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.
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 monetaryvalue, 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 realUnited 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[update])[3][4] have most of their economic activity reflected in these valuations.
Despite high levels of government investment, the global economy decreased by 3.4% in 2020 in the midst of the COVID-19 pandemic,[7] an improvement from the World Bank's initial prediction of a 5.2 percent decrease.[8] Cities account for 80% of global GDP, thus they faced the brunt of this decline.[9][10] The world economy increased again in 2021 with an estimated 5.5 percent rebound.[11]
Overview
World economy by country groups
Country group
List of country groups by GDP (nominal) in 2024 (or at peaked level)
List of country groups by GDP (PPP) in 2024 (or at peaked level)
Current world economic league table of largest economies in the world by GDP and share of global economic growth
The 25 largest economies by GDP (nominal), 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]
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]
This section needs to be updated. Please help update this article to reflect recent events or newly available information.(September 2020)
Finance
Countries or territories by GDP (PPP) per capita in 2021.
>$60,000
$50,000 – $60,000
$40,000 – $50,000
$30,000 – $40,000
$20,000 – $30,000
$10,000 – $20,000
$5,000 – $10,000
$2,500 – $5,000
$1,000 – $2,500
<$1,000
No data
Countries by total wealth (trillions USD), Credit Suisse
GDP (GWP) (gross world product): (purchasing power parity exchange rates) – $59.38 trillion (2005 est.), $51.48 trillion (2004), $23 trillion (2002). The GWP is the combined gross national income of all the countries in the world. When calculating the GWP, add GDP of all countries. Also, GWP shows that imports and exports are equal. Because imports and exports balance exactly when considering the whole world:,[25] 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):[26] (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[27] (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 $1,041, €950 (1993)[28]
GDP – composition by sector: agriculture: 4%; industry: 32%; services: 64% (2004 est.)
Inflation rate (consumer prices); In economics, inflation is a general rise in the price level in an economy over a period of time, resulting in a sustained drop in the purchasing power of money. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation reflects a reduction in the purchasing power per unit of money – a loss of real value in the medium of exchange and unit of account within the economy. The opposite of inflation is deflation, a sustained decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualized percentage change in a general price index, usually the consumer price index, over time. national inflation rates vary widely in individual cases, from declining prices in Japan to hyperinflation (In economics, hyperinflation is very high and typically accelerating inflation) in several Third World countries (2003):
World GDP per capita between 1500 and 2000 (log scale)World GDP per capita between 1500 and 2003GDP increase, 1990–1998 and 1990–2006, in major countries
Unemployment rate: 8.7% (2009 est.). 30% (2007 est.) combined unemployment and underemployment in many non-industrialized countries; developed countries typically 4%–12% unemployment.
Industries
Industrial production growth rate: 3% (2002 est.)
Energy
Global primary energy consumption, measured in terawatt-hours (TWh) per year
Total: 1,122,650 km (697,580 mi) includes about 190,000 to 195,000 km (118,000 to 121,000 mi) of electrified routes of which 147,760 km (91,810 mi) are in Europe, 24,509 km (15,229 mi) in the Far East, 11,050 km (6,870 mi) in Africa, 4,223 km (2,624 mi) in South America, and 4,160 km (2,580 mi) in North America.[dubious – discuss]
Military
A pie chart showing global military expenditures by country for 2019, in US$ billions, according to SIPRI.
World military expenditure in 2018: estimated to $1.822 trillion[36]
Military expenditures – percent of GDP: roughly 2% of gross world product (1999).
Shown is how the global material footprint and global CO2 emissions from fossil-fuel combustion and industrial processes changed compared with global GDP.[39]The period since 1950 has brought "the most rapid transformation of the human relationship with the natural world in the history of humankind".[40] Through 2018, humans have reduced forest area by ~30% and grasslands/shrubs by ~68%, to make way for livestock grazing and crops for humans.[41]
Pesticide use in tonnes of active ingredient in Australia in 2016: ca. 62,500 tonnes[48]
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".[49]
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[56]
Estimated accumulated number of microplastic particles in the North Atlantic Ocean in 2020: 3700 microplastics per cubic meter[56]
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.[57]
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.
^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.
^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.
^Marber, Peter. "Brave New Math". World Policy Journal (Spring 2012). Archived from the original on 2018-02-28. Retrieved 2020-09-19.
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