World economy

Economy of the world
Statistics
Population 7.095 billion (July 2013 est.)[1]
GDP Nominal: $77.609 trillion (2014 est.)[1]
PPP: $106.998 trillion (2014 est.)[1]
GDP growth
3.4% (2014)[2]
GDP per capita
Nominal: $10,857
PPP: $15,073 (2014 est.)

~10 million i.e. ~0.15% (2009)

Billionaires 1,594 (2014) [3]
People earn below $2 per day ~3.25 billion (~50%)
Unemployment 5.4% (Nov.2014)[4]
note: 30% combined unemployment and underemployment in many non-industrialized countries; developed countries typically 4%–12% unemployment (2007 est.)

Trailing-ten-years. Some numbers exclude certain countries for lack of information.


All values, unless otherwise stated, are in US dollars.

The world economy or global economy is the economy of the world, considered as the international exchange of goods and services that is expressed in monetary units of account (money).[5] In some contexts, the two terms are distinguished: the "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 and ecology of Earth.

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 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.

World share of GDP (PPP) (World Bank, 2011).[6]

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 US dollars or euros. However, the world economy can be evaluated and expressed in many more ways. It is unclear, for example, how many of the world's 7.13 billion people have most of their economic activity reflected in these valuations.

As of 2015, the following 13 countries or regions have reached an economy of at least US$2 trillion by GDP in nominal or PPP terms: Brazil, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, the United Kingdom, the United States, and the European Union.[7]


Economy – overview

World economy by Country Groups

The following two tables list the Country Groups with individual countries designated by the IMF.[8] Members of the G-20 major economies are in bold.

List of Country Groups by GDP (nominal) in 2014 in Billions US$[9] List of Country Groups by GDP (PPP) in 2015 in Billions US$[9]
Country Group GDP (Nominal) % of Global GDP Number of Countries Economies with at least 0.50% of Global GDP
Major advanced economies (G7) 35,542 46.0% 7  Canada
 France
 Germany
 Italy
 Japan
 United Kingdom
 United States
Emerging and Developing Asia 14,944 19.3% 29  China
 India
 Indonesia
 Thailand
Other Advanced Economies
(Advanced economies excluding G7)
11,431 14.8% 30  Australia
 Austria
 Belgium
 South Korea
 Netherlands
 Norway
 Spain
 Sweden
  Switzerland
 Taiwan
Latin America and the Caribbean 5,799 7.5% 32  Argentina
 Brazil
 Mexico
Middle East, North Africa, Afghanistan, and Pakistan 3,458 4.5% 22  Iran
 Saudi Arabia
 United Arab Emirates
Commonwealth of Independent States and Georgia 2,521 3.3% 12  Russia
Emerging and developing Europe 1,894 2.5% 12  Poland
 Turkey
Sub-Saharan Africa 1,680 2.2% 45  Nigeria
World 77,269 100.0% 189
Country Group GDP (PPP) % of Global GDP Number of Countries Economies with at least 0.50% of Global GDP
Major advanced economies (G7) 35,746 31.5% 7  Canada
 France
 Germany
 Italy
 Japan
 United Kingdom
 United States
Emerging and Developing Asia 34,781 30.6% 29  China
 India
 Indonesia
 Malaysia
 Philippines
 Thailand
Other Advanced Economies
(Advanced economies excluding G7)
7,539 6.6% 30  Australia
 South Korea
 Netherlands
 Spain
 Taiwan
Latin America and the Caribbean 9,470 8.3% 32  Argentina
 Brazil
 Colombia
 Mexico
 Venezuela
Middle East, North Africa, Afghanistan, and Pakistan 8,631 7.6% 22  Algeria
 Egypt
 Iran
 Pakistan
 Saudi Arabia
 United Arab Emirates
Commonwealth of Independent States and Georgia 5,222 4.6% 12  Russia
Emerging and developing Europe 3,722 3.3% 12  Poland
 Turkey
Sub-Saharan Africa 3,513 3.1% 45  Nigeria
 South Africa
World 113,523 100.0% 189

Current world economic league table of largest economies in the world by GDP and share of global economic growth

The following two tables list the twenty largest economies by GDP (Nominal), twenty largest economies by GDP (PPP), and the twenty economies with the largest shares of global economic growth from 2014 to 2015. Members of the G-20 major economies are in bold.

