[OPE] Another conflation of the world economy with world GDP...

"No Clear Accord on Stimulus by Top 20 Nations", by L. Thomas Jr and J. Werdiger, NYT March 14, 2009:

"At the end of a lengthy meeting at a luxury resort outside London, the so-called Group of 20 nations, who together represent about 85 percent of the world economy, failed to offer specifics about the size or timing of coordinated economic stimulus, and some major players, including Germany and France, remain deeply reluctant to add to their national debt." http://www.nytimes.com/2009/03/15/business/15global.html

What they are really saying is, that the combined GDP of the G20 "equals 85% of world GDP". The G20 site also says:

"Together, member countries represent around 90 per cent of global gross national product, 80 per cent of world trade (including EU intra-trade) as well as two-thirds of the world's population." http://www.g20.org/about_what_is_g20.aspx

So this also means that circa 184 sovereign countries excluded from the talks, representing one-third of the world population, produce 10% of GNP, and contribute 20% of world trade. Huh? How could you produce 10% of world GNP and account for 20% of world trade?

The G20 conists of :

Argentina
Australia
Brazil
Canada
China
ECB, IMF, World Bank
France
Germany
India
Indonesia
Italy
Japan
Mexico
Russia
Saudi Arabia
South Africa
South Korea
Turkey
United Kingdom
United States

Jurriaan

Oh, to live on sugar mountain
With the barkers and the colored balloons,
You can't be twenty on sugar mountain
Though youre thinking that youre leaving there too soon,
Youre leaving there too soon.
Its so noisy at the fair
But all your friends are there

http://www.youtube.com/watch?v=FsACIBI5NPk

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Received on Wed Mar 18 14:30:11 2009