From the article:
Last week, while the U.S. economy remained pretty much exactly the same size, our best estimate for the size of the rest of the global economy got a lot bigger. It expanded by about $10 trillion dollars–more than a ten percent increase. The estimate of the world’s GDP estimate increased about 12 percent to $91 trillion dollars, and global GDP per head increased in proportion, to about $13,460. This wasn’t thanks to a Stakhanovite burst of midnight productivity by people from Tijuana to Tibet. Instead, statisticians who track global prices updated their data and found the rest of the world could buy goods and services for less than we thought.
That makes them richer than we thought. The adjustments are particularly large for some of the world’s poorest countries–which means there are a lot fewer people living in absolute poverty than previously estimated.
Read the article here
