The world economy, or global economy, generally refers to the
economyAn economy consists of the economic system of a country or other area; the labor, capital and land resources; and the manufacturing, trade, distribution, and consumption of goods and services of that area...
, which is based on economies of all of the world's countries, national economies. Also global economy can be seen as the economy of
global societyGlobal society - all-human society, which exists on our planet from the beginnings of humanity in the form of many local societies and communities, national states etc., in another words - in the form of different groups of people....
and national economies – as economies of local societies, making the global one. It can be evaluated in various kind of ways. For instance, depending on the model used, the valuation that is arrived at can be represented in a certain
currencyIn economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
, such as 2006
US dollarsThe United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
or 2005 euros.
It is inseparable from the
geography and ecology of EarthEarth is the third planet from the Sun, and the densest and fifth-largest of the eight planets in the Solar System. It is also the largest of the Solar System's four terrestrial planets...
, and is therefore somewhat of a misnomer, since, while definitions and representations of the "world economy" vary widely, they must at a minimum exclude any consideration of resources or value based outside of the
EarthEarth is the third planet from the Sun, and the densest and fifth-largest of the eight planets in the Solar System. It is also the largest of the Solar System's four terrestrial planets...
. For example, while attempts could be made to calculate the value of currently unexploited mining opportunities in unclaimed territory in
Antarctica, the same opportunities on
MarsMars is the fourth planet from the Sun in the Solar System. The planet is named after the Roman god of war, Mars. It is often described as the "Red Planet", as the iron oxide prevalent on its surface gives it a reddish appearance...
would not be considered a part of the world economy—even if currently exploited in some way—and could be considered of latent value only in the same way as uncreated
intellectual propertyIntellectual property is a term referring to a number of distinct types of creations of the mind for which a set of exclusive rights are recognized—and the corresponding fields of law...
, such as a previously unconceived invention.
Beyond the minimum standard of concerning value in production, use, and exchange on the planet Earth, definitions, representations, models, and valuations of the world economy vary widely.
It is common to limit questions of the world economy exclusively to
human economic activityEconomics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
, 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 drugsThe illegal drug trade is a global black market, dedicated to cultivation, manufacture, distribution and sale of those substances which are subject to drug prohibition laws. Most jurisdictions prohibit trade, except under license, of many types of drugs by drug prohibition laws.A UN report said the...
and other
black market goodsA black market or underground economy is a market in goods or services which operates outside the formal one supported by established state power. Typically the totality of such activity is referred to with the definite article as a complement to the official economies, by market for such goods and...
, 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
worldWorld is a common name for the whole of human civilization, specifically human experience, history, or the human condition in general, worldwide, i.e. anywhere on Earth....
wide 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 powerIn economics, purchasing power parity is a condition between countries where an amount of money has the same purchasing power in different countries. The prices of the goods between the countries would only reflect the exchange rates...
. This is the method used below, which is used for estimating worldwide economic activity in terms of
realIn economics, purchasing power parity is a condition between countries where an amount of money has the same purchasing power in different countries. The prices of the goods between the countries would only reflect the exchange rates...
US dollarsThe United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
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
6.8 billion peopleThe world population is the total number of living humans on the planet Earth. As of today, it is estimated to be billion by the United States Census Bureau...
have most of their economic activity reflected in these valuations.
In 2011, the largest economies in the world with more than $2 trillion, €1.25 trillion by nominal GDP are the
United StatesThe United States of America is a federal constitutional republic comprising fifty states and a federal district...
,
ChinaChina , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...
,
JapanJapan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
,
GermanyGermany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
,
FranceThe French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
, the
United KingdomThe United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
,
BrazilBrazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...
, and
ItalyItaly , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
. The largest economies in the world with more than $2 trillion, €1.25 trillion by GDP (PPP) are the
United StatesThe United States of America is a federal constitutional republic comprising fifty states and a federal district...
,
ChinaChina , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...
,
JapanJapan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
,
IndiaIndia , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
,
GermanyGermany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
,
RussiaRussia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
, the
United KingdomThe United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
,
BrazilBrazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...
, and
FranceThe French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
.
