Purchase Power Parity only works domestically. Once you venture out in the world, things cost what they cost, no matter how little your populace makes.

[–] freagle@lemmygrad.ml 3 points 2 years ago

How much do things cost when you have favorable trade relations with the most productive manufacturing in the world (BRICS)?

[–] ExotiqueMatter@lemmygrad.ml 2 points 2 years ago* (last edited 2 years ago)

They can't import much anyway because of the sanctions, nor do they really need to anymore now that russian companies have taken over the shares of russian market of foreign companies who left, so even if you were correct about this it wouldn't be a big issue for them.

[–] slaacaa@lemmy.world -1 points 2 years ago* (last edited 2 years ago)

It makes zero sense, but of course tankies will be happy to parade it around. The are well after the 50th in GDP per capita PPP, and probably much lower if would look at actual consumption. In total GDP, outside of top 10

[–] intelshill@lemmy.ca 2 points 2 years ago

PPP is a far more relevant metric for less globalized economies which are less reliant on foreign imports.

Whereas Russian imports are 15.6% of GDP and Chinese imports are 17.5% of GDP, imports in Western countries (UK, Canada, France, Germany, Spain) make up about 40-50% of GDP on average.

[+] intelshill@lemmy.ca -6 points 2 years ago (1 children)

Russia overtakes Germany to become fifth biggest economy in the world in GDP on a PPP basis

bne IntelliNews

[–] slaacaa@lemmy.world -1 points 2 years ago* (last edited 2 years ago) (2 children)

Total GDP on PPP basis has to be one of the most idiotic bullshit comparisons I have ever heard. Makes zero sense. Per capita GDP PPP comparison could at least pretend to be meaningful, but of course they would be far behind in that

[–] freagle@lemmygrad.ml 3 points 2 years ago

So you would measure the absolute size of the economy by a relative measure? Interesting. When we apply that to China's carbon footprint, liberals scream about manipulation. China has far greater carbon output than the USA, but the USA emits more per capita. Who's the bigger polluter?

[–] wildncrazyguy@kbin.social -4 points 2 years ago* (last edited 2 years ago)

I mean, like every tool, it serves a purpose. It’s just that in this case, they are using a really large hoe and pretending it’s the biggest and best shovel.

Petrostates and nations that are heavily reliant on one primary industry tend to have high PPP, look at Gabon, Brunei and Kuwait as oil examples or Bahamas, Antigua and Barbuda and Syria for other examples.