World economy

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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.[1] 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.

World share of GDP (PPP) (World Bank, 2011)[2]

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 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.[3]

Overview[edit]

World economy by country groups[edit]

The following two tables list the country groups with individual countries designated by the IMF.[4] Members of the G-20 major economies are in bold.

List of country groups by GDP (nominal) at peak level as of 2019 in millions US$[5] List of country groups by GDP (PPP) at peak level as of 2019 in millions US$[5]
Country group GDP (nominal) Peak year Number of countries 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  Canada
 France
 Germany
 Italy
 Japan
 United Kingdom
 United States
Emerging and developing Asia 20,407,686 2019 30  China
 India
 Indonesia
 Malaysia
 Philippines
 Thailand
Other advanced economies
(advanced economies excluding G7)
12,334,078 2019 32  Australia
 South Korea
 Netherlands
 Spain
  Switzerland
 Taiwan
Latin America and the Caribbean 6,022,544 2013 33  Argentina
 Brazil
 Colombia
 Mexico
 Venezuela
Middle East, North Africa, Afghanistan and Pakistan 3,511,658 2019 23  Egypt
 Iran
 Pakistan
 Saudi Arabia
 United Arab Emirates
Commonwealth of Independent States, Georgia and Ukraine 3,004,603 2013 12  Russia
Emerging and developing Europe 2,035,741 2014 12  Poland
 Turkey
Sub-Saharan Africa 1,738,452 2014 45  Nigeria
 South Africa
Country group GDP (PPP) Peak year Number of countries 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  China
 India
 Indonesia
 Malaysia
 Philippines
 Thailand
Major advanced economies (G7) 42,083,108 2019 7  Canada
 France
 Germany
 Italy
 Japan
 United Kingdom
 United States
Other advanced economies
(advanced economies excluding G7)
15,001,933 2019 32  Australia
 South Korea
 Netherlands
 Singapore
 Spain
 Taiwan
Latin America and the Caribbean 10,416,407 2019 33  Argentina
 Brazil
 Colombia
 Mexico
 Venezuela
Middle East, North Africa, Afghanistan and Pakistan 10,295,236 2019 23  Egypt
 Iran
 Pakistan
 Saudi Arabia
 United Arab Emirates
Commonwealth of Independent States, Georgia and Ukraine 6,238,602 2019 12  Russia
Emerging and developing Europe 4,996,885 2019 12  Poland
 Turkey
Sub-Saharan Africa 4,319,573 2019 45  Nigeria
 South Africa

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

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.

