The world economy or global economy is the

economy An economy is an area of the Production (economics), production, Distribution (economics), distribution and trade, as well as Consumption (economics), consumption of Goods (economics), goods and Service (economics), services. In general, it is ...

of all humans in the world, referring to the global

economic system An economic system, or economic order, is a system of production, resource allocation and distribution of goods and services within an economy. It includes the combination of the various institutions, agencies, entities, decision-making proces ...

, which includes all economic activities conducted both within and between

nation A nation is a type of social organization where a collective Identity (social science), identity, a national identity, has emerged from a combination of shared features across a given population, such as language, history, ethnicity, culture, t ...

s, including production, consumption, economic management,

work Work may refer to: * Work (human activity), intentional activity people perform to support themselves, others, or the community ** Manual labour, physical work done by humans ** House work, housework, or homemaking ** Working animal, an ani ...

in general, financial transactions and

trade Trade involves the transfer of goods and services from one person or entity to another, often in exchange for money. Economists refer to a system or network that allows trade as a market. Traders generally negotiate through a medium of cr ...

goods and services Goods are items that are usually (but not always) tangible, such as pens or Apple, apples. Services are activities provided by other people, such as teachers or barbers. Taken together, it is the Production (economics), production, distributio ...

. 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 Geography (from Ancient Greek ; combining 'Earth' and 'write', literally 'Earth writing') is the study of the lands, features, inhabitants, and phenomena of Earth. Geography is an all-encompassing discipline that seeks an understanding o ...

and

ecology Ecology () is the natural science of the relationships among living organisms and their Natural environment, environment. Ecology considers organisms at the individual, population, community (ecology), community, ecosystem, and biosphere lev ...

of planet

Earth Earth is the third planet from the Sun and the only astronomical object known to Planetary habitability, harbor life. This is enabled by Earth being an ocean world, the only one in the Solar System sustaining liquid surface water. Almost all ...

. It is common to limit questions of the world economy exclusively to human economic activity, and the world economy is typically judged in

monetary Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are: med ...

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 A black market is a Secrecy, clandestine Market (economics), market or series of transactions that has some aspect of illegality, or is not compliant with an institutional set of rules. If the rule defines the set of goods and services who ...

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

value, economists do not typically use the current or official

exchange rate In finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of ...

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 The world is the totality of entities, the whole of reality, or everything that Existence, exists. The nature of the world has been conceptualized differently in different fields. Some conceptions see the world as unique, while others talk ...

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 Purchasing power refers to the amount of products and services available for purchase with a certain currency unit. For example, if you took one unit of cash to a store in the 1950s, you could buy more products than you could now, showing that th ...

. This is the method used below, which is used for estimating worldwide economic activity in terms of real

United States dollar The United States dollar (Currency symbol, symbol: Dollar sign, $; ISO 4217, currency code: USD) is the official currency of the United States and International use of the U.S. dollar, several other countries. The Coinage Act of 1792 introdu ...

s or

euro The euro (currency symbol, symbol: euro sign, €; ISO 4217, currency code: EUR) is the official currency of 20 of the Member state of the European Union, member states of the European Union. This group of states is officially known as the ...

s. 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 () have most of their economic activity reflected in these valuations. Until the middle of the 19th century, global output was dominated by

China China, officially the People's Republic of China (PRC), is a country in East Asia. With population of China, a population exceeding 1.4 billion, it is the list of countries by population (United Nations), second-most populous country after ...

and

India India, officially the Republic of India, is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area; the List of countries by population (United Nations), most populous country since ...

. Waves of the

Industrial Revolution The Industrial Revolution, sometimes divided into the First Industrial Revolution and Second Industrial Revolution, was a transitional period of the global economy toward more widespread, efficient and stable manufacturing processes, succee ...

in Western Europe and Northern America shifted the shares to the Western Hemisphere. As of 2025, the following 21 countries or collectives have reached an economy of at least US$2

trillion ''Trillion'' is a number with two distinct definitions: *1,000,000,000,000, i.e. one million 1,000,000, million, or (ten to the twelfth Exponentiation, power), as defined on the long and short scales, short scale. This is now the meaning in bot ...

