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world economy
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{{Other uses|World Economy (disambiguation)}}{{World economy}}The world economy or global economy is the economy of the humans of the world, considered as the international exchange of goods and services that is expressed in monetary units of account."World Economy." – Definition. American English Definition of with Pronunciation by Macmillan Dictionary. N.p., n.d. Web. 02 Jan. 2015. 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 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.
File:´World Bank, icp 2011 gdp ppp world share.png|thumb|310px|World share of GDP (PPP) (World BankWorld BankRather, 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 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 7.62 billion people have most of their economic activity reflected in these valuations.
According to Maddison, until the middle of 19th century, global output was dominated by China and India. Waves of Industrial Revolution in Western Europe and Northern America shifted the shares to the Western Hemisphere. As of 2017, the following 15 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, South Korea, Mexico, Russia, Turkey, the United Kingdom, the United States and the European Union.WEB,weblink 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, 2015-10-15,weblink" title="web.archive.org/web/20151011233209weblink">weblink 2015-10-11, no,

Overview

World economy by country groups

The following two tables list the country groups with individual countries designated by the IMF.weblink {{Webarchive|url=https://web.archive.org/web/20181010011138weblink |date=2018-10-10 }} IMF GDP 2018 Data (October 2018) Members of the G-20 major economies are in bold.{| style="font-size:100%;" style="text-align:center;"
List of country groups by GDP (nominal) at peak level as of 2019 in millions US$HTTP://WWW.IMF.ORG/EXTERNAL/PUBS/FT/WEO/2019/01/WEODATA/WEOREPT.ASPX>TITLE=GROSS DOMESTIC PRODUCT DATE=OCTOBER 2018, 7 May 2019, List of country groups by GDP (PPP) at peak level as of 2019 in millions US$
valign="top"|{| class="wikitable" style="text-align: right"|+
! style="width:30%; "|Country group! style="width:10%; "|GDP (nominal)! style="width:10%; "|Peak year! style="width:10%; "|Number of countries! style="width:40%; "|Members of G20 economies and/or largest in the group (mutually inclusive)
World| 87,265,226| 2019| 194|
Major advanced economies (G7)| 39,840,524| 2019| 7{{CAN}}'{{FRA}}'{{DEU}}'{{ITA}}'{{JPN}}'{{GBR}}'{{USA}}
Emerging and developing Asia| 20,407,686| 2019| 30{{CHN}}'{{IND}}'{{IDN}}{{MYS}}{{PHL}}{{THA}}
Other advanced economies(advanced economies excluding G7)| 12,334,078| 2019| 32{{AUS}}{{KOR}}{{NED}}{{ESP}}{{CHE}}{{TWN}}
Latin America and the Caribbean| 6,022,544| 2013| 33{{ARG}}{{BRA}}{{COL}}{{MEX}}{{VEN}}
Middle East, North Africa, Afghanistan and Pakistan| 3,511,658| 2019| 23{{EGY}}{{IRN}}{{PAK}}{{SAU}}{{nowrap|{{ARE}}}}
Commonwealth of Independent States, Georgia and Ukraine| 3,004,603| 2013| 12{{RUS}}
Emerging and developing Europe| 2,035,741| 2014| 12{{POL}}{{TUR}}
Sub-Saharan Africa| 1,738,452| 2014| 45{{NGR}}{{RSA}}
|{| class="wikitable" style="text-align: right"|+! style="width:30%; "|Country group! style="width:10%; "|GDP (PPP)! style="width:10%; "|Peak year! style="width:10%; "|Number of countries! style="width:40%; "|Members of G20 economies and/or largest in the group (Mutually exclusive)
World| 142,045,946| 2019| 194|
Emerging and developing Asia| 48,694,203| 2019| 30{{CHN}}'{{IND}}'{{IDN}}{{MYS}}{{PHL}}{{THA}}
Major advanced economies (G7)| 42,083,108| 2019| 7{{CAN}}'{{FRA}}'{{DEU}}'{{ITA}}'{{JPN}}'{{GBR}}'{{USA}}
Other advanced economies(advanced economies excluding G7)| 15,001,933| 2019| 32{{AUS}}{{KOR}}{{NED}}{{SGP}}{{ESP}}{{TWN}}
Latin America and the Caribbean| 10,416,407| 2019| 33{{ARG}}{{BRA}}{{COL}}{{MEX}}{{VEN}}
Middle East, North Africa, Afghanistan and Pakistan| 10,295,236| 2019| 23{{EGY}}{{IRN}}{{PAK}}{{SAU}}{{nowrap|{{ARE}}}}
Commonwealth of Independent States, Georgia and Ukraine| 6,238,602| 2019| 12{{RUS}}
Emerging and developing Europe| 4,996,885| 2019| 12{{POL}}{{TUR}}
Sub-Saharan Africa| 4,319,573| 2019| 45{{NGR}}{{RSA}}
valign="top"

