World economy explained

The world economy or global economy is the economy of all humans in the world, referring to the global economic system, which includes all economic activities conducted both within and between nations, including production, consumption, economic management, work in general, financial transactions and trade of goods and services.^{[1] [2]} In some contexts, the two terms are distinct: the "international" or "global economy" is 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 planet 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, genuine data or government cooperation makes calculating 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 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 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 7.8 billion people ^{[3] [4]} 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 with Indian subcontinent being the world's largest economy from 1 C.E to 17 C.E. Waves of the Industrial Revolution in Western Europe and Northern America shifted the shares to the Western Hemisphere. As of 2024, the following 19 countries or collectives have reached an economy of at least US$2 trillion by GDP in nominal or PPP terms: Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, South Korea, Russia, Saudi Arabia, Spain, Turkey, the United Kingdom, the United States, the European Union and the African Union.^{[5] [6]}

Despite high levels of government investment, the global economy decreased by 3.4% in 2020 in the midst of the COVID-19 pandemic,^[7] an improvement from the World Bank's initial prediction of a 5.2 percent decrease.^[8] Cities account for 80% of global GDP, thus they faced the brunt of this decline.^{[9] [10]} The world economy increased again in 2021 with an estimated 5.5 percent rebound.^[11]

Overview

World economy by country groups

	Value (in millions of US$)	Share of Global GDP	Value (in millions of US$)	Share of Global GDP
	48,678,121	44.5%	55,025,255	29.6%	7
Emerging and developing Asia (Continents: Asia and Oceania)	26,686,077	24.4%	63,318,654	34.1%	30
Other advanced economies (advanced economies excluding the G7) (Continents: Europe, Asia, Oceania and North America)	15,134,208	13.8%	20,390,379	11.0%	34
Latin America and the Caribbean (Continents: South America and North America)	7,004,688	6.4%	13,364,843	7.2%	33
Emerging and developing Europe (Continents: Europe and Asia)	5,164,278	4.7%	13,793,802	7.4%	15
Middle East and Central Asia (Continents: Asia and Africa)	4,965,982	4.5%	13,933,205	7.5%	32
Sub-Saharan Africa (Continent: Africa)	1,895,862	1.7%	5,850,984	3.2%	45
World	109,529,216	100.0%	185,677,122	100.0%	196

World economy by continent

GDP sector composition (2019 estimate)^[12] ^[13]
Continent Agricultural Industrial Service World 7,908.260 38,354.363 81,575.461 Asia 5,105.362 20,858.549 32,939.397 North America 292.467 5,008.594 18,426.200 Europe 838.199 8,175.402 20,598.902 539.510 2,014.140 5,024.223 1,076.690 1,941.037 3,559.579 Oceania 56.032 356.641 1,027.160

