China is set to overtake the U.S. as the world’s number one economy, while India has jumped into third place ahead of Japan, according to a new study from the world’s leading statistical agencies.
The results of the 2011 International Comparison Program (ICP), which involves the World Bank, assess economies based on purchasing power parity (PPP). The outcome revealed on Wednesday paints a new picture of the global economy compared with the last update in 2005.
The research puts China’s GDP (gross domestic product) at 87 percent of the U.S. in 2011 and says the Chinese and Indian economies have more than doubled relative to that of the U.S.
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