World economy

World GDP per capita between 1500 and 2003

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, exchange of financial values 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 dollar s 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 Maddison^[who?], until the middle of the 19th century, global output was dominated by China and India . Waves of the Industrial Revolution in Western Europe and Northern America shifted the shares to the Western Hemisphere. As of 2023, the following 19 countries or collectives have reached an economy of at least US$2 trillion by GDP in nominal or PPP terms: Brazil , Canada , China , 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]

Overview

World economy by country groups

Country group	List of country groups by GDP (nominal) in 2023 (or at peaked level)		List of country groups by GDP (PPP) in 2023 (or at peaked level)		Number of countries	Major economies
	Value (in millions of US$)	Share of Global GDP	Value (in millions of US$)	Share of Global GDP
Major advanced economies (G7) (Continents: Europe, North America and Asia)	46,295,306	44.3%	52,295,411	29.9%	7	United States  Japan  Germany  United Kingdom  France  Italy  Canada
Emerging and developing Asia (Continents: Asia and Oceania)	25,441,042	24.4%	58,503,987	33.5%	30	China  India  Indonesia  Thailand  Bangladesh  Vietnam  Philippines  Malaysia
Other advanced economies (advanced economies excluding the G7) (Continents: Europe, Asia, Oceania and North America)	14,634,255	14.0%	19,624,991	11.2%	34	South Korea  Spain  Australia  Taiwan  Netherlands   Switzerland  Belgium  Singapore  Ireland  Sweden  Norway  Austria
Latin America and the Caribbean (Continents: South America and North America)	6,517,251	6.2%	12,813,893	7.3%	33	Brazil  Mexico  Argentina  Colombia
Emerging and developing Europe (Continents: Europe and Asia)	4,933,179	4.7%	12,926,223	7.4%	15	Russia  Turkey  Poland  Romania
Middle East and Central Asia (Continents: Asia and Africa)	4,698,168 (peaked at 4,750,874 in 2022)	4.5%	13,126,177	7.5%	32	Saudi Arabia  Egypt  Iran  Pakistan  United Arab Emirates  Kazakhstan  Algeria
Sub-Saharan Africa (Continent: Africa)	1,957,231 (peaked at 2,013,032 in 2022)	1.9%	5,499,185	3.2%	45	Nigeria  South Africa
World	104,476,432	100.0%	174,789,867	100.0%	196

World economy by continent

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), twenty largest economies by GDP (PPP) as of 2023. 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 2023 in million US$[5]	List of the 25 largest economies by GDP (PPP) at their peak level as of 2023 in million Int$[5]	List of the 26 economies by highest GDP (nominal) per capita at their peak level as of 2023 in US$[14]	List of the 26 economies by highest GDP (PPP) per capita at their peak level as of 2023 in Int$'[15]
Rank Country Value Peak year — World 104,476,432 2023 1  United States 26,949,643 2023 —  European Union[16] 19,226,235 2008 2  China[17] 17,963,171 2022 3  Japan[18] 6,272,363 2012 4  Germany 4,429,838 2023 5  India 3,732,224 2023 6  United Kingdom 3,332,059 2023 7  France 3,049,016 2023 — Template:Country data African Union[19] 2,945,709 2022 8  Brazil[20] 2,616,157 2011 9  Italy[21] 2,408,655 2008 10  Russia 2,288,428 2013 11  Canada[22] 2,139,840 2022 12  South Korea 1,818,432 2021 13  Mexico 1,811,468 2023 14  Australia 1,702,554 2022 15  Spain[23] 1,631,863 2008 16  Indonesia 1,417,387 2023 17  Turkey 1,154,600 2023 18  Saudi Arabia 1,108,149 2022 19  Netherlands 1,092,748 2023 20   Switzerland 905,684 2023 21  Poland 842,172 2023 22  Taiwan 775,741 2021 23  Iran[24] 644,036 2012 24  Argentina 643,861 2017 25  Sweden 639,715 2021	Rank Country Value Peak year — World 174,789,867 2023 1  China 32,897,929 2023 2  United States 26,949,643 2023 —  European Union[25] 25,430,409 2023 3  India 13,119,622 2023 — Template:Country data African Union[26] 8,865,179 2023 4  Japan 6,495,214 2023 5  Germany 5,537,992 2023 6  Russia[27] 5,326,855 2022 7  Indonesia 4,393,370 2023 8  Brazil 4,101,022 2023 9  United Kingdom 3,871,790 2023 10  France 3,868,619 2023 11  Turkey 3,613,540 2023 12  Mexico 3,277,601 2023 13  Italy 3,193,180 2023 14  South Korea 2,924,189 2023 15  Spain 2,413,066 2023 16  Canada 2,378,973 2023 17  Saudi Arabia 2,246,535 2023 18  Egypt 1,809,425 2023 19  Iran 1,725,874 2023 20  Australia 1,719,262 2023 21  Poland 1,712,629 2023 22  Taiwan 1,685,358 2023 23  Thailand 1,578,452 2023 24  Pakistan 1,568,427 2023 25  Bangladesh 1,476,870 2023	Rank Country Value Peak year 1  Monaco 234,317 2021 2  Liechtenstein 184,083 2021 3  Luxembourg 135,605 2023 4  Bermuda 118,846 2022 5  Ireland 112,248 2023 6  Norway 106,149 2022 7   Switzerland 102,866 2023 8  Qatar 101,933 2012 9  Isle of Man 91,881 2014 10  Macau 90,874 2014 11  Cayman Islands 89,961 2007 12  Singapore 87,884 2023 13  United States 80,412 2023 14  San Marino 79,110 2008 15  Iceland 78,837 2023 16 Template:Country data Channel Islands Channel Islands 75,148 2022 17  Denmark 71,402 2023 18 Template:FRO 69,010 2021 19  Australia 68,450 2012 20  Netherlands 61,770 2023 21  Sweden 61,203 2021 22  Austria 58,013 2023 23  Greenland 57,116 2021 24  Kuwait 55,595 2008 25  Canada 55,037 2022 26  Israel 54,660 2022	Rank Country Value Peak year 1  Qatar 169,698 2012 2  Macau 149,422 2013 3  Luxembourg 143,304 2023 4  Ireland 137,638 2023 5  Singapore 133,108 2023 6  Norway 114,899 2022 7  United Arab Emirates 110,200 2004 8  Bermuda 95,837 2022 9  Kuwait 91,485 2007 10   Switzerland 89,537 2023 11  Brunei 88,312 2012 12  San Marino 84,135 2023 13  United States 80,412 2023 14  Cayman Islands 77,387 2007 15  Denmark 74,958 2023 16  Netherlands 73,317 2023 17  Hong Kong 72,861 2023 18  Taiwan 72,485 2023 19  Iceland 69,833 2023 20  Austria 69,069 2023 21  Saudi Arabia 68,453 2023 22  Andorra 68,232 2023 23  Sweden 66,209 2023 24  Germany 66,038 2023 25  Belgium 65,813 2023 26  Australia 64,674 2023