1980 – 1990 - United States and Japan lead expansion
At exchange rates, the economic output of 112 markets expanded by $10.7 trillion from 1980 to 1990. The economic output of 34 markets contracted by $276.9 billion from 1980 to 1990. The five largest contributors to global output contraction are
ArgentinaArgentina , officially the Argentine Republic , is the second largest country in South America by land area, after Brazil. It is constituted as a federation of 23 provinces and an autonomous city, Buenos Aires...
at 24%,
Saudi ArabiaThe Kingdom of Saudi Arabia , commonly known in British English as Saudi Arabia and in Arabic as as-Sa‘ūdiyyah , is the largest state in Western Asia by land area, constituting the bulk of the Arabian Peninsula, and the second-largest in the Arab World...
at 17%,
NigeriaNigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
at 11%,
VenezuelaVenezuela , officially called the Bolivarian Republic of Venezuela , is a tropical country on the northern coast of South America. It borders Colombia to the west, Guyana to the east, and Brazil to the south...
at 8%, and
VietnamVietnam – sometimes spelled Viet Nam , officially the Socialist Republic of Vietnam – is the easternmost country on the Indochina Peninsula in Southeast Asia. It is bordered by China to the north, Laos to the northwest, Cambodia to the southwest, and the South China Sea –...
at 8%. At
purchasing power parityIn economics, purchasing power parity is a condition between countries where an amount of money has the same purchasing power in different countries. The prices of the goods between the countries would only reflect the exchange rates...
, the economic output of 145 markets expanded by $12.1 trillion from 1980 to 1990. The economic output of 2 markets contracted by $3.5 billion from 1980 to 1990. The two contributors to global output contraction are
LebanonLebanon , officially the Republic of LebanonRepublic of Lebanon is the most common term used by Lebanese government agencies. The term Lebanese Republic, a literal translation of the official Arabic and French names that is not used in today's world. Arabic is the most common language spoken among...
at 70% and
LibyaLibya is an African country in the Maghreb region of North Africa bordered by the Mediterranean Sea to the north, Egypt to the east, Sudan to the southeast, Chad and Niger to the south, and Algeria and Tunisia to the west....
at 30%. The following two tables are lists of twenty largest economies by incremental GDP from 1980 to 1990 by
International Monetary FundThe International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
.
| List of Economies by Incremental Nominal GDP from 1980 to 1990 |
List of Economies by Incremental GDP (PPP) from 1980 to 1990 |
| EWLINE
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EWLINE
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1990 – 2000 - United States dominates expansion
At exchange rates, the economic output of 122 markets expanded by $10.7 trillion from 1990 to 2000. The economic output of 29 markets contracted by $94.2 billion from 1990 to 2000. The five largest contributors to global output contraction are
ItalyItaly , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
at 37%,
FinlandFinland , officially the Republic of Finland, is a Nordic country situated in the Fennoscandian region of Northern Europe. It is bordered by Sweden in the west, Norway in the north and Russia in the east, while Estonia lies to its south across the Gulf of Finland.Around 5.4 million people reside...
at 18%,
BulgariaBulgaria , officially the Republic of Bulgaria , is a parliamentary democracy within a unitary constitutional republic in Southeast Europe. The country borders Romania to the north, Serbia and Macedonia to the west, Greece and Turkey to the south, as well as the Black Sea to the east...
at 9%,
AlgeriaAlgeria , officially the People's Democratic Republic of Algeria , also formally referred to as the Democratic and Popular Republic of Algeria, is a country in the Maghreb region of Northwest Africa with Algiers as its capital.In terms of land area, it is the largest country in Africa and the Arab...
at 8%, and the Democratic Republic of Congo at 5%.
At
purchasing power parityIn economics, purchasing power parity is a condition between countries where an amount of money has the same purchasing power in different countries. The prices of the goods between the countries would only reflect the exchange rates...
, the economic output of 148 markets expanded by $16.9 trillion from 1990 to 2000. The economic output of 3 markets contracted by $17.8 billion from 1990 to 2000. The three contributors to global output contraction are
BulgariaBulgaria , officially the Republic of Bulgaria , is a parliamentary democracy within a unitary constitutional republic in Southeast Europe. The country borders Romania to the north, Serbia and Macedonia to the west, Greece and Turkey to the south, as well as the Black Sea to the east...
at 64%, the Democratic Republic of Congo at 29% and
Sierra LeoneSierra Leone , officially the Republic of Sierra Leone, is a country in West Africa. It is bordered by Guinea to the north and east, Liberia to the southeast, and the Atlantic Ocean to the west and southwest. Sierra Leone covers a total area of and has an estimated population between 5.4 and 6.4...
at 7%.
