Finance:World economy

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Short description: Economy of the world
World GDP per capita between 1500 and 2003

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, exchange of financial values 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 dollar s 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 ((As of March 2020))[3][4] have most of their economic activity reflected in these valuations.

According to Maddison[who?], until the middle of the 19th century, global output was dominated by China and India . Waves of the Industrial Revolution in Western Europe and Northern America shifted the shares to the Western Hemisphere. As of 2023, 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

Country group List of country groups by
GDP (nominal)
in 2023 (or at peaked level) 		List of country groups by
GDP (PPP)
in 2023 (or at peaked level) 		Number of
countries 		Major economies
Value
(in millions of US$)		 Share of
Global GDP		 Value
(in millions of US$)		 Share of
Global GDP
Major advanced economies (G7)
(Continents: Europe, North America and Asia) 		46,295,306 44.3% 52,295,411 29.9% 7  United States
 Japan
 Germany
 United Kingdom
 France
 Italy
 Canada
Emerging and developing Asia
(Continents: Asia and Oceania) 		25,441,042 24.4% 58,503,987 33.5% 30  China
 India
 Indonesia
 Thailand
 Bangladesh
 Vietnam
 Philippines
 Malaysia
Other advanced economies
(advanced economies excluding the G7)
(Continents: Europe, Asia, Oceania and North America) 		14,634,255 14.0% 19,624,991 11.2% 34  South Korea
 Spain
 Australia
 Taiwan
 Netherlands
  Switzerland
 Belgium
 Singapore
 Ireland
 Sweden
 Norway
 Austria
Latin America and the Caribbean
(Continents: South America and North America) 		6,517,251 6.2% 12,813,893 7.3% 33  Brazil
 Mexico
 Argentina
 Colombia
Emerging and developing Europe
(Continents: Europe and Asia) 		4,933,179 4.7% 12,926,223 7.4% 15  Russia
 Turkey
 Poland
 Romania
Middle East and Central Asia
(Continents: Asia and Africa) 		4,698,168
(peaked at 4,750,874 in 2022) 		4.5% 13,126,177 7.5% 32  Saudi Arabia
 Egypt
 Iran
 Pakistan
 United Arab Emirates
 Kazakhstan
 Algeria
Sub-Saharan Africa
(Continent: Africa) 		1,957,231
(peaked at 2,013,032 in 2022) 		1.9% 5,499,185 3.2% 45  Nigeria
 South Africa
World 104,476,432 100.0% 174,789,867 100.0% 196

World economy by continent

GDP sector composition (2019 estimate)[12][13]
Continent Agricultural Industrial Service
World 7,908.26 38,354.363 81,575.461
Asia 5,105.362 20,858.549 32,939.397
North America 292.467 5,008.594 18,426.2
Europe 838.199 8,175.402 20,598.902
South America 539.51 2,014.14 5,024.223
Africa 1,076.69 1,941.037 3,559.579
Oceania 56.032 356.641 1,027.16