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 25 largest economies by GDP (nominal), twenty largest economies by GDP (PPP) as of 2019. Members of the G-20 major economies are in bold.{| style="font-size:100%;" style="text-align:center;"
List of the 25 largest economies by GDP (nominal) at their peak level as of 2019 in millions US$weblink IMF GDP (Nominal) Data (April 2019) List of the 25 largest economies by GDP (PPP) at their peak level as of 2019 in millions US$weblink IMF GDP (PPP) Data (April 2019) List of the 25 economies by highestGDP (nominal) per capita at their peak level as of 2019 in US$ List of the 25 economies by highestGDP (PPP) per capita at their peak level as of 2019 in US$
valign="top"|{| class="wikitable" style="text-align: right"
! style="width:2em;" | Rank !! Country !! Value(USD$) !! Peak year
World87,265,2262019
{{USA}}21,344,6672019
'{{nowrap'>|2008
{{CHN}}14,216,5032019
{{JPN}}6,203,2122012
{{DEU}}4,000,3862018
'''{{nowrap|2007
{{IND}}2,971,9962019
{{FRA}}2,932,2152008
{{BRA}}2,613,9922011
{{ITA}}2,402,0602008
{{RUS}}2,289,2442013
{{CAN}}1,847,2072013
{{KOR}}1,656,6742019
{{ESP}}1,642,7652008
{{AUS}}1,569,1072012
{{MEX}}1,314,5692014
{{IDN}}1,100,9112019
{{NED}}952,4912008
{{TUR}}950,3282013
{{SAU}}782,4832018
{{CHE}}709,4962014
{{ARG}}642,9282017
{{TWN}}601,4312019
{{POL}}593,2952019
{{SWE}}579,3612013
{{IRN}}577,2142011
|{| class="wikitable" style="text-align: right"! style="width:2em;" | Rank !! Country !! Value(USD$) !! Peak year
World142,045,9462019
{{CHN}}27,331,1662019
'{{nowrap'>|2019
{{USA}}21,344,6672019
{{IND}}11,468,0222019
{{JPN}}5,749,5502019
{{DEU}}4,467,2382019
{{RUS}}4,357,7592019
{{IDN}}3,743,1592019
{{BRA}}3,495,5782019
'''{{nowrap|2019
{{FRA}}3,054,5992019
{{MEX}}2,658,0412019
{{ITA}}2,442,1442019
{{TUR}}2,292,5112018
{{KOR}}2,229,7792019
{{ESP}}1,938,0072019
{{SAU}}1,924,2532019
{{CAN}}1,896,7252019
{{IRN}}1,639,5612017
{{EGY}}1,391,7342019
{{THA}}1,390,4842019
{{AUS}}1,369,3922019
{{TWN}}1,305,6522019
{{POL}}1,281,0182019
{{NGR}}1,214,8272019
{{PAK}}1,195,4462019
|{| class="wikitable" style="text-align: right"! style="width:2em;" | Rank !! Country !! Value(USD$) !! Peak year
{{LUX}}120,4502014
{{NOR}}102,7222013
{{QAT}}101,9332012
{{CHE}}88,9032011
{{MAC}}86,9982014
{{SMR}}79,1702008
{{IRL}}76,9112019
{{ISL}}74,2782018
{{AUS}}68,4362012
{{SGP}}65,6272019
{{USA}}64,7672019
{{DEN}}64,5312008
{{SWE}}60,0692013
{{NED}}57,9162008
{{FIN}}53,7852008
{{CAN}}52,7532012
{{AUT}}51,9542008
{{HKG}}50,5422019
'''{{nowrap|2007
{{BEL}}48,8512008
{{JPN}}48,6332012
{{DEU}}48,2642018
{{BRU}}47,7722012
{{FRA}}47,1912008
{{KUW}}45,7262012
|{| class="wikitable" style="text-align: right"! style="width:2em;" | Rank !! Country !! Value(USD$) !! Peak year
{{QAT}}146,9822012
{{MAC}}133,0202013
{{LUX}}108,8122019
{{SGP}}103,7172019
{{nowrap|2004
{{BRU}}83,7852012
{{IRL}}82,4392019
{{NOR}}76,7382019
{{SMR}}74,6642008
{{KUW}}71,0362013
{{HKG}}66,5172019
{{CHE}}65,7072019
{{USA}}64,7672019
{{NED}}58,2552019
{{SAU}}56,8172019
{{ISL}}56,5302019
{{TWN}}55,2442019
{{SWE}}54,0712019
{{DEU}}53,8542019
{{AUT}}53,7162019
{{AUS}}53,5592019
{{DEN}}53,5522019
{{BHR}}50,8692019
{{CAN}}50,6262019
{{BEL}}49,4802019
valign="top"

