Indonesia is the world’s 10th largest economy, contributing 2.3 percent to global economic output, according to a recent report released by the World Bank (WB).
According to the WB’s findings of the 2011 International Comparison Program (ICP) that assesses economies based on purchasing power parity (PPP), Indonesia moved up four places and leapfrogged more developed countries such as Spain, the Republic of Korea and Canada.
Agustinus Prasetyantoko, an economist from the Indonesia-based Atmajaya University, said the country’s economic growth peaked at 6.5 percent in 2011. Its Gross Domestic Product (GDP) recorded 707.9 billion USD in 2005, increasing to 2.058 trillion USD in 2011.
The paper also showed the six middle-income economies of China, India, Russia, Brazil, Indonesia and Mexico now account for 32.3 percent of the world’s GDP, approximately the proportion contributed by the six largest high-income economies, namely the US, Japan, Germany, France, UK, and Italy.
According to the report, China will surpass the US to become the world’s largest economy based on the PPP assessment at the end of this year.
Meanwhile, the Organisation for Economic Cooperation and Development (OECD) has predicted that China will overtake the US by 2016, but China itself is hoping to become number one by 2019.-VNA
According to the WB’s findings of the 2011 International Comparison Program (ICP) that assesses economies based on purchasing power parity (PPP), Indonesia moved up four places and leapfrogged more developed countries such as Spain, the Republic of Korea and Canada.
Agustinus Prasetyantoko, an economist from the Indonesia-based Atmajaya University, said the country’s economic growth peaked at 6.5 percent in 2011. Its Gross Domestic Product (GDP) recorded 707.9 billion USD in 2005, increasing to 2.058 trillion USD in 2011.
The paper also showed the six middle-income economies of China, India, Russia, Brazil, Indonesia and Mexico now account for 32.3 percent of the world’s GDP, approximately the proportion contributed by the six largest high-income economies, namely the US, Japan, Germany, France, UK, and Italy.
According to the report, China will surpass the US to become the world’s largest economy based on the PPP assessment at the end of this year.
Meanwhile, the Organisation for Economic Cooperation and Development (OECD) has predicted that China will overtake the US by 2016, but China itself is hoping to become number one by 2019.-VNA
