The International Comparison Program, conducted by the World Bank has revealed that between 2005 and 2011, India has pushed Japan behind and has emerged as the third largest economy of the world. India’s share in the World Economy is at 6.4%, behind China’s 14.9% and America’s 17.1%.
The total World production in 2011 is valued at $90 trillion. Middle income group countries, six of the, including India, Russia, Brazil, China combined with Indonesia and Mexico account for 32.3% of world GDP while the six largest high income economies – US, Japan, Germany, France, UK and Italy – account for 32.9% of world GDP. Low income economies, which account for 11% of world population add only 1.5% to the world economy.
“The economies of Japan and the UK became smaller relative to the US, 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 US doubled, while Brazil, Mexico and Russia increased by one-third or more,” the report stated.
The five economies with the highest GDP per capita are Qatar, Macao, Luxembourg, Kuwait and Brunei. Qatar and Macao have more than $1,00,000 per capita. 11 economies with more than $50,000 per capita account for less than 0.6% of world population. The US is at the 12th place in the list.
Malawi, Mozambique, Central African Republic, Niger, Burundi, Congo, Dem. Rep., Comoros and Liberia – have a GDP per capita of less than $1,000.
The report studied 199 countries.