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Encyclopedia > World economy
Economy of the World
During 2003 unless otherwise stated
Population (July 17, 2007): 6,605,728,854 ([1])
GDP (PPP): US$65 trillion (2006 est.) ([2])
GDP (Currency): $46.66 trillion (2006 est.)
GDP/capita (PPP): $10,000
GDP/capita (Currency): $7,178
Annual growth of
per capita GDP (PPP):
5.1% (tty*), 2.1% (1950-2003)
Income of top 10%:
Millionaires (US$): 7.7 million (0.1%)
Billionaires (US$): 946
Unemployment: 30% combined unemployment and underemployment in many non-industrialized countries. Developed countries typically 4-12% unemployment.
*Trailing-ten-years. Most numbers are from the UNDP from 2002, some numbers exclude certain countries for lack of information.
See also: Economy of the world - Economy of Africa - Economy of Asia - Economy of Europe - Economy of North America - Economy of Oceania - Economy of South America
edit

The world economy can be evaluated in various ways, depending on the model used, and this valuation can then be represented in various ways (for example, in 2006 US dollars). It is inseparable from the geography and ecology of Earth, and is therefore somewhat of a misnomer, since, while definitions and representations of the "world economy" vary widely, they must at a minimum exclude any consideration of resources or value based outside of the Earth. For example, while attempts could be made to calculate the value of currently unexploited mining opportunities in unclaimed territory in Antarctica, the same opportunities on Mars would not be considered a part of the world economy – even if currently exploited in some way – and could be considered of latent value only in the same way as uncreated intellectual property, such as a previously unconceived invention. Beyond the minimum standard of concerning value in production, use, and exchange on the planet Earth, definitions, representations, models, and valuations of the world economy vary widely. Image File history File links Gnome_globe_current_event. ... Image File history File links This is a lossless scalable vector image. ... There are three lists of countries of the world sorted by their gross domestic product (GDP) (the value of all final goods and services produced within a nation in a given year). ... The United States dollar is the official currency of the United States. ... This article includes two lists of countries of the world[1] sorted by their gross domestic product (GDP) at purchasing power parity (PPP) per capita, the value of all final goods and services produced within a nation in a given year divided by the average population for the same year. ... A millionaire is a person who has a net worth or wealth of more than one million United States dollars, euros, UK pounds or units of a comparably valued currency. ... A millionaire is a person who has a net worth or wealth of more than one million United States dollars, euros, UK pounds or units of a comparably valued currency. ... CIA figures for world unemployment rates, 2006 Unemployment is the state in which a person is without work, available to work, and is currently seeking work. ... The United Nations Development Programme (UNDP) is the largest multilateral source of grant technical assistance in the world. ... The economy of Africa consists of the trade, industry, and resources of the peoples of Africa. ... The economy of Asia comprises more than 4 billion people (60% of the world population), living in 46 different states. ... The economy of Europe comprises more than 710 million people in 48 different states. ... The economy of North America comprises more than 514 million people in 23 soverign states and 15 dependent territories. ... The economy of Oceania is comprised of more than. ... The economy of South America comprises about 500 million people living in 14 states and territories. ... USD redirects here. ... This article is about Earth as a planet. ... Adjectives: Martian Atmosphere Surface pressure: 0. ...


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 or government cooperation makes establishing figures difficult. Typical examples are illegal drugs and prostitution, which by any standard are a part of the world economy, but for which there is by definition no legal market of any kind. Face-to-face trading interactions on the New York Stock Exchange trading floor. ... Panamanian motor vessel Gatun during the largest cocaine bust in United States Coast Guard history (20 tons), off the coast of Panama. ... Whore redirects here. ...


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 world-wide value, for example in cases where the volume or price of transactions is closely regulated by the government. Rather, market valuations in a local currency are typically translated to a single monetary unit using the idea of purchasing power. This is the method used below, which is used for estimating worldwide economic activity in terms of real US dollars. However, the world economy can be evaluated and expressed in many more ways. It is unclear, for example, how many of the world's 6.6 billion people have most of their economic activity reflected in these valuations. The purchasing power parity (PPP) theory uses the long-term equilibrium exchange rate of two currencies to equalize their purchasing power. ... The purchasing power parity (PPP) theory uses the long-term equilibrium exchange rate of two currencies to equalize their purchasing power. ... USD redirects here. ... Map of countries by population — China and India, the only two countries to have a population greater than one billion, together possess more than a third of the worlds population. ...

