Here are Back2Basics collections from today’s news items
B2B #1: From news- India became third largest economy in 2011: World Bank
International Comparison Program (ICP)
- ICP is a partnership of various statistical administrations of up to 199 countries guided by the World Bank
- The main partners of this program are the World Bank, IMF, UN, ADB, OECD, CISSTAT, Eurostat, AfDB ESCWA, ECLAC, DFID, ABS, IDB, NMoFA who are also all part of the executive board
- The Program produces internationally comparable price and volume measures for gross domestic product (GDP)
- Its component expenditures are based on purchasing power parities (PPP’s)
- The International Comparison Program holds surveys collecting price and expenditure data for the entire range of final goods and services at intervals of some few years (the last two were separated by six years)
- The ICP tries to make different countries GDPs comparable by calculating them in PPP both currency converters and spatial price deflators
- The ICP has published its PPP results eight times so far – the first time for 1970 (a preliminary study for 1967 was also carried out) and the latest for 2011
Here’s a Factoid to brush up your concepts
Key words related to History : Ajivika
Dynasty/era : Buddha period
Meaning : A heterodox sect of the time of the Buddha
