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China 40% smaller than thought – IMF December 17, 2007

Posted by tkcollier in Economy & Business, Geopolitics, In The News.
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News & Broadcast – 2005 International Comparison Program Preliminary Global Report Compares Size of Economies
The International Comparison Program (ICP) today released new data showing the world economy produced goods and services worth almost $55 trillion in 2005 and that almost 40 percent of the world’s output came from developing economies.

  • Twelve economies account for more than two-thirds of the world’s output. Seven of them are high-income economies (United States, Japan, Germany, the United Kingdom, France, Italy and, Spain), and five are developing or transitional economies (China, India, Russia, Brazil, and Mexico). The five largest developing economies account for more than 20 percent of global output and over 27 percent of the world expenditures for investment purposes. 
  • China participated in the survey program for the first time ever and India for the first time since 1985. These results are more statistically reliable estimates of the size and price levels of both economies. The previous, less reliable, methods led to estimates of their GDPs that were 40 percent larger than the results of the new, improved methods and benchmark. China still ranks as the world’s second largest economy with over 9 percent of world production and India follows as the fifth largest with over 4 percent of the world total.

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