List of the 25 largest economies
by GDP (nominal) at their peak level as of 2019 in millions US$
[6]
List of the 25 largest economies
by GDP (PPP) at their peak level as of 2019 in millions US$
[7]
List of the 25 economies by highest
GDP (nominal) per capita at their peak level as of 2019 in US$
List of the 25 economies by highest
GDP (PPP) per capita at their peak level as of 2019 in US$
Rank Country Value
(USD$)
Peak year
World 87,265,226 2019
1  United States 21,344,667 2019
 European Union 19,257,783 2008
2  China 14,216,503 2019
3  Japan 6,203,212 2012
4  Germany 4,000,386 2018
5  United Kingdom 3,085,300 2007
6  India 2,971,996 2019
7  France 2,932,215 2008
8  Brazil 2,613,992 2011
9  Italy 2,402,060 2008
10  Russia 2,289,244 2013
11  Canada 1,847,207 2013
12  South Korea 1,656,674 2019
13  Spain 1,642,765 2008
14  Australia 1,569,107 2012
15  Mexico 1,314,569 2014
16  Indonesia 1,100,911 2019
17  Netherlands 952,491 2008
18  Turkey 950,328 2013
19  Saudi Arabia 782,483 2018
20   Switzerland 709,496 2014
21  Argentina 642,928 2017
22  Taiwan 601,431 2019
23  Poland 593,295 2019
24  Sweden 579,361 2013
25  Iran 577,214 2011
Rank Country Value
(USD$)
Peak year
World 142,045,946 2019
1  China 27,331,166 2019
 European Union 22,761,233 2019
2  United States 21,344,667 2019
3  India 11,468,022 2019
4  Japan 5,749,550 2019
5  Germany 4,467,238 2019
6  Russia 4,357,759 2019
7  Indonesia 3,743,159 2019
8  Brazil 3,495,578 2019
9  United Kingdom 3,128,185 2019
10  France 3,054,599 2019
11  Mexico 2,658,041 2019
12  Italy 2,442,144 2019
13  Turkey 2,292,511 2018
14  South Korea 2,229,779 2019
15  Spain 1,938,007 2019
16  Saudi Arabia 1,924,253 2019
17  Canada 1,896,725 2019
18  Iran 1,639,561 2017
19  Egypt 1,391,734 2019
20  Thailand 1,390,484 2019
21  Australia 1,369,392 2019
22  Taiwan 1,305,652 2019
23  Poland 1,281,018 2019
24  Nigeria 1,214,827 2019
25  Pakistan 1,195,446 2019
Rank Country Value
(USD$)
Peak year
1  Luxembourg 120,450 2014
2  Norway 102,722 2013
3  Qatar 101,933 2012
4   Switzerland 88,903 2011
5  Macau 86,998 2014
6  San Marino 79,170 2008
7  Ireland 76,911 2019
8  Iceland 74,278 2018
9  Australia 68,436 2012
10  Singapore 65,627 2019
11  United States 64,767 2019
12  Denmark 64,531 2008
13  Sweden 60,069 2013
14  Netherlands 57,916 2008
15  Finland 53,785 2008
16  Canada 52,753 2012
17  Austria 51,954 2008
18  Hong Kong 50,542 2019
19  United Kingdom 50,316 2007
20  Belgium 48,851 2008
21  Japan 48,633 2012
22  Germany 48,264 2018
23  Brunei 47,772 2012
24  France 47,191 2008
25  Kuwait 45,726 2012
Rank Country Value
(USD$)
Peak year
1  Qatar 146,982 2012
2  Macau 133,020 2013
3  Luxembourg 108,812 2019
4  Singapore 103,717 2019
5  United Arab Emirates 92,037 2004
6  Brunei 83,785 2012
7  Ireland 82,439 2019
8  Norway 76,738 2019
9  San Marino 74,664 2008
10  Kuwait 71,036 2013
11  Hong Kong 66,517 2019
12   Switzerland 65,707 2019
13  United States 64,767 2019
14  Netherlands 58,255 2019
15  Saudi Arabia 56,817 2019
16  Iceland 56,530 2019
17  Taiwan 55,244 2019
18  Sweden 54,071 2019
19  Germany 53,854 2019
20  Austria 53,716 2019
21  Australia 53,559 2019
22  Denmark 53,552 2019
23  Bahrain 50,869 2019
24  Canada 50,626 2019
25  Belgium 49,480 2019

Twenty largest economies in the world by nominal GDP[edit]

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.[8]