| List of Economies by Incremental Nominal GDP from 1990 to 2000 |
List of Economies by Incremental GDP (PPP) from 1990 to 2000 |
| EWLINE
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EWLINE
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2000 – 2010 – Rise of Developing and Emerging Economies
2000 – 2006 – United States still leads, but China is catching up
At exchange rates, the economic output of 176 markets expanded by $17.4 trillion from 2000 to 2006. The five largest contributors to global output expansion are the
United StatesThe United States of America is a federal constitutional republic comprising fifty states and a federal district...
at 20%,
ChinaChinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
at 9%,
GermanyGermany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
at 6%, the
United KingdomThe United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
at 6%, and
FranceThe French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
at 5%. The economic output of 4 markets contracted by $94.2 billion from 2000 to 2006. The three largest contributors to global output contraction are
JapanJapan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
at 80%,
ArgentinaArgentina , officially the Argentine Republic , is the second largest country in South America by land area, after Brazil. It is constituted as a federation of 23 provinces and an autonomous city, Buenos Aires...
at 19%, and the
UruguayUruguay ,officially the Oriental Republic of Uruguay,sometimes the Eastern Republic of Uruguay; ) is a country in the southeastern part of South America. It is home to some 3.5 million people, of whom 1.8 million live in the capital Montevideo and its metropolitan area...
at 1%.
At
purchasing power parityIn economics, purchasing power parity is a condition between countries where an amount of money has the same purchasing power in different countries. The prices of the goods between the countries would only reflect the exchange rates...
, the economic output of 180 markets expanded by $19.2 trillion from 2000 to 2006. The five largest contributors to global output expansion are the
United StatesThe United States of America is a federal constitutional republic comprising fifty states and a federal district...
at 18%,
ChinaChinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
at 17%,
IndiaIndia , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
at 6%,
JapanJapan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
at 5%, and
RussiaRussia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
at 4%.
2007 – China leads expansion
The economic output by nominal GDP of 183 markets expanded by $6.4 trillion during 2007.
ChinaChinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
accounted for 12% while the
United StatesThe United States of America is a federal constitutional republic comprising fifty states and a federal district...
accounted for 10%,
GermanyGermany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
accounted for 6%, and the
United KingdomThe United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
accounted for 6% of the global output expansion.
2008 – credit crisis begins
The economic output of 171 markets expanded by $5.8 trillion during 2008.
ChinaChinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
accounted for one-sixth of the global output expansion. The economic output of 11 markets contracted by $267 billion during 2008. The
United KingdomThe United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
accounted for one-half while
South KoreaThe Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
accounted for two-fifth of the global output contraction. Though the crisis first affected most countries in 2008, it was not yet deep enough to reverse growth.
2009 – credit crisis spreads
At exchange rates, the economic output of 127 markets contracted by $4.1 trillion during 2009. The
United KingdomThe United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
was the largest victim accounting for 12% while
RussiaRussia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
accounted for 11% and
GermanyGermany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
accounted for 8% of the global output contraction. The economic output of 56 markets expanded by $767.1 billion during 2009.
ChinaChinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
accounted for 61% while
JapanJapan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
accounted for 20% and
IndonesiaIndonesia , officially the Republic of Indonesia , is a country in Southeast Asia and Oceania. Indonesia is an archipelago comprising approximately 13,000 islands. It has 33 provinces with over 238 million people, and is the world's fourth most populous country. Indonesia is a republic, with an...
accounted for 4% of the global output expansion.
At
purchasing power parityIn economics, purchasing power parity is a condition between countries where an amount of money has the same purchasing power in different countries. The prices of the goods between the countries would only reflect the exchange rates...
, the economic output of 79 markets contracted by $1.4 trillion during 2009. The
United StatesThe United States of America is a federal constitutional republic comprising fifty states and a federal district...
was the largest victim accounting for 18% while
JapanJapan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
accounted for 17% and
RussiaRussia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
accounted for 10% of the global output contraction. The economic output of 104 markets expanded by $1.5 trillion during 2009.
ChinaChinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
accounted for 56% while
IndiaIndia , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
accounted for 17% and
IndonesiaIndonesia , officially the Republic of Indonesia , is a country in Southeast Asia and Oceania. Indonesia is an archipelago comprising approximately 13,000 islands. It has 33 provinces with over 238 million people, and is the world's fourth most populous country. Indonesia is a republic, with an...
accounted for 3% of the global output expansion.
