On the Global International Comparison of GDP for Reference Year 2017

Abstract

The article outlines main results of global international comparison of GDP on purchasing power parities (PPPs) for 2017 published by the World Bank in July 2020. This comparison is the project of international statistics, which secures unique data on the world economy, on the place of countries in the world and regional economies, on standards of living in different countries, on differences between purchasing power parities and exchange rates, and so forth. These data are of interest to the government in relation to the development of economic policy. This comparison required collaboration between the World Bank as the overall project coordinator, regional coordinators and statistical offices producing baseline data on GDP in national currency.

In the body of the article, the authors consistently consider the following issues: the basic methodology used in the International Comparison Program, main findings, limitations and the degree of reliability of the results of the international global comparisons. In this context issues of methodology of comparison and features of direct binary and multilateral comparisons are considered, in particular the formula for the computation of PPPs, which ensures transitivity (mutual consistency of results).

The article concludes by emphasizing the multifaceted tasks of the International Comparison Program based on purchasing power parities, led by the World Bank.