Overtaking USA is not much of an achievement in its truest sense. As, USA is just one country among NATO countries, European Union and its offshoot colonies. Total GDP of NATO is $18.35 trillion, I'm sure their GDP PPP is also much higher. And they achieve this GDP PPP without breaking any sweat, without squeezing work out of labourers. Since they have much larger land and resources at their disposal.
View attachment 750616
Asian countries lost the advantage(Land and resources) starting around the Late 1500s.
if you wana do a vis-a-vis population to gdp analysis
then China:
1.4 billion people
GDP: $16 trillion
North America plus Europe
1.3 billion people
GDP: $49 trillion
India is a special case because they import everything and don't have much domestic IP. In the case of South Korea for instance I'd say their PPP is more accurate than their nominal.
Also, differential pricing by country is common practice to account for different costs in marketing, inventory, localization, shipping, regulatory compliance, etc.
Oil doesn't require that which is why $1 oil is $1 oil everywhere but a $100 TV isn't $100 everywhere.
No in economics you just don’t create special cases out of thin to suit your narrative like you want. PPP calculation for both south Asian nations even Bangladesh does not coincide
Again it’s not about “differential prices” it’s about the absolute buying power of the dollar vs relative . That’s why it’s called “Purchasing Power Parity”. Meaning I get more of the same stuff in China for the same dollar which I get in US
And the absolute joke about PPP it’s calculated using the McDonald’s Big Mac index.