The world economy or global economy is the economy of all humans in the world, referring to the global economic system, which includes all economic activities conducted both within and between nations, including production, consumption, economic management, work in general, financial transactions and trade of goods and services.[1][2] In some contexts, the two terms are distinct: the "international" or "global economy" is measured separately and distinguished from national economies, while the "world economy" is simply an aggregate of the separate countries' measurements. Beyond the minimum standard concerning value in production, use and exchange, the definitions, representations, models and valuations of the world economy vary widely. It is inseparable from the geography and ecology of planet Earth.

World GDP per capita between 1500 and 2003

It is common to limit questions of the world economy exclusively to human economic activity, and the world economy is typically judged in monetary terms, even in cases in which there is no efficient market to help valuate certain goods or services, or in cases in which a lack of independent research, genuine data or government cooperation makes calculating figures difficult. Typical examples are illegal drugs and other black market goods, which by any standard are a part of the world economy, but for which there is, by definition, no legal market of any kind.

However, even in cases in which there is a clear and efficient market to establish monetary value, economists do not typically use the current or official exchange rate to translate the monetary units of this market into a single unit for the world economy since exchange rates typically do not closely reflect worldwide value – for example, in cases where the volume or price of transactions is closely regulated by the government.

Rather, market valuations in a local currency are typically translated to a single monetary unit using the idea of purchasing power. This is the method used below, which is used for estimating worldwide economic activity in terms of real United States dollars or euros. However, the world economy can be evaluated and expressed in many more ways. It is unclear, for example, how many of the world's 7.8 billion people (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 with Indian subcontinent being the world's largest economy from 1 C.E to 17 C.E. Waves of the Industrial Revolution in Western Europe and Northern America shifted the shares to the Western Hemisphere. As of 2024, the following 20 countries or collectives have reached an economy of at least US$2 trillion by GDP in nominal or PPP terms: Brazil, Canada, China, Egypt, 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

edit

World economy by country groups

edit
Country group List of country groups by
GDP (nominal)
in 2024 (or at peaked level)
List of country groups by
GDP (PPP)
in 2024 (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)
48,678,121 44.5% 55,025,255 29.6% 7   United States
  Japan
  Germany
  France
  United Kingdom
  Italy
  Canada
Emerging and developing Asia
(Continents: Asia and Oceania)
26,686,077 24.4% 63,318,654 34.1% 30   China
  India
  Indonesia
  Thailand
  Bangladesh
  Vietnam
  Philippines
  Malaysia
Other advanced economies
(advanced economies excluding the G7)
(Continents: Europe, Asia, Oceania and North America)
15,134,208 13.8% 20,390,379 11.0% 34   South Korea
  Spain
  Australia
  Taiwan
  Netherlands
  Switzerland
  Singapore
  Belgium
  Sweden
  Ireland
  Norway
  Austria
Latin America and the Caribbean
(Continents: South America and North America)
7,004,688 6.4% 13,364,843 7.2% 33   Brazil
  Mexico
  Argentina
  Colombia
Emerging and developing Europe
(Continents: Europe and Asia)
5,164,278 4.7% 13,793,802 7.4% 15   Russia
  Turkey
  Poland
  Romania
  Ukraine
Middle East and Central Asia
(Continents: Asia and Africa)
4,965,982 4.5% 13,933,205 7.5% 32   Saudi Arabia
  Egypt
  Iran
  Pakistan
  United Arab Emirates
  Kazakhstan
  Algeria
Sub-Saharan Africa
(Continent: Africa)
1,895,862
(peaked at 2,011,398 in 2022)
1.7% 5,850,984 3.2% 45   Nigeria
  South Africa
World 109,529,216 100.0% 185,677,122 100.0% 196