Contents

Economy – overview

2005–2006

Global output (gross world product) (GWP) rose by 4.4% in 2005, led by China (9.3%), India (7.6%), and Russia (5.9%). The other 14 successor nations of the USSR and the other old Warsaw Pact nations again experienced widely divergent growth rates; the three Baltic nations continued as strong performers, in the 7% range of growth. Growth results posted by the major industrial countries varied from no gain for Italy to a strong gain by the United States (3.5%). The developing nations also varied in their growth results, with many countries facing population increases that erode gains in output. Externally, the nation-state, as a bedrock economic-political institution, is steadily losing control over international flows of people, goods, funds, and technology. Internally, the central government often finds its control over resources slipping as separatist regional movements - typically based on ethnicity - gain momentum, e.g., in many of the successor states of the former Soviet Union, in the former Yugoslavia, in India, in Iraq, in Indonesia, and in Canada. Externally, central governments are losing decision making powers and enhancing their international collective power thanks to strong economic bodies of which they democratically chose to become part, notably the EU. In Western Europe, governments have studied means to channel resources away from popularly supported welfare programs from the poor, sick, and increasingly older population in order to increase investment and strengthen incentives for the private sector to provide employment. The addition of 80 million people each year to an already overcrowded globe is exacerbating the problems of pollution, desertification, underemployment, epidemics, and famine. Because of their own internal problems and priorities, the industrialized countries devote insufficient resources to deal effectively with the poorer areas of the world, which, at least from an economic point of view, are becoming further marginalized. The introduction of the euro as the common currency of much of Western Europe in January 1999, while paving the way for an integrated economic powerhouse, poses economic risks because of varying levels of income and cultural and political differences among the participating nations. The terrorist attacks on the US on 11 September 2001 accentuated a further growing risk to global prosperity, illustrated, for example, by the reallocation of resources away from investment to anti-terrorist programs. Gross world product is the total Gross National Product of all the countries in the world. ... Not to be confused with the Warsaw Convention, which is an agreement about airlines financial liability and the Treaty of Warsaw (1970) between West Germany and the Peoples Republic of Poland. ... A sequential look at United Flight 175 crashing into the south tower of the World Trade Center The September 11, 2001 attacks (often referred to as 9/11—pronounced nine eleven or nine one one) consisted of a series of coordinated terrorist[1] suicide attacks upon the United States, predominantly...


Statistical indicators

Economy

GDP (GWP) (gross world product): (purchasing power parity exchange rates) - $59.38 trillion (2005 est.), $51.48 trillion (2004), $49 trillion (2002) Gross world product is the total Gross National Product of all the countries in the world. ...


GDP (GWP) (gross world product) (IMF 179 countries [3]): (market exchange rates) - $43.92 trillion (2005 est.), $40.12 trillion (2004), $32.37 trillion (2002) Gross world product is the total Gross National Product of all the countries in the world. ...


GDP - real growth rate: 4.3% (2005 est.), 3.8% (2003), 2.7% (2001)


GDP - per capita: purchasing power parity - $9,300 (2005 est.), $8,200 (92) (2003), $7,900 (2002)


GDP - composition by sector: agriculture: 4% industry: 32% services: 64% (2004 est.)


Inflation 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 hyperinflation in several Third World countries (2003) World map indicating Human Development Index (as of 2004). ...  High human development Medium human development Low human development Unavailable (colour-blind compliant map)   Developing countries not listed as least developed countries or as newly industrialized countries, in their respective articles. ... For the Jamaican reggae band, see Third World (band). ...


Derivatives outstanding notional amount: $273 trillion (end of June 2004), $84 trillion (end-June 1998) ([4]) Derivatives traders at the Chicago Board of Trade. ...


