World economy

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20 largest economies pie chart[clarification needed]

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.[1] 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)[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, India, Germany, France, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Turkey, the United Kingdom, the United States and the European Union.[3]

Overview

World economy by country groups

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) in millions US$[5] List of country groups by GDP (PPP) in 2018 in millions US$[5]
Country group GDP (nominal) Peak year Number of countries Members of G20 economies and/or largest in the group (mutually inclusive)
Major advanced economies (G7) 39,036,978 2018 7  Canada
 France
 Germany
 Italy
 Japan
 United Kingdom
 United States
Emerging and developing Asia 19,153,510 2018 30  China
 India
 Indonesia
 Malaysia
 Thailand
Other advanced economies
(advanced economies excluding G7)
12,282,810 2018 32  Australia
 South Korea
 Netherlands
 Spain
 Taiwan
Latin America and the Caribbean 6,024,133 2013 33  Argentina
 Brazil
 Colombia
 Mexico
 Venezuela
Middle East, North Africa, Afghanistan and Pakistan 3,469,162 2014 23  Egypt
 Iran
 Pakistan
 Saudi Arabia
 United Arab Emirates
Commonwealth of Independent States and Georgia 3,012,347 2013 12  Russia
Emerging and developing Europe 2,032,710 2014 12  Poland
 Turkey
Sub-Saharan Africa 1,719,883 2014 45  Nigeria
 South Africa
World 84,835,462 2018 194
Country group GDP (PPP) Peak year Number of countries Members of G20 economies and/or largest in the group (Mutually exclusive)
Emerging and developing Asia 44,963,902 2018 30  China
 India
 Indonesia
 Malaysia
 Thailand
Major advanced economies (G7) 40,777,439 2018 7  Canada
 France
 Germany
 Italy
 Japan
 United Kingdom
 United States
Other advanced economies
(advanced economies excluding G7)
14,420,130 2018 32  Australia
 South Korea
 Netherlands
 Spain
 Taiwan
Latin America and the Caribbean 10,154,302 2018 33  Argentina
 Brazil
 Colombia
 Mexico
 Venezuela
Middle East, North Africa, Afghanistan and Pakistan 10,038,112 2018 23  Egypt
 Iran
 Pakistan
 Saudi Arabia
 United Arab Emirates
Commonwealth of Independent States and Georgia 5,954,166 2018 12  Russia
Emerging and developing Europe 4,871,768 2018 12  Poland
 Turkey
Sub-Saharan Africa 4,056,064 2018 45  Nigeria
 South Africa
World 135,235,883 2018 194

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). 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 millions US$
[6]
List of the 25 largest economies
by GDP (PPP) at their peak level of GDP in millions US$
[7]
Rank Country Value
(USD$)
Peak year
World 84,835,462 2018
1  United States 20,513,000 2018
 European Union 19,258,227 2008
2  China 13,457,267 2018
3  Japan 6,203,213 2012
4  Germany 4,029,140 2018
5  United Kingdom 3,085,300 2007
6  France 2,932,215 2008
7  India 2,689,992 2018
8  Brazil 2,613,993 2011
9  Italy 2,402,062 2008
10  Russia 2,297,125 2013
11  Canada 1,842,627 2013
12  South Korea 1,655,608 2018
13  Spain 1,642,765 2008
14  Australia 1,566,473 2012
15  Mexico 1,314,569 2014
16  Indonesia 1,015,411 2017
17  Netherlands 952,491 2008
18  Turkey 950,328 2013
19  Saudi Arabia 769,878 2018
20   Switzerland 709,506 2014
21  Argentina 642,464 2015
22  Taiwan 602,678 2018
23  Sweden 579,361 2013
24  Iran 577,214 2011
25  Nigeria 568,496 2014
Rank Country Value
(USD$)
Peak year
World 135,235,883 2018
1  China 25,313,268 2018
 European Union 22,030,854 2018
2  United States 20,513,000 2018
3  India 10,401,440 2018
4  Japan 5,632,475 2018
5  Germany 4,379,073 2018
6  Russia 4,179,597 2018
7  Indonesia 3,495,920 2018
8  Brazil 3,370,620 2018
9  United Kingdom 3,033,676 2018
10  France 2,968,529 2018
11  Mexico 2,575,206 2018
12  Italy 2,398,173 2018
13  Turkey 2,314,398 2018
14  South Korea 2,139,681 2018
15  Spain 1,867,878 2018
16  Saudi Arabia 1,856,946 2018
17  Canada 1,852,514 2018
18  Iran 1,652,888 2018
19  Thailand 1,323,209 2018
20  Australia 1,318,600 2018
21  Egypt 1,296,973 2018
22  Taiwan 1,250,008 2018
23  Poland 1,201,861 2018
24  Nigeria 1,169,148 2018
25  Pakistan 1,148,290 2018

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.[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 PPP GDP (IMF and CIA World Factbook)

The following is a list of twenty largest economies by GDP (PPP) at peak value as of the specific year according to CIA World Factbook and the International Monetary Fund.[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  Italy  West Germany  Soviet Union  Germany  Germany  India  Japan  Japan  Japan
5  West Germany  Italy  Italy  Russia  India  Germany  Russia  Russia  Germany
6  France  France  France  India  Russia  Russia  Germany  Germany  Russia
7  Brazil  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

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
  • 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] 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

  • 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

Communications

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

Transport

Transportation infrastructure worldwide includes:

Military

  • World military expenditure in 2012: estimated to $1.756 trillion [21]
  • 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

  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)". 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. Retrieved 2015-10-15.
  4. ^ [1] IMF GDP 2018 Data (October 2018)
  5. ^ a b "Gross domestic product". IMF World Economic Outlook. October 2018. Retrieved 14 April 2017.
  6. ^ [2] IMF GDP (Nominal) Data (October 2018)
  7. ^ [3] IMF GDP (PPP) Data (October 2018)
  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. Retrieved 14 May 2017.
  10. ^ "GDP (PURCHASING POWER PARITY)". CIA World Factbook. CIA World Factbook. 2014. Retrieved October 7, 2014.
  11. ^ "IMF World Economic Outlook, Crisis and Recovery, April 2009". Imf.org. 2009-04-16. 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. Retrieved 2018-03-02.
  13. ^ B. Milanovic (January 2002). "True World Income Distribution, 1988 and 1993: First Calculation Based on Household Surveys Alone" (PDF). 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. Retrieved 2018-03-02.
  15. ^ "International Energy Statistics". Retrieved 1 April 2017.
  16. ^ "International Energy Statistics". Retrieved 1 April 2017.
  17. ^ "Development aid stable in 2014 but flows to poorest countries still falling". OECD. 2015-04-08. 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. Retrieved 2015-06-08.
  20. ^ "The World Factbook — Central Intelligence Agency". Retrieved 1 April 2017.
  21. ^ "3. Military expenditure - SIPRI". Retrieved 1 April 2017.

External links

  • OECD – Economic Outlook
  • US Bureau of Labor and Statistics, Major Economic Indicators
  • IMF – World Economic Outlook
  • UN DESA – World Economy publications
  • CIA – The World Factbook – World
  • Career Education for a Global Economy
  • BBC News Special Report – Global Economy
  • Guardian Special Report – Global Economy
  • World Bank Summary Trade Statistics for World
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