World economy by continent

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

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

edit
The 25 largest economies by GDP (nominal), the 25 largest economies by GDP (PPP), 28 economies with the highest peak GDP per capita (nominal) and the 28 economies with the highest peak GDP per capita (PPP) as of 2024. Members of the G-20 major economies are in bold.
List of the 25 largest economies
by GDP (nominal) at their peak level as of 2024 in million US$
[5]
List of the 25 largest economies
by GDP (PPP) at their peak level as of 2024 in million Int$
[5]
List of the 28 economies by highest
GDP (nominal) per capita at their peak level as of 2024 in US$
[14]
List of the 28 economies by highest
GDP (PPP) per capita at their peak level as of 2024 in Int$'
[15]
Rank Country Value Peak year
World 109,529,216 2024
1   United States 28,781,083 2024
  European Union[16] 19,226,235 2008
2   China 18,532,633 2024
3   Japan[17] 6,272,363 2012
4   Germany 4,591,100 2024
5   India 3,937,011 2024
6   United Kingdom 3,495,261 2024
7   France 3,130,014 2024
  African Union[18] 2,980,015 2022
8   Brazil[19] 2,616,156 2011
9   Italy[20] 2,408,655 2008
10   Russia[21] 2,292,470 2013
11   Canada 2,242,182 2024
12   Mexico 2,017,025 2024
13   South Korea 1,818,432 2021
14   Australia 1,790,348 2024
15   Spain 1,647,114 2024
16   Indonesia 1,475,690 2024
17   Netherlands 1,142,513 2024
18   Turkey 1,113,561 2024
19   Saudi Arabia 1,108,572 2022
20   Switzerland 938,458 2024
21   Poland 844,623 2024
22   Taiwan 802,958 2024
23   Belgium 655,192 2024
24   Argentina 654,892 2023
25   Iran[22] 644,036 2012
Rank Country Value Peak year
World 185,677,122 2024
1   China 35,291,015 2024
2   United States 28,781,083 2024
  European Union[23] 27,125,247 2023
3   India 14,594,460 2024
  African Union[24] 9,490,335 2024
4   Japan 6,720,962 2024
5   Russia[25] 6,452,309 2023
6   Germany[25] 5,857,856 2023
7   Indonesia 4,720,542 2024
8   Brazil[25] 4,454,930 2023
9   France[25] 4,169,071 2023
10   United Kingdom 4,029,438 2024
11   Turkey 3,831,533 2024
12   Italy[25] 3,452,506 2023
13   Mexico 3,434,224 2024
14   South Korea 3,057,995 2024
15   Spain[25] 2,553,108 2023
16   Canada 2,472,227 2024
17   Saudi Arabia 2,354,392 2024
18   Egypt[25] 2,120,933 2023
19   Iran 1,854,845 2024
20   Australia[25] 1,841,116 2023
21   Poland[25] 1,814,629 2023
22   Taiwan 1,792,349 2024
23   Thailand[25] 1,681,796 2023
24   Pakistan 1,642,572 2024
25   Bangladesh 1,619,803 2024
Rank Country Value Peak year
1   Monaco 240,862 2022
2   Liechtenstein 197,505 2021
3   Luxembourg 134,925 2021
4   Bermuda 123,091 2022
5   Norway 108,798 2022
6   Ireland 106,059 2024
7   Switzerland 105,669 2024
8   Qatar 101,933 2012
9   Cayman Islands 96,074 2022
10   Isle of Man 94,124 2022
11   Macau 90,874 2014
12   Singapore 88,447 2024
13   United States 85,373 2024
14   Iceland 84,594 2024
15   San Marino 79,110 2008
16   Channel Islands 75,148 2022
17   Denmark 69,467 2021
18   Faroe Islands 69,108 2021
19   Australia 68,486 2012
20   Netherlands 63,750 2024
21   Sweden 61,418 2021
22   Austria 59,225 2024
23   Greenland 57,116 2021
24   Canada 55,613 2022
25   Kuwait 55,595 2008
26   Belgium 55,536 2024
27   Finland 55,127 2024
28   Israel 54,931 2022
Rank Country Value Peak year
1   Qatar 169,698 2012
2   Macau 149,422 2013
3   Luxembourg 146,457 2022
5   Singapore 141,796 2022
4   Ireland 133,895 2024
6   Norway 124,253 2022
7   United Arab Emirates 110,213 2004
8   Bermuda 106,866 2022
9   Switzerland 92,980 2023
10   Kuwait 91,476 2007
11   Brunei 88,312 2012
12   San Marino 86,989 2024
13   United States 85,373 2024
14   Cayman Islands 85,168 2022
15   Guyana 80,137 2024
16   Netherlands 78,215 2023
17   Denmark 77,954 2022
18   Iceland 77,567 2023
19   Taiwan 76,858 2024
20   Faroe Islands 76,566 2022
21   Hong Kong 75,128 2024
22   Austria 73,751 2023
23   Andorra 71,587 2023
24   Belgium 70,456 2023
25   Saudi Arabia 70,333 2024
26   Sweden 70,207 2023
27   Germany 69,338 2023
28   Australia 69,115 2023

