Developing Countries Own Growing Share US$59 Trillion Global Output

The World Bank provides the following information:

Developing economies now produce 41 percent of the world's output, up from 36 percent in 2000, according to the Bank’s World Development Indicators (WDI) 2008. The combined output of the world's economies reached US$59 trillion in 2006. Using new measurements that take into account the differences in price levels between countries, China now ranks as the second largest economy in the world, and 5 of the 12 largest economies are developing economies. Strong growth over the period has increased the shares of all developing regions except Latin America and the Caribbean, while the share of high-income economies fell by 5 percent. This year's WDI introduces new estimates of purchasing power parity (PPP) used to convert local currencies to a common currency - in this case the US dollar.

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