India before Japan (World Bank)

“The relative
rankings of the three Asian economies — China, India, and Indonesia — to
the US 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 (PPPs)-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.

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 — US, 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 per cent, China now has the largest share of
the world’s expenditure for investment (gross fixed capital formation)
followed by the US at 13 per cent. India, Japan and Indonesia follow with 7 per cent, 4 per cent, and 3 per cent, respectively,” the report said.

China and India account for about 80 per cent of investment expenditure in the Asia and the Pacific region. Russia accounts for 77 per cent of CIS, Brazil for 61 per cent of Latin
America and Saudi Arabia 40 per cent of Western Asia, it said.

The report said low-income economies, as a share of world GDP, were
more than two times larger based on PPPs than respective exchange rate
shares in 2011.

Roughly 28 per cent of the world’s population lives in economies with
GDP per capita expenditure above the $13,460 world average and 72 per
cent are below that average.

The approximate median yearly per
capita expenditure for the world — at $10,057 — means that half of the
global population has per capita expenditure above that amount and half
below, it said.

The five economies with the highest GDP per capita are Qatar, Macao, Luxembourg, Kuwait and Brunei. The first two economies have more than $1,00,000 per capita, the ICP report said.

Eleven economies have more than $50,000 per capita, while they
collectively account for less than 0.6 per cent of the world’s
population. The US has the 12th-highest GDP per capita.

Eight
economies – Malawi, Mozambique, Central African Republic, Niger,
Burundi, Congo, Comoros and Liberia — have a GDP per capita of less than
$1,000.

The five economies with highest actual individual
consumption per capita are Bermuda, US, Cayman Islands, Hong Kong and
Luxembourg.