According to data out of the IMF, for the first time in history the combined GDP of emerging market economies has risen above that of developed nations. Adjusting for price parity, gross domestic product for those emerging markets will total $44.4 trillion in 2013, while advanced economies will produce $42.8 trillion.
Advanced economies are, according to the IMF, the 34 nations that result from combining the members of the G7, euro area countries, and the 4 “newly industrialized Asian economies”—Taiwan, Hong Kong, Singapore, and South Korea. The world’s 150 other nations are considered emerging or developing.
While per-capita rates for incomes and GDP in developing nations are still far lower, the sheer size of populations compensates for the gap versus advanced economies.