OECD economies’ share in global GDP stable at 46% in 2021 vs 2017

By Emir Yildirim

ISTANBUL (AA) – The share of Organization for Economic Co-operation and Development (OECD) member countries’ economies in global gross domestic product (GDP) remained stable at 46% in 2021 compared to 2017 with China, the US and India representing almost half of world GDP, according to a report released Thursday by the intergovernmental organization.

The largest economies among the 38 OECD member states were the US, Japan, Germany, France and the UK, while Luxembourg led with its GDP per capita at $138,000 based on purchasing power parity (PPP), stemming from a high number of cross-border workers.

The report highlighted that Iceland and Japan saw a decrease in their GDP per capita rankings within the member states while the Czech Republic, Slovenia and Lithuania moved closer to the median.

The US saw $53,000 PPP in Actual Individual Consumption (AIC) per capita, “a better-suited measure of material welfare covering goods and services consumed by households,” according to the report.

It was noted that 24 OECD member states had price level indices above the global average, signaling a higher cost of living.