Twenty largest economies in the world by nominal GDP

edit
The following is a list of the twenty largest economies by nominal GDP at peak value as of the specific year, according to the International Monetary Fund.[5]
Rank 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2029
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   India
4   West Germany   West Germany   France   France   United Kingdom   United Kingdom   Germany   Germany   Germany   Germany   Japan
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 2029
11   Argentina   Argentina   Brazil   Iran   Spain   Mexico   Spain   Canada   Canada   Russia   Mexico
12   Spain   India   China   South Korea   South Korea   Brazil   Canada   Spain   South Korea   Mexico   Russia
13   Netherlands   Spain   Australia   Russia   Iran   India   Australia   Australia   Spain   Australia   Australia
14   India   Brazil   Netherlands   Mexico   Russia   Russia   South Korea   South Korea   Australia   South Korea   Indonesia
15   Saudi Arabia   Australia   India   Netherlands   India   Australia   Mexico   Mexico   Mexico   Spain   South Korea
16   Australia   Netherlands   Mexico   Australia   Netherlands   Netherlands   Netherlands   Turkey   Indonesia   Indonesia   Spain
17   Brazil   Saudi Arabia   South Korea   India   Australia   Iran   Turkey   Netherlands   Turkey   Netherlands   Saudi Arabia
18   Sweden   Iran   Switzerland   Switzerland   Switzerland   Turkey   Indonesia   Indonesia   Netherlands   Saudi Arabia   Netherlands
19   Belgium   Nigeria   Sweden   Argentina   Argentina   Switzerland   Switzerland   Saudi Arabia   Saudi Arabia   Turkey   Turkey
20   Switzerland   Sweden   Argentina   Belgium   Taiwan   Sweden   Iran   Switzerland   Switzerland   Switzerland   Switzerland

Twenty largest economies in the world by GDP (PPP)

edit
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][26]
Rank 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2029
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   Russia   Indonesia
6   France   France   China   India   France   Russia   Russia   Russia   Russia   Germany   Germany
7   Brazil   Brazil   France   Italy   Italy   France   Brazil   Brazil   France   Indonesia   Russia
8   United Kingdom   United Kingdom   India   France   Russia   Brazil   France   United Kingdom   United Kingdom   Brazil   Brazil
9   Mexico   India   United Kingdom   Brazil   United Kingdom   United Kingdom   United Kingdom   France   Indonesia   France   Turkey
10   Saudi Arabia   China   Brazil   United Kingdom   Brazil   Italy   Italy   Indonesia   Brazil   United Kingdom   United Kingdom
Rank 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2029
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   Spain   South Korea   Turkey   Turkey   Italy   Italy
14   Canada   Spain   Indonesia   Saudi Arabia   Canada   South Korea   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   Turkey   Iran   Canada   Canada   Saudi Arabia   Saudi Arabia   Canada
18   Poland   Australia   South Korea   Iran   Iran   Turkey   Turkey   Iran   Iran   Egypt   Egypt
19   Netherlands   Netherlands   Australia   Australia   Australia   Australia   Australia   Egypt   Australia   Iran   Bangladesh
20   Turkey   Argentina   Netherlands   Thailand   Netherlands   Thailand   Taiwan   Australia   Poland   Poland   Vietnam

