Thursday , June 13, 2024 |   13:03:42 IST
About Us Contact Us Newsletters
GDP marginally picks up in G20 economies in Q1: OECD (See 'Brief') I-T- Written Down Value in books of associated enterprise of assessee cannot be considered as ALP applying internal CUP : HC (See 'Breaking News') TP- No transfer pricing adjustment can be made on account of domestic transaction which has been referred by the AO , after omission of Clause (i) of section 92BA of the Act by Finance Act 2017: ITAT (See 'Breaking News') TP- On the basis of material or information or documents in possession, if TPO is of the opinion that information or data used in computation of arm's length price is not reliable or correct, TPO may proceed to determine ALP in relation to international transactions in accordance with section 92C(1) and 92C(2) : ITAT (See 'Breaking News') TP - Final assessent order is vitiated where passed while the assessee's objections against draft assessment order are still pending consideration before DRP: HC (See 'Breaking News') TP- TPO cannot make adjustment to the entire segment of manufacturing activity and only to the extent of international transactions: ITAT (See 'Breaking News') TP - Final order framing TP adjustment on account of transaction involving purchase of fixed assets, is not tenable, where the draft order preceding the final order, did not propose any adjustment on this ground: ITAT (See 'Breaking News') I-T- ITAT should interfere with the order passed by Revenue when there is inadvertent mistake on the part of the assessee : ITAT (See 'Breaking News') I-T-Case must be remad back to AO for passing of fresh order when assessee has not been gien opportunity of hearing to assessee : ITAT (See 'Breaking News') I-T - Since order of exclusion of Vishal Information Technologies Ltd. and Nucleus Netsoft & GIS (India) Ltd is found justified, no interferance is warranted: HC (See 'Breaking News') I-T - Issue of exclusion of IEX being a comparable need further examination as requested by Revenue: HC (See 'Breaking News') Foreign company - Rate of tax to be charged - A peep into Calcutta High court ruling in Royal Bank of Scotland case Calcutta High court in the Royal Bank of Scotland case (See TII Edit)
Home >> News Brief

OECD's 38 economies accounted for 46% of global GDP in 2021 
By TII News Service
May 31, 2024 , Paris

Untitled Document

THE International Comparison Program (ICP) released its 2021 and revised 2017 results yesterday. The ICP is a worldwide statistical partnership which produces purchasing power parities (PPPs) and comparative price levels for participating economies to compare their size of Gross Domestic Product (GDP) and its main components internationally, taking account of differences in price levels. 

The economies of the current 38 OECD member countries accounted for about 46% of world GDP in 2021, broadly stable compared to 48% in 2017. More generally, shares of regions in world GDP did not change substantially between 2017 and 2021.

In 2021, China, the United States and India continued having the biggest GDP in the world, representing 19%, 15.5% and 7.2% of world GDP, respectively, expressed in PPPs. Within the OECD, the distribution of countries remained broadly the same between 2017 and 2021, with the United States, Japan, Germany, France, and the United Kingdom being the largest OECD economies.

In terms of GDP per capita, Luxembourg remains the leader among OECD countries with 138 000 USD PPP in 2021, which reflects, however, a large share of cross-border workers. Some countries ranked lower relative to their OECD peers in 2021 compared to 2017. For instance, Iceland moved from the group of top six to a significantly lower position and Japan and Spain’s per capita GDP moved from around the median to around the lower third of OECD countries. On the other hand, Czechia, Slovenia, and Lithuania moved up, closer to OECD median. 

In terms of Actual Individual Consumption (AIC) per capita, a better-suited measure of material welfare covering goods and services consumed by households, the United States remained the top OECD country in 2021 with almost 53 000 USD PPP, followed by Luxembourg and Norway. Compared to 2017, some Nordic countries, notably Denmark and Sweden, as well as some Central and Eastern European countries e.g., Lithuania, Slovenia or Poland moved up relative to other OECD countries in 2021. Canada, Australia, the United Kingdom, Israel, and Greece, on the other hand, moved further away from top OECD performers in 2021.

GDP price level indices, i.e., ratios of PPPs to a country’s exchange rate and indicators of a country’s relative price level, were higher than world average in 24 OECD countries in 2021 (Table 1). This means that these countries were more expensive than average world country.

  • DTAA
  • Circulars (I-T Act, 1922)
  • Limited Treaties
  • Other Treaties
  • TIEAs
  • Notifications
  • Circulars
  • Relevant Sections of I-T Rules,1962
  • Instructions
  • Administrative Orders
  • DRP Panel
  • I-T Act, 1961
  • MLI
  • Relevant Portion of I-T Act,1922
  • GAAR
  • MAP
  • OECD Conventions
  • Draft Guidelines
  • DTC Bill
  • Committee Reports
  • Intl-Taxation
  • Finance Acts
  • Manual on EoI
  • UN Model Taxation
  • Miscellaneous
  • Cost Inflation Index
  • Union Budget
  • Information Security Guidelines
  • APA Annual Report
  • APA Rules
  • Miscellaneous
  • Relevant Sections of Act
  • Instructions
  • Circulars
  • Notifications
  • Draft Notifications
  • Forms
  • TP Rules
  • UN Manual on TP
  • Safe Harbour Rules
  • US Transfer Pricing
  • FEMA Act
  • Exchange Manual
  • Fema Notifications
  • Master Circulars
  • Press Notes
  • Rules
  • FDI Circulars
  • RBI Circulars
  • Reports
  • FDI Approved
  • RBI Other Notifications
  • FIPB Review
  • FEO Act
  • CBR Act
  • NBFC Report
  • Black Money Act
  • PMLA Instruction
  • PMLA Bill
  • FM Budget Speeches
  • Multimodal Transportation
  • Vienna Convention
  • EXIM Bank LoC
  • Manufacturing Policy
  • FTDR Act, 1992
  • White Paper on Black Money
  • Posting Policy
  • PMLA Cases
  • Transfer of Property
  • MCA Circular
  • Limitation Act
  • Type of Visa
  • SSAs
  • EPFO
  • Acts
  • FAQs
  • Rules
  • Guidelines
  • Tourist Visa
  • Notifications
  • Arbitration
  • Model Text
  • Agreements
  • Relevant Portion of I-T Act
  • I-T Rules, 1962
  • Circulars
  • MISC
  • Notification
  • About Us
  • Contact Us
    A Taxindiaonline Website. Copyright © 2010-2023 | Privacy Policy | Pvt. Ltd. OPC All rights reserved.