2010 – recovery
At exchange rates, the economic output of 148 markets expanded by $5.3 trillion during 2010. The five largest contributors to global output expansion are
ChinaChinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
at 17%, the
United StatesThe United States of America is a federal constitutional republic comprising fifty states and a federal district...
at 10%,
BrazilBrazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...
at 9%,
JapanJapan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
at 8%, and
IndiaIndia , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
at 5%. The economic output of 35 markets contracted by $338.5 billion during 2010. The five largest contributors to global output contraction are
FranceThe French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
at 22%,
ItalyItaly , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
at 18%,
SpainSpain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
at 17%,
VenezuelaVenezuela , officially called the Bolivarian Republic of Venezuela , is a tropical country on the northern coast of South America. It borders Colombia to the west, Guyana to the east, and Brazil to the south...
at 10%, and
GermanyGermany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
at 7%.
At
purchasing power parityIn economics, purchasing power parity is a condition between countries where an amount of money has the same purchasing power in different countries. The prices of the goods between the countries would only reflect the exchange rates...
, the economic output of 169 markets expanded by $4.2 trillion during 2010. The five largest contributors to global output expansion are
ChinaChinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
at 25%, the
United StatesThe United States of America is a federal constitutional republic comprising fifty states and a federal district...
at 13%,
IndiaIndia , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
at 10%,
JapanJapan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
at 5%, and
BrazilBrazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...
at 4%. The economic output of 14 markets contracted by $17.8 billion during 2010. The five largest contributors to global output contraction are
GreeceGreece , officially the Hellenic Republic , and historically Hellas or the Republic of Greece in English, is a country in southeastern Europe....
at 67%,
VenezuelaVenezuela , officially called the Bolivarian Republic of Venezuela , is a tropical country on the northern coast of South America. It borders Colombia to the west, Guyana to the east, and Brazil to the south...
at 19%,
RomaniaRomania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea...
at 5%,
HaitiHaiti , officially the Republic of Haiti , is a Caribbean country. It occupies the western, smaller portion of the island of Hispaniola, in the Greater Antillean archipelago, which it shares with the Dominican Republic. Ayiti was the indigenous Taíno or Amerindian name for the island...
at 3%, and
CroatiaCroatia , officially the Republic of Croatia , is a unitary democratic parliamentary republic in Europe at the crossroads of the Mitteleuropa, the Balkans, and the Mediterranean. Its capital and largest city is Zagreb. The country is divided into 20 counties and the city of Zagreb. Croatia covers ...
at 2%.
IMF's economic outlook for 2010 noted that
banks faced a "wall" of maturing debt, which presents important risks for the normalization of credit conditions. There has been little progress in lengthening the maturity of their funding and, as a result, over $4 trillion in debt is due to be refinanced in the next 2 years.`
The following two tables are lists of twenty largest economies by incremental GDP from 2000 to 2010 by
International Monetary FundThe International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
.
| List of Economies by Incremental Nominal GDP from 2000 to 2010 |
List of Economies by Incremental GDP (PPP) from 2000 to 2010 |
EWLINE
| Rank | Country | Incremental GDP (billions of US$ The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
) | Share of Global Incremental GDP |
| — |
World Gross world product is the total gross national product of all the countries in the world. This also equals the total gross domestic product. See measures of national income and output for more details...
|
30,694.784 |
100.00% |
| — |
 European Union |
7,746.655 |
25.24% |
| 1 |
 Mainland China |
4,679.779 |
15.25% |
| 2 |
 United States |
4,575.075 |
14.91% |
| 3 |
 Brazil |
1,447.896 |
4.72% |
| 4 |
 Germany |
1,394.517 |
4.54% |
| 5 |
 Early Modern France |
1,230.874 |
4.01% |
| 6 |
 Russia |
1,220.123 |
3.98% |
| 7 |
 India |
1,155.620 |
3.76% |
| 8 |
 Italy |
954.551 |
3.11% |
| 9 |
 Canada |
852.126 |
2.78% |
| 10 |
 Australia |
836.375 |
2.72% |
| 11 |
 Spain |
827.569 |
2.70% |
| 12 |
 Japan |
791.349 |
2.58% |
| 13 |
 United Kingdom |
769.682 |
2.51% |
| 14 |
 Indonesia |
541.231 |
1.76% |
| 15 |
 South Korea |
481.097 |
1.57% |
| 16 |
 Turkey |
469.048 |
1.53% |
| 17 |
 Netherlands |
394.138 |
1.28% |
| 18 |
 Mexico |
362.379 |
1.18% |
| 19 |
 Iran |
310.942 |
1.01% |
| 20 |
 Poland |
298.138 |
0.97% |
| — |
Remaining Countries |
7,102.275 |
23.14% |
|
EWLINE
| Rank | Country | Incremental GDP (billions of US$ The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
) | Share of Global Incremental GDP |
| — |
World Gross world product is the total gross national product of all the countries in the world. This also equals the total gross domestic product. See measures of national income and output for more details...