Gross Domestic Product Gross domestic product (GDP) is a monetary measure of the total market value of all the final goods and services produced and rendered in a specific time period by a country or countries. GDP is often used to measure the economic performanc ...

(GDP) in nominal or

Purchasing Power Parity Purchasing power parity (PPP) is a measure of the price of specific goods in different countries and is used to compare the absolute purchasing power of the countries' currency, currencies. PPP is effectively the ratio of the price of a market bask ...

(PPP) terms:

Brazil Brazil, officially the Federative Republic of Brazil, is the largest country in South America. It is the world's List of countries and dependencies by area, fifth-largest country by area and the List of countries and dependencies by population ...

Canada Canada is a country in North America. Its Provinces and territories of Canada, ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, making it the world's List of coun ...

Egypt Egypt ( , ), officially the Arab Republic of Egypt, is a country spanning the Northeast Africa, northeast corner of Africa and Western Asia, southwest corner of Asia via the Sinai Peninsula. It is bordered by the Mediterranean Sea to northe ...

France France, officially the French Republic, is a country located primarily in Western Europe. Overseas France, Its overseas regions and territories include French Guiana in South America, Saint Pierre and Miquelon in the Atlantic Ocean#North Atlan ...

Germany Germany, officially the Federal Republic of Germany, is a country in Central Europe. It lies between the Baltic Sea and the North Sea to the north and the Alps to the south. Its sixteen States of Germany, constituent states have a total popu ...

Indonesia Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania, between the Indian Ocean, Indian and Pacific Ocean, Pacific oceans. Comprising over List of islands of Indonesia, 17,000 islands, including Sumatra, ...

Italy Italy, officially the Italian Republic, is a country in Southern Europe, Southern and Western Europe, Western Europe. It consists of Italian Peninsula, a peninsula that extends into the Mediterranean Sea, with the Alps on its northern land b ...

Japan Japan is an island country in East Asia. Located in the Pacific Ocean off the northeast coast of the Asia, Asian mainland, it is bordered on the west by the Sea of Japan and extends from the Sea of Okhotsk in the north to the East China Sea ...

Mexico Mexico, officially the United Mexican States, is a country in North America. It is the northernmost country in Latin America, and borders the United States to the north, and Guatemala and Belize to the southeast; while having maritime boundar ...

Poland Poland, officially the Republic of Poland, is a country in Central Europe. It extends from the Baltic Sea in the north to the Sudetes and Carpathian Mountains in the south, bordered by Lithuania and Russia to the northeast, Belarus and Ukrai ...

South Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia. It constitutes the southern half of the Korea, Korean Peninsula and borders North Korea along the Korean Demilitarized Zone, with the Yellow Sea to the west and t ...

Russia Russia, or the Russian Federation, is a country spanning Eastern Europe and North Asia. It is the list of countries and dependencies by area, largest country in the world, and extends across Time in Russia, eleven time zones, sharing Borders ...

Saudi Arabia Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in West Asia. Located in the centre of the Middle East, it covers the bulk of the Arabian Peninsula and has a land area of about , making it the List of Asian countries ...

Spain Spain, or the Kingdom of Spain, is a country in Southern Europe, Southern and Western Europe with territories in North Africa. Featuring the Punta de Tarifa, southernmost point of continental Europe, it is the largest country in Southern Eur ...

Turkey Turkey, officially the Republic of Türkiye, is a country mainly located in Anatolia in West Asia, with a relatively small part called East Thrace in Southeast Europe. It borders the Black Sea to the north; Georgia (country), Georgia, Armen ...

, the

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotlan ...

, the

United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

, the

European Union The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are Geography of the European Union, located primarily in Europe. The u ...

and the

African Union The African Union (AU) is a continental union of 55 member states located on the continent of Africa. The AU was announced in the Sirte Declaration in Sirte, Libya, on 9 September 1999, calling for the establishment of the African Union. The b ...

