The world economy or global economy is the
economy
An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with t ...
of all humans of the world, referring to the global
economic system, which includes all economic activities which are conducted both within and between
nation
A nation is a community of people formed on the basis of a combination of shared features such as language, history, ethnicity, culture and/or society. A nation is thus the collective identity of a group of people understood as defined by those ...
s, including
production,
consumption,
economic management,
work in general,
exchange of financial values and
trade
Trade involves the transfer of goods and services from one person or entity to another, often in exchange for money. Economists refer to a system or network that allows trade as a market.
An early form of trade, barter, saw the direct exch ...
of
goods and services. In some contexts, the two terms are distinct "international" or "global economy" being measured separately and distinguished from national economies, while the "world economy" is simply an aggregate of the separate countries' measurements. Beyond the minimum standard concerning value in production, use and exchange, the definitions, representations, models and valuations of the world economy vary widely. It is inseparable from the
geography
Geography (from Greek: , ''geographia''. Combination of Greek words ‘Geo’ (The Earth) and ‘Graphien’ (to describe), literally "earth description") is a field of science devoted to the study of the lands, features, inhabitants, a ...
and
ecology
Ecology () is the study of the relationships between living organisms, including humans, and their physical environment. Ecology considers organisms at the individual, population, community, ecosystem, and biosphere level. Ecology overl ...
of planet
Earth
Earth is the third planet from the Sun and the only astronomical object known to harbor life. While large volumes of water can be found throughout the Solar System, only Earth sustains liquid surface water. About 71% of Earth's surf ...
.
It is common to limit questions of the world economy exclusively to
human economic activity, and the world economy is typically judged in
monetary terms, even in cases in which there is no efficient
market to help valuate certain goods or services, or in cases in which a lack of independent research, genuine data or government cooperation makes establishing figures difficult. Typical examples are
illegal drugs and other
black market goods, which by any standard are a part of the world economy, but for which there is, by definition, no legal market of any kind.
However, even in cases in which there is a clear and efficient market to establish a
monetary value, economists do not typically use the current or official
exchange rate to translate the monetary units of this market into a single unit for the world economy since exchange rates typically do not closely reflect
worldwide value, for example in cases where the volume or price of transactions is closely regulated by the government.
Rather, market valuations in a local currency are typically translated to a single monetary unit using the idea of
purchasing power. This is the method used below, which is used for estimating worldwide economic activity in terms of
real United States dollar
The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...
s or
euro
The euro (symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...
s. However, the world economy can be evaluated and expressed in many more ways. It is unclear, for example, how many of the world's
7.8 billion people () have most of their economic activity reflected in these valuations.
According to Maddison, until the middle of the 19th century, global output was dominated by
China and
India
India, officially the Republic of India ( Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the ...
. Waves of the
Industrial Revolution
The Industrial Revolution was the transition to new manufacturing processes in Great Britain, continental Europe, and the United States, that occurred during the period from around 1760 to about 1820–1840. This transition included going f ...
in Western Europe and Northern America shifted the shares to the Western Hemisphere. As of 2022, the following 18 countries or collectives have reached an economy of at least US$2
trillion by
GDP in nominal or PPP terms:
Brazil
Brazil ( pt, Brasil; ), officially the Federative Republic of Brazil (Portuguese: ), is the largest country in both South America and Latin America. At and with over 217 million people, Brazil is the world's fifth-largest country by area ...
,
Canada
Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tota ...
,
China,
France
France (), officially the French Republic ( ), is a country primarily located in Western Europe. It also comprises of overseas regions and territories in the Americas and the Atlantic, Pacific and Indian Oceans. Its metropolitan ar ...
,
Germany
Germany, officially the Federal Republic of Germany (FRG),, is a country in Central Europe. It is the most populous member state of the European Union. Germany lies between the Baltic and North Sea to the north and the Alps to the sou ...
,
India
India, officially the Republic of India ( Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the ...
,
Indonesia
Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania between the Indian and Pacific oceans. It consists of over 17,000 islands, including Sumatra, Java, Sulawesi, and parts of Borneo and New Guine ...
