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Russian Economy Weighs in at No. 8
The World Bank has published the preliminary results of research comparing the size of the economies of 146 countries based on purchasing power parity. Russia ranked with countries with high incomes in the rating and occupied the eighth place, ahead of Brazil but far behind China and India. The OECD and the European Commission's Eurostat agency have tracked European economies since 1996. Russian joined that group in 2005. This is the first time such a broad study has been conducted. It is also based on conditions in 2005.
The purchasing power parity theory uses compares exchange rates of currency and differences in price in different countries for comparative analysis. The authors of the study used 1000 goods in their comparison. The United States ranked first in the study, with 23 percent of the world GDP. It was followed by the People's Republic of China (10% of the world GDP), Japan (7%), Germany (5%), India (4%), Great Britain (3.46%) and France (3.39%). Russia accounts for 3.09 percent of the world GDP. Italy followed Russia in the ranking with 2.96 percent.
The size of the economy is no indicator of wealth, however. According to the study, the world average GDP per capita based on purchasing power parity in 2005 prices was $8900. Luxembourg was the richest country with $70,000 per capita. It was followed by Qatar with $68,700, Norway with $47,500, Brunei with $47,500 and Kuwait with $45,000. None of those countries accounted for more than 1 percent of the world GDP in 2005, however. GDP per capita in the U.S. was $41,600 and in Russia $11,800.
www.kommersant.ru
All the Article in Russian as of Dec. 18, 2007
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