. Between 1820 and 2000, global income inequality increased with almost 50%. However, this change occurred mostly before 1950. Afterwards, the level of inequality remained mostly stable. It is important to differentiate between between-country inequality, which was the driving force for this pattern, and within country inequality, which remained largely constant. Global income inequality peaked approximately in the 1970s, when world income was distributed bimodally into "rich" and "poor" countries with little overlap. Since then, inequality has been rapidly decreasing, and this trend seems to be accelerating. Income distribution is now unimodal, with most people living in middle-income countries. , a study by the World Institute for Development Economics Research at United Nations University found that the richest 1% of adults owned 40% of global assets, and that the richest 10% of adults accounted for 85% of the world total. The bottom half of the world adult population owned barely 1% of global wealth. Oxfam International reported that the richest 1 percent of people owned 48 percent of global wealth , and would own more than half of global wealth by 2016. In 2014, Oxfam reported that the 85 wealthiest individuals in the world had a combined wealth equal to that of the bottom half of the world's population, or about 3.5 billion people. Despite high levels of government investment, the global economy decreased by 3.4% in 2020 in the midst of the

COVID-19 pandemic The COVID-19 pandemic (also known as the coronavirus pandemic and COVID pandemic), caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), began with an disease outbreak, outbreak of COVID-19 in Wuhan, China, in December ...

, an improvement from the

World Bank The World Bank is an international financial institution that provides loans and Grant (money), grants to the governments of Least developed countries, low- and Developing country, middle-income countries for the purposes of economic development ...

's initial prediction of a 5.2 percent decrease. Cities account for 80% of global GDP, thus they faced the brunt of this decline. The world economy increased again in 2021 with an estimated 5.5 percent rebound.

Overview

World economy by country groups

World economy by continent

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

Twenty largest economies in the world by nominal GDP

Twenty largest economies in the world by GDP (PPP)

Statistical indicators

Finance

* 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, 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 The gross world product (GWP), also known as gross world income (GWI), is the combined gross national income (previously, the "gross national product") of all the countries in the world. Because imports and exports balance exactly when consider ...

): (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 (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 The median of a set of numbers is the value separating the higher half from the lower half of a Sample (statistics), data sample, a statistical population, population, or a probability distribution. For a data set, it may be thought of as the “ ...

income: purchasing power parity $1,041, €950 (1993) * 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

to hyperinflation (In economics, hyperinflation is very high and typically accelerating inflation) in several

Third World The term Third World arose during the Cold War to define countries that remained non-aligned with either NATO or the Warsaw Pact. The United States, Canada, Taiwan, Japan, South Korea, the Southern Cone, NATO, Western European countries and oth ...

countries (2003)'': ** World 2.6% (2017), 2.8% (predicted 2018); **

Developed Economies In economics, economic development (or economic and social development) is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and object ...

1% to 4% typically **

Developing Countries A developing country is a sovereign state with a less-developed Secondary sector of the economy, industrial base and a lower Human Development Index (HDI) relative to developed countries. However, this definition is not universally agreed upon. ...

5% to 60% typically **

Least developed countries The least developed countries (LDCs) are developing countries listed by the United Nations that exhibit the lowest indicators of socioeconomic development. The concept of LDCs originated in the late 1960s and the first group of LDCs was listed b ...

11.4% (2017), 8.3% (predicted 2018) * Derivatives OTC outstanding notional amount: $601 trillion (Dec 2010)

* Derivatives exchange traded outstanding notional amount: $82 trillion (June 2011)

* Global

debt Debt is an obligation that requires one party, the debtor, to pay money Loan, borrowed or otherwise withheld from another party, the creditor. Debt may be owed by a sovereign state or country, local government, company, or an individual. Co ...

issuance: $5.187 trillion, €3 trillion (2004), $4.938 trillion, €3.98 trillion (2003), $3.938 trillion (2002) (

Thomson Financial League Tables LSEG Data & Analytics, formerly Refinitiv, is an American-British global provider of financial market data and infrastructure. The company was founded in 2018 as a subsidiary of Thomson Reuters, which then sold a 55% stake to Blackstone Group LP ...

