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For other uses, see World Economy (disambiguation).World GDP per capita between 1500 and 2003World economy Africa Asia Europe North America South America Oceania vte

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 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 Angus Maddison–a distinguished British economist–until the middle of the 19th century, global output was dominated by China and India, with the 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 Gross Domestic Product (GDP) in nominal or Purchasing Power Parity (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]

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 dataCountries by total wealth (trillions USD), Credit SuisseGDP (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):World 2.6% (2017), 2.8% (predicted 2018);[31]Developed Economies 1% to 4% typicallyDeveloping Countries 5% to 60% typicallyLeast developed countries 11.4% (2017), 8.3% (predicted 2018)[31]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 2003GDP increase, 1990–1998 and 1990–2006, in major countriesUnemployment 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 yearFurther information: World energy supply and consumption and Energy developmentYearly 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 servicesExports – 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 servicesImports – 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]Annual international aid: Official Development Assistance (ODA) of $204 billion (2022)[34]Communications[edit]

Telephones – main lines in use: 843,923,500 (2007)

4,263,367,600 (2008)

Telephones – mobile cellular: 3,300,000,000 (Nov. 2007)[35]Internet Service Providers (ISPs): 10,350 (2000 est.)Internet users: 3,079,339,857 (31 December 2014 [3]), 360,985,492 (31 December 2000[36])Transport[edit]See also: Transport § Economic, and Category:Transport infrastructure

Transportation infrastructure worldwide includes:

AirportsTotal: 41,821 (2013)[37]RoadwaysTotal: 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)RailwaysTotal: 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[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]See also: List of sovereign states by research and development spending, Economics of science, and InnovationNumber 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]See also: Primary sector of the economy, Sustainable development, Economic impacts of climate change, Environmental resource management § Economics, Planetary management, Agriculture, Overexploitation, Overconsumption, and Ecosystem serviceFurther information: 2021 in the environment and environmental sciences § International goalsShown 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 hectaresGlobal annual net forest area loss in 2000–2010 : 4.7 million hectares[46]Other land degradation and land- and organisms-related ecosystem disturbancesSoils (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 pesticidesPesticide use in tonnes of active ingredient in Australia in 2016: ca. 62,500 tonnes[50]Oceans (ecosystem services, food production, ...): Blue economyWaste 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 pollutionNumber 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 pollutionEstimated 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]This list is incomplete; you can help by adding missing items. (September 2020)

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]

It seems to come earlier every year: publishers and dictionaries choosing their "word of the year". Initially intended to sum up a meaningful trend or feeling that represents the past year, the exercise is now becoming a competition to identify and highlight fashionable slang.

Collins went with brat, the Charli XCX album phenomenon as applied to reckless, feisty females (and briefly to Kamala Harris). Cambridge's word was manifest, influencer-speak for "wish hard and make it happen".

Oxford, after a poll, nominated brain rot, the mind-numbing result of scrolling and online obsessing, with slop (low-quality content produced by AI) as runner-up. Dictionary.com chose demure, used ironically to promote a more dignified pose or attitude on the part of online showoffs.

What strikes me – a lexicologist (word analyst) – is that these picks show not only how aspects of society are changing, but how the nature of words themselves evolves in unexpected ways.

The faddish terms that have made this year's list are, like most slang (including last year's pick "rizz"), largely generated by members of younger demographics, in particular gen Z.

Older onlookers may try (and fail) to grasp the significance of these quirky expressions. We need to realise that they are invented and used in ways that are often different to how traditional vocabulary functions. They are not necessarily defining facts, actions or processes or at all. Rather, they are finding names for what a younger cohort calls vibes, aesthetics or microtrends – capturing a feeling, rather than describing a concept.

These words are often themselves memes, concepts disseminated virally that incorporate images and sounds too (what researchers call "multimodality"). Demure, for example, stemmed from a TikTok video with a specific voice attached. Without that meme element, it's unlikely to have reached the status of word of the year.

We can't even be sure that the new expressions are meant to be taken seriously, or that they actually mean anything at all. Part of the brain rot phenomenon arises when people create and exchange phrases and words that are frivolous, transient, ironic or just nonsensical. (See: "skibidi").

Read more: Manifesting has a dark side – there are problems with believing our thoughts have so much power

Some of this can be explained by another phenomenon (and one of my own candidates for word of the year): trendbait. This describes new words, messages or performances deliberately generated by online influencers to draw attention to themselves and gain followers and fame.

In any case, Dazed magazine, whose millennial and gen Z staff largely inhabit the world from which those terms emanate, are unhappy with the publishers' final choices. They've pointed out that one of the most ubiquitous and important novelties of the year is not a word but a suffix: -maxxing. This means to maximise, enhance or exaggerate one's persona, and is added to form such expressions as looksmaxxing, sleepmaxxing and smellmaxxing.

What's in a word of the year?

As I wrote at this time last year, there is still an enormous elephant in the room. It's easy to understand why dictionary and news publishers choose amusing, intriguing verbal curiosities and exotic novelties to highlight at year-end.

But this means they are sidestepping the darker, more pressing concerns affecting millions worldwide. Just a few publishers selected words that reflect the state of play in the wider world. Their choices stressed a dystopian perspective. Drawing on survey data and search traffic, US dictionary publisher Merriam-Webster chose the rather underwhelming though admittedly relevant polarization.

In Australia, Macquarie Dictionaries selected the very rude enshittification. This term was coined to evoke the way in which society is increasingly not working, and processes and services are more and more unable to deliver. The Economist choice was kakistocracy, a 17th-century mock-pompous coinage describing rule by the worst elements of society. Like enshittification, this underlines disenchantment with established structures and ruling elites.

I would have put forward another candidate in this category: "broligarchy", in use on social media for years but only now appearing in mainstream media. This reflects the idea that members of a tech and finance elite, the billionaires and the platform-owners, capricious and irresponsible though they may be, are now usurping the power formerly wielded by governments and lawmakers.