|
32,120.264 |
100.00% |
| 1 |
Mainland China |
7,104.468 |
22.12% |
| — |
European Union |
4,644.825 |
14.46% |
| 2 |
United States |
4,575.075 |
14.24% |
| 3 |
India |
2,486.325 |
7.74% |
| 4 |
Russia |
1,110.081 |
3.46% |
| 5 |
Japan |
1,108.850 |
3.45% |
| 6 |
Brazil |
944.114 |
2.94% |
| 7 |
Germany |
800.073 |
2.49% |
| 8 |
South Korea |
690.370 |
2.15% |
| 9 |
United Kingdom |
665.196 |
2.07% |
| 10 |
Early Modern France |
600.626 |
1.87% |
| 11 |
Indonesia |
531.966 |
1.66% |
| 12 |
Mexico |
499.665 |
1.56% |
| 13 |
Spain |
472.438 |
1.47% |
| 14 |
Turkey |
455.658 |
1.42% |
| 15 |
Iran |
455.302 |
1.42% |
| 16 |
Canada |
445.591 |
1.39% |
| 17 |
Italy |
381.207 |
1.19% |
| 18 |
 Republic of China |
372.688 |
1.16% |
| 19 |
Australia |
356.136 |
1.11% |
| 20 |
Poland |
326.560 |
1.02% |
| — |
Remaining Countries |
7,737.875 |
24.09% |
|
|
2010 – 2016 The BRICIn economics, BRIC is a grouping acronym that refers to the countries of Brazil, Russia, India and China, which are all deemed to be at a similar stage of newly advanced economic development...
s lead economic growth.
At exchange rates, the economic output of the world is expected to expand by US$28.7 trillion, €20 trillion from 2010 to 2016. At
purchasing power parityIn economics, purchasing power parity is a condition between countries where an amount of money has the same purchasing power in different countries. The prices of the goods between the countries would only reflect the exchange rates...
, the economic output of 183 markets is expected to expand by US$29.1 trillion, €25 trillion from 2010 to 2016. The following two tables are predictive lists of forty largest economies by incremental GDP from 2010 to 2016 by
International Monetary FundThe International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
.
| Predictive List of Economies by Incremental Nominal GDP from 2010 to 2016 |
Predictive List of Economies by Incremental GDP (PPP) from 2010 to 2016 |
EWLINE
| Rank | Country | Incremental GDP (billions of US$ The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
) | Share of Global Incremental GDP |
| — |
World Gross world product is the total gross national product of all the countries in the world. This also equals the total gross domestic product. See measures of national income and output for more details...