) * Global equity issuance: $505 billion, €450 billion (2004), $388 billion. €320 billion (2003), $319 billion, €250 trillion (2002) (

)

Employment

Unemployment Unemployment, according to the OECD (Organisation for Economic Co-operation and Development), is the proportion of people above a specified age (usually 15) not being in paid employment or self-employment but currently available for work du ...

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

* Yearly

electricity Electricity is the set of physical phenomena associated with the presence and motion of matter possessing an electric charge. Electricity is related to magnetism, both being part of the phenomenon of electromagnetism, as described by Maxwel ...

– 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.) * Oil – production: (2003 est.), (2001) * Oil – consumption: (2003 est.), (2001) * Oil – proved reserves: 1.025 trillion barrel ( (2001 est.) *

Natural gas Natural gas (also fossil gas, methane gas, and gas) is a naturally occurring compound of gaseous hydrocarbons, primarily methane (95%), small amounts of higher alkanes, and traces of carbon dioxide and nitrogen, hydrogen sulfide and helium ...

– production: (2012 est.), (2001 est.) * Natural gas – consumption: (2001 est.) * Natural gas – proved reserves: (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 Official development assistance (ODA) is a category used by the Development Assistance Committee (DAC) of the Organisation for Economic Co-operation and Development (OECD) to measure foreign aid. The DAC first adopted the concept in 1969. It is w ...

(ODA) of $204 billion (2022)

Communications

Telephones – main lines in use: 843,923,500 (2007)
4,263,367,600 (2008) * Telephones – mobile cellular: 3,300,000,000 (Nov. 2007)global cellphone penetration reaches 50 percent
*

Internet Service Providers An Internet service provider (ISP) is an organization that provides a myriad of services related to accessing, using, managing, or participating in the Internet. ISPs can be organized in various forms, such as commercial, community-owned, non ...

(ISPs): 10,350 (2000 est.) *

Internet The Internet (or internet) is the Global network, global system of interconnected computer networks that uses the Internet protocol suite (TCP/IP) to communicate between networks and devices. It is a internetworking, network of networks ...

users: 3,079,339,857 (31 December 201

, 360,985,492 (31 December 2000)

Transport

Transportation infrastructure worldwide includes: *

Airports An airport is an aerodrome with extended facilities, mostly for commercial air transport. They usually consist of a landing area, which comprises an aerially accessible open space including at least one operationally active surface such ...

** Total: 41,821 (2013) *

Roadway A carriageway (British English) or roadway (North American English) is a width of road on which a vehicle is not restricted by any physical barriers or separation to move laterally. A carriageway generally consists of a number of traffic lane ...

s ** Total: ** Paved: ** Unpaved: (2002) *

Railways Rail transport (also known as train transport) is a means of transport using wheeled vehicles running in tracks, which usually consist of two parallel steel rails. Rail transport is one of the two primary means of land transport, next to roa ...

** Total: includes about of electrified routes of which are in Europe, in the

Far East The Far East is the geographical region that encompasses the easternmost portion of the Asian continent, including North Asia, North, East Asia, East and Southeast Asia. South Asia is sometimes also included in the definition of the term. In mod ...

, in Africa, in South America, and in North America.

Military

* World military expenditure in 2018: estimated to $1.822 trillion * Military expenditures – percent of GDP: roughly 2% of gross world product (1999).

Science, research and development

The

Royal Society The Royal Society, formally The Royal Society of London for Improving Natural Knowledge, is a learned society and the United Kingdom's national academy of sciences. The society fulfils a number of roles: promoting science and its benefits, re ...