List of the 25 largest economies
by GDP (nominal) at their peak level of GDP in Billions US$
[9][10]
List of the 25 largest economies
by GDP (PPP) at their peak level of GDP in Billions US$
[9][11]
List of the 10 largest economies
by contribution to global economic
growth by GDP (nominal) over 2014-15
[12]
Rank Country Value
(USD$)
Peak Year
World73,1712015
1 United States17,9472015
 European Union16,2202015
2 China10,9832015
3 Japan4,1232015
4 Germany3,3582015
5 United Kingdom2,8492015
6 France2,4222015
7 India2,0912015
8 Italy1,8162015
9 Brazil1,7732015
10 Canada1,5522015
11 South Korea1,3772015
12 Russia1,3252015
13 Australia1,2242015
14 Spain1,2002015
15 Mexico1,1442015
16 Indonesia8592015
17 Netherlands7382015
18 Turkey7342015
19 Iran6652013
20 Saudi Arabia6532015
Rank Country Value
(USD$)
Peak Year
World113,1622015
1 China19,5102015
 European Union19,1762015
2 United States17,9682015
3 India8,0272015
4 Japan4,8422015
5 Germany3,8422015
6 Russia3,7452014
7 Brazil3,2762014
8 Indonesia2,8392015
9 United Kingdom2,6602015
10 France2,6472015
11 Mexico2,2202015
12 Italy2,1742015
13 South Korea1,8492015
14 Saudi Arabia1,6812015
15 Spain1,6362015
16 Canada1,6282015
17 Turkey1,5762015
18 Iran1,3822015
19 Australia1,1372015
20 Taiwan1,1142015
Rank Country Percentage
(%)
World100.0
1 China51.3
2 United States30.9
3 India6.6
4 Egypt1.9
5 Argentina1.8
6 Pakistan1.2
7 Bangladesh0.9
8 Hong Kong0.8
9 Philippines0.7
10 Vietnam0.6
Remaining Countries3.2

Twenty Largest Economies in the World by Nominal GDP

The following is a list of the twenty largest economies by nominal GDP at a specific year according to International Monetary Fund.[13]

Rank198019851990199520002005201020152020
1 United States United States United States United States United States United States United States United States United States
2 Soviet Union Soviet Union Japan Japan Japan Japan China China China
3 Japan Japan Soviet Union Germany Germany Germany Japan Japan Japan
4 West Germany West Germany West Germany France United Kingdom United Kingdom Germany Germany Germany
5 France France France United Kingdom France China France United Kingdom United Kingdom
6 United Kingdom United Kingdom Italy Italy China France United Kingdom France India
7 Italy Italy United Kingdom Brazil Italy Italy Brazil India France
8 China Canada Canada China Canada Canada Italy Italy Italy
9 Canada China Iran Spain Mexico Spain India Brazil Brazil
10 Argentina India Spain Canada Brazil South Korea Canada Canada Canada
Rank198019851990199520002005201020152020
11 Mexico Brazil Brazil South Korea Spain Brazil Russia South Korea South Korea
12 Spain Mexico China Netherlands South Korea Mexico Spain Australia Russia
13 Netherlands Spain India Australia India India Australia Russia Australia
14 India Australia Australia India Netherlands Russia South Korea Spain Spain
15 Saudi Arabia Netherlands Netherlands Mexico Australia Australia Mexico Mexico Mexico
16 Australia Sweden Mexico  Switzerland Iran Netherlands Netherlands Indonesia Indonesia
17 Brazil  Switzerland South Korea Russia Argentina Turkey Indonesia Netherlands Netherlands
18 Sweden Indonesia  Switzerland Argentina Taiwan  Switzerland Turkey Turkey Turkey
19 Belgium Argentina Sweden Belgium  Switzerland Sweden  Switzerland  Switzerland Saudi Arabia
20  Switzerland Saudi Arabia Turkey Taiwan Turkey Belgium Saudi Arabia Saudi Arabia  Switzerland

Twenty Largest Economies in the World by PPP GDP (IMF and CIA World Factbook)

The following is a list of twenty largest economies by GDP (PPP) at a specific year according to the CIA World Factbook and the International Monetary Fund.[14][15]

Rank198019851990199520002005201020152020
1 United States United States United States United States United States United States United States China China
2 Soviet Union Soviet Union Soviet Union Japan China China China United States United States
3 Japan Japan Japan China Japan Japan India India India
4 West Germany West Germany West Germany Germany Germany India Japan Japan Japan
5 Italy Italy Italy India India Germany Germany Germany Germany
6 France France China Italy France Russia Russia Russia Indonesia
7 Brazil Brazil France France Italy Brazil Brazil Brazil Russia
8 United Kingdom United Kingdom Brazil Brazil Brazil France France Indonesia Brazil
9 Mexico China India Russia Russia United Kingdom United Kingdom United Kingdom United Kingdom
10 India India United Kingdom United Kingdom United Kingdom Italy Italy France France
Rank198019851990199520002005201020152020
11 China Mexico Mexico Mexico Mexico Mexico Indonesia Mexico Mexico
12 Spain Canada Spain Indonesia Spain Indonesia Mexico Italy Italy
13 Canada Spain Canada Spain Indonesia Spain Spain South Korea South Korea
14 Saudi Arabia Iran Indonesia Canada Canada Canada South Korea Saudi Arabia Saudi Arabia
15 Indonesia Indonesia Saudi Arabia South Korea South Korea South Korea Canada Spain Turkey
16 Argentina Saudi Arabia Turkey Turkey Turkey Turkey Iran Canada Spain
17 Iran Turkey Iran Saudi Arabia Iran Iran Saudi Arabia Turkey Canada
18 Poland Australia South Korea Iran Saudi Arabia Saudi Arabia Turkey Iran Iran
19 Netherlands Netherlands Australia Australia Australia Australia Australia Australia Nigeria
20 Australia Argentina Netherlands Thailand Netherlands Thailand Taiwan Taiwan Australia

