| Aeolus451 said:
"Nominal GDP does not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in theexchange rates of the country's currency.[2] Such fluctuations may change a country's ranking from one year to the next, even though they often make little or no difference in the standard of living of its population.[3]" There's also flaws in using PPP but I think it's better suited for this discussion.
Here's another source that uses GDP (PPP) http://www.worldsrichestcountries.com/
The main reason why I posted all of that is too simply to counter the notion that china is poor. |
Doesn't matter if it's from 2014 in this case ...
PPP is NOT the standard way of measuring national income since it only describes purchasing power relative to the costs in a region ...
Nominal GDP on the other is a benchmark for national income since it accounts for the exchange rate of a currency ...
PPP really isn't better suited for this discussion since both the PS4 and X1 actually cost more in China so if we were to base PPP on those commodities it would be the US that comes on top compared to China ...