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.China poised to overhaul US as biggest publisher of scientific papers
, Alok Jha, Monday 28 March 2011, The Guardian In 2015,

research and development Research and development (R&D or R+D), known in some countries as OKB, experiment and design, is the set of innovative activities undertaken by corporations or governments in developing new services or products. R&D constitutes the first stage ...

constituted an average 2.2% of the global GDP according to the

UNESCO Institute for Statistics The UNESCO Institute for Statistics (UIS) is the statistical office of UNESCO and is the UN depository for cross-nationally comparable statistics on education, science and technology, culture, and communication. The UIS was established in 1999. ...

. Metrics and rankings of innovation include the

Bloomberg Innovation Index Bloomberg L.P. is an American privately-held financial, software, data, and media company headquartered in Midtown Manhattan, New York City. It was co-founded by Michael Bloomberg in 1981, with Thomas Secunda, Duncan MacMillan (Bloomberg), Du ...

, the

Global Innovation Index The Global Innovation Index is an annual ranking of countries by their capacity for and success in innovation, published by the World Intellectual Property Organization (WIPO). It was started in 2007 by INSEAD and ''World Business'', a Britis ...

and the share of Nobel laureates per capita.

Resources and environment

* Forests (

carbon sink A carbon sink is a natural or artificial carbon sequestration process that "removes a greenhouse gas, an aerosol or a precursor of a greenhouse gas from the atmosphere". These sinks form an important part of the natural carbon cycle. An overar ...

wood Wood is a structural tissue/material found as xylem in the stems and roots of trees and other woody plants. It is an organic materiala natural composite of cellulosic fibers that are strong in tension and embedded in a matrix of lignin t ...

ecosystem services Ecosystem services are the various benefits that humans derive from Ecosystem, ecosystems. The interconnected Biotic_material, living and Abiotic, non-living components of the natural environment offer benefits such as pollination of crops, clean ...

, ...) ** Estimated number of trees that are net lost annually as of 2021: 10 billion ** Global annual deforested land in 2015–2020: 10 million hectares ** Global annual net forest area loss in 2000–2010 : 4.7 million hectares * Other

land degradation Land degradation is a process where land becomes less healthy and productive due to a combination of Human impact on the environment, human activities or natural conditions. The causes for land degradation are numerous and complex. Human activitie ...

and land- and organisms-related ecosystem disturbances ** Soils (carbon sink, ecosystem services, food production, ...) ***

Soil erosion Soil erosion is the denudation or wearing away of the Topsoil, upper layer of soil. It is a form of soil degradation. This natural process is caused by the dynamic activity of erosive agents, that is, water, ice (glaciers), snow, Atmosphere of Ea ...

by water in 2012: almost 36 billion tons (based on a high resolution global potential soil erosion model developed in 2017) *** Estimated annual loss of agricultural productivity due to soil erosion: 8 billion US dollars (based on the soil erosion data) *** Soil erosion by water in 2015: approximately 43 billion tons (according to a 2020 study) *** Environmental impact of pesticides **** Pesticide use in tonnes of active ingredient in Australia in 2016: ca. 62,500 tonnes * Oceans (ecosystem services, food production, ...): Blue economy * Waste and

pollution Pollution is the introduction of contaminants into the natural environment that cause harm. Pollution can take the form of any substance (solid, liquid, or gas) or energy (such as radioactivity, heat, sound, or light). Pollutants, the component ...

(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". **

Air pollution Air pollution is the presence of substances in the Atmosphere of Earth, air that are harmful to humans, other living beings or the environment. Pollutants can be Gas, gases like Ground-level ozone, ozone or nitrogen oxides or small particles li ...

*** Number of human deaths caused annually by air pollution worldwide: ca. 7 million *** Estimated global annual cost of air pollution: $5 trillionStudy by the

and the

Institute for Health Metrics and Evaluation The Institute for Health Metrics and Evaluation (IHME) is a public health research institute of the University of Washington in Seattle. Its research fields are global health statistics and impact evaluation. IHME is headed by Christopher J.L. ...