Global debt issuance: $5.187 trillion (2004), $4.938 trillion (2003), $3.938 trillion (2002) (Thomson Financial League Tables) For other uses, see Debt (disambiguation). ... Thomson Financials standard league tables are rankings of Investment Banks in terms of the dollar volume of deals they work on. ...


Global equity issuance: $505 billion (2004), $388 billion (2003), $319 billion (2002) (Thomson Financial League Tables) For other uses, see Stock (disambiguation). ... Thomson Financials standard league tables are rankings of Investment Banks in terms of the dollar volume of deals they work on. ...


Employment

Unemployment rate: 30% combined unemployment and underemployment in many non-industrialized countries; developed countries typically 4%-12% unemployment[citation needed] CIA figures for world unemployment rates, 2006 Unemployment is the state in which a person is without work, available to work, and is currently seeking work. ... CIA figures for world unemployment rates, 2006 Unemployment is the state in which a person is without work, available to work, and is currently seeking work. ... In economics, the term underemployment has at least three different distinct meanings and applications. ...


Industries

Industries: dominated by the onrush of technology, especially in computers, robotics, telecommunications, and medicines and medical equipment; most of these advances take place in OECD nations; only a small portion of non-OECD countries have succeeded in rapidly adjusting to these technological forces; the accelerated deployment of new industrial technology is complicating already grim environmental problems. This article is about the machine. ... The Shadow robot hand system holding a lightbulb. ... Telecommunication involves the transmission of signals over a distance for the purpose of communication. ... For the chemical substances known as medicines, see medication. ... The Organization for Economic Co-operation and Development (OECD) is an international organization of those developed countries that accept the principles of representative democracy and a free market economy. ...


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


Energy

Yearly electricity - production: 15,850,000 GWh (2003 est.), 14,850,000 GWh (2001 est.)


Yearly electricity - consumption: 14,280,000 GWh (2003 est.), 13,930,000 GWh (2001 est.)


Oil - production: 79.65 million bbl/day (2003 est.), 75.46 million barrel/day (12,000,000 m³/d) (2001) Petro redirects here. ...


Oil - consumption: 80.1 million bbl/day (2003 est.), 76.21 million barrel/day (12,120,000 m³/d) (2001)


Oil - proved reserves: 1.025 trillion barrel (163 km³) (2001 est.)


Natural gas - production: 2,569 km³ (2001 est.) For other uses, see Natural gas (disambiguation). ...


Natural gas - consumption: 2,556 km³ (2001 est.)


Natural gas - proved reserves: 161,200 km³ (1 January 2002) is the 1st day of the year in the Gregorian calendar. ... Also see: 2002 (number). ...


Cross-border

Yearly exports: $6.6 trillion (f.o.b., 2002 est.)


Exports - commodities: the whole range of industrial and agricultural goods and services


Exports - partners: US 17.4%, Germany 7.6%, UK 5.4%, France 5.1%, Japan 4.8%, China 4% (2002)


Yearly imports: $6.6 trillion (f.o.b., 2002 est.)


Imports - commodities: the whole range of industrial and agricultural goods and services


Imports - partners: US 11.2%, Germany 9.2%, China 7%, Japan 6.8%, France 4.7%, UK 4% (2002)


Debt - external: $2 trillion for less developed countries (2002 est.)


Gift economy

Yearly economic aid - recipient: Official Development Assistance (ODA) $50 billion... It has been suggested that this article or section be merged into Development aid. ...


Communications

Telephones - main lines in use: 843,923,500 (2003)
1,263,367,600 (2005)


Telephones - mobile cellular: 2,168,433,600 (2005)


Internet Service Providers (ISPs): 10,350 (2000 est.) An Internet Service Provider (ISP) is a business or organization that offers users access to the Internet and related services. ...


Internet users: 1,091,730,861 (December 30, 2006 [5] est.), 604,111,719 (2002 est.)