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

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The 25 largest economies by GDP (nominal), the 25 largest economies by GDP (PPP), 28 economies with the highest peak GDP per capita (nominal) and the 28 economies with the highest peak GDP per capita (PPP) as of 2024. 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 2024 in million US$	List of the 25 largest economies by GDP (PPP) at their peak level as of 2024 in million Int$	List of the 28 economies by highest GDP (nominal) per capita at their peak level as of 2024 in US$^[14]	List of the 28 economies by highest GDP (PPP) per capita at their peak level as of 2024 in Int$'^[15]
Rank Country Value — World 109,529,216 2024 1 28,781,083 2024 — 19,226,235 2008 2 18,532,633 2024 3 ^[16] 6,272,363 2012 4 4,591,100 2024 5 3,937,011 2024 6 3,495,261 2024 7 3,130,014 2024 — ^[17] 2,980,015 2022 8 ^[18] 2,616,156 2011 9 ^[19] 2,408,655 2008 10 ^[20] 2,292,470 2013 11 2,242,182 2024 12 2,017,025 2024 13 1,818,432 2021 14 1,790,348 2024 15 1,647,114 2024 16 1,475,690 2024 17 1,142,513 2024 18 1,113,561 2024 19 1,108,572 2022 20 938,458 2024 21 844,623 2024 22 802,958 2024 23 655,192 2024 24 654,892 2023 25 ^[21] 644,036 2012	Rank Country Value — World 185,677,122 2024 1 35,291,015 2024 2 28,781,083 2024 — 26,308,203 2024 3 14,594,460 2024 — ^[22] 9,490,335 2024 4 6,720,962 2024 5 5,686,531 2024 6 5,472,880 2024 7 4,720,542 2024 8 4,273,668 2024 9 4,029,438 2024 10 3,987,911 2024 11 3,831,533 2024 12 3,434,224 2024 13 3,347,103 2024 14 3,057,995 2024 15 2,516,376 2024 16 2,472,227 2024 17 2,354,392 2024 18 1,898,538 2024 19 1,854,845 2024 20 1,800,540 2024 21 1,792,349 2024 22 1,791,358 2024 23 1,644,322 2024 24 1,642,572 2024 25 1,619,803 2024	Rank Country Value 1 240,862 2022 2 197,505 2021 3 134,925 2021 4 118,775 2022 5 106,059 2024 6 108,729 2022 7 105,669 2024 8 101,933 2012 9 99,625 2022 10 91,881 2014 11 90,874 2014 12 88,447 2024 13 85,373 2024 14 84,594 2024 15 79,110 2008 16 75,148 2022 17 69,467 2021 18 69,108 2021 19 68,486 2012 20 63,750 2024 21 61,418 2021 22 59,225 2024 23 57,116 2021 24 55,613 2022 25 55,596 2008 26 55,536 2024 27 55,127 2024 28 54,931 2022	Rank Country Value 1 169,698 2012 2 149,422 2013 3 146,457 2022 4 133,895 2024 5 133,737 2024 6 121,259 2022 7 110,213 2004 8 95,869 2022 9 91,932 2024 10 91,485 2007 11 88,312 2012 12 86,989 2024 13 85,373 2024 14 84,280 2022 15 80,137 2024 16 77,954 2022 17 76,858 2024 18 75,128 2024 19 74,542 2022 20 73,784 2024 21 70,976 2022 22 70,333 2024 23 69,177 2024 24 69,146 2024 25 68,253 2022 26 67,682 2024 27 67,245 2024 28 66,627 2024

Twenty largest economies in the world by nominal GDP

See main article: List of countries by past and projected GDP (nominal).

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The following is a list of the twenty largest economies by nominal GDP at peak value as of the specific year, according to the International Monetary Fund.
Rank	1980	1985	1990	1995	2000	2005	2010	2015	2020	2025	2029
1
2
3
4
5
6
7
8
9
10
Rank	1980	1985	1990	1995	2000	2005	2010	2015	2020	2025	2029
11
12
13
14
15
16
17
18
19
20

Twenty largest economies in the world by GDP (PPP)

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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.^[23]
Rank	1980	1985	1990	1995	2000	2005	2010	2015	2020	2025	2029
1
2
3
4
5
6
7
8
9
10
Rank	1980	1985	1990	1995	2000	2005	2010	2015	2020	2025	2029
11
12
13
14
15
16
17
18
19
20

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:,^[24] 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):^[25] (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^[26] (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 income: purchasing power parity $1,041, €950 (1993)^[27]
• 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);^[28]
  • Developed Economies 1% to 4% typically
  • Developing Countries 5% to 60% typically
  • Least developed countries 11.4% (2017), 8.3% (predicted 2018)^[28]
• Derivatives OTC outstanding notional amount: $601 trillion (Dec 2010) (http://www.bis.org/statistics/otcder/dt1920a.pdf)
• Derivatives exchange traded outstanding notional amount: $82 trillion (June 2011) (http://www.bis.org/publ/qtrpdf/r_qa1109.pdf#page=136)
• Global debt 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.),^[29] 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: 79650000oilbbl/d (2003 est.), (2001)
• Oil – consumption: 80100000oilbbl/d (2003 est.), (2001)
• Oil – proved reserves: 1.025 trillion barrel ((2001 est.)
• Natural gas – production: (2012 est.),^[30] (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

