How do I interpret the numbers of this table PPP conversion factor, GDP (LCU per international $) as published by the World Bank:
First of all, it's just numbers, but what do they tell (in common words). What's the difference between
- Bahrein (0.19), a very rich country
- United States (1.0), the benchmark or reference country
- Belize (1.14), a rather poor country
- India (18.15)
- Armenia (197.04)
- Vietnam (7,792.72), a not so poor country
Which property does Vietnam have 8,000 times more than the United States and 40 times more than Armenia? What is measured?
Side questions: What for and in which contexts are these numbers used and play an effective role? Do two decimal digits really make a difference?