New IMF data: Turkey crossed $2 trillion mark in PPP (now 13th largest in the world)

[UkroTurk]

The 2015 was extremely bad for Russia .

The worlds GDP-is-around-74-trillion

2 trillion usd GDP for Turkish economy

According the Bloomberg may be in the 2030s.

 

[BordoEnes]

You know very well that I consider PPP measurement just as a feel good one with no real value in monetary terms like the nominal one so I don t understand why you tagged me.

I agree. PPP measurements are pretty useless and obsolete. Nominal is the one who counts the most and we arent really doing well with that lately as well.

 

[Martin Peterson]

Incorrect, PPP is actually the most reliable GDP indicator primarily because it doesn't fluctuate based on the USD value and is consistent, Nominal figures can change overnight depending on the value of the currency while PPP tracks the real production power of an economy.

To summarise Nominal is best for working out the trading power of a nation while PPP tells us the true production power of an economy/true size of the economy:
https://www.awaragroup.com/blog/despite-sanctions-russias-gdp-shoots-over-4-trillion/

Anyway congratulations on Turkey's achievements but from the looks of it there seems to be an unnecessary pessimism among the Turkish community of this website, I say unnecessary because there is real improvement in your country and one should be objective and not have an overly optimistic or pessimistic attitude to it.

In other words have some balance in your viewpoints.

 

[Saithan]

only way to improve is to reflect and expect better performance.

 

[Shamsher1990]

I agree. PPP measurements are pretty useless and obsolete. Nominal is the one who counts the most and we arent really doing well with that lately as well.

Quite the opposite.

Do you really believe that Russian economy has become half the size it was at its peak?

 

[DemirkanTR]

I agree. PPP measurements are pretty useless and obsolete. Nominal is the one who counts the most and we arent really doing well with that lately as well.

As other forumer answered, reality is quite opposite of what you said. If nominal GDP counts, it'd seem that I earn less than a waiter in USA. But when we also consider purchase power, we can explain why I can have more comfortable life than a waiter in USA. So, PPP counts, not nominal.

 

[haidian]

China is far ahead of US in PPP, but In China few people know what PPP is and if you tell them that China is way ahead of US in GDP, they'll think you must be smoking something.

 

[DemirkanTR]

China is far ahead of US in PPP, but In China few people know what PPP is and if you tell them that China is way ahead of US in GDP, they'll think you must be smoking something.

Well, communists are not counted!

A Chinese (I assume that he/she is not economist and has poor knowledge about economics) would like think because of your economic system and unfair distribution of income. PPP is better indicator for wealth (Even it can explain to rest of the world how those too low hourly wages would work for Chinese people!)

In nominal understanding an American would think a Chinese can't make with those wages, but they can. And it's because of purchase power. Got it?

 

[Martin Peterson]

China is far ahead of US in PPP, but In China few people know what PPP is and if you tell them that China is way ahead of US in GDP, they'll think you must be smoking something.

Thats because in China your people don't know about the different measures that measure an economy but your government knows very well but refuses to tell you.

 

[AZADPAKISTAN2009]

Congrats to Turkey on their achievement

 

[Martin Peterson]

As other forumer answered, reality is quite opposite of what you said. If nominal GDP counts, it'd seem that I earn less than a waiter in USA. But when we also consider purchase power, we can explain why I can have more comfortable life than a waiter in USA. So, PPP counts, not nominal.

Also the United States compared to other developed countries for example Japan actually has a low standard of living, therefore Turkish people shouldn't aim to surpass the US but rather countries like the Scandinavians in living standards and if you want a more impossible target aim for something like Singapore, which has both one of the worlds highest living standards as well as one of the highest purchasing power as well.

The United States is an incredibly unequal society and the only reason people compare to it is because it is so powerful across all metrics, just not in living standards, aim higher.