Statistical indicators

edit

Finance

edit
 
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:,[27] 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):[28] (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[29] (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)[30]
  • 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):
  • 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

edit
 
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

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

Energy

edit
 
Global primary energy consumption, measured in terawatt-hours (TWh) per year
  • Yearly electricity – production: 21,080,878 GWh (2011 est.),[32] 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.),[33] 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

edit
  • Yearly exports: $12.4 trillion, €11.05 trillion (2009 est.)
  • Exports – commodities: the whole range of industrial and agricultural goods and services
  • Exports – partners: US 12.7%, Germany 7.1%, China 6.2%, France 4.4%, Japan 4.2%, UK 4.1% (2008)
  • Yearly imports: $12.29 trillion, €10.95 trillion (2009 est.)
  • Imports – commodities: the whole range of industrial and agricultural goods and services
  • Imports – partners: China 10.3%, Germany 8.6%, US 8.1%, Japan 5% (2008)
  • Debt – external: $56.9 trillion, €40 trillion (31 December 2009 est.)

Gift economy

edit

Communications

edit

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

Transport

edit

Transportation infrastructure worldwide includes:

  • Airports
    • Total: 41,821 (2013)[37]
  • 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
    • Total: 1,122,650 km (697,580 mi) includes about 190,000 to 195,000 km (118,000 to 121,000 mi) of electrified routes of which 147,760 km (91,810 mi) are in Europe, 24,509 km (15,229 mi) in the Far East, 11,050 km (6,870 mi) in Africa, 4,223 km (2,624 mi) in South America, and 4,160 km (2,580 mi) in North America.[dubiousdiscuss]

Military

edit
 
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[38]
  • Military expenditures – percent of GDP: roughly 2% of gross world product (1999).

Science, research and development

edit
 
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.[39] In 2015, research and development constituted an average 2.2% of the global GDP according to the UNESCO Institute for Statistics.[40] 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

edit
 
Shown is how the global material footprint and global CO2 emissions from fossil-fuel combustion and industrial processes changed compared with global GDP.[41]
 
The period since 1950 has brought "the most rapid transformation of the human relationship with the natural world in the history of humankind".[42] Through 2018, humans have reduced forest area by ~30% and grasslands/shrubs by ~68%, to make way for livestock grazing and crops for humans.[43]
  • Forests (carbon sinks, wood, ecosystem services, ...)
    • Estimated number of trees that are net lost annually as of 2021: 10 billion[44][45]
    • Global annual deforested land in 2015–2020: 10 million hectares
    • Global annual net forest area loss in 2000–2010 : 4.7 million hectares[46]
  • 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)[47]
      • Estimated annual loss of agricultural productivity due to soil erosion: 8 billion US dollars (based on the soil erosion data)[48]
      • Soil erosion by water in 2015: approximately 43 billion tons (according to a 2020 study)[49]
      • Environmental impact of pesticides
        • Pesticide use in tonnes of active ingredient in Australia in 2016: ca. 62,500 tonnes[50]
  • 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".[51]
    • Air pollution
      • Number of human deaths caused annually by air pollution worldwide: ca. 7 million[52][53][54]
      • Estimated global annual cost of air pollution: $5 trillion[55][56][57]
    • 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[58]
      • Estimated accumulated number of microplastic particles in the North Atlantic Ocean in 2020: 3700 microplastics per cubic meter[58]

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.[59]

Historical development

edit
 
Shift of the world's economic center of gravity since 1980 and projected until 2050[60]
Estimations of world population and GDP from a 2020 research paper[61]
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
[62]
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:[63]

