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The world economy or global economy is the of the world, considered as the international exchange of goods and services that is expressed in monetary units of account (money)."World Economy." – Definition. American English Definition of with Pronunciation by Macmillan Dictionary. N.p., n.d. Web. 02 Jan. 2015. In some contexts, the two terms are distinguished: the "international" or "global economy" being measured separately and distinguished from economies while the "world economy" is simply an aggregate of the separate countries' measurements. Beyond the minimum standard concerning value in production, use, and exchange the definitions, representations, models, and valuations of the world economy vary widely. It is inseparable from the geography and ecology of Earth.

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

However, even in cases in which there is a clear and efficient market to establish a monetary value, economists do not typically use the current or official exchange rate to translate the monetary units of this market into a single unit for the world economy, since exchange rates typically do not closely reflect 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 US 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 have most of their economic activity reflected in these valuations.

As of 2017, the following 15 countries or regions have reached an economy of at least US$2 trillion by GDP in nominal or PPP terms: , , , , , , , , , , , , the , the , and the .


Economy – overview

World economy by Country Groups
The following two tables list the Country Groups with individual countries designated by the .[1] IMF GDP 2017 Data (April 2017) Members of the G-20 major economies are in bold.

List of Country Groups by GDP (nominal) in Millions $List of Country Groups by GDP (PPP) in 2015 in Millions $
{ class="wikitable" style="text-align: right" +
Major advanced economies (G7)36,006,53920177'
'
'
'
'
'
Emerging and Developing 17,084,823201730'
'

Other Advanced Economies
(Advanced economies excluding G7)
11,593,086201432'


'





and the 5,983,936201332'
'
, , , and 3,473,402201422

Commonwealth of Independent States and Georgia2,943,338201312
2,031,117201412
Sub-Saharan Africa1,690,338201445
78,519,5562014192
|
+
Emerging and Developing 41,233,893201730'
'



Major advanced economies (G7)38,766,51420177'
'
'
'
'
'
Other Advanced Economies
(Advanced economies excluding G7)
13,587,681201732'
'


and the 9,730,047201732'
'


, , , and 9,529,045201722




Commonwealth of Independent States and Georgia5,583,406201712
4,453,006201712
Sub-Saharan Africa3,804,491201745
126,688,0832017192
|- valign="top" | colspan=2 | |}


Current world economic league table of largest economies in the world by GDP and share of global economic growth
The following two tables list the 25 largest economies by GDP (Nominal), twenty largest economies by GDP (PPP). Members of the G-20 major economies are in bold.

List of the 25 largest economies
by GDP (nominal) at their peak level of GDP in Millions $
[2] IMF GDP (Nominal) Data (April 2017)
List of the 25 largest economies
by GDP (PPP) at their peak level of GDP in Millions $
[3] IMF GDP (PPP) Data (April 2017)
{ class="wikitable" style="text-align: right"
2014
2017
2008
2017
2012
2014
2007
2008
2018
2011
2008
2013
2013
2008
2012
2017
2014
2017
2013
2008
2014
2014
2015
2013
2011
2014
2017
|
2017
2017
2017
2017
2018
2017
2017
2017
2014
2017
2017
2017
2017
2017
2017
2017
2017
2017
2017
2017
2017
2017
2017
2017
2017
2017
2017
|- valign="top" | colspan=2 | |}


Twenty largest economies in the world by nominal GDP
The following is a list of the twenty largest economies by nominal GDP at peak value as of the specific year according to International Monetary Fund.


Twenty Largest Economies in the World by PPP GDP (IMF and CIA World Factbook)
The following is a list of twenty largest economies by GDP (PPP) at peak value as of the specific year according to CIA World Factbook and the International Monetary Fund.


Statistical indicators

Economy
  • GDP (GWP) (gross world product): (purchasing power parity exchange rates) – $59.38 trillion (2005 est.), $51.48 trillion (2004), $23 trillion (2002)
  • GDP (GWP) (gross world product):''' (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 income: purchasing power parity $1,041, €950 (1993)
  • GDP – composition by sector: agriculture: 4%; industry: 32%; services: 64% (2004 est.)
  • rate (consumer prices): developed countries 1% to 4% typically; developing countries 5% to 60% typically; national inflation rates vary widely in individual cases, from declining prices in Japan to in several countries (2003)
  • Derivatives OTC outstanding notional amount: $601 trillion (Dec 2010) ([4])
  • Derivatives exchange traded outstanding notional amount: $82 trillion (June 2011) ([5])
  • Global issuance: $5.187 trillion, €3 trillion (2004), $4.938 trillion, €3.98 trillion (2003), $3.938 trillion (2002) (Thomson Financial League Tables)
  • Global issuance: $505 billion, €450 billion (2004), $388 billion. €320 billion (2003), $319 billion, €250 trillion (2002) (Thomson Financial League Tables)


Employment
  • rate: 8.7% (2009 est.). 30% (2007 est.) combined unemployment and in many non-industrialized countries; developed countries typically 4%–12% unemployment.


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


Energy
  • Yearly electricity – production: 21,080,878 GWh (2011 est.), 15,850,000 GWh (2003 est.), 14,850,000 GWh (2001 est.)
  • Yearly electricity – consumption: 14,280,000 GWh (2003 est.), 13,930,000 GWh (2001 est.)
  • – production: (2003 est.), (2001)
  • Oil – consumption: (2003 est.), (2001)
  • Oil – proved reserves: 1.025 trillion barrel (163 km³) (2001 est.)
  • – production: 3,366 km³ (2012 est.), 2,569 km³ (2001 est.)
  • Natural gas – consumption: 2,556 km³ (2001 est.)
  • Natural gas – proved reserves: 161,200 km³ (1 January 2002)


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


Gift economy
  • Yearly economic aid – recipient: net Official Development Assistance (ODA) of $135.2 billion (2014)


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


Transport
Transportation infrastructure worldwide includes:
    • Total: 41,821 (2013)
  • (in kilometres)
    • Total: 32,345,165 km
    • Paved: 19,403,061 km
    • Unpaved: 12,942,104 km (2002)


Military
  • World military expenditure in 2012: estimated to $1.756 trillion
  • Military expenditures – percent of GDP: roughly 2% of gross world product (1999).


Economic studies
To promote exports, many government agencies publish on the web economic studies by sector and country. Among these agencies include the USCS (US DoC) and FAS (USDA) in the United States, EDC and AAFC in Canada, in France, in the UK, and in Asia, and 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.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:

  • 2007–2008 world food price crisis
  • Late 2000s recession
  • Oil price increases since 2003

Lists:

  • List of countries by GDP sector composition
  • List of world's largest economies (nominal) – based on current market exchange rates
  • List of world's largest economies (PPP) – based on purchasing power parity
  • Historical list of world's largest economies (PPP) – for the years between 1 and 1998
  • List of world production


External links

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