World Bank: India Became the Third-Largest Economy

The six largest middle-income economies — China, India, Russia, Brazil, Indonesia and Mexico — account for 32.3 per cent of world GDP, whereas the six largest high-income economies — U.S., Japan, Germany, France, UK and Italy — account for 32.9 per cent, the report said.

Asia and the Pacific, including China and India, account for 30 per cent of world GDP, Eurostat-OECD 54 per cent, Latin America 5.5 per cent (excluding Mexico, which participates in the OECD and Argentina, which did not participate in the ICP 2011), Africa and Western Asia about 4.5 per cent each.

“China and India make up two-thirds of the Asia and the Pacific economy, excluding Japan and South Korea, which are part of the OECD comparison. Russia accounts for more than 70 per cent of the CIS, and Brazil for 56 per cent of Latin America. South Africa, Egypt, and Nigeria account for about half of the African economy,” said the report.

“At 27 percent, China now has the largest share of the world’s expenditure for investment (gross fixed capital formation) followed by the U.S. at 13 percent.

India, Japan and Indonesia follow with 7 per cent, 4 per cent, and 3 per cent, respectively,” the report said.

Also Read:
The Comeback of Small Business Once Extinct
Election Expenses For Five Years Cross 1.5 Lakh Crore