• Annual international aid: Official Development Assistance (ODA) of $204 billion (2022)^[31]

Communications

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

• Telephones – mobile cellular: 3,300,000,000 (Nov. 2007)^[32]
• Internet Service Providers (ISPs): 10,350 (2000 est.)
• Internet users: 3,079,339,857 (31 December 2014 http://www.internetworldstats.com), 360,985,492 (31 December 2000^[33])

Transport

Transportation infrastructure worldwide includes:

• Airports
  • Total: 41,821 (2013)^[34]
• 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^[35]
• Military expenditures – percent of GDP: roughly 2% of gross world product (1999).

Science, research and development

See also: List of sovereign states by research and development spending, Economics of science and Innovation. The Royal Society 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.^[36] In 2015, research and development constituted an average 2.2% of the global GDP according to the UNESCO Institute for Statistics.^[37] 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

See also: Primary sector of the economy, Sustainable development, Economic impacts of climate change, Planetary management, Agriculture, Overexploitation, Overconsumption and Ecosystem service.

• Forests (carbon sinks, wood, ecosystem services, ...)
  • Estimated number of trees that are net lost annually as of 2021: 10 billion^{[38] [39]}
  • Global annual deforested land in 2015–2020: 10 million hectares
  • Global annual net forest area loss in 2000–2010 : 4.7 million hectares^[40]
• Other land degradation and land- and organisms-related ecosystem disturbances
  • Soils (carbon sink, ecosystem services, food production, ...)
    • Soil erosion by water in 2012: almost 36 billion tons (based on a high resolution global potential soil erosion model developed in 2017)^[41]
    • Estimated annual loss of agricultural productivity due to soil erosion: 8 billion US dollars (based on the soil erosion data)^[42]
    • Soil erosion by water in 2015: approximately 43 billion tons (according to a 2020 study)^[43]
    • Environmental impact of pesticides
      • Pesticide use in tonnes of active ingredient in Australia in 2016: ca. 62,500 tonnes^[44]
• 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".^[45]
  • Air pollution
    • Number of human deaths caused annually by air pollution worldwide: ca. 7 million^{[46] [47] [48]}
    • Estimated global annual cost of air pollution: $5 trillion^{[49] [50] [51]}
  • 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^[52]
    • Estimated accumulated number of microplastic particles in the North Atlantic Ocean in 2020: 3700 microplastics per cubic meter^[52]

From the scientific perspective, economic activities are embedded in a web of dynamic, interrelated, and interdependent activities that constitute the natural system of Earth. Novel application of cybernetics in decision-making (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.^[53]

Historical development

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Estimations of world population and GDP from a 2020 research paper^[54]
Year	Population (million)	GDP per capita ($1990 in PPP)	GDP in billion ($1990 in PPP)
1000000 BCE	0.125	400	0.05
300000 BCE	1	400	0.40
25000 BCE	3.34	400	1.34
10000 BCE	4	400	1.60
5000 BCE	5	404	2.02
4000 BCE	7	409	2.87
3000 BCE	14	421	5.90
2000 BCE	27	433	11.7
1000 BCE	50	444	22.2
500 BCE	100	457	45.7
200 BCE	150	465	69.7
1	168	467	78.4
200	190	463	88.0
400	190	463	88.0
500	190	463	88.0
600	200	462	92.3
700	210	460	96.6
800	220	459	101
900	240	456	109
1000	265	453	120
1100	320	512	164
1200	360	551	198
1300	360	551	198
1400	350	541	190
1500	438	625	274
1600	556	629	350
1700	603	658	397
1820	1,042	712	741
1870	1,276	884	1,128
1900	1,563
1913	1,793	1,543	2,767
1920	1,863
1940	2,299	2,181	5,013
1950	2,528	2,104	5,318
1960	3,042	2,764	12,170
1970	3,691	3,725	13,751
1980	4,440	4,511	20,026
1990	5,269	5,149	27,133
2000	6,077	6,057	36,806
2010	6,873	7,814	53,704
2019	7,620	9,663	73,640

One example for a comparable metric other than GDP are the OECD Better Life Index rankings for different aggregative domains.