|
28,664.160 |
100.00% |
| 1 |
Mainland China |
5,901.722 |
20.59% |
| — |
European Union |
4,808.275 |
16.77% |
| 2 |
United States |
3,724.097 |
12.99% |
| 3 |
Russia |
1,608.236 |
5.61% |
| 4 |
India |
1,394.939 |
4.87% |
| 5 |
Japan |
1,324.140 |
4.62% |
| 6 |
Brazil |
1,282.701 |
4.47% |
| 7 |
United Kingdom |
973.522 |
3.40% |
| 8 |
Early Modern France |
704.864 |
2.46% |
| 9 |
Indonesia |
674.918 |
2.35% |
| 10 |
South Korea |
671.361 |
2.34% |
| 11 |
Germany |
642.659 |
2.24% |
| 12 |
Australia |
571.037 |
1.99% |
| 13 |
Canada |
528.798 |
1.84% |
| 14 |
Mexico |
470.710 |
1.64% |
| 15 |
Italy |
421.204 |
1.47% |
| 16 |
Turkey |
397.580 |
1.39% |
| 17 |
Spain |
353.651 |
1.23% |
| 18 |
Republic of China |
337.235 |
1.18% |
| 19 |
 Sweden |
325.283 |
1.13% |
| 20 |
 Saudi Arabia |
288.458 |
1.01% |
| 21 |
 Switzerland |
237.156 |
0.83% |
| 22 |
Poland |
224.310 |
0.78% |
| 23 |
Iran |
222.480 |
0.78% |
| 24 |
 Thailand |
219.045 |
0.76% |
| 25 |
Netherlands |
187.052 |
0.65% |
| 26 |
 Argentina |
179.994 |
0.63% |
| 27 |
 Kazakhstan |
177.049 |
0.62% |
| 28 |
 South Africa |
171.913 |
0.60% |
| 29 |
 United Arab Emirates |
162.645 |
0.57% |
| 30 |
 Nigeria |
156.766 |
0.55% |
| 31 |
 Belgium |
154.013 |
0.54% |
| 32 |
 Colombia |
141.267 |
0.49% |
| 33 |
 Norway |
132.653 |
0.46% |
| — |
 Hong Kong |
130.731 |
0.46% |
| 34 |
 Kingdom of Romania |
127.647 |
0.45% |
| 35 |
 Pakistan |
126.254 |
0.44% |
| 36 |
 Malaysia |
123.778 |
0.43% |
| 37 |
 Egypt |
123.282 |
0.43% |
| 38 |
 Austria |
118.493 |
0.41% |
| 39 |
 Ukraine |
117.496 |
0.41% |
| 40 |
 Singapore |
115.901 |
0.40% |
| — |
Remaining Countries |
2,717.120 |
9.48% |
|
EWLINE
|
|
Economy
- GDP
Gross domestic product refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living....
(GWP) (gross world productGross world product is the total gross national product of all the countries in the world. This also equals the total gross domestic product. See measures of national income and output for more details...
): (purchasing power parity exchange rates) – $59.38 trillion (2005 est.), $51.48 trillion (2004), $23 trillion (2002)
- GDP
Gross domestic product refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living....
(GWP) (gross world productGross world product is the total gross national product of all the countries in the world. This also equals the total gross domestic product. See measures of national income and output for more details...
):' (market exchange rates) – $60.69 trillion (2008)
- GDP – real growth rate: 3.2% (2008), 3.1% p.a. (2000–07), 2.4% p.a. (1990–99), 3.1% p.a. (1980–89)
- 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
In probability theory and statistics, a median is described as the numerical value separating the higher half of a sample, a population, or a probability distribution, from the lower half. The median of a finite list of numbers can be found by arranging all the observations from lowest value to...
income: purchasing power parity $1,041, €950 (1993)
- GDP – composition by sector: agriculture: 4%; industry: 32%; services: 64% (2004 est.)
- Inflation
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
rate (consumer prices): developed countriesA developed country is a country that has a high level of development according to some criteria. Which criteria, and which countries are classified as being developed, is a contentious issue...
1% to 4% typically; developing countriesA developing country, also known as a less-developed country, is a nation with a low level of material well-being. Since no single definition of the term developing country is recognized internationally, the levels of development may vary widely within so-called developing countries...
5% to 60% typically; national inflation rates vary widely in individual cases, from declining prices in JapanThe economy of Japan, a free market economy, is the third largest in the world after the United States and the People's Republic of China, and ahead of Germany at 4th...
to hyperinflationIn economics, hyperinflation is inflation that is very high or out of control. While the real values of the specific economic items generally stay the same in terms of relatively stable foreign currencies, in hyperinflationary conditions the general price level within a specific economy increases...
in several Third WorldThe term Third World arose during the Cold War to define countries that remained non-aligned with either capitalism and NATO , or communism and the Soviet Union...
countries (2003)
- Derivatives
A derivative instrument is a contract between two parties that specifies conditions—in particular, dates and the resulting values of the underlying variables—under which payments, or payoffs, are to be made between the parties.Under U.S...