2010 – 2020 – China, the United States, India and the European Union lead economic growth (estimates by IMF)

At exchange rates, the economic output of the world is expected to expand by US$31.5 trillion from 2010 to 2020.[16] The following two tables are predictive lists of the 50 countries with the largest contribution to global economic growth from 2010 to 2020 by International Monetary Fund.

Predictive List of the 50 Economies with the
Greatest Contribution to Global Economic Growth
in GDP (nominal) from 2010 to 2020
[16]
Predictive List of the 50 Economies with the
Greatest Contribution to Global Economic Growth
in GDP (PPP) from 2010 to 2020
[16]
Rank Country Incremental GDP
(billions of US$)
Share of Global
GDP Growth
  World31,456.062100.0%
1 China11,060.51635.2%
2 United States7,329.70523.3%
 European Union3,216.41610.2%
3 India1,735.1365.5%
4 United Kingdom1,444.6324.6%
5 South Korea804.2642.6%
6 Germany581.4701.8%
7 Mexico444.5301.4%
8 Indonesia438.6531.4%
9 Egypt373.3541.2%
10 Canada344.0811.1%
11 Saudi Arabia321.7461.0%
12 Philippines307.6601.0%
13 Malaysia289.3940.9%
14 France288.4220.9%
15 Australia270.7230.9%
16 Russia266.8770.8%
17 Pakistan228.1440.7%
18 Nigeria221.1530.7%
19 Taiwan204.7610.7%
20  Switzerland190.1630.6%
21 Bangladesh188.8190.6%
22 Poland186.9950.6%
23 United Arab Emirates182.8530.6%
24 Hong Kong177.1440.6%
25 Vietnam174.4860.6%
26 Turkey174.3050.6%
27 Argentina172.2370.5%
28 Singapore158.5570.5%
29 Qatar142.3930.5%
30 Colombia134.2920.4%
31 Thailand133.0730.4%
32 Iraq130.2630.4%
33 Kazakhstan120.6100.4%
34 Israel104.7420.3%
35 Netherlands102.8000.3%
36 Sweden97.3650.3%
37 Iran90.9360.3%
38 Peru86.5290.3%
39 Ireland75.9130.2%
40 Romania74.9030.2%
41 Chile74.7360.2%
42 Sri Lanka72.9980.2%
43 Belgium70.8900.2%
44 Ethiopia70.4070.2%
45 Kenya64.0430.2%
46 Spain63.4170.2%
47 Kuwait63.1160.2%
48 Turkmenistan61.8450.2%
49 Austria61.7180.2%
50 Algeria57.9530.2%
Remaining Countries940.3403.0%
Rank Country Incremental GDP
(billions of US$)
Share of Global
GDP Growth
  World61,043.340100.0%
1 China 16,563.954 27.1%
2 India 7,335.389 12.0%
3 United States 7,329.705 12.0%
 European Union6,257.42410.3%
4 Indonesia 2,099.339 3.4%
5 Germany 1,234.409 2.0%
6 Japan 1,192.716 2.0%
7 Mexico 1,058.692 1.7%
8 Brazil 1,023.737 1.7%
9 United Kingdom 1,017.112 1.7%
10 Russia 967.141 1.6%
11 South Korea 934.650 1.5%
12 Saudi Arabia 906.747 1.5%
13 Turkey 859.320 1.4%
14 France 819.643 1.3%
15 Nigeria 725.723 1.2%
16 Canada 626.845 1.0%
17 Philippines 599.584 1.0%
18 Iran 591.892 1.0%
19 Pakistan 587.967 1.0%
20 Egypt 560.544 0.9%
21 Malaysia 551.831 0.9%
22 Thailand 542.776 0.9%
23 Australia 522.779 0.9%
24 Taiwan 519.305 0.9%
25 Poland 514.046 0.8%
26 Bangladesh 491.578 0.8%
27 Spain 487.548 0.8%
28 Iraq 452.811 0.7%
29 Italy 442.347 0.7%
30 Vietnam 429.943 0.7%
31 Colombia 374.710 0.6%
32 United Arab Emirates 365.963 0.6%
33 Algeria 297.409 0.5%
34 South Africa 285.067 0.5%
35 Argentina 271.562 0.4%
36 Myanmar 260.908 0.4%
37 Netherlands 259.138 0.4%
38 Kazakhstan 254.600 0.4%
39 Singapore 242.280 0.4%
40 Peru 241.615 0.4%
41 Chile 218.259 0.4%
42 Qatar 206.774 0.3%
43 Sri Lanka 199.429 0.3%
44 Hong Kong 194.463 0.3%
45 Romania 193.278 0.3%
46 Sweden 184.605 0.3%
47 Morocco 173.370 0.3%
48 Uzbekistan 163.740 0.3%
49  Switzerland 163.274 0.3%
50 Ethiopia 160.377 0.3%
Remaining Countries4,342.4467.1%