,
Italy
Italy ( it, Italia ), officially the Italian Republic, ) or the Republic of Italy, is a country in Southern Europe. It is located in the middle of the Mediterranean Sea, and its territory largely coincides with the homonymous geographical ...
,
Japan,
South Korea
South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed ...
,
Mexico
Mexico ( Spanish: México), officially the United Mexican States, is a country in the southern portion of North America. It is bordered to the north by the United States; to the south and west by the Pacific Ocean; to the southeast by Guate ...
,
Russia
Russia (, , ), or the Russian Federation, is a transcontinental country spanning Eastern Europe and Northern Asia. It is the largest country in the world, with its internationally recognised territory covering , and encompassing one-eigh ...
,
Saudi Arabia
Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in Western Asia. It covers the bulk of the Arabian Peninsula, and has a land area of about , making it the List of Asian countries by area, fifth-largest country in Asia ...
,
Spain
, image_flag = Bandera de España.svg
, image_coat = Escudo de España (mazonado).svg
, national_motto = '' Plus ultra'' ( Latin)(English: "Further Beyond")
, national_anthem = (English: "Royal March")
, ...
,
Turkey
Turkey ( tr, Türkiye ), officially the Republic of Türkiye ( tr, Türkiye Cumhuriyeti, links=no ), is a list of transcontinental countries, transcontinental country located mainly on the Anatolia, Anatolian Peninsula in Western Asia, with ...
, the
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the European mainland, continental mainland. It comprises England, Scotlan ...
, the
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., federal district, five ma ...
and the
European Union
The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been ...
.
Despite high levels of
government investment, the
World Bank
The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Inte ...
predicted that the global economy would decrease by 5.2 percent in 2020. Cities account for 80% of global
GDP, thus they would face the brunt of this decline.
Overview
World economy by country groups
Current world economic league table of largest economies in the world by GDP and share of global economic growth
Twenty largest economies in the world by nominal GDP
Twenty largest economies in the world by GDP (PPP)
Statistical indicators
Finance
*
GDP (GWP) (gross world product): (purchasing power parity exchange rates) – $59.38 trillion (2005 est.), $51.48 trillion (2004), $23 trillion (2002). The GWP is the combined gross national income of all the countries in the world. When calculating the GWP, add GDP of all countries. Also, GWP shows that imports and exports are equal. Because imports and exports balance exactly when considering the whole world:, this also equals the total global gross domestic product (GDP). According to the World Bank, the 2013 nominal GWP was approximately US$75.59 trillion. In 2017, according to the CIA's World Factbook, the GWP was around US$80.27 trillion in nominal terms and totaled approximately 127.8 trillion international dollars in terms of purchasing power parity (PPP). The per capita PPP GWP in 2017 was approximately Int$17,500 according to the World Factbook.
*
GDP (GWP) (
gross world product): (market exchange rates) – $60.69 trillion (2008). The market exchange rates increased from 1990 to 2008. The reason for this increase is the world's advancement in terms of technology.
* GDP (real growth rate): The following part shows the GDP growth rate and the expected value after one year.
** Developed Economies. A developed country, industrialized country, more developed country (MDC), or more economically developed country (MEDC), is a sovereign state that has a developed economy and advanced technological infrastructure relative to other less industrialized nations. Most commonly, the criteria for evaluating the degree of economic development are gross domestic product (GDP), gross national product (GNP), the per capita income, level of industrialization, amount of widespread infrastructure and general standard of living. Which criteria are to be used and which countries can be classified as being developed are subjects of debate. The GDP of the developed countries is predicted to fall from 2.2% in 2017 to 2.0% in 2018 due to the fall in dollar value.
** Developing Countries. A developing country is a country with a less developed industrial base (industries) and a low Human Development Index (HDI) relative to other countries. However, this definition is not universally agreed upon. There is also no clear agreement on which countries fit this category. A nation's GDP per capita, compared with other nations, can also be a reference point. In general, the United Nations accepts any country's claim of itself being "developing". The GDP of the developing countries is expected to rise from 4.3% in 2017 to 4.6% in 2018 due to political stability in those countries and advancement in technology.
