January 21st, 2011
Econintersect: Less than a week ago GEI News reported that Arvind Subramanian, senior fellow at the Peterson Institute for International Economics in Washington, stated the size of China’s economy in 2010 was $14.8 trillion, compared with the U.S.’s $14.6 trillion, when accounting for the countries’ differing costs of living. By the same measure, The Times of India reports today that India's adjusted GDP in 2010 is $4.4 trillion, the fourth largest in the world. Follow up:
Follow up:So-called purchasing power parity (PPP) calculates gross domestic product using exchange rates that adjusts for price differences of the same goods between nations.
Of course, the EU is the largest economic unit in the world with 2010 GDP of $14.9 trillion (PPP), according to The World Fact Book. However, the EU is constituted on countries and the largest of those country economies, Germany, comes behind India with a 2010 GDP of $3.0 trillion (PPP).