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OECD Better Life Index rankings for 2016
Overall Rank ^[55]	Country
1		data-sort-value="7.5"		data-sort-value="4.2"		data-sort-value="9.0"		data-sort-value="7.7"		data-sort-value="7.3"		data-sort-value="10.0"		data-sort-value="5.5"		data-sort-value="8.5"		data-sort-value="10.0"		data-sort-value="9.8"		data-sort-value="8.7"
2		data-sort-value="7.4"		data-sort-value="5.2"		data-sort-value="8.4"		data-sort-value="8.5"		data-sort-value="8.0"		data-sort-value="9.7"		data-sort-value="8.6"		data-sort-value="9.4"		data-sort-value="8.9"		data-sort-value="7.2"		data-sort-value="5.9"
3		data-sort-value="5.7"		data-sort-value="4.4"		data-sort-value="8.5"		data-sort-value="8.7"		data-sort-value="8.2"		data-sort-value="8.7"		data-sort-value="6.6"		data-sort-value="7.8"		data-sort-value="9.7"		data-sort-value="9.5"		data-sort-value="9.1"
4		data-sort-value="6.2"		data-sort-value="7.9"		data-sort-value="9.4"		data-sort-value="7.8"		data-sort-value="7.6"		data-sort-value="7.5"		data-sort-value="3.4"		data-sort-value="9.1"		data-sort-value="9.9"		data-sort-value="9.7"		data-sort-value="7.6"
5		data-sort-value="7.6"		data-sort-value="5.6"		data-sort-value="8.4"		data-sort-value="8.0"		data-sort-value="7.2"		data-sort-value="7.9"		data-sort-value="6.4"		data-sort-value="9.6"		data-sort-value="9.3"		data-sort-value="9.0"		data-sort-value="7.2"
6		data-sort-value="6.5"		data-sort-value="5.2"		data-sort-value="8.1"		data-sort-value="7.3"		data-sort-value="7.6"		data-sort-value="9.5"		data-sort-value="6.4"		data-sort-value="9.0"		data-sort-value="8.8"		data-sort-value="8.6"		data-sort-value="8.5"
7		data-sort-value="6.9"		data-sort-value="4.7"		data-sort-value="8.3"		data-sort-value="10.0"		data-sort-value="7.1"		data-sort-value="8.8"		data-sort-value="6.4"		data-sort-value="9.6"		data-sort-value="9.3"		data-sort-value="7.3"		data-sort-value="6.4"
8		data-sort-value="6.2"		data-sort-value="3.7"		data-sort-value="7.8"		data-sort-value="8.1"		data-sort-value="9.3"		data-sort-value="9.4"		data-sort-value="5.2"		data-sort-value="7.3"		data-sort-value="9.4"		data-sort-value="9.4"		data-sort-value="8.1"
9		data-sort-value="7.9"		data-sort-value="10.0"		data-sort-value="8.4"		data-sort-value="6.4"		data-sort-value="7.0"		data-sort-value="7.5"		data-sort-value="6.5"		data-sort-value="8.9"		data-sort-value="7.3"		data-sort-value="7.5"		data-sort-value="6.2"
10		data-sort-value="5.3"		data-sort-value="4.6"		data-sort-value="9.7"		data-sort-value="8.8"		data-sort-value="7.5"		data-sort-value="9.7"		data-sort-value="5.2"		data-sort-value="8.6"		data-sort-value="9.6"		data-sort-value="8.8"		data-sort-value="5.5"
11		data-sort-value="7.0"		data-sort-value="5.1"		data-sort-value="8.4"		data-sort-value="5.4"		data-sort-value="7.3"		data-sort-value="7.3"		data-sort-value="3.9"		data-sort-value="8.3"		data-sort-value="9.0"		data-sort-value="9.0"		data-sort-value="9.4"
12		data-sort-value="6.2"		data-sort-value="5.0"		data-sort-value="8.2"		data-sort-value="7.3"		data-sort-value="8.0"		data-sort-value="7.6"		data-sort-value="4.9"		data-sort-value="7.3"		data-sort-value="7.9"		data-sort-value="8.4"		data-sort-value="8.4"
