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There are two methods of GDP calculation: nominal GDP attempts to compare countries using current exchange rates to give an assessment of their clout within the global market. This naturally biases countries with stronger currencies.
Purchasing Power Parity or PPP GDP, on the other hand, tries to take into account that one dollar can buy more in some countries and less in others. It is a better gauge of the internal size of each market.
In the nominal GDP method, we can see that the developed world leads the pack, but that China has already broken into this exclusive club, and is now the second largest economy in the world by both measures.
When we look at PPP GDP, all of the BRIC countries (China, India, Brazil and Russia) are all within the top 10.
Here is the Top 10, as listed by PPP GDP, using 2010 GDP figures:
The restoration of full diplomatic relations between the US and Cuba, announced simultaneously by Barack Obama and Raúl Castro yesterday, is a huge political breakthrough. The benefits to the Cuban economy, however, will be more gradual. Economic sanctions by the US against Cuba began in 1960. They consisted of a range of measures, only some of which can be removed by the US president in the short term. The rest require congressional approval, which is likely to be a difficult and protracted process. Read more
Joseph E. Stiglitz,
Mario Blejer & Eduardo Levy Yeyati,
Isam al Khafaji,
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