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.[5]
Rank	1980	1985	1990	1995	2000	2005	2010	2015	2020	2025	2028
1	United States	United States	United States	United States	United States	United States	United States	United States	United States	United States	United States
2	Japan	Japan	Japan	Japan	Japan	Japan	China	China	China	China	China
3	Soviet Union	Soviet Union	West Germany	Germany	Germany	Germany	Japan	Japan	Japan	Japan	Japan
4	West Germany	West Germany	France	France	United Kingdom	United Kingdom	Germany	Germany	Germany	Germany	India
5	France	France	United Kingdom	United Kingdom	France	China	United Kingdom	United Kingdom	United Kingdom	India	Germany
6	United Kingdom	United Kingdom	Soviet Union	Italy	Italy	France	France	France	France	United Kingdom	United Kingdom
7	Italy	Italy	Italy	Brazil	China	Italy	Italy	Brazil	India	France	France
8	China	Canada	Canada	China	Brazil	Canada	Brazil	Italy	Brazil	Brazil	Brazil
9	Canada	China	Iran	Spain	Canada	Spain	Russia	Russia	Italy	Italy	Canada
10	Mexico	Mexico	Spain	Canada	Mexico	South Korea	India	India	Russia	Canada	Italy
Rank	1980	1985	1990	1995	2000	2005	2010	2015	2020	2025	2028
11	Brazil	Brazil	Brazil	Iran	Spain	Mexico	Spain	Canada	Canada	Russia	Mexico
12	Argentina	India	China	South Korea	South Korea	Brazil	Canada	Spain	South Korea	Mexico	Russia
13	Spain	Argentina	India	Russia	Iran	India	Australia	Australia	Spain	South Korea	South Korea
14	Netherlands	Spain	Australia	Mexico	Russia	Russia	South Korea	South Korea	Australia	Australia	Indonesia
15	India	Australia	Netherlands	Netherlands	India	Australia	Mexico	Mexico	Mexico	Spain	Australia
16	Saudi Arabia	Netherlands	Mexico	Australia	Netherlands	Netherlands	Netherlands	Turkey	Indonesia	Indonesia	Spain
17	Australia	Saudi Arabia	South Korea	India	Australia	Iran	Turkey	Netherlands	Turkey	Turkey	Turkey
18	Sweden	Iran	Switzerland	Switzerland	Switzerland	Turkey	Indonesia	Indonesia	Netherlands	Netherlands	Netherlands
19	Belgium	Sweden	Sweden	Argentina	Argentina	Switzerland	Switzerland	Saudi Arabia	Saudi Arabia	Saudi Arabia	Saudi Arabia
20	Switzerland	Belgium	Argentina	Belgium	Taiwan	Sweden	Iran	Switzerland	Switzerland	Switzerland	Switzerland