OTC outstanding notional amount: $601 trillion (Dec 2010) (http://www.bis.org/statistics/otcder/dt1920a.pdf)
- Derivatives
A derivative instrument is a contract between two parties that specifies conditions—in particular, dates and the resulting values of the underlying variables—under which payments, or payoffs, are to be made between the parties.Under U.S...
exchange traded outstanding notional amount: $82 trillion (June 2011) (http://www.bis.org/publ/qtrpdf/r_qa1109.pdf#page=136)
- Global debt
A debt is an obligation owed by one party to a second party, the creditor; usually this refers to assets granted by the creditor to the debtor, but the term can also be used metaphorically to cover moral obligations and other interactions not based on economic value.A debt is created when a...
issuance: $5.187 trillion, €3 trillion (2004), $4.938 trillion, €3.98 trillion (2003), $3.938 trillion (2002) (Thomson Financial League Tables)
- Global equity
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
issuance: $505 billion, €450 billion (2004), $388 billion. €320 billion (2003), $319 billion, €250 trillion (2002) (Thomson Financial League Tables)
Employment
- Unemployment
Unemployment , as defined by the International Labour Organization, occurs when people are without jobs and they have actively sought work within the past four weeks...
rate: 8.7% (2009 est.). 30% (2007 est.) combined unemployment and underemploymentUnderemployment refers to an employment situation that is insufficient in some important way for the worker, relative to a standard. Examples include holding a part-time job despite desiring full-time work, and overqualification, where the employee has education, experience, or skills beyond the...
in many non-industrialized countries; developed countries typically 4%–12% unemployment.
Energy
- Yearly electricity – production: 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
Petroleum or crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons of various molecular weights and other liquid organic compounds, that are found in geologic formations beneath the Earth's surface. Petroleum is recovered mostly through oil drilling...
– production: 79650000 oilbbl/d (2003 est.), 75460000 oilbbl/d (2001)
- Oil – consumption: 80100000 oilbbl/d (2003 est.), 76210000 oilbbl/d (2001)
- Oil – proved reserves: 1.025 trillion barrel (163 km³) (2001 est.)
- Natural gas
Natural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...
– production: 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, €8.75 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, €9 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: Official Development Assistance
Official development assistance is a term compiled by the Development Assistance Committee of the Organisation for Economic Co-operation and Development to measure aid. The DAC first compiled the term in 1969. It is widely used by academics and journalists as a convenient indicator of...
(ODA) $50 billion, €39.5 billion
Communications
Telephones – main lines in use: 843,923,500 (2007)
4,263,367,600 (2008)
- Telephones – mobile cellular: 3,300,000,000 (Nov. 2007)
- Internet Service Providers (ISPs): 10,350 (2000 est.)
- Internet
The Internet is a global system of interconnected computer networks that use the standard Internet protocol suite to serve billions of users worldwide...
users: 1,311,050,595 (January 18, 2008 http://www.internetworldstats.com est.), 1,091,730,861 (December 30, 2006 http://www.internetworldstats.com/stats.htm est.), 604,111,719 (2002 est.)
Transport
Transportation infrastructure worldwide includes:
- Airports
- 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
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
, 24,509 km in the Far EastThe Far East is an English term mostly describing East Asia and Southeast Asia, with South Asia sometimes also included for economic and cultural reasons.The term came into use in European geopolitical discourse in the 19th century,...
, 11,050 km in AfricaAfrica is the world's second largest and second most populous continent, after Asia. At about 30.2 million km² including adjacent islands, it covers 6% of the Earth's total surface area and 20.4% of the total land area...
, 4,223 km in South AmericaSouth America is a continent situated in the Western Hemisphere, mostly in the Southern Hemisphere, with a relatively small portion in the Northern Hemisphere. The continent is also considered a subcontinent of the Americas. It is bordered on the west by the Pacific Ocean and on the north and east...
, and 4,160 km in North AmericaNorth America is a continent wholly within the Northern Hemisphere and almost wholly within the Western Hemisphere. It is also considered a northern subcontinent of the Americas...
.
Military
- Military expenditures – dollar figure: aggregate real expenditure on arms worldwide in 1999 remained at approximately the 1998 level, about $750 billion, about 1/2 of which was the United States (1999)
- Military expenditures – percent of GDP
Gross domestic product refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living....
: 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
USCSThe United States Commercial Service is the trade promotion arm of the U.S. Department of Commerce's International Trade Administration, which helps U.S. companies succeed in markets around the world. Led by Assistant Secretary of Commerce and Director General Suresh Kumar and located across the...
(US DoC) and
FASThe Foreign Agricultural Service is the foreign affairs agency with primary responsibility for the United States Department of Agriculture's overseas programs—market development, international trade agreements and negotiations, and the collection of statistics and market information...
