World economy


The world economy or global economy is the economy of all humans of the world, considered as the international exchange of goods and services that is expressed in monetary units of account. In some contexts, the two terms are distinct "international" or "global economy" being 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 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 or government cooperation makes establishing figures difficult. Typical examples are illegal drugs and other black market goods, which by any standard are a part of the world economy, but for which there is by definition no legal market of any kind.
However, even in cases in which there is a clear and efficient market to establish a monetary value, economists do not typically use the current or official exchange rate to translate the monetary units of this market into a single unit for the world economy since exchange rates typically do not closely reflect 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 7.62 billion people have most of their economic activity reflected in these valuations.
According to Maddison, until the middle of 19th century, global output was dominated by China and India. Waves of Industrial Revolution in Western Europe and Northern America shifted the shares to the Western Hemisphere. As of 2020, the following 15 countries or regions have reached an economy of at least US$2 trillion by GDP in nominal or PPP terms: Brazil, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Turkey, the United Kingdom, the United States and the European Union.

Overview

World economy by country groups

The following two tables list the country groups with individual countries designated by the IMF. Members of the G-20 major economies are in bold.

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

The following two tables list the 25 largest economies by GDP, twenty largest economies by GDP as of 2019. Members of the G-20 major economies are in bold.

Twenty largest economies in the world by nominal GDP

The following is a list of the twenty largest economies by nominal GDP at peak value as of the specific year according to the International Monetary Fund.
Rank198019851990199520002005201020152020
1
2
3
4
5
6
7
8
9
10
Rank198019851990199520002005201020152020
11
12
13
14
15
16
17
18
19
20

Twenty largest economies in the world by GDP (PPP)

The following is a list of twenty largest economies by GDP based on purchasing power parity at peak value as of the specific year according to the International Monetary Fund and the CIA World Factbook.
Rank198019851990199520002005201020152020
1
2
3
4
5
6
7
8
9
10
Rank198019851990199520002005201020152020
11
12
13
14
15
16
17
18
19
20

Statistical indicators

Economy

Telephones – main lines in use: 843,923,500
4,263,367,600
Transportation infrastructure worldwide includes:
The following estimates of world population and GDP are taken exclusively from a 2020 reseach paper.
YearPopulation
GDP per capita
GDP in billion
1000000 BCE0.1254000.05
300000 BCE14000.40
25000 BCE3.344001.34
10000 BCE44001.60
5000 BCE54042.02
4000 BCE74092.87
3000 BCE144215.90
2000 BCE2743311.7
1000 BCE5044422.2
500 BCE10045745.7
200 BCE15046569.7
116846778.4
20019046388.0
40019046388.0
50019046388.0
60020046292.3
70021046096.6
800220459101
900240456109
1000265453120
1100320512164
1200360551198
1300360551198
1400350541190
1500438625274
1600556629350
1700603658397
18201,042712741
18701,2768841,128
19001,563
19131,7931,5432,767
19201,863
19402,2992,1815,013
19502,5282,1045,318
19603,0422,76412,170
19703,6913,72513,751
19804,4404,51120,026
19905,2695,14927,133
20006,0776,05736,806
20106,8737,81453,704
20197,6209,66373,640

Economic studies

To promote exports, many government agencies publish on the web economic studies by sector and country. Among these agencies include the USCS and FAS 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 as well as other non-governmental organizations on its website globaltrade.net.