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LONDON, October 9. /TASS/. A new G7 emerges, the Financial Times said on Wednesday.
The International Monetary Fund on Tuesday released its latest World Economic Outlook. A striking new finding emerges: the seven largest emerging markets are now bigger, in gross domestic product terms, than the long established G7 group of industrialized nations, when measured at purchasing power parity (PPP), the British daily said.
A hypothetical new G7, comprising the BRICS' Brazil, Russia, India and China and three of the so-called MINT economies Mexico, Indonesia and Turkey — has a combined GDP of $37.8 trillion (at purchasing power parity) compared to $34.5 trillion for the old G7 Canada, France, Germany, Italy, Japan, the UK and the US.
The new attempts to measure GDP also confirm that, in PPP terms, China is now the world's largest economy, overtaking the US (as revealed by the FT in April). At market exchange rates, the US economy is worth $17.4 trillion and the Chinese stands at $10.4 trillion. With an adjustment for relative prices, China’s economy moves up to first place, with a GDP of $17.6 trillion.
Russia is the sixth among the new top 10, ahead of France and the UK. “The new estimates point to a dramatically changed world: half of the twenty largest economies are now emerging markets and half are from the established rich world,” the Financial Times said.