** Least developed countries. The least developed countries (LDCs) is a list of developing countries that, according to the United Nations, exhibit the lowest indicators of socioeconomic development, with the lowest Human Development Index ratings of all countries in the world. The concept of LDCs originated in the late 1960s and the first group of LDCs was listed by the UN in its resolution 2768 (XXVI) of 18 November 1971. This is a group of countries that are expected to improve their GDP from 4.8% in 2017 to 5.4% in 2018. The predicted growth is associated advancement in technology and industrialization of those countries for the past decade.
* GDP – per capita: purchasing power parity – $9,300, €7,500 (2005 est.), $8,200, €6,800 (92) (2003), $7,900, €5,000 (2002)
* World
median
In statistics and probability theory, the median is the value separating the higher half from the lower half of a data sample, a population, or a probability distribution. For a data set, it may be thought of as "the middle" value. The basic fe ...
income: purchasing power parity $1,041, €950 (1993)
* GDP – composition by sector: agriculture: 4%; industry: 32%; services: 64% (2004 est.)
* Inflation rate (consumer prices); In economics, inflation is a general rise in the price level in an economy over a period of time, resulting in a sustained drop in the purchasing power of money. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation reflects a reduction in the purchasing power per unit of money – a loss of real value in the medium of exchange and unit of account within the economy. The opposite of inflation is deflation, a sustained decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualized percentage change in a general price index, usually the consumer price index, over time. ''national inflation rates vary widely in individual cases, from declining prices in
Japan to hyperinflation (In economics, hyperinflation is very high and typically accelerating inflation) in several
Third World countries (2003)'':
** World 2.6% (2017), 2.8% (predicted 2018);
**
Developed Economies
In the economics study of the public sector, economic and social development is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and o ...
1% to 4% typically
**
Developing Countries
A developing country is a sovereign state with a lesser developed Industrial sector, industrial base and a lower Human Development Index (HDI) relative to other countries. However, this definition is not universally agreed upon. There is al ...
5% to 60% typically
**
Least developed countries 11.4% (2017), 8.3% (predicted 2018)
*
Derivatives
The derivative of a function is the rate of change of the function's output relative to its input value.
Derivative may also refer to:
In mathematics and economics
*Brzozowski derivative in the theory of formal languages
*Formal derivative, an ...
OTC outstanding notional amount: $601 trillion (Dec 2010)
*
Derivatives
The derivative of a function is the rate of change of the function's output relative to its input value.
Derivative may also refer to:
In mathematics and economics
*Brzozowski derivative in the theory of formal languages
*Formal derivative, an ...
exchange traded outstanding notional amount: $82 trillion (June 2011)
* Global
debt
Debt is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor. Debt is a deferred payment, or series of payments, which differentiates it from an immediate purchase. The d ...
issuance: $5.187 trillion, €3 trillion (2004), $4.938 trillion, €3.98 trillion (2003), $3.938 trillion (2002) (
Thomson Financial League Tables)
* Global
equity issuance: $505 billion, €450 billion (2004), $388 billion. €320 billion (2003), $319 billion, €250 trillion (2002) (
Thomson Financial League Tables)
Employment
*
Unemployment rate: 8.7% (2009 est.). 30% (2007 est.) combined unemployment and
underemployment in many non-industrialized countries; developed countries typically 4%–12% unemployment.
Industries
* Industrial production growth rate: 3% (2002 est.)
Energy
* Yearly
electricity – production: 21,080,878 GWh (2011 est.), 15,850,000 GWh (2003 est.), 14,850,000 GWh (2001 est.)
* Yearly electricity – consumption: 14,280,000 GWh (2003 est.), 13,930,000 GWh (2001 est.)