Transport

Main article: Transport

This page is related to transport; you may be looking for the 2002 Bollywood movie Road. ... For other uses, see Europe (disambiguation). ... The far east as a cultural block includes East Asia, Southeast Asia, Northeast Asia and South Asia. ... A world map showing the continent of Africa Africa is the worlds second-largest and second most-populous continent, after Asia. ... South America South America is a continent crossed by the equator, with most of its area in the Southern Hemisphere. ... North America North America is a continent [1] in the Earths northern hemisphere and (chiefly) western hemisphere. ... For other uses, see Gauge. ... As railways developed and expanded one of the key issues to be decided was that of the rail gauge (the distance between the two rails of the track) which should be used. ... Comparison of standard gauge (blue) and one common narrow gauge (red) width. ... This is a list of the worlds seaports: // Accra, Ghana A Coruña, Spain Banana, Democratic Republic of the Congo Barranquilla, Colombia Belém, Brazil Bergen, Norway Bilbao, Spain Bodø, Norway Boston, Massachusetts, United States Botwood, Newfoundland and Labrador, Canada Bridgetown, Barbados Brunswick, Georgia, United States Buenos Aires, Argentina...

Military

Military expenditures - dollar figure: aggregate real expenditure on arms worldwide in 1999 remained at approximately the 1998 level, about $750 billion (1999)


Military expenditures - percent of GDP: roughly 2% of gross world product (1999).


See also

The rise of multinational corporations and outsourcing have played a crucial part in globalization. ... The rise of technology has allowed our environment to be characterized as a global one. ... The economy of Africa consists of the trade, industry, and resources of the peoples of Africa. ... The economy of Asia comprises more than 4 billion people (60% of the world population), living in 46 different states. ... The economy of Europe comprises more than 710 million people in 48 different states. ... The economy of North America comprises more than 514 million people in 23 soverign states and 15 dependent territories. ... The economy of Oceania is comprised of more than. ... The economy of South America comprises about 500 million people living in 14 states and territories. ... Forbes magazine annually lists the worlds wealthiest individuals: The Worlds Billionaries. ... Map of countries by agricultural output Map of countries by industrial output Map of countries by services output This is a list of countries by GDP sector composition based on nominal GDP estimates and sector composition ratios provided by the CIA World Fact Book at market or government official exchange... This article summarizes the world steel production by country. ... Countries by nominal GDP. Source: IMF (2005) This article includes a list of countries of the world sorted by their gross domestic product (GDP), the value of all final goods and services produced within a nation in a given year. ... There are three lists of countries of the world sorted by their gross domestic product (GDP) (the value of all final goods and services produced within a nation in a given year). ... The purchasing power parity (PPP) theory uses the long-term equilibrium exchange rate of two currencies to equalize their purchasing power. ... This is a list of the countries of the world in order of Gross domestic product (GDP), based on exchange rates, not on purchasing power parity. ... These are lists of regions and countries sorted by their estimated real gross domestic product (GDP) in terms of purchasing power parity (PPP), the value of all final goods and services produced within a country/region in a given year. ... For other uses, see World (disambiguation). ... Ecological economics is a transdisciplinary field of academic research that addresses the dynamic and spatial interdependence between human economies and natural ecosystems. ...

External links


  Results from FactBites:
 
The World Economy - Journal Information (616 words)
The World Economy is a vital resource for researchers, analysts and policy-advisors interested in trade policy and other open economy issues embracing international trade and the environment, international finance, and trade and development.
Whilst The World Economy concentrates on trade policy issues - on a country basis, regionally and globally - it also covers broader issues such as exchange rates, IMF/World Bank, debt, environmental and other international issues as they relate to trade.
The World Economy sponsors an annual lecture by a leading economist.
World economy - Wikipedia, the free encyclopedia (1331 words)
The world economy can be evaluated in various ways, depending on the model used, and this valuation can then be represented in various ways (for example, in 2006 US dollars).
It is inseparable from the geography and ecology of Earth, and is therefore somewhat of a misnomer, since, while definitions and representations of the "world economy" vary widely, they must at a minimum exclude any consideration of resources or value based outside of the Earth.
The causes: sluggishness in the US economy (21.6% of GWP) and in the EU economy (21.4% of GWP) ; continued stagnation in the Japanese economy (7.0% of GWP); and spillover effects in the less developed regions of the world.
  More results at FactBites »

 
 

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