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

The 25 largest economies by GDP (nominal), twenty largest economies by GDP (PPP) as of 2023. 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 2023 in million US$[5] 		List of the 25 largest economies
by GDP (PPP) at their peak level as of 2023 in million Int$[5] 		List of the 26 economies by highest
GDP (nominal) per capita at their peak level as of 2023 in US$[14] 		List of the 26 economies by highest
GDP (PPP) per capita at their peak level as of 2023 in Int$'[15]
Rank Country Value Peak year
— World 104,476,432 2023
1  United States 26,949,643 2023
—  European Union[16] 19,226,235 2008
2  China[17] 17,963,171 2022
3  Japan[18] 6,272,363 2012
4  Germany 4,429,838 2023
5  India 3,732,224 2023
6  United Kingdom 3,332,059 2023
7  France 3,049,016 2023
— Template:Country data African Union[19] 2,945,709 2022
8  Brazil[20] 2,616,157 2011
9  Italy[21] 2,408,655 2008
10  Russia 2,288,428 2013
11  Canada[22] 2,139,840 2022
12  South Korea 1,818,432 2021
13  Mexico 1,811,468 2023
14  Australia 1,702,554 2022
15  Spain[23] 1,631,863 2008
16  Indonesia 1,417,387 2023
17  Turkey 1,154,600 2023
18  Saudi Arabia 1,108,149 2022
19  Netherlands 1,092,748 2023
20   Switzerland 905,684 2023
21  Poland 842,172 2023
22  Taiwan 775,741 2021
23  Iran[24] 644,036 2012
24  Argentina 643,861 2017
25  Sweden 639,715 2021
Rank Country Value Peak year
— World 174,789,867 2023
1  China 32,897,929 2023
2  United States 26,949,643 2023
—  European Union[25] 25,430,409 2023
3  India 13,119,622 2023
— Template:Country data African Union[26] 8,865,179 2023
4  Japan 6,495,214 2023
5  Germany 5,537,992 2023
6  Russia[27] 5,326,855 2022
7  Indonesia 4,393,370 2023
8  Brazil 4,101,022 2023
9  United Kingdom 3,871,790 2023
10  France 3,868,619 2023
11  Turkey 3,613,540 2023
12  Mexico 3,277,601 2023
13  Italy 3,193,180 2023
14  South Korea 2,924,189 2023
15  Spain 2,413,066 2023
16  Canada 2,378,973 2023
17  Saudi Arabia 2,246,535 2023
18  Egypt 1,809,425 2023
19  Iran 1,725,874 2023
20  Australia 1,719,262 2023
21  Poland 1,712,629 2023
22  Taiwan 1,685,358 2023
23  Thailand 1,578,452 2023
24  Pakistan 1,568,427 2023
25  Bangladesh 1,476,870 2023
Rank Country Value Peak year
1  Monaco 234,317 2021
2  Liechtenstein 184,083 2021
3  Luxembourg 135,605 2023
4  Bermuda 118,846 2022
5  Ireland 112,248 2023
6  Norway 106,149 2022
7   Switzerland 102,866 2023
8  Qatar 101,933 2012
9  Isle of Man 91,881 2014
10  Macau 90,874 2014
11  Cayman Islands 89,961 2007
12  Singapore 87,884 2023
13  United States 80,412 2023
14  San Marino 79,110 2008
15  Iceland 78,837 2023
16 Template:Country data Channel Islands Channel Islands 75,148 2022
17  Denmark 71,402 2023
18 Template:FRO 69,010 2021
19  Australia 68,450 2012
20  Netherlands 61,770 2023
21  Sweden 61,203 2021
22  Austria 58,013 2023
23  Greenland 57,116 2021
24  Kuwait 55,595 2008
25  Canada 55,037 2022
26  Israel 54,660 2022
Rank Country Value Peak year
1  Qatar 169,698 2012
2  Macau 149,422 2013
3  Luxembourg 143,304 2023
4  Ireland 137,638 2023
5  Singapore 133,108 2023
6  Norway 114,899 2022
7  United Arab Emirates 110,200 2004
8  Bermuda 95,837 2022
9  Kuwait 91,485 2007
10   Switzerland 89,537 2023
11  Brunei 88,312 2012
12  San Marino 84,135 2023
13  United States 80,412 2023
14  Cayman Islands 77,387 2007
15  Denmark 74,958 2023
16  Netherlands 73,317 2023
17  Hong Kong 72,861 2023
18  Taiwan 72,485 2023
19  Iceland 69,833 2023
20  Austria 69,069 2023
21  Saudi Arabia 68,453 2023
22  Andorra 68,232 2023
23  Sweden 66,209 2023
24  Germany 66,038 2023
25  Belgium 65,813 2023
26  Australia 64,674 2023

