The International Comparison Program (ICP) released its 2021 cycle results, offering insights into global economic indicators and material well-being.

Purchasing power parities (PPPs) from the ICP provide a more accurate measure of living standards than market exchange rate-based GDP estimates.

China, the United States, and India were identified as the largest economies in 2021.

Middle-income countries have increased their share of global GDP.

The United States has the highest living standard in the world, according to the ICP data.

The data underscores the importance of focusing on actual individual consumption (AIC) per capita as a measure of living standards, rather than GDP per capita.

ICP data is valuable for policymakers, researchers, economists, and others in addressing developmental issues, eradicating poverty, and ensuring sustainability.