CURRENT AFFAIRS- MAY1

KEYWORDS: Economic Development

India became third largest economy in 2011: World Bank

2005--->10^TH LARGEST

2011----> 3^RD LARGEST ECONOMY

·         The US remained the largest economy closely followed by China, according to data released the by the International Comparison Program (ICP), hosted by the Development Data Group at the World Bank Group.

·         “The relative rankings of the three Asian economies — China, India, and Indonesia

·         The world produced goods and services worth over USD 90 trillion in 2011 and that almost half of the total output came from low and middle-income countries, it said.

·         The purchasing power parities (PPPs)-based world GDP amounted to USD 90,647 billion, compared with USD 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.