Twenty largest economies in the world by nominal GDP

The following is a list of the twenty largest economies by nominal GDP at peak value as of the specific year, according to the International Monetary Fund.[5]
Rank 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2028
1  United States  United States  United States  United States  United States  United States  United States  United States  United States  United States  United States
2  Japan  Japan  Japan  Japan  Japan  Japan  China  China  China  China  China
3  Soviet Union  Soviet Union  West Germany  Germany  Germany  Germany  Japan  Japan  Japan  Japan  Japan
4  West Germany  West Germany  France  France  United Kingdom  United Kingdom  Germany  Germany  Germany  Germany  India
5  France  France  United Kingdom  United Kingdom  France  China  United Kingdom  United Kingdom  United Kingdom  India  Germany
6  United Kingdom  United Kingdom  Soviet Union  Italy  Italy  France  France  France  France  United Kingdom  United Kingdom
7  Italy  Italy  Italy  Brazil  China  Italy  Italy  Brazil  India  France  France
8  China  Canada  Canada  China  Brazil  Canada  Brazil  Italy  Brazil  Brazil  Brazil
9  Canada  China  Iran  Spain  Canada  Spain  Russia  Russia  Italy  Italy  Canada
10  Mexico  Mexico  Spain  Canada  Mexico  South Korea  India  India  Russia  Canada  Italy
Rank 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2028
11  Brazil  Brazil  Brazil  Iran  Spain  Mexico  Spain  Canada  Canada  Russia  Mexico
12  Argentina  India  China  South Korea  South Korea  Brazil  Canada  Spain  South Korea  Mexico  Russia
13  Spain  Argentina  India  Russia  Iran  India  Australia  Australia  Spain  South Korea  South Korea
14  Netherlands  Spain  Australia  Mexico  Russia  Russia  South Korea  South Korea  Australia  Australia  Indonesia
15  India  Australia  Netherlands  Netherlands  India  Australia  Mexico  Mexico  Mexico  Spain  Australia
16  Saudi Arabia  Netherlands  Mexico  Australia  Netherlands  Netherlands  Netherlands  Turkey  Indonesia  Indonesia  Spain
17  Australia  Saudi Arabia  South Korea  India  Australia  Iran  Turkey  Netherlands  Turkey  Turkey  Turkey
18  Sweden  Iran   Switzerland   Switzerland   Switzerland  Turkey  Indonesia  Indonesia  Netherlands  Netherlands  Netherlands
19  Belgium  Sweden  Sweden  Argentina  Argentina   Switzerland   Switzerland  Saudi Arabia  Saudi Arabia  Saudi Arabia  Saudi Arabia
20   Switzerland  Belgium  Argentina  Belgium  Taiwan  Sweden  Iran   Switzerland   Switzerland   Switzerland   Switzerland

Twenty largest economies in the world by GDP (PPP)

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.[5][28]
Rank 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2028
1  United States  United States  United States  United States  United States  United States  United States  United States  China  China  China
2  Soviet Union  Soviet Union  Soviet Union  Japan  China  China  China  China  United States  United States  United States
3  Japan  Japan  Japan  China  Japan  Japan  India  India  India  India  India
4  West Germany  West Germany  West Germany  Germany  Germany  India  Japan  Japan  Japan  Japan  Japan
5  Italy  Italy  Italy  Russia  India  Germany  Germany  Germany  Germany  Germany  Germany
6  France  France  China  India  France  Russia  Russia  Russia  Russia  Russia  Indonesia
7  Brazil  Brazil  France  Italy  Italy  France  Brazil  Brazil  Indonesia  Indonesia  Russia
8  United Kingdom  United Kingdom  United Kingdom  France  Russia  Brazil  France  United Kingdom  France  Brazil  Brazil
9  Mexico  China  India  Brazil  United Kingdom  United Kingdom  United Kingdom  France  United Kingdom  France  Turkey
10  Saudi Arabia  India  Brazil  United Kingdom  Brazil  Italy  Italy  Indonesia  Brazil  United Kingdom  United Kingdom
Rank 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2028
11  India  Mexico  Mexico  Mexico  Mexico  Mexico  Indonesia  Mexico  Italy  Turkey  France
12  China  Saudi Arabia  Spain  Indonesia  Indonesia  Indonesia  Mexico  Italy  Mexico  Mexico  Mexico
13  Spain  Canada  Canada  Spain  Spain  South Korea  South Korea  Turkey  Turkey  Italy  Italy
14  Canada  Spain  Indonesia  Saudi Arabia  Canada  Spain  Spain  South Korea  South Korea  South Korea  South Korea
15  Iran  Iran  Saudi Arabia  Canada  South Korea  Canada  Saudi Arabia  Saudi Arabia  Spain  Spain  Saudi Arabia
16  Indonesia  Indonesia  Turkey  South Korea  Saudi Arabia  Saudi Arabia  Iran  Spain  Canada  Canada  Spain
17  Argentina  Turkey  Iran  Turkey  Iran  Iran  Canada  Canada  Saudi Arabia  Saudi Arabia  Canada
18  Poland  Australia  South Korea  Iran  Turkey  Turkey  Turkey  Iran  Iran  Egypt  Egypt
19  Netherlands  Netherlands  Australia  Australia  Australia  Australia  Australia  Egypt  Australia  Poland  Bangladesh
20  Turkey  Argentina  Netherlands  Thailand  Netherlands  Thailand  Taiwan  Australia  Egypt  Iran  Poland

