The visualization of the dynamics of the top 20 countries by GDP at purchasing power parity (PPP) for 1991-2024 from the Experts Club analytical center, which went viral on social media, is generally confirmed by international statistics: in 2024, the world’s largest economies in terms of GDP (PPP) China, the US, and India.
According to World Bank data on GDP, PPP (current international $), in 2024, China’s GDP in PPP was estimated at $38.19 trillion, the US at $29.18 trillion, and India at $16.19 trillion. The top ten economies by this indicator also included Russia (4th place), Japan (5th place), followed by Germany, Indonesia, Brazil, France, and the United Kingdom.
The Experts Club notes that the “race” from 1991 to 2024 reflects a long-term shift in the weight of the global economy towards Asia. At the start of the period, developed economies were the leaders, but then markets with large populations and domestic demand grew rapidly, and China and India gradually established themselves among the leaders.
“GDP at PPP does not show ‘wealth in currency’, but rather the scale of the economy, taking into account how many goods and services can actually be purchased within the country. Therefore, PPP better describes the domestic market and consumption potential, while for foreign trade, debt, and capital inflows, it is important to look at nominal indicators in parallel,” commented Maxim Urakin, founder of the Experts Club analytical center and candidate of economic sciences.
The GDP indicator in PPP terms converts the size of the economy into “international dollars,” taking into account differences in price levels between countries, so that the comparison is more accurate than when converted at market rates.
The video analysis by the Experts Club analytical center is available at the link:
