New Delhi: India and China boast of being Asia’s leading economies but their growth has not improved living standards of their citizens.
India ranks 17 and China 15 among 23 countries in Asia-Pacific ranked on the basis of ‘actual final consumption of households’ (AFCH), says a study by the Asian Development Bank.
AFCH is a measure of what households actually consume, comprising what they purchase and what they are supplied for individual use by the government (principally education and health).
A person living in China consumes an average of $1,470 (Rs 59,369) per year while an Indian consumes an average of US$1,194 (Rs 48,240) per year.
The poor ranking of the two countries is shocking, as both account for 64 per cent of total real GDP of the 23 economies. If the size of their economies is judged on the basis of population, China and India drop down to 10th and 18th positions in the full GDP comparison.
The five economies that top the list are Hong Kong , Taipei, Singapore, Brunei Darussalam and Macao. Nepal, Bangladesh, Lao PDR, Cambodia and Vietnam are at the bottom.
Real GDP estimates were done using assumed growth rates and how long it would take some countries to reach certain levels of per capita real GDP, the ADB study said.
For example, India needs more than 30 years to come up to the 100,000 HK dollar per capita real GDP level and almost 50 years to match Brunei's per capita real GDP, if it continues to grow at an annual per capita rate of 6.5 per cent. Brunei has a per capita real GDP of 2,69,581 HK dollars.
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