Statistical indicators

Finance

Countries or territories by GDP (PPP) per capita in 2021.
  >$60,000
  $50,000 – $60,000
  $40,000 – $50,000
  $30,000 – $40,000
  $20,000 – $30,000
  $10,000 – $20,000
  $5,000 – $10,000
  $2,500 – $5,000
  $1,000 – $2,500
  <$1,000
  No data
Countries by total wealth (trillions USD), Credit Suisse
  • 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:,[29] 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):[30] (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[31] (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)[32]
  • 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);[33]
    • Developed Economies 1% to 4% typically
    • Developing Countries 5% to 60% typically
    • Least developed countries 11.4% (2017), 8.3% (predicted 2018)[33]
  • Derivatives OTC outstanding notional amount: $601 trillion (Dec 2010) ([1])
  • Derivatives exchange traded outstanding notional amount: $82 trillion (June 2011) ([2])
  • 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

World GDP per capita between 1500 and 2000 (log scale)
World GDP per capita between 1500 and 2003
GDP increase, 1990–1998 and 1990–2006, in major countries
  • Unemployment rate: 8.7% (2009 est.). 30% (2007 est.) combined unemployment and underemployment in many non-industrialized countries; developed countries typically 4%–12% unemployment.

Industries

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

Energy

Global primary energy consumption, measured in terawatt-hours (TWh) per year
  • Yearly electricity – production: 21,080,878 GWh (2011 est.),[34] 15,850,000 GWh (2003 est.), 14,850,000 GWh (2001 est.)
  • Yearly electricity – consumption: 14,280,000 GWh (2003 est.), 13,930,000 GWh (2001 est.)
  • Oil – production: 79,650,000 bbl/d (12,663,000 m3/d) (2003 est.), 75,460,000 barrels per day (11,997,000 m3/d) (2001)
  • Oil – consumption: 80,100,000 bbl/d (12,730,000 m3/d) (2003 est.), 76,210,000 barrels per day (12,116,000 m3/d) (2001)
  • Oil – proved reserves: 1.025 trillion barrel (163 km3 (39 cu mi) (2001 est.)
  • Natural gas – production: 3,366 km3 (808 cu mi) (2012 est.),[35] 2,569 km3 (616 cu mi) (2001 est.)
  • Natural gas – consumption: 2,556 km3 (613 cu mi) (2001 est.)
  • Natural gas – proved reserves: 161,200 km3 (38,700 cu mi) (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)[36]

Communications

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

  • Telephones – mobile cellular: 3,300,000,000 (Nov. 2007)[37]
  • Internet Service Providers (ISPs): 10,350 (2000 est.)
  • Internet users: 3,079,339,857 (31 December 2014 [3]), 360,985,492 (31 December 2000[38])

Transport

Transportation infrastructure worldwide includes:

  • Airports
    • Total: 41,821 (2013)[39]
  • Roadways
    • Total: 32,345,165 km (20,098,354 mi)
    • Paved: 19,403,061 km (12,056,503 mi)
    • Unpaved: 12,942,104 km (8,041,851 mi) (2002)
  • Railways

Military

A pie chart showing global military expenditures by country for 2019, in US$ billions, according to SIPRI.
  • World military expenditure in 2018: estimated to $1.822 trillion[40]
  • Military expenditures – percent of GDP: roughly 2% of gross world product (1999).

Science, research and development

Number of scientific or technical journal article publications per million residents as of 2013.