*
Oil – production: (2003 est.), (2001)
* Oil – consumption: (2003 est.), (2001)
* Oil – proved reserves: 1.025 trillion barrel ( (2001 est.)
*
Natural gas
Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbon ...
– production: (2012 est.), (2001 est.)
* Natural gas – consumption: (2001 est.)
* Natural gas – proved reserves: (1 January 2002)
Cross-border
* Yearly exports: $12.4 trillion, €11.05 trillion (2009 est.)
* Exports – commodities: the whole range of industrial and agricultural goods and services
* Exports – partners: US 12.7%, Germany 7.1%, China 6.2%, France 4.4%, Japan 4.2%, UK 4.1% (2008)
* Yearly imports: $12.29 trillion, €10.95 trillion (2009 est.)
* Imports – commodities: the whole range of industrial and agricultural goods and services
* Imports – partners: China 10.3%, Germany 8.6%, US 8.1%, Japan 5% (2008)
* Debt – external: $56.9 trillion, €40 trillion (31 December 2009 est.)
Gift economy
* Yearly economic aid – recipient: net
Official Development Assistance (ODA) of $135.2 billion (2014)
Communications
Telephones – main lines in use: 843,923,500 (2007)
4,263,367,600 (2008)
* Telephones – mobile cellular: 3,300,000,000 (Nov. 2007)
[global cellphone penetration reaches 50 percent](_blank)
*
Internet Service Providers (ISPs): 10,350 (2000 est.)
*
Internet
The Internet (or internet) is the global system of interconnected computer networks that uses the Internet protocol suite (TCP/IP) to communicate between networks and devices. It is a ''internetworking, network of networks'' that consists ...
users: 3,079,339,857 (31 December 201
, 360,985,492 (31 December 2000)
Transport
Transportation infrastructure worldwide includes:
*
Airports
** Total: 41,821 (2013)
*
Roadways
** Total:
** Paved:
** Unpaved: (2002)
*
Railways
** Total: includes about of electrified routes of which are in Europe, in the
Far East, in Africa, in South America, and in North America.
Military
* World military expenditure in 2018: estimated to $1.822 trillion
* Military expenditures – percent of
GDP: roughly 2% of gross world product (1999).
Science, research and development
The
Royal Society
The Royal Society, formally The Royal Society of London for Improving Natural Knowledge, is a learned society and the United Kingdom's national academy of sciences. The society fulfils a number of roles: promoting science and its benefits, r ...
in a 2011 report stated that in terms of
number of papers the share of English-language scientific research papers the United States was first followed by China, the UK, Germany, Japan, France, and Canada.
[China poised to overhaul US as biggest publisher of scientific papers](_blank)
, Alok Jha, Monday 28 March 2011, The Guardian In 2015,
research and development
Research and development (R&D or R+D), known in Europe as research and technological development (RTD), is the set of innovative activities undertaken by corporations or governments in developing new services or products, and improving existi ...
constituted an average 2.2% of the
global GDP according to the
UNESCO Institute for Statistics. Metrics and rankings of innovation include the
Bloomberg Innovation Index, the
Global Innovation Index and the
share of Nobel laureates per capita.
Resources and environment
* Forests (
carbon sinks,
wood
Wood is a porous and fibrous structural tissue found in the stems and roots of trees and other woody plants. It is an organic materiala natural composite of cellulose fibers that are strong in tension and embedded in a matrix of ligni ...
,
ecosystem services, ...)
** Estimated number of trees that are net lost annually as of 2021: 10 billion
** Global annual deforested land in 2015–2020: 10 million hectares
** Global annual net forest area loss in 2000–2010 : 4.7 million hectares
* Other
land degradation and land- and organisms-related ecosystem disturbances
** Soils (carbon sink, ecosystem services, food production, ...)
***
Soil erosion
Soil erosion is the denudation or wearing away of the upper layer of soil. It is a form of soil degradation. This natural process is caused by the dynamic activity of erosive agents, that is, water, ice (glaciers), snow, air (wind), plants, and ...