Rank 1980 1985 1990 1995 2000 2005 2010 2015 2020
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  United Kingdom  United Kingdom  India
6  United Kingdom  United Kingdom  United Kingdom  Italy  Italy  France  France  France  United Kingdom
7  Italy  Italy  Italy  Brazil  China  Italy  Italy  Brazil  France
8  China  Canada  Canada  China  Brazil  Canada  Brazil  Italy  Brazil
9  Canada  China  Iran  Spain  Canada  Spain  Russia  Russia  Italy
10  Mexico  India  Spain  Canada  Mexico  South Korea  India  India  Russia
Rank 1980 1985 1990 1995 2000 2005 2010 2015 2020
11  Spain  Brazil  Brazil  Iran  Spain  Brazil  Spain  Canada  Canada
12  Brazil  Mexico  China  South Korea  South Korea  Mexico  Canada  Spain  South Korea
13  India  Australia  India  Mexico  Iran  India  Australia  Australia  Spain
14  Netherlands  Spain  Australia  Netherlands  India  Russia  South Korea  South Korea  Australia
15  Australia  Iran  Netherlands  Australia  Netherlands  Australia  Mexico  Mexico  Mexico
16  Saudi Arabia  Netherlands  Mexico  India  Russia  Netherlands  Netherlands  Netherlands  Indonesia
17  Sweden  Sweden  South Korea   Switzerland  Australia  Iran  Turkey  Turkey  Netherlands
18  Belgium  Saudi Arabia   Switzerland  Russia   Switzerland  Turkey  Indonesia  Indonesia  Turkey
19   Switzerland   Switzerland  Sweden  Belgium  Taiwan   Switzerland   Switzerland  Saudi Arabia  Saudi Arabia
20  Iran  South Korea  Turkey  Argentina  Argentina  Sweden  Iran   Switzerland   Switzerland

Twenty largest economies in the world by GDP (PPP)[edit]

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.[9][10]

Rank 1980 1985 1990 1995 2000 2005 2010 2015 2020
1  United States  United States  United States  United States  United States  United States  United States  China  China
2  Soviet Union  Soviet Union  Japan  Japan  China  China  China  United States  United States
3  Japan  Japan  West Germany  China  Japan  Japan  India  India  India
4  West Germany  West Germany  Soviet Union  Germany  Germany  India  Japan  Japan  Japan
5  Italy  Italy  Italy  Russia  India  Germany  Russia  Germany  Germany
6  Brazil  France  France  India  Russia  Russia  Germany  Russia  Russia
7  France  Brazil  China  Italy  France  Brazil  Brazil  Brazil  Indonesia
8  United Kingdom  United Kingdom  United Kingdom  France  Italy  France  France  Indonesia  Brazil
9  Mexico  China  Brazil  Brazil  Brazil  United Kingdom  United Kingdom  United Kingdom  United Kingdom
10  India  India  India  United Kingdom  United Kingdom  Italy  Italy  France  France
Rank 1980 1985 1990 1995 2000 2005 2010 2015 2020
11  China  Mexico  Mexico  Mexico  Mexico  Mexico  Indonesia  Mexico  Mexico
12  Spain  Canada  Canada  Indonesia  Indonesia  Indonesia  Mexico  Italy  Italy
13  Canada  Spain  Indonesia  Spain  Spain  Spain  Spain  Turkey  Turkey
14  Saudi Arabia  Iran  Spain  Canada  Canada  Canada  South Korea  South Korea  South Korea
15  Indonesia  Indonesia  Saudi Arabia  Saudi Arabia  South Korea  South Korea  Canada  Saudi Arabia  Spain
16  Argentina  Saudi Arabia  Turkey  South Korea  Saudi Arabia  Iran  Iran  Canada  Saudi Arabia
17  Iran  Turkey  Iran  Turkey  Turkey  Saudi Arabia  Turkey  Spain  Canada
18  Netherlands  Australia  South Korea  Iran  Iran  Turkey  Saudi Arabia  Iran  Iran
19  Turkey  Netherlands  Australia  Australia  Australia  Australia  Australia  Australia  Egypt
20  Poland  Argentina  Netherlands  Thailand  Netherlands  Thailand  Taiwan  Thailand  Thailand

Statistical indicators[edit]

Economy[edit]

Employment[edit]

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
  • 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[edit]

  • Industrial production growth rate: 3% (2002 est.)

