The New World Order: China, US, India

The Financial Times is reporting that China is expected to overtake the United States as the world’s largest economy in 2014. India, is now the world’s third largest economy.

These numbers are based on Purchasing Power Parity calculations done by the International Comparison Program of the World Bank. Considered to be the authoritative source for global GDP figures, the first round was conducted in 2005. Results of the second round, in which country GDPs were calculated for 2011, were released today.

The International Comparison Program (ICP) is a worldwide statistical partnership to collect comparative price data and compile detailed expenditure values of countries’ gross domestic products (GDP), and to estimate purchasing power parities (PPPs) of the world’s economies. Using PPPs instead of market exchange rates to convert currencies makes it possible to compare the output of economies and the welfare of their inhabitants in real terms (that is, controlling for differences in price levels).

via ICP 2011: International Comparison Program.

 

The summary report, available here, states that India’s GDP in 2011 was $5.75 trillion, China’s was $13.5 trillion and the US was $15.52 trillion.  In the period 2005-2011, China and India’s economies doubled in size as a percentage of US GDP. China’s GDP grew from 43% to 87% of the size of the US economy, while India went from 19% to 37%.  Based on economic growth estimates for the period 2011-2014, it is expected that the China will overtake the US this year.

 

World's Largest Economies

A surprising finding of the ICP is that India has one of the lowest price level indexes in the world. Or in other words, India has some of the lowest priced goods & services in the world. [This is something the average Indian will find hard to digest due to the double digit inflation witnessed over the past decade!]. Unsurprisingly, India ranks 127 in per capita GDP.

 

World Economies as a percentage of US Economy

Non-Functional Requirements in Mobile Applications

Fantastic piece on Non-Functional Requirements in Mobile Apps; a key question in our #HKUiSAD discussions!

All Things Mobile

Imagine if your bank’s website were to display the following disclaimer on its homepage: “We do not guarantee the security of your personal data or your account information while transacting on our net-banking portal”. Will you still use it? Almost certainly not!

View original post 3,875 more words

JVWR Special Issue Update

A special ‘Lantern’ issue on 3D3C Virtual Worlds of the Journal of Virtual Worlds Research, which I have co-edited, is now available. The special issue is being published in two parts – Part 1 has been published in Q1 / 2014 and is available here. Part 2 will be published in Q2 / 2014.

JVWR Special Issue

Part 1 of JVWR Special Issue

David vs Goliath in the Facebook Era – Again

A small town brewery was sent a cease and desist letter by Starbucks. Their hilarious response posted on their Facebook page went viral. ‘Nuf said!

See original article here.

Google Acquires Nest

Google has announced its acquisition of Nest for $3.2 billion. This is Google’s biggest and most newsworthy acquisition in the Internet of Things / SmartHome space. Perhaps it forebears its intent to integrate data captured from smart sensors into its search results? More likely is the creation of multiple Google Smart Devices that are deeply integrated together through the Android operating system. An exciting possibility indeed!

 

Google Inc. (NASDAQ: GOOG) announced today that it has entered into an agreement to buy Nest Labs, Inc. for $3.2 billion in cash.

Nest’s mission is to reinvent unloved but important devices in the home such as thermostats and smoke alarms. Since its launch in 2011, the Nest Learning Thermostat has been a consistent best seller–and the recently launched Protect (Smoke + CO Alarm) has had rave reviews.

See the original press release here.