by water in 2012: almost 36 billion tons (based on a high resolution global potential soil erosion model developed in 2017)
*** Estimated annual loss of agricultural productivity due to soil erosion: 8 billion US dollars (based on the soil erosion data)
*** Soil erosion by water in 2015: approximately 43 billion tons (according to a 2020 study)
***
Environmental impact of pesticides
**** Pesticide use in tonnes of active ingredient in Australia in 2016: ca. 62,500 tonnes
* Oceans (ecosystem services, food production, ...):
Blue economy
* Waste and
pollution (effects of economic mechanisms, effects on ecosystem services)
** As of 2018, about 380 million tonnes of plastic is produced worldwide each year. From the 1950s up to 2018, an estimated 6.3 billion tonnes of plastic has been produced worldwide, of which an estimated 9% has been recycled and another 12% has been incinerated with the rest reportedly being "
dumped in landfills or the natural environment".
**
Air pollution
*** Number of human deaths caused annually by air pollution worldwide: ca. 7 million
*** Estimated global annual cost of air pollution: $5 trillion
[Study by the ]World Bank
The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Inte ...
and the Institute for Health Metrics and Evaluation (IHME) at the University of Washington
The University of Washington (UW, simply Washington, or informally U-Dub) is a public research university in Seattle, Washington.
Founded in 1861, Washington is one of the oldest universities on the West Coast; it was established in Seat ...
:
**
Microplastic pollution
*** Estimated accumulated number of microplastic particles in the North Atlantic Ocean in 2014: 15 to 51 trillion particles, weighing between 93,000 and 236,000 metric tons
*** Estimated accumulated number of microplastic particles in the North Atlantic Ocean in 2020: 3700 microplastics per cubic meter
From the scientific perspective, economic activities are embedded in a web of dynamic, interrelated, and interdependent activities that constitute the natural
system
A system is a group of interacting or interrelated elements that act according to a set of rules to form a unified whole. A system, surrounded and influenced by its environment, is described by its boundaries, structure and purpose and expresse ...
of Earth. Novel application of
cybernetics in
decision-making
In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several possible alternative options. It could be either r ...
(such as in decision-making related to process- and product-design and related laws) and direction of human activity (such as economic activity) may make it easier to control modern ecological problems.
Historical development
One example for a comparable metric other than GDP are the
OECD Better Life Index rankings for different aggregative domains.
The index includes 11 comparable "dimensions" of well-being:
#Housing:
housing
Housing, or more generally, living spaces, refers to the construction and housing authority, assigned usage of houses or buildings individually or collectively, for the purpose of Shelter (building), shelter. Housing ensures that members of so ...
conditions and spendings (e.g.
real estate pricing)
#Income:
household income (after taxes and transfers) and net financial wealth
#Jobs:
earnings,
job security and
unemployment
#Community: quality of
social support
Social support is the perception and actuality that one is cared for, has assistance available from other people, and most popularly, that one is part of a supportive social network. These supportive resources can be emotional (e.g., nurturance), ...
network
#Education: education and what one gets out of it
#Environment: quality of environment (e.g.
environmental health
Environmental health is the branch of public health concerned with all aspects of the natural and built environment affecting human health. In order to effectively control factors that may affect health, the requirements that must be met ...
)
#Governance: involvement in
democracy
Democracy (From grc, δημοκρατία, dēmokratía, ''dēmos'' 'people' and ''kratos'' 'rule') is a form of government in which people, the people have the authority to deliberate and decide legislation ("direct democracy"), or to choo ...
#Health
#Life Satisfaction: level of
happiness
Happiness, in the context of mental or emotional states, is positive or pleasant emotions ranging from contentment to intense joy. Other forms include life satisfaction, well-being, subjective well-being, flourishing and eudaimonia.
...
#Safety: murder and assault rates
#
Work-life balance
Economic studies
To promote exports, many government agencies publish on the web economic studies by sector and country. Among these agencies include the
USCS (US DoC) and
FAS (USDA) in the United States, the
EDC and
AAFC in Canada,
Ubifrance
Business France is a French Government agency created on 1 January 2015 through a merger between UBIFRANCE and the French Agency for International Investment (InvestInFrance).
