International Economy

The global economy or world economy is the international exchange of goods and services expressed in monetary units of account or money. In some contexts, the two terms differ: the “world economy” is measured separately and distinct from national economies while the “world economy” is simply an aggregation of separate country measurements. Beyond minimum standards of value in production, the use and exchange of definitions, representations, models and assessments of the global economy vary widely. It is also inseparable from the geography and environment of the Earth.

It is common to limit matters of the global economy exclusively to human economic activity and the global economy is typically judged in monetary terms, even in cases where there is no efficient market to assist in the valuation of certain goods or services, or in cases where the lack of independent research or... Government cooperation has made determining numbers difficult. Typical examples include the trafficking of drugs and other black market goods, which are in any way part of the global economy, but by definition have no legal market of any kind.

However, even in cases where there is a clear and efficient market for assigning a monetary value to it, economists do not usually use the current or official exchange rate to translate monetary units in that market into a single unit for the world economy; Exchange rates do not usually closely reflect international value, for example in cases where the volume or price of transactions is closely regulated by the government.

Instead, market valuations in local currency are usually translated into a single monetary unit using the idea of purchasing power parity. This is the method used below, which is used to estimate global economic activity in real terms in US dollars or euros. However, the global economy can be evaluated and expressed in many other ways. It is unclear how much of the economic activity of much of the world's 7.62 billion people is reflected in these assessments.

According to Madison, China and India dominated global production until the mid-nineteenth century. The waves of the Industrial Revolution in Western Europe and North America shifted stocks to the Western Hemisphere. As of 2017, the following 15 countries or territories had at least US$2 trillion in GDP in nominal terms or purchasing power parity: Brazil, China, India, Germany, France, Indonesia, Italy, Japan, and Korea South Africa, Mexico, Russia, Turkey, the United Kingdom, the United States, and the European Union.

 Economy

GDP (gross global output): (purchasing power parity exchange rates) - $59.38 trillion according to estimates in 2005, $51.48 trillion in 2004, and $23 trillion in 2002

GDP (global crude output): (market exchange rates) - $60.69 trillion in 2008.

GDP (real growth rate):

Developed economies: 2.2% (2017), 2.0% (expected in 2018)

Developing countries (developing country) 4.3% (2017), 4.6% (expected in 2018)

Least developed countries 4.8 percent (2017), 5.4 percent (expected 2018)

GDP per capita: purchasing power parity - $9,300, €7,500 2005 estimates, $8,200, €6,800 from 1992 to 2003, $7,900, €5,000 in 2002

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

GDP - composition by sector: Agriculture: 4%; Industry: 32%. Services: 64% (2004 estimate)

Economic inflation rate and consumer prices; National inflation rates vary widely in individual cases, from falling prices in Japan to hyperinflation in many Third World countries (2003):

World 2.6% for 2017, and 2.8% expected in 2018

Developed country economies typically 1% to 4%

Developing countries (developing country) 5% to 60% usually

Least developed countries 11.4% (2017), 8.3% (expected in 2018)

OTC Derivative Contract Outstanding Amount: $601 trillion as of December 2010 [3]

Derivative contract exchange traded value: $82 trillion as of June 2011

Global debt: $5.187 trillion, €3 trillion (2004), $4.938 trillion, €3.98 trillion (2003), $3.938 trillion (2002) (Thomson Financial Tables)

Global stocks: $505 billion, €450 billion (2004), $388 billion, €320 billion (2003), $319 billion, €250 trillion (2002) (Thomson Financial Tables).

The unemployment

World GDP per capita between 1500-2000 (record table)

Global GDP per capita between 1500-2003

Increased GDP, 1990-1998 and 1990-2006, in key countries

Unemployment rate: 8.7% according to 2009 estimates, and 30% according to 2007 estimates. The rate combines unemployment and underemployment in many non-industrialized countries. The unemployment rate in developed countries usually ranges between 4% - 12%.

Industries

Industrial production growth rate: 3% (2002 estimate)

energy

Annual electrical energy production: 21,080,878 gigawatt-hours in 2011 estimates, [16] 15,850,000 gigawatt-hours in 2003 estimates, and 14,850,000 gigawatt-hours in 2001 estimates.

Annual electricity consumption: 14,280,000 gigawatt-hours in 2003 estimates, and 13,930,000 gigawatt-hours in 2001 estimates

Oil production: 79,650,000 barrels per day (12,663,000 m3/day) in 2003 estimates, and 75,460,000 barrels per day (11,997,000 m3/day) in 2001.

Oil consumption: 80,100,000 barrels/day (12,730,000 m3/day) in 2003 estimates, and 76,210,000 barrels per day (12,116,000 m3/day) in 2001

Proven oil reserves: 1.025 trillion barrels (163 cubic km) in 2001 estimates

Natural gas production was 3,366 cubic kilometers in 2012 estimates, and 2,569 cubic kilometers in 2001 estimates.

Natural gas consumption: 2,556 square kilometers in 2001 estimates

Proven reserves of natural gas: 161,200 cubic km as of January 1, 2002.

Across borders

Annual exports: 12.4 trillion dollars, 11.05 trillion euros in 2009 estimates

Exports of goods: the full range of industrial and agricultural goods and services

Exports from partners: United States 12.7%, Germany 7.1%, China 6.2%, France 4.4%, Japan 4.2%, United Kingdom 4.1% (2008)

Annual imports: $12.29 trillion, €10.95 trillion in 2009 estimates

Most important imports: a full range of industrial and agricultural goods and services

Imports from partners: China 10.3%, Germany 8.6%, United States 8.1%, Japan 5% (2008)

External debt: $56.9 trillion, €40 trillion (December 31, 2009)

Aid

Annual economic aid: net official development assistance (ODA) of $135.2 billion (2014)

Telecommunications

Telephones - main lines used: $843,923,500 in 2007, $4,263,367,600 in 2008

Telephones - Mobile Cellular Networks: $3,300,000,000 in November 2007

Internet service providers: 10,350 in 2000

Internet users: $3,079,339,857 on December 31, 2014, and $360,985,492 on December 31, 2000.

Transportation

Transport infrastructure worldwide includes:

The airport

Total: 41,821 (2013)

Roads (kilometres)

Total: 32,345,165 km

Paved: 19,404,061 km

Unpaved: 12,942,104 km (2002)

Railways

Total: 1,122,650 km, including about 190,000 to 195,000 km of electrified roads, including 147,760 km in Europe, 24,509 km in the Far East, 11,050 km in Africa, 4,223 km in South America, and 4,160 km in North America.

Military economy

Global military expenditures in 2012: estimated at $1.756 trillion

Military expenditures - % of GDP: about 2% of GDP (1999).

Economic studies

To promote exports, many government agencies publish online economic studies by sector and country. These agencies include: USCS and USDA in the United States, EDC and AAFC in Canada, Ubifrance in France, UKTI in the United Kingdom, HKTDC and JETRO in Asia, and Austrade and NZTE in Oceania. Through partnership agreements, the Federation of International Trade Associations publishes studies from several of these agencies (USCS, FAS, AAFC, UKTI, HKTDC) as well as other NGOs on its website GlobalTrade.net.