Price Levels, Size, Distribution and Growth of the World Economy: Insights from recent International Comparisons of Prices and Real Product

Alan Heston and D.S. Prasada Rao ()

No WP102021, CEPA Working Papers Series from University of Queensland, School of Economics

Abstract: We highlight and extend findings of the recent International Comparison Program (ICP) for the years 2011 and 2017 that provides PPP based national accounts for 173 countries. The growth and distribution of world GDP are examined and some convergence is found. The ICP price level story is consistent with that of previous ICP rounds of the 1970s. Using new methods, international prices were compared between the 1975 ICP and 2017. Updating the results to 2019, it is clear China is number one and that gains of the lower income countries are another casualty of covid-19.

Keywords: Purchasing power parities; price levels; global growth; inequality; price structures (search for similar items in EconPapers)
JEL-codes: E01 E31 I31 O57 (search for similar items in EconPapers)
Date: 2021-07
New Economics Papers: this item is included in nep-cna, nep-mac and nep-opm
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Working Paper: Price Levels, Size, Distribution and Growth of the World Economy: Insights from recent International Comparisons of Prices and Real Product (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:qld:uqcepa:164

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