Twenty largest economies in the world by nominal GDP

The following is a list of the twenty largest economies by nominal GDP at peak value as of the specific year according to International Monetary Fund.WEB,weblink Gross domestic product, current prices, October 2015, 11 October 2015, International Monetary Fund, International Monetary Fund, {{-}}{| class="wikitable" style="text-align: left"!Rank!!1980!!1985!!1990!!1995!!2000!!2005!!2010!!2015!!2020
|{{USA}}
|{{CHN}}
|{{JPN}}
{{GBR}}}}{{nowrap|{{DEU}}
{{GBR}}}}{{FRA}}{{CHN}}{{nowrap{{GBR}}}}{{IND}}
{{GBR}}}}{{nowrap{{GBR}}}}{{ITA}}{{ITA}}{{FRA}}{{FRA}}{{FRA}}{{nowrap|{{GBR}}}}
|{{FRA}}
|{{BRA}}
|{{ITA}}
|{{RUS}}
!Rank!!1980!!1985!!1990!!1995!!2000!!2005!!2010!!2015!!2020
|{{CAN}}
|{{KOR}}
|{{ESP}}
|{{AUS}}
|{{MEX}}
|{{IDN}}
|{{NED}}
|{{TUR}}
|{{SAU}}
|{{CHE}}

Twenty largest economies in the world by GDP (PPP)

The following is a list of twenty largest economies by GDP based on purchasing power parity at peak value as of the specific year according to the International Monetary Fund and the CIA World Factbook.WEB,weblink Gross domestic product based on purchasing-power-parity (PPP) valuation of country GDP; Current international dollar, International Monetary Fund, October 2018, 14 May 2017,weblink 3 April 2019, no, dmy-all, WEB,weblink GDP (PURCHASING POWER PARITY), 2014, October 7, 2014, CIA World Factbook, CIA World Factbook,weblink June 25, 2014, no, mdy-all, {| class="wikitable" style="text-align: left"!Rank!!1980!!1985!!1990!!1995!!2000!!2005!!2010!!2015!!2020
|{{CHN}}
|{{USA}}
|{{IND}}
|{{JPN}}
|{{DEU}}
|{{RUS}}
|{{IDN}}
{{GBR}}}}{{nowrap{{GBR}}}}{{FRA}}{{ITA}}{{FRA}}{{FRA}}{{IDN}}{{BRA}}
{{GBR}}}}{{nowrap{{GBR}}}}{{nowrap|{{GBR}}}}
{{GBR}}}}{{nowrap|{{FRA}}
!Rank!!1980!!1985!!1990!!1995!!2000!!2005!!2010!!2015!!2020
|{{MEX}}
|{{ITA}}
|{{TUR}}
|{{KOR}}
|{{ESP}}
|{{SAU}}
|{{CAN}}
|{{IRN}}
|{{EGY}}
|{{THA}}

