Bangladesh among 30 countries with the highest purchasing power parity in the world
- Update Time : Saturday, 23 March, 2024, 04:03 pm
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Online Desk: Bangladesh has ranked 26th among 30 countries with the highest Purchasing Power Parity (PPP) in the World.
According to finance website, Insider Monkey, Bangladesh has a per capita GDP of $9.41 thousand based on purchasing power parity. In 2021, the country’s GDP was little more than $1 trillion. In three years, it has risen to $1.6 trillion, making Bangladesh one of the world’s fastest-growing economies today. GDP (PPP): $1,573,205,815,650, as per Insider Monkey.
Top 10 countries with the highest purchasing power parity in the world:
1 China
GDP (PPP): $35,102,468,294,640
- United States
GDP (PPP): $28,212,584,701,080
- India
GDP (PPP): $13,837,886,095,650
- Japan
GDP (PPP): $6,693,210,775,800
- Germany
GDP (PPP): $5,737,921,135,920
- Russia
GDP (PPP): $5,180,512,624,880
- Indonesia
GDP (PPP): $4,706,381,666,640
- Brazil
GDP (PPP): $4,533,438,662,610
- France
GDP (PPP): $4,161,339,481,020
- United Kingdom
GDP (PPP): $3,967,703,923,320
What is PPP?
Purchasing Power Parity (PPP) is a macroeconomic concept used to compare the relative value of currencies between different countries. Value refers to how much purchasing a currency can do compared to different countries. So, to find that out, economists apply PPP, which is the exchange rate at which one country’s currency would be converted into another to purchase an identical basket of goods and services. The PPP metric is usually used to measure economic productivity and standards of living between countries, according to Insider Monkey.
In other words, utilising purchasing power parity, GDP is translated to a common baseline currency (international dollars), allowing for more realistic comparisons of nations and their worldwide positions.
Methodology
For its list of the ‘30 Countries with the Highest Purchasing Power Parity in the World’, Insider Monkey calculated the PPP using the GDP per capita by PPP of the 50 top countries with the largest economies in the world and their population. It then shortlisted the top 30 and compiled the list in ascending order. The base data for GDP per capita and population has been sourced from the International Monetary Fund and the CIA’s database and is accurate to 2024, the finance website said.
