亚开行-2021年亚太地区国际比较项目：购买力平价与实际支出——总结报告（英）-2024.8-126页_1mb

2021 International Comparison Program in Asia and the Pacific: Summary Report

Core Content

The 2021 International Comparison Program (ICP) for Asia and the Pacific was a significant statistical effort led by the Asian Development Bank (ADB) as the regional implementing agency (RIA) for the fourth time since 2005. It involved 21 economies and aimed to produce reliable purchasing power parity (PPP) estimates, price level indexes, and real expenditures data, which are essential for international economic comparisons and policy-making.

Main Points

• ICP Overview: The ICP is a global initiative under the United Nations Statistical Commission (UNSC) to produce PPPs and price level data for macroeconomic aggregates like GDP, household consumption, and government expenditure. It was originally set to be conducted every 3 years starting from 2017, but the 2020 cycle was postponed due to the impact of the COVID-19 pandemic.

• 2021 ICP Participation: The 21 participating economies in Asia and the Pacific included Bangladesh, Bhutan, Brunei Darussalam, Cambodia, China, Fiji, Hong Kong, India, Indonesia, the Lao PDR, Malaysia, the Maldives, Mongolia, Nepal, Pakistan, the Philippines, Singapore, Sri Lanka, Taiwan, Thailand, and Vietnam. Notably, ADB members who are also OECD members (Australia, Japan, Republic of Korea, New Zealand) participated in OECD-led PPP comparisons and were not included in the Asia and Pacific ICP.

• Impact of the Pandemic: The pandemic caused severe socioeconomic disruptions, leading to supply chain issues, reduced international trade, and economic contractions. The ICP 2021 cycle was conducted during the recovery phase, and participating economies faced challenges in data collection due to lockdowns and mobility restrictions. Despite this, they adopted innovative methods to ensure data quality.

• Methodological Innovation: ADB introduced a new hybrid approach for measuring comparison-resistant housing services, combining the rental and volume approaches. This method improved the accuracy and reliability of PPP estimates for housing and was endorsed by the ICP Technical Advisory Group and the Regional Advisory Board.

• Key Results: The 2021 ICP results showed that the Asia and Pacific region accounts for over 50% of the world's population and 27% of the world's nominal GDP and 35% of the world's real GDP in PPP terms. The report includes detailed statistics on GDP, household consumption, government expenditure, and fixed capital formation, as well as price level indexes.

• Data Availability: The report provides a summary of the findings, while detailed data and results are available online at https://icp.adb.org. These results are also integrated into the global ICP results released by the World Bank in May 2024.

Key Information

• Purchasing Power Parities (PPPs): Used to compare the real value of GDP across economies. They are more accurate than exchange rates for assessing economic size and living standards.

• Price Level Indexes (PLIs): These indexes help in understanding the cost of living and inflation trends across different economies.

• Real Expenditures: Reflect the actual value of economic activities adjusted for inflation, crucial for comparing economic performance and living standards.

• Regional Significance: The Asia and Pacific region plays a critical role in the global economy, contributing significantly to both nominal and real GDP. These results are essential for global economic analysis and policy development.

• Challenges and Achievements: Despite the challenges posed by the pandemic, the participating economies and ADB successfully completed the 2021 ICP cycle, demonstrating resilience and commitment to statistical accuracy.

Summary of Findings

GDP and Economic Shares

• The 21 participating economies in the Asia and Pacific region account for over half of the global population.
• In nominal terms, they contribute about 27% of the world's GDP.
• In PPP terms, they account for 35% of the global GDP.

Per Capita Real GDP and Living Standards

• Per capita real GDP and household consumption data are presented to assess standards of living.
• The report highlights disparities in real per capita GDP and household expenditures across the region.

Government Expenditure and Investment

• Data on government final consumption expenditure and gross fixed capital formation are included to evaluate public spending and investment trends.

Price Level Indexes

• PLIs for GDP and its components are provided to compare the cost of living and inflation trends across economies.

Methodological Revisions

• The hybrid method for housing services was a major innovation, enhancing the accuracy of PPP estimates.
• The 2021 results were compared with the 2017 ICP cycle to assess changes in economic size and structure.

Conclusion

The 2021 ICP in Asia and the Pacific provided comprehensive data on PPPs, real expenditures, and price levels, offering valuable insights for policymakers and researchers. The successful implementation, despite the challenges of the pandemic, underscores the importance of the ICP in understanding global economic dynamics and supporting informed decision-making.