World Bank: India Became the Third-Largest Economy

Wednesday, 30 April 2014, 11:11 Hrs
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WASHINGTON: In a matter of six years, India emerged as the world’s third-largest economy in 2011 from being the 10th largest in 2005, moving ahead of Japan, while the U.S. remained the largest economy closely followed by China, latest figures have revealed.

“The economies of Japan and the UK became smaller relative to the U.S., while Germany increased slightly and France and Italy remained the same,” according to data released today by the International Comparison Program, hosted by the Development Data Group at the World Bank Group.

“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.

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Source: PTI
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