13		data-sort-value="6.8"		data-sort-value="6.9"		data-sort-value="8.7"		data-sort-value="7.8"		data-sort-value="5.3"		data-sort-value="6.8"		data-sort-value="6.0"		data-sort-value="8.1"		data-sort-value="6.7"		data-sort-value="8.1"		data-sort-value="8.2"
14		data-sort-value="6.7"		data-sort-value="5.8"		data-sort-value="7.3"		data-sort-value="5.6"		data-sort-value="7.5"		data-sort-value="5.8"		data-sort-value="7.1"		data-sort-value="8.1"		data-sort-value="7.4"		data-sort-value="7.8"		data-sort-value="8.7"
15		data-sort-value="5.8"		data-sort-value="5.2"		data-sort-value="8.3"		data-sort-value="7.4"		data-sort-value="6.9"		data-sort-value="7.6"		data-sort-value="3.9"		data-sort-value="7.7"		data-sort-value="8.1"		data-sort-value="9.1"		data-sort-value="6.9"
16		data-sort-value="6.1"		data-sort-value="4.9"		data-sort-value="7.8"		data-sort-value="7.8"		data-sort-value="6.4"		data-sort-value="7.9"		data-sort-value="5.9"		data-sort-value="8.1"		data-sort-value="6.0"		data-sort-value="8.8"		data-sort-value="6.6"
17		data-sort-value="6.9"		data-sort-value="3.1"		data-sort-value="7.1"		data-sort-value="8.6"		data-sort-value="7.3"		data-sort-value="8.0"		data-sort-value="2.4"		data-sort-value="8.9"		data-sort-value="7.2"		data-sort-value="8.6"		data-sort-value="8.2"
18		data-sort-value="6.2"		data-sort-value="4.8"		data-sort-value="7.1"		data-sort-value="6.0"		data-sort-value="5.9"		data-sort-value="6.8"		data-sort-value="6.0"		data-sort-value="7.7"		data-sort-value="5.4"		data-sort-value="8.0"		data-sort-value="9.0"
19		data-sort-value="6.1"		data-sort-value="2.9"		data-sort-value="3.5"		data-sort-value="8.7"		data-sort-value="5.5"		data-sort-value="6.0"		data-sort-value="4.2"		data-sort-value="8.3"		data-sort-value="5.5"		data-sort-value="9.1"		data-sort-value="8.8"
20		data-sort-value="6.1"		data-sort-value="2.0"		data-sort-value="6.5"		data-sort-value="5.8"		data-sort-value="7.7"		data-sort-value="7.6"		data-sort-value="4.1"		data-sort-value="7.2"		data-sort-value="3.1"		data-sort-value="9.4"		data-sort-value="7.4"
21		data-sort-value="4.5"		data-sort-value="2.1"		data-sort-value="6.7"		data-sort-value="6.5"		data-sort-value="7.6"		data-sort-value="6.7"		data-sort-value="4.6"		data-sort-value="6.3"		data-sort-value="6.3"		data-sort-value="7.9"		data-sort-value="7.6"
22		data-sort-value="5.3"		data-sort-value="1.6"		data-sort-value="6.4"		data-sort-value="6.4"		data-sort-value="8.2"		data-sort-value="8.0"		data-sort-value="5.5"		data-sort-value="5.5"		data-sort-value="2.7"		data-sort-value="6.9"		data-sort-value="7.8"
23		data-sort-value="5.2"		data-sort-value="5.7"		data-sort-value="7.9"		data-sort-value="6.7"		data-sort-value="7.6"		data-sort-value="6.7"		data-sort-value="1.5"		data-sort-value="5.0"		data-sort-value="3.7"		data-sort-value="8.0"		data-sort-value="5.4"
24		data-sort-value="4.0"		data-sort-value="1.7"		data-sort-value="5.0"		data-sort-value="7.3"		data-sort-value="6.1"		data-sort-value="6.1"		data-sort-value="5.2"		data-sort-value="6.5"		data-sort-value="4.7"		data-sort-value="7.1"		data-sort-value="7.5"
25		data-sort-value="4.8"		data-sort-value="4.2"		data-sort-value="5.3"		data-sort-value="6.6"		data-sort-value="5.1"		data-sort-value="4.5"		data-sort-value="4.2"		data-sort-value="7.7"		data-sort-value="3.5"		data-sort-value="6.9"		data-sort-value="7.8"