Energy[edit]

  • Yearly electricity – production: 21,080,878 GWh (2011 est.),[15] 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: 79,650,000 bbl/d (12,663,000 m3/d) (2003 est.), 75,460,000 barrels per day (11,997,000 m3/d) (2001)
  • Oil – consumption: 80,100,000 bbl/d (12,730,000 m3/d) (2003 est.), 76,210,000 barrels per day (12,116,000 m3/d) (2001)
  • Oil – proved reserves: 1.025 trillion barrel (163 km3) (2001 est.)
  • Natural gas – production: 3,366 km3 (2012 est.),[16] 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[edit]

  • 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[edit]

Communications[edit]

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

Transport[edit]

Transportation infrastructure worldwide includes:

Military[edit]

  • World military expenditure in 2018: estimated to $1.822 trillion [21]
  • Military expenditures – percent of GDP: roughly 2% of gross world product (1999).

Economic studies[edit]

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[edit]

Regional economies:

Events:

Lists:

References[edit]

  1. ^ "World Economy." – Definition. American English Definition of with Pronunciation by Macmillan Dictionary. N.p., n.d. Web. 02 Jan. 2015.
  2. ^ "The International Comparison Program (ICP)". Archived from the original on 25 March 2017. Retrieved 1 April 2017.
  3. ^ "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. Archived from the original on 2015-10-11. Retrieved 2015-10-15.
  4. ^ [1] Archived 2018-10-10 at the Wayback Machine IMF GDP 2018 Data (October 2018)
  5. ^ a b "Gross domestic product". IMF World Economic Outlook. October 2018. Retrieved 7 May 2019.
  6. ^ [2] IMF GDP (Nominal) Data (April 2019)
  7. ^ [3] IMF GDP (PPP) Data (April 2019)
  8. ^ "Gross domestic product, current prices". International Monetary Fund. International Monetary Fund. October 2015. Retrieved 11 October 2015.
  9. ^ "Gross domestic product based on purchasing-power-parity (PPP) valuation of country GDP; Current international dollar". International Monetary Fund. October 2018. Archived from the original on 3 April 2019. Retrieved 14 May 2017.
  10. ^ "GDP (PURCHASING POWER PARITY)". CIA World Factbook. CIA World Factbook. 2014. Archived from the original on June 25, 2014. Retrieved October 7, 2014.
  11. ^ "IMF World Economic Outlook, Crisis and Recovery, April 2009". Imf.org. 2009-04-16. Archived from the original on 2012-05-19. Retrieved 2012-07-17.
  12. ^ "World Economic Situation and Prospects 2018". United Nations Department of Economic and Social Affairs, Development Policy and Analysis Division. Table A.3. ISBN 978-92-1-109177-9. Archived from the original on 2018-03-03. Retrieved 2018-03-02.
  13. ^ B. Milanovic (January 2002). "True World Income Distribution, 1988 and 1993: First Calculation Based on Household Surveys Alone" (PDF). Archived (PDF) from the original on 2011-11-01. Retrieved 13 May 2011.
  14. ^ a b "World Economic Situation and Prospects 2018". United Nations Department of Economic and Social Affairs, Development Policy and Analysis Division. Table I.2. p. 11. ISBN 978-92-1-109177-9. Archived from the original on 2018-03-03. Retrieved 2018-03-02.
  15. ^ "International Energy Statistics". Archived from the original on 16 August 2016. Retrieved 1 April 2017.
  16. ^ "International Energy Statistics". Archived from the original on 4 March 2016. Retrieved 1 April 2017.
  17. ^ "Development aid stable in 2014 but flows to poorest countries still falling". OECD. 2015-04-08. Archived from the original on 2015-07-23. Retrieved 2015-07-23.
  18. ^ global cellphone penetration reaches 50 percent Archived 2008-12-17 at the Wayback Machine
  19. ^ "World Internet Usage Statistics News and World Population Stats". Internetworldstats.com. Archived from the original on 2011-06-23. Retrieved 2015-06-08.
  20. ^ "The World Factbook — Central Intelligence Agency". Archived from the original on 25 June 2014. Retrieved 1 April 2017.
  21. ^ "3. Military expenditure - SIPRI". Archived from the original on 25 May 2017. Retrieved 1 April 2017.

External links[edit]