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.[41] In 2015, research and development constituted an average 2.2% of the global GDP according to the UNESCO Institute for Statistics.[42] 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

Shown is how the global material footprint and global CO2 emissions from fossil-fuel combustion and industrial processes changed compared with global GDP.[43]
The period since 1950 has brought "the most rapid transformation of the human relationship with the natural world in the history of humankind".[44] Through 2018, humans have reduced forest area by ~30% and grasslands/shrubs by ~68%, to make way for livestock grazing and crops for humans.[45]
  • Forests (carbon sinks, wood, ecosystem services, ...)
    • Estimated number of trees that are net lost annually as of 2021: 10 billion[46][47]
    • Global annual deforested land in 2015–2020: 10 million hectares
    • Global annual net forest area loss in 2000–2010 : 4.7 million hectares[48]
  • 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)[49]
      • Estimated annual loss of agricultural productivity due to soil erosion: 8 billion US dollars (based on the soil erosion data)[50]
      • Soil erosion by water in 2015: approximately 43 billion tons (according to a 2020 study)[51]
      • Environmental impact of pesticides
        • Pesticide use in tonnes of active ingredient in Australia in 2016: ca. 62,500 tonnes[52]
  • 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".[53]
    • Air pollution
      • Number of human deaths caused annually by air pollution worldwide: ca. 7 million[54][55][56]
      • Estimated global annual cost of air pollution: $5 trillion[57][58][59]
    • 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[60]
      • Estimated accumulated number of microplastic particles in the North Atlantic Ocean in 2020: 3700 microplastics per cubic meter[60]
This list is incomplete; you can help by expanding it.

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.[61]

Historical development

Shift of the world's economic center of gravity since 1980 and projected until 2050[62]
Estimations of world population and GDP from a 2020 research paper[63]
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.

Legend
  Explained by: Housing
  Explained by: Income
  Explained by: Jobs
  Explained by: Community
  Explained by: Education
  Explained by: Environment
  Explained by: Civic engagement
  Explained by: Health
  Explained by: Life Satisfaction
  Explained by: Safety
  Explained by: Work-Life Balance
OECD Better Life Index rankings for 2016
Overall Rank
[64] 		Country Housing Income Jobs Community Education Environment Civic engagement Health Life Satisfaction Safety Work-Life Balance
1  Norway
2  Australia
3  Denmark
4   Switzerland
5  Canada
6  Sweden
7  New Zealand
8  Finland
9  United States
10  Iceland
11  Netherlands
12  Germany
13  Luxembourg
14  Belgium
15  Austria
16  United Kingdom
17  Ireland
18  France
19  Spain
20  Slovenia
21  Czech Republic
22  Estonia
23  Japan
24  Slovakia
25  Italy
26  Israel
27  Poland
28  South Korea
29  Portugal
30  Latvia
31  Greece
32  Hungary
33  Russia
34  Chile
35  Brazil
36  Turkey
37  Mexico
38  South Africa

The index includes 11 comparable "dimensions" of well-being:[65]

  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

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:


References

  1. ↑ "THE GLOBAL ECONOMY | definition in the Cambridge English Dictionary". https://dictionary.cambridge.org/us/dictionary/english/global-economy. 
  2. ↑ "World Economy." – Definition. American English Definition of with Pronunciation by Macmillan Dictionary. N.p., n.d. Web. 2 January 2015.
  3. ↑ "World Population: 2020 Overview". https://yaleglobal.yale.edu/content/world-population-2020-overview. 
  4. ↑ "2020 World Population Data Sheet". https://interactives.prb.org/2020-wpds/. 
  5. ↑ 5.0 5.1 5.2 5.3 5.4 "World Economic Outlook Database October 2023". https://www.imf.org/en/Publications/WEO/weo-database/2023/October. 
  6. ↑ "More QE From the Bank of England to Support the UK Economy in 2021". Vant Age Point Trading. https://vantagepointtrading.com/news/more-qe-from-the-bank-of-england-to-support-the-uk-economy-in-2021/. 
  7. ↑ OECD (March 2021). "OECD Economic Outlook, Interim Report March 2021". https://www.oecd-ilibrary.org/economics/oecd-economic-outlook/volume-2020/issue-2_34bfd999-en. 
  8. ↑ "The Global Economic Outlook During the COVID-19 Pandemic: A Changed World" (in en). https://www.worldbank.org/en/news/feature/2020/06/08/the-global-economic-outlook-during-the-covid-19-pandemic-a-changed-world. 
  9. ↑ "Cities are the hub of the global green recovery" (in en). https://blogs.worldbank.org/sustainablecities/cities-are-hub-global-green-recovery. 
  10. ↑ "Mayor of Lima sees COVID-19 as spark for an urban hub to the green recovery" (in en). https://www.eib.org/en/stories/urban-impact-of-covid-19. 
  11. ↑ Lucia Quaglietti, Collette Wheeler (11 January 2022). "The Global Economic Outlook in five charts". World Bank. https://blogs.worldbank.org/voices/global-economic-outlook-five-charts-1. 
  12. ↑ "The World Factbook - GDP (purchasing power parity)". https://www.cia.gov/library/publications/resources/the-world-factbook/fields/208.html. 
  13. ↑ "The World Factbook - GDP - composition, by sector of origin". https://www.cia.gov/library/publications/resources/the-world-factbook/fields/214.html. 
  14. ↑ GDP per capita data for Monaco, Liechtenstein, Bermuda, the Isle of Man, Macau, the Cayman Islands, the Channel Islands, the Faroe Islands, Greenland, Kuwait and Israel by World Bank
  15. ↑ GDP per capita data for Macau, Norway, Bermuda, Kuwait, and the Cayman Islands by World Bank
  16. ↑ "Peak GDP (Nominal) for the European Union". https://www.imf.org/en/Publications/WEO/weo-database/2019/October/weo-report?a=1&c=998,&s=NGDPD,&sy=2008&ey=2008&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1. 
  17. ↑ World Bank's GDP (Nominal) Data for China
  18. ↑ World Bank's GDP (Nominal) Data for Japan
  19. ↑ IMF GDP (nominal) for Africa (Region)
  20. ↑ World Bank's GDP (Nominal) Data for Brazil
  21. ↑ World Bank's GDP (Nominal) Data for Italy
  22. ↑ World Bank's GDP (Nominal) Data for Canada
  23. ↑ World Bank's GDP (Nominal) Data for Spain
  24. ↑ World Bank's GDP (Nominal) Data for Iran
  25. ↑ "Peak GDP (PPP) for the European Union". https://www.imf.org/en/Publications/WEO/weo-database/2023/October/weo-report?a=1&c=998,&s=PPPGDP,&sy=2023&ey=2023&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1. 
  26. ↑ IMF GDP (PPP) for Africa (Region)
  27. ↑ World Bank's GDP (PPP) Data for Russia
  28. ↑ "GDP (PURCHASING POWER PARITY)". CIA World Factbook. 2014. https://www.cia.gov/library/publications/the-world-factbook/fields/2001.html. 
  29. ↑ "World Bank GWP Growth Rate, 2020". WorldBank.org. https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG. 
  30. ↑ "IMF World Economic Outlook, Crisis and Recovery, April 2009". Imf.org. 16 April 2009. http://www.imf.org/external/pubs/ft/weo/2009/01/index.htm. 
  31. ↑ World Economic Situation and Prospects 2018. United Nations Department of Economic and Social Affairs, Development Policy and Analysis Division. Table A.3. 23 January 2018. ISBN 978-92-1-109177-9. https://www.un.org/development/desa/dpad/publication/world-economic-situation-and-prospects-2018/. Retrieved 2 March 2018. 