It has the status of a public institution, as well as of an industrial ...
in France, the
UKTI in the United Kingdom, the
HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 as the international marketing dedicated to creating opportunities for Hong Kong's businesses. The organisation has 50 offices around the world, including ...
and
JETRO in Asia,
Austrade and the
NZTE
New Zealand Trade and Enterprise (NZTE) is New Zealand's economic development and trade promotion agency. It offers strategic advice, access to networks and influencers, research and market intelligence, and targeted financial support to help bus ...
in Oceania. Through Partnership Agreements, the Federation of International Trade Associations publishes studies from several of these agencies (USCS, FAS, AAFC, UKTI, and HKTDC) as well as other non-governmental organizations on its website globaltrade.net.
See also
*
Anarchy (international relations)
In international relations theory, anarchy is the idea that the world lacks any supreme authority or sovereign. In an anarchic state, there is no hierarchically superior, coercive power that can resolve disputes, enforce law, or order the system of ...
*
Capitalism
Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price system, private ...
* ''
Common Wealth: Economics for a Crowded Planet'' (book)
*
Economic bubble
*
Economic collapse
*
Emerging and growth-leading economies
*
Fourth Industrial Revolution
*
Global financial system
*
Global workforce
*
Globality
*
Globalization
Globalization, or globalisation (English in the Commonwealth of Nations, Commonwealth English; American and British English spelling differences#-ise, -ize (-isation, -ization), see spelling differences), is the process of foreign relation ...
*
International trade
International trade is the exchange of capital, goods, and services across international borders or territories because there is a need or want of goods or services. (see: World economy)
In most countries, such trade represents a significan ...
*
Trade route
*
Overconsumption
*
Petrodollar recycling
* ''
World Trade Report
The World Trade Report (WTR) is the annual report published since 2003 by the World Trade Organization. Each WTR provides an in-depth analysis of an aspect of trends in international trade, trade policy issues and the multilateral trading system.
...
''
*
World history
**
Economic history of the world
*
World-systems theory
World-systems theory (also known as world-systems analysis or the world-systems perspective)Immanuel Wallerstein, (2004), "World-systems Analysis." In ''World System History'', ed. George Modelski, in ''Encyclopedia of Life Support Systems'' (E ...
Regional economies:
*
Economy of Africa
*
Economy of Asia
*
Economy of Europe
*
Economy of North America
*
Economy of Oceania
*
Economy of South America
Events:
*
Great Recession
The Great Recession was a period of marked general decline, i.e. a recession, observed in national economies globally that occurred from late 2007 into 2009. The scale and timing of the recession varied from country to country (see map). At ...
*
World oil market chronology from 2003
*
2007–2008 financial crisis
*
2007–2008 world food price crisis
World food prices increased dramatically in 2007 and the first and second quarter of 2008, creating a global crisis and causing political and economic instability and social unrest in both poor and developed nations. Although the media spo ...
*
Economic impact of the COVID-19 pandemic
Lists:
*
List of countries by GDP sector composition
*
List of world's largest economies (nominal) – based on current
currency
A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins.
A more general ...
market exchange rates
*
List of world's largest economies (PPP) – based on
purchasing power parity
Purchasing power parity (PPP) is the measurement of prices in different countries that uses the prices of specific goods to compare the absolute purchasing power of the countries' currency, currencies. PPP is effectively the ratio of the price of ...
*
Historical list of world's largest economies (PPP) – for the years between 1 and 1998
References
External links
OECD – Economic Outlook*
ttp://www.imf.org/external/ns/cs.aspx?id=29 IMF – World Economic OutlookUN DESA – World Economy publicationsCIA – The World Factbook – WorldBBC News Special Report – Global EconomyGuardian Special Report – Global EconomyWorld Bank Summary Trade Statistics for World
{{DEFAULTSORT:World Economy
Economics catchphrases
Economic globalization