In 2024, changes in GDP purchasing power parity (PPP) are reshaping the landscape, showcasing the shifting fortunes of nations worldwide. GDP (PPP) is a metric for evaluating the strength and purchasing power of different countries. Let’s take a look at the recent data.
GDP Purchasing Power Parity
China
Leading the pack in GDP purchasing power parity, China cements its status as the world’s largest economy by GDP PPP standing at an impressive $35.04 trillion. China’s remarkable economic growth trajectory continues to influence trade dynamics and investment patterns.
USA
Close on China’s heels is the USA with a GDP purchasing power parity of $27.97 trillion. Despite grappling with hurdles including those stemming from the COVID 19 the US upholds its position as a significant economic force.
India
Securing third place is India with a GDP purchasing power parity of $14.26 trillion. The Indian economy, driven by a growing population and an expanding middle class showcases resilience. Promising prospects for expansion.
Japan
Maintaining its position as one of the world’s economies Japan boasts a GDP purchasing power parity of $6.71 trillion. Despite encountering challenges related to demographics and economic slowdown in times Japan remains pivotal in trade and technological advancements.
Germany
Germany ranks fifth with a GDP PPP of $5.72 trillion known for its manufacturing sector and export focus contributing to growth within the European Union.
Russia
Russia maintains its influence with a GDP purchasing power parity of $5.23 trillion playing a role in energy markets and global geopolitics due to its abundant resources.
Indonesia
Indonesia is emerging as a force boasting a GDP PPP of $4.72 trillion driven by its large and youthful population that signals vast potential for growth and development.
Brazil
Brazil stands out as the economy in South America with a GDP PPP of $4.26 trillion leveraging its natural resources and diverse industrial base to remain influential in regional and global markets.
France
France holds a position in the European Union economy with a GDP PPP of $4.01 trillion recognized for its heritage and technological advancements that contribute to influence across various sectors.
United Kingdom
The United Kingdom closes the ten list with a GDP PPP of $3.98 trillion despite facing economic shifts, like those related to Brexit. It continues to be a financial hub.
FAQs
<strong>What is GDP PPP?</strong>
GDP PPP compares economic strength and purchasing power across countries by adjusting GDP figures for cost of living differences.
<strong>How are GDP PPP figures calculated?</strong>
GDP PPP figures adjust nominal GDP values to standardize economic output for comparison based on relative price levels.