26		data-sort-value="4.5"		data-sort-value="3.5"		data-sort-value="7.3"		data-sort-value="4.5"		data-sort-value="5.6"		data-sort-value="2.3"		data-sort-value="2.8"		data-sort-value="8.9"		data-sort-value="8.1"		data-sort-value="7.4"		data-sort-value="5.2"
27		data-sort-value="4.4"		data-sort-value="1.7"		data-sort-value="5.9"		data-sort-value="4.7"		data-sort-value="8.1"		data-sort-value="5.8"		data-sort-value="4.1"		data-sort-value="5.9"		data-sort-value="4.1"		data-sort-value="7.5"		data-sort-value="6.7"
28		data-sort-value="6.1"		data-sort-value="2.5"		data-sort-value="7.7"		data-sort-value="0.2"		data-sort-value="8.0"		data-sort-value="2.9"		data-sort-value="6.1"		data-sort-value="4.7"		data-sort-value="3.3"		data-sort-value="7.6"		data-sort-value="5.0"
29		data-sort-value="6.4"		data-sort-value="2.5"		data-sort-value="5.1"		data-sort-value="4.2"		data-sort-value="4.6"		data-sort-value="8.2"		data-sort-value="1.6"		data-sort-value="5.5"		data-sort-value="0.7"		data-sort-value="7.8"		data-sort-value="6.8"
30		data-sort-value="1.8"		data-sort-value="1.0"		data-sort-value="6.1"		data-sort-value="3.8"		data-sort-value="7.5"		data-sort-value="6.4"		data-sort-value="4.2"		data-sort-value="4.6"		data-sort-value="3.7"		data-sort-value="6.1"		data-sort-value="6.6"
31		data-sort-value="4.1"		data-sort-value="1.9"		data-sort-value="1.4"		data-sort-value="3.5"		data-sort-value="6.2"		data-sort-value="5.0"		data-sort-value="3.7"		data-sort-value="8.2"		data-sort-value="2.7"		data-sort-value="7.0"		data-sort-value="7.2"
32		data-sort-value="4.5"		data-sort-value="1.5"		data-sort-value="5.9"		data-sort-value="3.0"		data-sort-value="6.6"		data-sort-value="5.6"		data-sort-value="2.3"		data-sort-value="5.6"		data-sort-value="1.7"		data-sort-value="6.2"		data-sort-value="7.9"
33		data-sort-value="4.7"		data-sort-value="1.3"		data-sort-value="7.1"		data-sort-value="6.6"		data-sort-value="6.4"		data-sort-value="3.2"		data-sort-value="1.9"		data-sort-value="3.0"		data-sort-value="4.1"		data-sort-value="4.2"		data-sort-value="8.2"
34		data-sort-value="4.4"		data-sort-value="1.4"		data-sort-value="6.1"		data-sort-value="3.1"		data-sort-value="4.3"		data-sort-value="4.6"		data-sort-value="1.3"		data-sort-value="6.3"		data-sort-value="6.1"		data-sort-value="5.4"		data-sort-value="6.5"
35		data-sort-value="3.5"		data-sort-value="0.6"		data-sort-value="6.2"		data-sort-value="6.3"		data-sort-value="1.9"		data-sort-value="5.1"		data-sort-value="4.3"		data-sort-value="6.6"		data-sort-value="6.1"		data-sort-value="0.0"		data-sort-value="6.3"
36		data-sort-value="3.8"		data-sort-value="0.7"		data-sort-value="5.0"		data-sort-value="3.6"		data-sort-value="3.3"		data-sort-value="3.9"		data-sort-value="6.5"		data-sort-value="6.7"		data-sort-value="2.3"		data-sort-value="6.8"		data-sort-value="0.0"
37		data-sort-value="3.9"		data-sort-value="0.8"		data-sort-value="6.1"		data-sort-value="0.0"		data-sort-value="0.7"		data-sort-value="5.7"		data-sort-value="6.6"		data-sort-value="6.1"		data-sort-value="5.0"		data-sort-value="0.7"		data-sort-value="2.1"
38		data-sort-value="1.6"		data-sort-value="0.4"		data-sort-value="1.4"		data-sort-value="6.1"		data-sort-value="2.3"		data-sort-value="5.2"		data-sort-value="4.2"		data-sort-value="2.9"		data-sort-value="0.0"		data-sort-value="3.3"		data-sort-value="5.7"