  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

edit

To promote exports, many government agencies publish on the web economic studies by sector and country. Among these agencies include the USCS (US DoC) and FAS (USDA) in the United States, 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

edit

Regional economies:

Events:

Lists:

References

edit
  1. ^ "THE GLOBAL ECONOMY | definition in the Cambridge English Dictionary". dictionary.cambridge.org. Archived from the original on 4 May 2022. Retrieved 20 September 2020.
  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". Archived from the original on 2021-03-09. Retrieved 2020-09-20.
  4. ^ "2020 World Population Data Sheet". Archived from the original on 2020-09-28. Retrieved 2020-09-20.
  5. ^ a b c d e "World Economic Outlook Database April 2024". www.imf.org. Retrieved 2024-04-17.
  6. ^ "More QE From the Bank of England to Support the UK Economy in 2021". Vant Age Point Trading. Archived from the original on 20 January 2021. Retrieved 25 January 2021.
  7. ^ OECD (March 2021). "OECD Economic Outlook, Interim Report March 2021". Archived from the original on 21 May 2023. Retrieved 21 May 2023.
  8. ^ "The Global Economic Outlook During the COVID-19 Pandemic: A Changed World". World Bank. Archived from the original on 2021-06-09. Retrieved 2021-06-07.
  9. ^ "Cities are the hub of the global green recovery". blogs.worldbank.org. Archived from the original on 2021-06-07. Retrieved 2021-06-07.
  10. ^ "Mayor of Lima sees COVID-19 as spark for an urban hub to the green recovery". European Investment Bank. Archived from the original on 2022-04-08. Retrieved 2021-06-07.
  11. ^ Lucia Quaglietti, Collette Wheeler (11 January 2022). "The Global Economic Outlook in five charts". World Bank. Archived from the original on 21 May 2023. Retrieved 21 May 2023.
  12. ^ "The World Factbook - GDP (purchasing power parity)". Archived from the original on January 11, 2019.
  13. ^ "The World Factbook - GDP - composition, by sector of origin". Archived from the original on January 10, 2019.
  14. ^ GDP per capita data for Monaco, Liechtenstein, Bermuda, Norway, the Cayman Islands, the Isle of Man, the Channel Islands, the Faroe Islands, Sweden, Greenland, Kuwait and Israel by World Bank
  15. ^ GDP per capita data for Macau, Luxembourg, Singapore, Norway, Bermuda, Switzerland, Kuwait, the Cayman Islands, Denmark, Iceland, the Faroe Islands, the Netherlands, Austria, Andorra, Belgium, Sweden, Germany and Australia by World Bank
  16. ^ "Peak GDP (Nominal) for the European Union". Archived from the original on 2022-11-08. Retrieved 2022-11-08.
  17. ^ World Bank's GDP (Nominal) Data for Japan
  18. ^ IMF GDP (nominal) for Africa (Region)
  19. ^ World Bank's GDP (Nominal) Data for Brazil
  20. ^ World Bank's GDP (Nominal) Data for Italy
  21. ^ World Bank's GDP (Nominal) Data for Russia
  22. ^ World Bank's GDP (Nominal) Data for Iran
  23. ^ "Peak GDP (PPP) by the World Bank for the European Union". Retrieved 2024-08-21.
  24. ^ IMF GDP (PPP) for Africa (Region)
  25. ^ a b c d e f g h i j "Peak GDP (PPP) by the World Bank for Russia, Germany, Brazil, France, Italy, Spain, Egypt, Australia, Poland and Thailand". Retrieved 2024-08-21.
  26. ^ "GDP (PURCHASING POWER PARITY)". CIA World Factbook. CIA World Factbook. 2014. Archived from the original on June 25, 2014. Retrieved October 7, 2014.
  27. ^ "World Bank GWP Growth Rate, 2020". WorldBank.org. Archived from the original on 30 August 2018. Retrieved 11 November 2020.