Statistical indicators

Economy

File:CountriesByGDPPerCapitaNominal2018.png|thumb|right|300px|Countries by 2018 GDP (nominal) per capitaBased on the IMF data. If no data was available for a country from IMF, data from the World BankWorld BankFile:Countries by total wealth(billions USD), Credit Suisse 2018.png|thumb|300px|Countries by total wealth (billions USD), Credit Suisse, 2018]]

Employment

File:World GDP Per Capita 1500 to 2000, Log Scale.png|350px|thumb|World GDPGDPFile:World GDP per capita 1500 to 2003.png|350px|thumb|World GDPGDPFile:Gdp accumulated change.png|right|thumb|350px|GDPGDP
  • 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.),WEB,weblink International Energy Statistics, 1 April 2017,weblink" title="web.archive.org/web/20160816184850weblink">weblink 16 August 2016, no, dmy-all, 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: {{convert|79650000|oilbbl/d|abbr=on}} (2003 est.), {{convert|75460000|oilbbl/d}} (2001)
  • Oil – consumption: {{convert|80100000|oilbbl/d|abbr=on}} (2003 est.), {{convert|76210000|oilbbl/d}} (2001)
  • Oil – proved reserves: 1.025 trillion barrel (163 km3) (2001 est.)
  • Natural gas – production: 3,366 km3 (2012 est.),WEB,weblink International Energy Statistics, 1 April 2017,weblink" title="web.archive.org/web/20160304081740weblink">weblink 4 March 2016, no, dmy-all, 2,569 km3 (2001 est.)
  • Natural gas – consumption: 2,556 km3 (2001 est.)
  • Natural gas – proved reserves: 161,200 km3 (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)WEB,weblink Development aid stable in 2014 but flows to poorest countries still falling, OECD, 2015-04-08, 2015-07-23,weblink" title="web.archive.org/web/20150723133759weblink">weblink 2015-07-23, no,

Communications

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

Transport

Transportation infrastructure worldwide includes:
  • Airports
    • Total: 41,821 (2013)WEB,weblink The World Factbook — Central Intelligence Agency, 1 April 2017,weblink 25 June 2014, no, dmy-all,
  • Roadways (in kilometres)
    • Total: 32,345,165 km
    • Paved: 19,403,061 km
    • Unpaved: 12,942,104 km (2002)
  • Railways
    • Total: 1,122,650 km includes about 190,000 to 195,000 km of electrified routes of which 147,760 km are in Europe, 24,509 km in the Far East, 11,050 km in Africa, 4,223 km in South America, and 4,160 km in North America.{{dubious|If it's 4000 km from New York to Los Angeles, it's unlikely there is only 4160 km of railway in North America.|date=December 2016}}

Military

(File:Military Expenditures 2018 SIPRI.png|thumb|260px|A pie chart showing global military expenditures by country for 2018, in US$ billions, according to SIPRI.)
  • World military expenditure in 2018: estimated to $1.822 trillion WEB,weblink 3. Military expenditure - SIPRI, 1 April 2017,weblink 25 May 2017, no, dmy-all,
  • Military expenditures – percent of GDP: roughly 2% of gross world product (1999).

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 and HKTDC) as well as other non-governmental organizations on its website GlobalTrade.net.

See also

Regional economies: Events: Lists:

References

{{Reflist|30em}}

External links

{{Globalization}}{{Authority control}}

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