Developing Economies Raise Global Output To $59trn - World Ban

Katrina Shankle/ Tues. April 15, 2008/ Global Economics

It's an interesting development. According to the World Development Indicators 2008 (Released Monday), developing countries are now producing forty-one percent of the world's output. The figure has risen from thirty-six percent from the year 2000.

In 2006, the combined output of the world's economies totalled fifty-nine trillion dollars. China is the second largest economy in the world. The interesting thing is that five of the world's top economies are now developing ones. This strong growth has spurred an increase in the shares of all developing economies except for those of Latin America and the Caribbean. High income shares, on the other hand, fell by five percent.

PPP's (Purchasing Power Parity) are a method used to convert local currencies to a common currency, currently the United States dollar. This, with taking account of the price differences between countries allows a more accurate comparison between economies and what the countries can and cannot buy and their market size.

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