  32. ↑ B. Milanovic (January 2002). "True World Income Distribution, 1988 and 1993: First Calculation Based on Household Surveys Alone". http://siteresources.worldbank.org/INTDECINEQ/Resources/trueworld.pdf. 
  33. ↑ 33.0 33.1 World Economic Situation and Prospects 2018. United Nations Department of Economic and Social Affairs, Development Policy and Analysis Division. Table I.2. 23 January 2018. p. 11. ISBN 978-92-1-109177-9. https://www.un.org/development/desa/dpad/publication/world-economic-situation-and-prospects-2018/. Retrieved 2 March 2018. 
  34. ↑ "International Energy Statistics". http://www.eia.gov/cfapps/ipdbproject/IEDIndex3.cfm?tid=2&pid=2&aid=12. 
  35. ↑ "International Energy Statistics". http://www.eia.gov/cfapps/ipdbproject/iedindex3.cfm?tid=3&pid=3&aid=1&cid=regions&syid=2008&eyid=2012&unit=BCF. 
  36. ↑ "ODA Levels in 2022 – preliminary data". OECD. 2023-04-12. https://www.oecd.org/dac/financing-sustainable-development/ODA-2022-summary.pdf. 
  37. ↑ global cellphone penetration reaches 50 percent
  38. ↑ "World Internet Usage Statistics News and World Population Stats". Internetworldstats.com. http://www.internetworldstats.com/stats.htm. 
  39. ↑ "The World Factbook — Central Intelligence Agency". https://www.cia.gov/library/publications/the-world-factbook/fields/2053.html. 
  40. ↑ "3. Military expenditure - SIPRI". https://www.sipri.org/media/press-release/2019/world-military-expenditure-grows-18-trillion-2018. 
  41. ↑ China poised to overhaul US as biggest publisher of scientific papers , Alok Jha, Monday 28 March 2011, The Guardian
  42. ↑ "Research and development expenditure (% of GDP) | Data" (in en-us). https://data.worldbank.org/indicator/GB.XPD.RSDV.GD.ZS. 
  43. ↑ Thomas Wiedmann; Manfred Lenzen; Lorenz T. Keyßer; Julia Steinberger (19 June 2020). "Scientists' warning on affluence". Nature Communications 11 (1): 3107. doi:10.1038/s41467-020-16941-y. PMID 32561753. Bibcode: 2020NatCo..11.3107W.  50px Text was copied from this source, which is available under a Creative Commons Attribution 4.0 International License .
  44. ↑ Steffen, Will; Sanderson, Angelina; Tyson, Peter; Jäger, Jill; Matson, Pamela; Moore III, Berrien; Oldfield, Frank; Richardson, Katherine et al. (2004). "Global Change and the Climate System / A Planet Under Pressure". International Geosphere-Biosphere Programme (IGBP). p. 133. http://www.igbp.net/download/18.56b5e28e137d8d8c09380001694/1376383141875/SpringerIGBPSynthesisSteffenetal2004_web.pdf. "Fig. 3.67(j): loss of tropical rainforest and woodland, as estimated for tropical Africa, Latin America and South and Southeast Asia." 
  45. ↑ "Deforestation and Forest Loss / Humanity destroyed one third of the world's forests by expanding agricultural land". Our World in Data (OWID). https://ourworldindata.org/deforestation. "Data: Historical data on forests from Williams (2003) - Deforesting the Earth. Historical data on agriculture from The History Database of Global Environment (HYDE). Modern data from the FAO" 
  46. ↑ "Earth has 3 trillion trees but they're falling at alarming rate" (in en). Reuters. 2 September 2015. https://www.reuters.com/article/us-science-trees-idUSKCN0R21Z620150902. 
  47. ↑ Carrington, Damian (4 July 2019). "Tree planting 'has mind-blowing potential' to tackle climate crisis". https://www.theguardian.com/environment/2019/jul/04/planting-billions-trees-best-tackle-climate-crisis-scientists-canopy-emissions. 
  48. ↑ Global Forest Resources Assessment 2020: "Global Forest Resource Assessment 2020" (in en). http://www.fao.org/forest-resources-assessment/2020/en/. 
  49. ↑ Borrelli, Pasquale; Robinson, David A.; Fleischer, Larissa R.; Lugato, Emanuele; Ballabio, Cristiano; Alewell, Christine; Meusburger, Katrin; Modugno, Sirio et al. (8 December 2017). "An assessment of the global impact of 21st century land use change on soil erosion" (in En). Nature Communications 8 (1): 2013. doi:10.1038/s41467-017-02142-7. ISSN 2041-1723. PMID 29222506. Bibcode: 2017NatCo...8.2013B. 
