New data recently published by the International Monetary Fund (INF) in its World Economic Outlook, shows that Nigeria ranks at the 20th Economy in the World in 2014 in terms of Gross Domestic Product (GDP) Purchasing Power Parity (PPP).
The Gross Domestic Product (GDP) is the value of all final goods and services produced within a nation in a given year. A nation’s GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. According to the World Bank’s “Global Purchasing Power Parities and Real Expenditures. 2005 “, “A purchasing power parity (PPP) between two countries, A and B, is the ratio of the number of units of country A’s currency needed to purchase in country A the same quantity of a specific good or service as one unit of country B’s currency will purchase in country B. PPPs can be expressed in the currency of either of the countries. In practice, they are usually computed among large numbers of countries and expressed in terms of a single currency, with the U.S. dollar (US$) most commonly used as the base or “numeraire” currency”
Also, the Country which recently rebased its economy rants number 17 and 21 in Real GDP Growth and GDP Currency Prices respectively.
With this report, it looks like Nigeria is not waiting for the year 2020 to be among the top 20 Economies in the world.
The report also ranked China as the number 1 Economy in the world, overtaking the United States of America.
Sayelba Times 