13 July 2019 - 03:18
Journalist ID: 2374
News Code 83392572
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Iran tops in World Bank biggest economies

Tehran, July 12, IRNA - According to the World Bank reports on world countries’ condition and their ranking based on  Gross domestic product (GDP) up to the end of 2018, Iran with GDP worth over $454b ranked 27th in the World list of the biggest economies in the world.

The US with over $20 trillion ranked first and Iran stood on a position higher than Norway, UAE and Ireland.

Based on the World Bank report, Iran is in lower position in the list compared with Austria, Belgium and Sweden.

This is while, China with GDP worth over $13 trillion and Japan with GDP worth over $4 trillion stood on the second and third places, respectively.

Russia, South Korea, Australia ranked 11th to 13th respectively.

Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period, often annually.

GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore using a basis of GDP per capita at purchasing power parity (PPP) is arguably more useful when comparing differences in living standards between nations.

The World Bank is an international financial institution that provides interest-free loans and grants to the governments of poorer countries for the purpose of pursuing capital projects.

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