  50. ↑ Sartori, Martina; Philippidis, George; Ferrari, Emanuele; Borrelli, Pasquale; Lugato, Emanuele; Montanarella, Luca; Panagos, Panos (July 2019). "A linkage between the biophysical and the economic: Assessing the global market impacts of soil erosion" (in en). Land Use Policy 86: 299–312. doi:10.1016/j.landusepol.2019.05.014.  CC-BY icon.svg Text and images are available under a Creative Commons Attribution 4.0 International License .
  51. ↑ Borrelli, Pasquale; Robinson, David A.; Panagos, Panos; Lugato, Emanuele; Yang, Jae E.; Alewell, Christine; Wuepper, David; Montanarella, Luca et al. (24 August 2020). "Land use and climate change impacts on global soil erosion by water (2015-2070)" (in en). Proceedings of the National Academy of Sciences 117 (36): 21994–22001. doi:10.1073/pnas.2001403117. ISSN 0027-8424. PMID 32839306. Bibcode: 2020PNAS..11721994B. 
  52. ↑ Roser, Max (13 October 2019). "Pesticides". https://ourworldindata.org/pesticides. 
  53. ↑ "The known unknowns of plastic pollution". The Economist. 3 March 2018. https://www.economist.com/news/international/21737498-so-far-it-seems-less-bad-other-kinds-pollution-about-which-less-fuss-made. 
  54. ↑ "7 million premature deaths annually linked to air pollution". WHO. 25 March 2014. https://www.who.int/mediacentre/news/releases/2014/air-pollution/en/. 
  55. ↑ "Energy and Air Pollution". http://www.iea.org/publications/freepublications/publication/WorldEnergyOutlookSpecialReport2016EnergyandAirPollution.pdf. 
  56. ↑ "Study Links 6.5 Million Deaths Each Year to Air Pollution". The New York Times. 26 June 2016. https://www.nytimes.com/2016/06/27/business/energy-environment/study-links-6-5-million-deaths-each-year-to-air-pollution.html. 
  57. ↑ Study by the World Bank and the Institute for Health Metrics and Evaluation (IHME) at the University of Washington: World Bank; Institute for Health Metrics and Evaluation at University of Washington – Seattle (2016). The Cost of Air Pollution: Strengthening the Economic Case for Action. Washington, D.C.: The World Bank. p. xii. http://documents.worldbank.org/curated/en/781521473177013155/pdf/108141-REVISED-Cost-of-PollutionWebCORRECTEDfile.pdf. Retrieved 2020-09-21. 
  58. ↑ McCauley, Lauren (8 September 2016). "Making Case for Clean Air, World Bank Says Pollution Cost Global Economy $5 Trillion". Common Dreams. https://www.commondreams.org/news/2016/09/08/making-case-clean-air-world-bank-says-pollution-cost-global-economy-5-trillion. 
  59. ↑ "The Rising Cost of Smog". Fortune: 15. 1 February 2018. ISSN 0015-8259. 
  60. ↑ 60.0 60.1 Lindeque, Penelope K.; Cole, Matthew; Coppock, Rachel L.; Lewis, Ceri N.; Miller, Rachael Z.; Watts, Andrew J.R.; Wilson-Mcneal, Alice; Wright, Stephanie L. et al. (1 October 2020). "Are we underestimating microplastic abundance in the marine environment? A comparison of microplastic capture with nets of different mesh-size" (in en). Environmental Pollution 265 (Pt A): 114721. doi:10.1016/j.envpol.2020.114721. ISSN 0269-7491. PMID 32806407. 
  61. ↑ Božičnik, Stane; Mulej, Matjaž (1 January 2011). "A new – 4th order cybernetics and sustainable future". Kybernetes 40 (5/6): 670–684. doi:10.1108/03684921111142232. ISSN 0368-492X. https://www.emerald.com/insight/content/doi/10.1108/03684921111142232/full/html. Retrieved 21 September 2020. 
  62. ↑ Quah, Danny (2011). "The Global Economy's Shifting Centre of Gravity". Global Policy (Wiley) 2 (1): 3–9. doi:10.1111/j.1758-5899.2010.00066.x. ISSN 1758-5880. 
  63. ↑ Roodman, David (2020). "Modelling the Human Trajectory". https://www.openphilanthropy.org/sites/default/files/Modeling-the-human-trajectory.pdf. 
  64. ↑ John F. Helliwell, Richard Layard and Jeffrey D. Sachs. "2018 World Happiness Report". https://s3.amazonaws.com/happiness-report/2018/WHR_web.pdf. 
  65. ↑ Marber, Peter. "Brave New Math". World Policy Journal (Spring 2012). http://www.worldpolicy.org/journal/spring2012/brave-new-math. Retrieved 2020-09-19. 

External links



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