  28. ^ "IMF World Economic Outlook, Crisis and Recovery, April 2009". Imf.org. 16 April 2009. Archived from the original on 19 May 2012. Retrieved 17 July 2012.
  29. ^ 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. Archived from the original on 3 March 2018. Retrieved 2 March 2018.
  30. ^ B. Milanovic (January 2002). "True World Income Distribution, 1988 and 1993: First Calculation Based on Household Surveys Alone" (PDF). Archived (PDF) from the original on 1 November 2011. Retrieved 13 May 2011.
  31. ^ a b 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. Archived from the original on 3 March 2018. Retrieved 2 March 2018.
  32. ^ "International Energy Statistics". Archived from the original on 16 August 2016. Retrieved 1 April 2017.
  33. ^ "International Energy Statistics". Archived from the original on 4 March 2016. Retrieved 1 April 2017.
  34. ^ "ODA Levels in 2022 – preliminary data" (PDF). OECD. 2023-04-12. Retrieved 2024-01-24.
  35. ^ global cellphone penetration reaches 50 percent Archived 17 December 2008 at the Wayback Machine
  36. ^ "World Internet Usage Statistics News and World Population Stats". Internetworldstats.com. Archived from the original on 23 June 2011. Retrieved 8 June 2015.
  37. ^ "The World Factbook — Central Intelligence Agency". Archived from the original on 25 June 2014. Retrieved 1 April 2017.
  38. ^ "3. Military expenditure - SIPRI". Archived from the original on 25 May 2017. Retrieved 1 April 2017.
  39. ^ China poised to overhaul US as biggest publisher of scientific papers Archived 2020-10-30 at the Wayback Machine, Alok Jha, Monday 28 March 2011, The Guardian
  40. ^ "Research and development expenditure (% of GDP) | Data". data.worldbank.org. Archived from the original on 19 May 2019. Retrieved 12 December 2017.
  41. ^ Thomas Wiedmann; Manfred Lenzen; Lorenz T. Keyßer; Julia Steinberger (19 June 2020). "Scientists' warning on affluence". Nature Communications. 11 (1): 3107. Bibcode:2020NatCo..11.3107W. doi:10.1038/s41467-020-16941-y. PMC 7305220. PMID 32561753.   Text was copied from this source, which is available under a Creative Commons Attribution 4.0 International License Archived 2017-10-16 at the Wayback Machine.
  42. ^ Steffen, Will; Sanderson, Angelina; Tyson, Peter; Jäger, Jill; et al. (2004). "Global Change and the Climate System / A Planet Under Pressure" (PDF). International Geosphere-Biosphere Programme (IGBP). p. 133. Archived (PDF) from the original on 19 March 2017. Fig. 3.67(j): loss of tropical rainforest and woodland, as estimated for tropical Africa, Latin America and South and Southeast Asia.
  43. ^ "Deforestation and Forest Loss / Humanity destroyed one third of the world's forests by expanding agricultural land". Our World in Data (OWID). Archived from the original on 7 November 2022. 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
  44. ^ "Earth has 3 trillion trees but they're falling at alarming rate". Reuters. 2 September 2015. Archived from the original on 11 November 2020. Retrieved 26 May 2020.
  45. ^ Carrington, Damian (4 July 2019). "Tree planting 'has mind-blowing potential' to tackle climate crisis". The Guardian. Archived from the original on 5 July 2019. Retrieved 26 May 2020.
  46. ^ Global Forest Resources Assessment 2020: "Global Forest Resource Assessment 2020". www.fao.org. Archived from the original on 20 May 2020. Retrieved 26 May 2020.