Statistical indicators

Economy

Employment

World GDP per capita between 1500–2000 (log scale)
World GDP per capita between 1500–2003
GDP increase, 1990–1998 and 1990–2006, in major countries.

Industries

Energy

Cross-border

Gift economy

Communications

Telephones – main lines in use: 843,923,500 (2007)
4,263,367,600 (2008)

Transport

Transportation infrastructure worldwide includes:

Military

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, EDC and AAFC in Canada, Ubifrance in France, UKTI in the UK, HKTDC and JETRO in Asia, Austrade and NZTE in Oceania. Through Partnership Agreements, The Federation of International Trade Associations publishes studies from several of these agencies (USCS, FAS, AAFC, UKTI, HKTDC), as well as other non-governmental organizations on its website GlobalTrade.net.

See also

Regional economies:

Events:

Lists:

References

  1. 1 2 3 "IMF". imf.org. Retrieved 2014-10-10.
  2. "World Economic Outlook (WEO), April 2015, Chapter 1" (PDF). IMF. April 2015. Retrieved 2015-06-15.
  3. "Forbes". http://www.forbes.com/billionaires/list. Forbes. External link in |website= (help);
  4. "BLS". http://www.bls.gov/bls/newsrels.htm#major. BLS. External link in |website= (help);
  5. "World Economy." - Definition. American English Definition of with Pronunciation by Macmillan Dictionary. N.p., n.d. Web. 02 Jan. 2015.
  6. http://siteresources.worldbank.org/ICPEXT/Resources/ICP_2011.html
  7. "Gross domestic product, current prices & Gross domestic product based on purchasing-power-parity (PPP) valuation of country GDP". World Economic Outlook Database, October 2015. International Monetary Fund. October 2015. Retrieved 2015-10-15.
  8. IMF GDP 2014 Data (October 2015)
  9. 1 2 3 4 "Gross domestic product". IMF World Economic Outlook. April 2016. Retrieved 14 April 2016.
  10. IMF GDP (Nominal) Data (October 2015)
  11. IMF GDP (PPP) Data (October 2015)
  12. IMF GDP (nominal) 2014 and 2015 Data (October 2015)
  13. "Gross domestic product, current prices". International Monetary Fund. International Monetary Fund. October 2015. Retrieved 11 October 2015.
  14. "Gross domestic product based on purchasing-power-parity (PPP) valuation of country GDP; Current international dollar". International Monetary Fund. October 2015. Retrieved 11 October 2015.
  15. "GDP (PURCHASING POWER PARITY)". CIA World Factbook. CIA World Factbook. 2014. Retrieved October 7, 2014.
  16. 1 2 3 "Gross domestic product". IMF World Economic Outlook. October 2015. Retrieved 18 October 2015.
  17. "IMF World Economic Outlook, Crisis and Recovery, April 2009". Imf.org. 2009-04-16. Retrieved 2012-07-17.
  18. B. Milanovic (January 2002). "True World Income Distribution, 1988 and 1993: First Calculation Based on Household Surveys Alone" (PDF). Retrieved 13 May 2011.
  19. http://www.eia.gov/cfapps/ipdbproject/IEDIndex3.cfm?tid=2&pid=2&aid=12
  20. http://www.eia.gov/cfapps/ipdbproject/iedindex3.cfm?tid=3&pid=3&aid=1&cid=regions&syid=2008&eyid=2012&unit=BCF
  21. "Development aid stable in 2014 but flows to poorest countries still falling". OECD. 2015-04-08. Retrieved 2015-07-23.
  22. global cellphone penetration reaches 50 percent
  23. "World Internet Usage Statistics News and World Population Stats". Internetworldstats.com. Retrieved 2015-06-08.
  24. https://www.cia.gov/library/publications/the-world-factbook/fields/2053.html
  25. http://www.sipri.org/yearbook/2013/03

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