(USDA) in the United States,
EDCExport Development Canada is Canada's export credit agency. It is a Crown corporation wholly owned by the Government of Canada, which provides financing and risk management services to Canadian exporters and investors in up to 200 markets worldwide, with spread across all provinces in Canada, and...
and
AAFCThe Department of Agriculture and Agri-Food, also referred to as Agriculture and Agri-Food Canada , is the department of the government of Canada with responsibility for policies governing agriculture production, farming income, research and development, inspection, and the regulation of animals...
in Canada,
UbifranceUbifrance is the French agency for export promotion. It succeeds "Centre Français du commerce extérieur".Its headquarters is on Boulevard Saint-Jacques, 13th arrondissement of Paris. UBIFrance has 66 economic missions in 46 countries and more than 1,400 employees in France and abroad responsible...
in France, UKTI in the UK, HKTDC and
JETROis an independent government agency established by Japan Export Trade Research Organization as a nonprofit corporation in Osaka in February 1951, and reorganized as the Ministry of International Trade and Industry in 1958 to consolidate Japan's efforts in export promotion...
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.netGlobalTrade.net is run by FITA Online, the online global trade services division of the Federation of International Trade Associations , together with partners the United States Commercial Service, UK Trade & Investment, Hong Kong Trade Development Council , ThomasNet, Alibaba.com, Kompass and...
.
See also
- Economic history of the world
The Economic History Of The World is a record of the economic activities of all humans, spanning both recorded history and evidenced prehistory.-Prehistory:...
- Common Wealth: Economics for a Crowded Planet (book)
- Global workforce
Global workforce refers to the labor pool of workers employed by multinational companies and connected through a global system of networking and production. As of 2005, this global labor pool consisted of approximately 3 billion workers....
- Globality
Globality is the end-state of globalization – a hypothetical condition in which the process of globalization is complete or nearly so, barriers have fallen, and "a new global reality" is emerging....
- Globalization
Globalization refers to the increasingly global relationships of culture, people and economic activity. Most often, it refers to economics: the global distribution of the production of goods and services, through reduction of barriers to international trade such as tariffs, export fees, and import...
- Trade route
A trade route is a logistical network identified as a series of pathways and stoppages used for the commercial transport of cargo. Allowing goods to reach distant markets, a single trade route contains long distance arteries which may further be connected to several smaller networks of commercial...
- World Trade Report
The World Trade Report is an annual publication from World Trade Organization. It deals with trends in trade, trade policy issues and the multilateral trading system. The theme of this year’s report is “Trade in Natural Resources: Challenges in Global Governance”. This year's report will be...
- The World Economy: Historical Statistics
The World Economy: Historical Statistics is a book by Angus Maddison. Published in 2004 by the OECD Development Centre, it studies the growth of populations and economies across the centuries: not just the World Economy as it is now, but how it was in the past.Among other things, it showed that...
Regional economies:
- Economy of Africa
The economy of Africa consists of the trade, industry, and resources of the people of Africa. , approximately 922 million people were living in 54 different countries. Africa is by far the world's poorest inhabited continent...
- Economy of Asia
The economy of Asia comprises more than 4 billion people living in 46 different states. Six further states lie partly in Asia, but are considered to belong to another region economically and politically...
- Economy of Europe
The economy of Europe comprises more than 731 million people in 48 different states. Like other continents, the wealth of Europe's states varies, although the poorest are well above the poorest states of other continents in terms of GDP and living standards. The difference in wealth across...
- Economy of North America
The economy of North America comprises more than 528 million people in its 23 sovereign states and 15 dependent territories...
- Economy of Oceania
The economy of Oceania comprises more than 14 separate countries and their associated economies.On a total scale the region has approximately 34,700,201 inhabitants who are spread among 30,000 islands in the South Pacific bordered between Asia and the Americas...
- Economy of South America
The economy of South America comprises around 382 million people living in twelve nations and three territories. It contributes 6% of the world's population.-Economic development:...
Events:
- 2007–2008 world food price crisis
World food prices increased dramatically in 2007 and the 1st and 2nd quarter of 2008 creating a global crisis and causing political and economical instability and social unrest in both poor and developed nations. Systemic causes for the worldwide increases in food prices continue to be the subject...
- Late 2000s recession
The late-2000s recession, sometimes referred to as the Great Recession or Lesser Depression or Long Recession, is a severe ongoing global economic problem that began in December 2007 and took a particularly sharp downward turn in September 2008. The Great Recession has affected the entire world...
- Oil price increases since 2003
Lists:
External links