China likely to pip US as world’s biggest economy this year

May 01 2014, 00:42 IST
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The six largest middle-income economies account for 32.3% of world GDP. The six largest middle-income economies account for 32.3% of world GDP.
SummaryThe six largest middle-income economies account for 32.3% of world GDP.

trillion. As per the ICP’s new data, the world economy produced goods and services worth over $90 trillion in 2011, and almost half of the world’s total output came from low- and middle-income countries.

But the ICP admitted to the limitations of the data. “The ICP is designed to compare levels of economic activity across economies, expressed in a common currency, in a particular benchmark year. As such, PPP-based expenditures are not directly comparable with the 2005 ICP round estimates because they are based on two different price levels,” the report said.

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