The index includes 11 comparable "dimensions" of well-being:^[56]

1. Housing: housing conditions and spendings (e.g. real estate pricing)
2. Income: household income (after taxes and transfers) and net financial wealth
3. Jobs: earnings, job security and unemployment
4. Community: quality of social support network
5. Education: education and what one gets out of it
6. Environment: quality of environment (e.g. environmental health)
7. Governance: involvement in democracy
8. Health
9. Life Satisfaction: level of happiness
10. Safety: murder and assault rates
11. 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 in France, the UKTI in the United Kingdom, the HKTDC and JETRO in Asia, Austrade and the 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

• Anarchy (international relations)
• Capitalism
• (book)
• Economic bubble
• Economic collapse
• Fourth Industrial Revolution
• Global financial system
• Global workforce
• Globality
• Globalization
• International trade
• Trade route
• Overconsumption
• Petrodollar recycling
• World Trade Report
• World history
  • Economic history of the world
• World-systems theory

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
• World oil market chronology from 2003
• 2007–2008 financial crisis
• 2007–2008 world food price crisis
• 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 market exchange rates
• List of world's largest economies (PPP) – based on purchasing power parity
• Historical list of world's largest economies (PPP) – for the years between 1 and 1998

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

Notes and References

1. Web site: THE GLOBAL ECONOMY definition in the Cambridge English Dictionary . dictionary.cambridge.org . 20 September 2020 . 4 May 2022 . https://web.archive.org/web/20220504034558/https://dictionary.cambridge.org/us/dictionary/english/global-economy . live .
2. "World Economy." – Definition. American English Definition of with Pronunciation by Macmillan Dictionary. N.p., n.d. Web. 2 January 2015.
3. Web site: World Population: 2020 Overview . 2020-09-20 . 2021-03-09 . https://web.archive.org/web/20210309052034/https://yaleglobal.yale.edu/content/world-population-2020-overview . live .
4. Web site: 2020 World Population Data Sheet . 2020-09-20 . 2020-09-28 . https://web.archive.org/web/20200928162218/https://interactives.prb.org/2020-wpds/ . live .
5. Web site: World Economic Outlook Database April 2024. 2024-04-17. www.imf.org.
6. Web site: More QE From the Bank of England to Support the UK Economy in 2021. Vant Age Point Trading. 25 January 2021. 20 January 2021. https://web.archive.org/web/20210120013924/https://vantagepointtrading.com/news/more-qe-from-the-bank-of-england-to-support-the-uk-economy-in-2021/. live.
7. Web site: OECD Economic Outlook, Interim Report March 2021. OECD. March 2021. 21 May 2023. 21 May 2023. https://web.archive.org/web/20230521232620/https://www.oecd-ilibrary.org/economics/oecd-economic-outlook/volume-2020/issue-2_34bfd999-en. live.
8. Web site: The Global Economic Outlook During the COVID-19 Pandemic: A Changed World. 2021-06-07. World Bank. en. 2021-06-09. https://web.archive.org/web/20210609063803/https://www.worldbank.org/en/news/feature/2020/06/08/the-global-economic-outlook-during-the-covid-19-pandemic-a-changed-world. live.
9. Web site: Cities are the hub of the global green recovery. 2021-06-07. blogs.worldbank.org. en. 2021-06-07. https://web.archive.org/web/20210607142029/https://blogs.worldbank.org/sustainablecities/cities-are-hub-global-green-recovery. live.
