India is now third largest economy, ahead of Japan
Express News Service | New Delhi | April 30, 2014 11:16 amSUMMARY
The United States remained the world’s largest economy, but it was closely followed by China when measured using PPPs.
It highlighted the fact that the largest economies were not the richest, as shown in the ranking of GDP per capita.
India is now the world’s third largest economy in terms of purchasing power partiy, 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. Incidentally, the economies of Japan and the United Kingdom became smaller relative to the United States, while Germany increased slightly and France and Italy remained the same.
The relative rankings of the three Asian economies—China, India, and Indonesia—to the United States doubled, while Brazil, Mexico, and Russia increased by one-third or more.
http://indianexpress.com/article/india/india-others/india-is-now-third-largest-economy-ahead-of-japan/China's economy overtakes Japan's in real terms
CHINA has become the world's second biggest economy according to data released on Monday August 16th. Japan's economy fell behind China's at market exchange rates in the second quarter (it has been number three in PPP terms for some time). These numbers are not strictly comparable: Japan's data have been seasonally adjusted while those for China have not. Quibbles aside, Japan will surely be eclipsed soon, if it has not been already. Data compiled by Angus Maddison, an economist who died earlier this year, suggest that China and India were the biggest economies in the world for almost all of the past 2000 years. Why they fell so far behind may be more of a mystery than why they are currently flourishing.![]()
