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Pakistan Joins trillion-dollar Economies Club By 25th Ranked In The World - Salman - 07-20-2017 02:06 PM
Pakistan joins trillion-dollar economies club as its gross domestic product (#GDP) based on purchasing-power-parity (PPP) just crossed $1 trillion. By PPP ranking, Pakistan is now 25th largest economy in the world.
According to World Data Atlas, Pakistan’s GDP PPP in 2017 is $1,060 billion, with an year-on-year growth of 7.32%. This is the highest-ever increase in a decade.
Over the last 20 years, GDP based on PPP of Pakistan grew substantially from $313.7 billion in 1997 to $1,060.75 billion in international dollars rising at an increasing annual rate that reached 7.32% in 2017, according to World Data Atlas’s new ranking.
According to economists, GDP purchasing-power-parity compares different countries’ currencies through a market ‘basket of goods’ approach. Two currencies are in PPP when a market basket of goods (taking into account the exchange rate) is priced the same in both countries. For example, what goods 10 dollars can buy in the US, in the UK, or in Pakistan. Or, how much does a McDonald’s burger cost in the US versus its price in Pakistan?
This exclusive story first appeared in The News on 17 July. It was later carried by other media.