  47. ^ Borrelli, Pasquale; Robinson, David A.; Fleischer, Larissa R.; Lugato, Emanuele; Ballabio, Cristiano; Alewell, Christine; Meusburger, Katrin; Modugno, Sirio; Schütt, Brigitta (8 December 2017). "An assessment of the global impact of 21st century land use change on soil erosion". Nature Communications. 8 (1): 2013. Bibcode:2017NatCo...8.2013B. doi:10.1038/s41467-017-02142-7. ISSN 2041-1723. PMC 5722879. PMID 29222506.
  48. ^ 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". Land Use Policy. 86: 299–312. doi:10.1016/j.landusepol.2019.05.014. hdl:10532/4661.   Text and images are available under a Creative Commons Attribution 4.0 International License Archived 2017-10-16 at the Wayback Machine.
  49. ^ Borrelli, Pasquale; Robinson, David A.; Panagos, Panos; Lugato, Emanuele; Yang, Jae E.; Alewell, Christine; Wuepper, David; Montanarella, Luca; Ballabio, Cristiano (24 August 2020). "Land use and climate change impacts on global soil erosion by water (2015-2070)". Proceedings of the National Academy of Sciences. 117 (36): 21994–22001. Bibcode:2020PNAS..11721994B. doi:10.1073/pnas.2001403117. ISSN 0027-8424. PMC 7486701. PMID 32839306.
  50. ^ Roser, Max (13 October 2019). "Pesticides". Our World in Data. Archived from the original on 19 September 2020. Retrieved 21 September 2020.
  51. ^ "The known unknowns of plastic pollution". The Economist. 3 March 2018. Archived from the original on 14 May 2018. Retrieved 17 June 2018.
  52. ^ "7 million premature deaths annually linked to air pollution". WHO. 25 March 2014. Archived from the original on March 26, 2014. Retrieved 25 March 2014.
  53. ^ "Energy and Air Pollution" (PDF). Iea.org. Archived from the original (PDF) on 11 October 2019. Retrieved 12 March 2019.
  54. ^ "Study Links 6.5 Million Deaths Each Year to Air Pollution". The New York Times. 26 June 2016. Archived from the original on 27 June 2016. Retrieved 27 June 2016.
  55. ^ 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 (PDF). Washington, D.C.: The World Bank. xii. Archived (PDF) from the original on 2020-05-28. Retrieved 2020-09-21.
  56. ^ McCauley, Lauren (8 September 2016). "Making Case for Clean Air, World Bank Says Pollution Cost Global Economy $5 Trillion". Common Dreams. Archived from the original on 14 September 2017. Retrieved 3 February 2018.
  57. ^ "The Rising Cost of Smog". Fortune: 15. 1 February 2018. ISSN 0015-8259.
  58. ^ a b Lindeque, Penelope K.; Cole, Matthew; Coppock, Rachel L.; Lewis, Ceri N.; Miller, Rachael Z.; Watts, Andrew J.R.; Wilson-Mcneal, Alice; Wright, Stephanie L.; Galloway, Tamara S. (1 October 2020). "Are we underestimating microplastic abundance in the marine environment? A comparison of microplastic capture with nets of different mesh-size". Environmental Pollution. 265 (Pt A): 114721. doi:10.1016/j.envpol.2020.114721. hdl:10044/1/84083. ISSN 0269-7491. PMID 32806407.
  59. ^ 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. Archived from the original on 14 April 2021. Retrieved 21 September 2020.
  60. ^ Quah, Danny (2011). "The Global Economy's Shifting Centre of Gravity". Global Policy. 2 (1). Wiley: 3–9. doi:10.1111/j.1758-5899.2010.00066.x. ISSN 1758-5880. S2CID 55154148.
  61. ^ Roodman, David (2020). "Modelling the Human Trajectory" (PDF). p 29. Archived (PDF) from the original on 2020-07-19. Retrieved 2020-07-19.
  62. ^ John F. Helliwell, Richard Layard and Jeffrey D. Sachs. "2018 World Happiness Report" (PDF). Archived (PDF) from the original on 18 March 2018. Retrieved 29 April 2018.
  63. ^ Marber, Peter. "Brave New Math". World Policy Journal (Spring 2012). Archived from the original on 2018-02-28. Retrieved 2020-09-19.
edit