10. Web site: Mayor of Lima sees COVID-19 as spark for an urban hub to the green recovery. 2021-06-07. European Investment Bank. en. 2022-04-08. https://web.archive.org/web/20220408145456/https://www.eib.org/en/stories/urban-impact-of-covid-19. live.
11. Web site: The Global Economic Outlook in five charts. Lucia Quaglietti, Collette Wheeler. World Bank. 11 January 2022. 21 May 2023. 21 May 2023. https://web.archive.org/web/20230521232558/https://blogs.worldbank.org/voices/global-economic-outlook-five-charts-1. live.
12. Web site: The World Factbook - GDP (purchasing power parity). https://web.archive.org/web/20190111015449/https://www.cia.gov/library/publications/resources/the-world-factbook/fields/208.html. dead. January 11, 2019.
13. Web site: The World Factbook - GDP - composition, by sector of origin. https://web.archive.org/web/20190110065235/https://www.cia.gov/library/publications/resources/the-world-factbook/fields/214.html. dead. January 10, 2019.
14. https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?end=2022&most_recent_value_desc=true&start=1960 GDP per capita data for Monaco, Liechtenstein, Bermuda, Norway, the Cayman Islands, the Isle of Man, the Channel Islands, the Faroe Islands, Sweden, Greenland, Kuwait and Israel by World Bank
15. https://data.worldbank.org/indicator/NY.GDP.PCAP.PP.CD?most_recent_value_desc=true GDP per capita data for Macau, Luxembourg, Norway, Bermuda, Kuwait, the Cayman Islands, Denmark, the Netherlands, Austria and Belgium by World Bank
16. https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?end=2012&locations=JP-FR-BR-SA-AR-SE&start=1960 World Bank's GDP (Nominal) Data for Japan
17. https://www.imf.org/external/datamapper/NGDPD@WEO/OEMDC/ADVEC/WEOWORLD/AFQ IMF GDP (nominal) for Africa (Region)
18. https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?end=2012&locations=JP-FR-BR-SA-AR-SE&start=1960 World Bank's GDP (Nominal) Data for Brazil
19. https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?end=2008&locations=IT-ES&start=1960 World Bank's GDP (Nominal) Data for Italy
20. https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?end=2013&locations=RU&most_recent_value_desc=true&start=1988 World Bank's GDP (Nominal) Data for Russia
21. https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?end=2012&locations=IR&start=1960 World Bank's GDP (Nominal) Data for Iran
22. https://www.imf.org/external/datamapper/PPPGDP@WEO/OEMDC/ADVEC/WEOWORLD/AFQ IMF GDP (PPP) for Africa (Region)
23. Web site: GDP (PURCHASING POWER PARITY). 2014. 7 October 2014. CIA World Factbook. CIA World Factbook. https://web.archive.org/web/20140625150555/https://www.cia.gov/library/publications/the-world-factbook/fields/2001.html. 25 June 2014. dead. mdy-all.
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31. Web site: ODA Levels in 2022 – preliminary data. OECD. 2023-04-12. 2024-01-24.
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35. Web site: 3. Military expenditure - SIPRI. 1 April 2017. https://web.archive.org/web/20170525090854/https://www.sipri.org/yearbook/2013/03. 25 May 2017. live.
36. https://www.theguardian.com/science/2011/mar/28/china-us-publisher-scientific-papers China poised to overhaul US as biggest publisher of scientific papers
37. Web site: Research and development expenditure (% of GDP) Data. data.worldbank.org. en-us. 12 December 2017. 19 May 2019. https://web.archive.org/web/20190519013757/https://data.worldbank.org/indicator/GB.XPD.RSDV.GD.ZS. live.
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40. [Global Forest Resources Assessment (FRA)|Global Forest Resources Assessment 2020]
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