(IHME) at the

University of Washington The University of Washington (UW and informally U-Dub or U Dub) is a public research university in Seattle, Washington, United States. Founded in 1861, the University of Washington is one of the oldest universities on the West Coast of the Uni ...

: ** 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 *** Estimated accumulated number of microplastic particles in the North Atlantic Ocean in 2020: 3700 microplastics per cubic meter From the scientific perspective, economic activities are embedded in a web of dynamic, interrelated, and interdependent activities that constitute the natural

system A system is a group of interacting or interrelated elements that act according to a set of rules to form a unified whole. A system, surrounded and influenced by its open system (systems theory), environment, is described by its boundaries, str ...

of Earth. Novel application of

cybernetics Cybernetics is the transdisciplinary study of circular causal processes such as feedback and recursion, where the effects of a system's actions (its outputs) return as inputs to that system, influencing subsequent action. It is concerned with ...

decision-making In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the Cognition, cognitive process resulting in the selection of a belief or a course of action among several possible alternative options. It could be ...

(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.

Historical development

Per the MSCI All Country World Index, the breakdown of market sector is as follows: One example for a comparable metric other than GDP are the OECD Better Life Index rankings for different aggregative domains. The index includes 11 comparable "dimensions" of well-being: #Housing:

housing Housing refers to a property containing one or more Shelter (building), shelter as a living space. Housing spaces are inhabited either by individuals or a collective group of people. Housing is also referred to as a human need and right to ...

conditions and spendings (e.g. real estate pricing) #Income:

household income Household income is a measure of income received by the household sector. It includes every form of cash income, e.g., salaries and wages, retirement income, investment income and cash transfers from the government. It may include near-cash gover ...

(after taxes and transfers) and net financial wealth #Jobs:

earnings {{Short description, Financial term Earnings are the net benefits of a corporation's operation. Earnings is also the amount on which corporate tax is due. For an analysis of specific aspects of corporate operations several more specific terms are u ...

job security Job security is the probability that an individual will keep their job; a job with a high level of security is such that a person with the job would have a small chance of losing it. Many factors threaten job security: globalization, outsourcing ...

and

unemployment Unemployment, according to the OECD (Organisation for Economic Co-operation and Development), is the proportion of people above a specified age (usually 15) not being in paid employment or self-employment but currently available for work du ...

#Community: quality of

social support Social support is the perception and actuality that one is cared for, has assistance available from other people, and, most popularly, that one is part of a supportive social network. These supportive resources can be emotional (e.g., nurturance), ...

network #Education: education and what one gets out of it #Environment: quality of environment (e.g.

environmental health Environmental health is the branch of public health concerned with all aspects of the natural environment, natural and built environment affecting human health. To effectively control factors that may affect health, the requirements for a hea ...

) #Governance: involvement in

democracy Democracy (from , ''dēmos'' 'people' and ''kratos'' 'rule') is a form of government in which political power is vested in the people or the population of a state. Under a minimalist definition of democracy, rulers are elected through competitiv ...

#Health #Life Satisfaction: level of

happiness Happiness is a complex and multifaceted emotion that encompasses a range of positive feelings, from contentment to intense joy. It is often associated with positive life experiences, such as achieving goals, spending time with loved ones, ...

#Safety: murder and assault rates # 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.

References

External links

OECD – Economic Outlook

* ttp://www.imf.org/external/ns/cs.aspx?id=29 IMF – World Economic Outlook
UN DESA – World Economy publications

CIA – The World Factbook – World

BBC News Special Report – Global Economy

Guardian Special Report – Global Economy

World Bank Summary Trade Statistics for World
{{DEFAULTSORT:World Economy Economics catchphrases Economic globalization

Overview

World economy by country groups

World economy by continent

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

Twenty largest economies in the world by nominal GDP

Twenty largest economies in the world by GDP (PPP)

Statistical indicators

Finance

Employment

Industries

Energy

Cross-border

Gift economy

Communications

Transport

Military

Science, research and development

Resources and environment

Historical development

Economic studies

See also

References

External links