Brunei, Singapore and Hong Kong, China, rank among the top five economies in developing Asia and the Pacific in terms of real per capita income, says a new study undertaken on purchasing power parities in the region. According to the 2005 International Comparison Program (ICP) in Asia and the Pacific: Purchasing Power Parity and Real Expenditure released today, there is a huge disparity in real per capita Gross Domestic Product (GDP) in the region. The study, which provides a snapshot of economic measures like income, consumption expenditure and capital
formation, is part of a global initiative that allows cross-country comparison purchasing powers of currencies and living standards. The ICP, which was coordinated globally by the World Bank, will allow comparison of major
economic indicators for 146 countries globally. The Asian Development Bank (ADB) was the regional coordinator for the ICP Asia-Pacific, which accounts for half the world’s population. Statistical organizations of the region actively participated in this initiative. Purchasing Power Parity (PPP) is an idea popularized by The Economist’s Big Mac Index, which prices
hamburgers in global cities for a quick and crude comparison of inter-country price levels. The ICP is an attempt at a cross-country comparison of key economic indicators based on PPP and provides the most comprehensive cover of a broader range of commodities.