Which Country has the Highest Purchasing Power?

By BYJU'S Exam Prep

Updated on: November 9th, 2023

The Highest Purchasing Power as of the year 2022 is in Switzerland. Purchasing power is the value of a currency expressed as the number of goods a unit of capital can buy. According to the Committee on Real Sector Statistics, GDP is calculated using a production shift approach, a new GDP method, and using the base year 2004-05, moving the old series forward and then adjusting it to the base year 2011-12 by comparing it with the new series. The Committee noted that the third strategy has not yet been tried.

Highest Purchasing Power

The quantity of goods and services that can be purchased with a given amount of money is known as purchasing power. For instance, if someone had gone to a store in the 1950s with one unit of money, they could have purchased more items than they can today, proving that money back then had more purchasing power.

In order to make sure that the GDP accurately reflects the state of the economy in terms of structural changes, the significance of the contributions made by various sectors, the importance of the agricultural industry, etc., the government frequently takes this action.

Country with Highest Purchasing Power

  • When the CSO carried out the current rebasing, the SNA (System of National Accounts) recommendations from the UN in 2008 were taken into account.
  • The CSO is able to solicit input, make its own calculations, and release fresh data. The information and results must be correct and relevant to the circumstances.
  • If the CSO wants to increase transparency, it can consult with or involve experts.

GDP in India

  • To put it simply, GDP is a statistical tool. Stronger emphasis should be placed on inclusive growth, including the development outcomes that result from that growth, as opposed to just growth.
  • Farmers committing suicide in Maharashtra, one of the richest states in India, is completely incomprehensible.


Which Country has the Highest Purchasing Power?

Switzerland is currently at the top of the purchasing power index as of 2022. The concept of purchasing power describes the method by which the worth of a currency is expressed in terms of the number of goods or services that one unit of currency can purchase.

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