WASHINGTON (AFP) - The size of China's economy is overestimated by some 40 percent based on most current measures, but is the world's second largest, the World Bank said Monday.Read it here.
In a report ranking the world's economies, the World Bank said a more reliable method of estimation using "purchasing power parity" (PPP) shows a much smaller value than the traditional market value estimates which the Bank called "less reliable."
By this accounting China accounts for 9% of the world's production. The United States stands at 23%, Japan at 7%, Germany at 6% and India at 4%. Taken together these five countries account for about half of the world's production.
On a per-capita basis, Luxemborg leads the world and Qatar is second. Iceland, Denmark, Switzerland, and Norway are the most expensive countries in the world.
The United States leads the world in expenditure on investment at 21%. China is second at 18%.
Luxemborg has the highest rate of consumption, the United States is second.
Here is the original report.