T&T Outranks China, India & Russia In Standard Of Living

(TRINIDAD GUARDIAN) – This coun­try has ranked 49th—high­er than 142 oth­er well-known coun­tries glob­al­ly—in terms of stan­dard of liv­ing. That is, in terms of Gross Do­mes­tic Prod­uct (GDP) based on pur­chas­ing-pow­er-par­i­ty (PPP) per capi­ta.

This is in­di­cat­ed in a Glob­al Fi­nance ar­ti­cle from the In­ter­na­tion­al Mon­e­tary Fund (World Eco­nom­ic Out­look) on the World’s Rich­est Coun­tries 2019.

The ar­ti­cle stat­ed that the wealth­i­est na­tions are among the tini­est glob­al­ly. The rank­ings which were cal­cu­lat­ed on val­ues are ex­pressed in cur­rent in­ter­na­tion­al dol­lars, to the near­est whole dol­lar, re­flect­ing a sin­gle year’s (2018) cur­ren­cy ex­change rates and PPP ad­just­ments.​

The ar­ti­cle ex­am­ined how a coun­try is seen as rich, “Es­pe­cial­ly in an era of grow­ing in­come in­equal­i­ty be­tween the rich and every­one else. While gross do­mes­tic prod­uct (GDP) mea­sures the val­ue of all goods and ser­vices pro­duced in a na­tion, di­vid­ing a coun­try’s GDP by the num­ber of the full-time res­i­dents is a bet­ter way of de­ter­min­ing how rich or poor one coun­try’s pop­u­la­tion is rel­a­tive to an­oth­er’s.”

Ac­cord­ing to the ar­ti­cle, “The rea­son why ‘rich’ of­ten equals ‘small’ then be­comes clear: these coun­tries’ economies are dis­pro­por­tion­ate­ly large com­pared to their com­par­a­tive­ly small pop­u­la­tions.”

“How­ev­er, on­ly when tak­ing in­to ac­count in­fla­tion rates and the cost of lo­cal goods and ser­vices can we get a more ac­cu­rate pic­ture of a na­tion’s av­er­age stan­dard of liv­ing: the re­sult­ing fig­ure is what is called pur­chas­ing pow­er par­i­ty (PPP), which is of­ten ex­pressed in­ter­na­tion­al dol­lars in or­der to al­low com­par­isons be­tween dif­fer­ent coun­tries,” the ar­ti­cle stat­ed.