The '''Economy of Pakistan''' is the 23rd-largest in the world in terms of purchasing power parity (PPP), and 42nd-largest in terms of nominal gross domestic product. Economists estimate that Pakistan was part of the wealthiest region of the world throughout the first millennium CE, with the largest economy by GDP. This advantage was lost in the 18th century as other regions such as China and Western Europe edged forward. Pakistan is considered a developing country and is one of the Next Eleven, a group of eleven countries that, along with the BRICs, have a high potential to become the world's largest economies in the 21st century.