A very unequal world
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The International Monetary Fund’s (IMF’s) latest World Economic Outlook contains a chart showing, among other things, several countries’ share of world population and their share of global gross domestic product (GDP). The accompanying chart is an extract from that table. The GDP shares are based on the purchasing-power-parity valuation of the economies’ GDP. The advanced economies together have 14.5% of the world’s population, but 41.9% of global GDP.
The chart shows the extent by which India’s GDP has to grow to get to parity with its share of world population. Note that China’s share of global GDP is now almost equal to its share of population. Sub-Saharan Africa (excluding Nigeria and South Africa), which accounts for 9.7% of the global population, has a mere 1.5% of global GDP.