion, compared with $70,294 billion measured by exchange rates, it said, adding that the share of middle-income economies in global GDP is 48 per cent when using PPPs and 32 per cent when using exchange rates. (PTI)