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One of the appropriate ways to compare the income levels of the different countries across the globe is
GDP at nominal rate
GDP at constant rate
Purchasing Power Parity
IMF quota
Purchasing Power Parity (PPP) is an economic theory that compares different countries' currencies through a market "basket of goods" approach. According to this concept, two currencies are in equilibrium or at par when a market basket of goods (taking into account the exchange rate) is priced the same in both countries. PPP is determined in each country based on its relative cost of living and inflation rates. Purchasing power plus parity ultimately means equalizing the purchasing power of two differing currencies by accounting for differences in inflation rates and cost of living.
Purchasing power parity is used worldwide to compare the income levels in different countries. PPP thus makes it easy to understand and interpret the data of each country. As a light-hearted annual test of PPP, The Economist has tracked the price of McDonald's Corp.’s Big Mac burger in many countries since 1986.The highly publicized Big Mac Index is used to measure the purchasing power parity (PPP) between nations, using the price of a Big Mac as the benchmark.
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