Malaysia has been ranked as the 27th largest economy in the world in the latest International Comparison Programme (ICP) report hosted by the World Bank, local media reported.
The ICP estimates Malaysia as among the low- and middle-income countries, which have contributed almost half of the world’s total goods and services output worth over 90 trillion USD in 2011.
The other three ASEAN countries that have made it to the top 30 out of the 199 countries covered are Indonesia at the10th, Thailand, the 21st, and the Philippines, the 28th.
Globally, the United States tops the list, making up 17.1 percent of the world economy, followed by China (14.9 percent) and India (6.4 percent).
News reports said the latest data point to the possibility of China overtaking the US by year-end.
According to the ICP, the six largest middle-income economies, including China, India, Russia, Brazil, Indonesia and Mexico, account for 32.3 percent of world gross domestic product (GDP).
Meanwhile, the six largest high-income economies, including the US, Japan, Germany, France, the United Kingdom and Italy, make up 32.9 percent.
In per capita terms, the five economies with the highest GDP are Qatar, Macao, Luxembourg, Kuwait and Brunei, with Qatar and Macao having more than 100,000 USD per capita.
The survey also indicated that in terms of the Price Level Index, the most expensive economies in GDP terms are Switzerland, Norway, Bermuda, Australia and Denmark where indices range from 210 to 185 (above the average 100).
The World Bank described Malaysia as an upper middle-income and highly open economy with a GDP per capita of 10.500 USD in 2013 and exports contributing to more than 83 percent of its GDP.-VNA
The ICP estimates Malaysia as among the low- and middle-income countries, which have contributed almost half of the world’s total goods and services output worth over 90 trillion USD in 2011.
The other three ASEAN countries that have made it to the top 30 out of the 199 countries covered are Indonesia at the10th, Thailand, the 21st, and the Philippines, the 28th.
Globally, the United States tops the list, making up 17.1 percent of the world economy, followed by China (14.9 percent) and India (6.4 percent).
News reports said the latest data point to the possibility of China overtaking the US by year-end.
According to the ICP, the six largest middle-income economies, including China, India, Russia, Brazil, Indonesia and Mexico, account for 32.3 percent of world gross domestic product (GDP).
Meanwhile, the six largest high-income economies, including the US, Japan, Germany, France, the United Kingdom and Italy, make up 32.9 percent.
In per capita terms, the five economies with the highest GDP are Qatar, Macao, Luxembourg, Kuwait and Brunei, with Qatar and Macao having more than 100,000 USD per capita.
The survey also indicated that in terms of the Price Level Index, the most expensive economies in GDP terms are Switzerland, Norway, Bermuda, Australia and Denmark where indices range from 210 to 185 (above the average 100).
The World Bank described Malaysia as an upper middle-income and highly open economy with a GDP per capita of 10.500 USD in 2013 and exports contributing to more than 83 percent of its GDP.-VNA