Twenty largest economies in the world by GDP (PPP)

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.[5][28]
Rank	1980	1985	1990	1995	2000	2005	2010	2015	2020	2025	2028
1	United States	United States	United States	United States	United States	United States	United States	United States	China	China	China
2	Soviet Union	Soviet Union	Soviet Union	Japan	China	China	China	China	United States	United States	United States
3	Japan	Japan	Japan	China	Japan	Japan	India	India	India	India	India
4	West Germany	West Germany	West Germany	Germany	Germany	India	Japan	Japan	Japan	Japan	Japan
5	Italy	Italy	Italy	Russia	India	Germany	Germany	Germany	Germany	Germany	Germany
6	France	France	China	India	France	Russia	Russia	Russia	Russia	Russia	Indonesia
7	Brazil	Brazil	France	Italy	Italy	France	Brazil	Brazil	Indonesia	Indonesia	Russia
8	United Kingdom	United Kingdom	United Kingdom	France	Russia	Brazil	France	United Kingdom	France	Brazil	Brazil
9	Mexico	China	India	Brazil	United Kingdom	United Kingdom	United Kingdom	France	United Kingdom	France	Turkey
10	Saudi Arabia	India	Brazil	United Kingdom	Brazil	Italy	Italy	Indonesia	Brazil	United Kingdom	United Kingdom
Rank	1980	1985	1990	1995	2000	2005	2010	2015	2020	2025	2028
11	India	Mexico	Mexico	Mexico	Mexico	Mexico	Indonesia	Mexico	Italy	Turkey	France
12	China	Saudi Arabia	Spain	Indonesia	Indonesia	Indonesia	Mexico	Italy	Mexico	Mexico	Mexico
13	Spain	Canada	Canada	Spain	Spain	South Korea	South Korea	Turkey	Turkey	Italy	Italy
14	Canada	Spain	Indonesia	Saudi Arabia	Canada	Spain	Spain	South Korea	South Korea	South Korea	South Korea
15	Iran	Iran	Saudi Arabia	Canada	South Korea	Canada	Saudi Arabia	Saudi Arabia	Spain	Spain	Saudi Arabia
16	Indonesia	Indonesia	Turkey	South Korea	Saudi Arabia	Saudi Arabia	Iran	Spain	Canada	Canada	Spain
17	Argentina	Turkey	Iran	Turkey	Iran	Iran	Canada	Canada	Saudi Arabia	Saudi Arabia	Canada
18	Poland	Australia	South Korea	Iran	Turkey	Turkey	Turkey	Iran	Iran	Egypt	Egypt
19	Netherlands	Netherlands	Australia	Australia	Australia	Australia	Australia	Egypt	Australia	Poland	Bangladesh
20	Turkey	Argentina	Netherlands	Thailand	Netherlands	Thailand	Taiwan	Australia	Egypt	Iran	Poland

Statistical indicators

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:,^[29] 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):^[30] (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^[31] (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)^[32]
• 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);^[33]
  • Developed Economies 1% to 4% typically
  • Developing Countries 5% to 60% typically
  • Least developed countries 11.4% (2017), 8.3% (predicted 2018)^[33]
• 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

World GDP per capita between 1500 and 2000 (log scale)

World GDP per capita between 1500 and 2003

GDP 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

• Yearly electricity – production: 21,080,878 GWh (2011 est.),^[34] 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.),^[35] 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

• 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 (ODA) of $204 billion (2022)^[36]

Communications

Telephones – main lines in use: 843,923,500 (2007)
4,263,367,600 (2008)

• Telephones – mobile cellular: 3,300,000,000 (Nov. 2007)^[37]
• Internet Service Providers (ISPs): 10,350 (2000 est.)
• Internet users: 3,079,339,857 (31 December 2014 [3]), 360,985,492 (31 December 2000^[38])

Transport

Transportation infrastructure worldwide includes:

• Airports
  • Total: 41,821 (2013)^[39]
• Roadways
  • Total: 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)
• Railways

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^[40]
• Military expenditures – percent of GDP: roughly 2% of gross world product (1999).

Science, research and development

Number 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.^[41] In 2015, research and development constituted an average 2.2% of the global GDP according to the UNESCO Institute for Statistics.^[42] 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

Shown is how the global material footprint and global CO2 emissions from fossil-fuel combustion and industrial processes changed compared with global GDP.^[43]

The period since 1950 has brought "the most rapid transformation of the human relationship with the natural world in the history of humankind".^[44] Through 2018, humans have reduced forest area by ~30% and grasslands/shrubs by ~68%, to make way for livestock grazing and crops for humans.^[45]

• Forests (carbon sinks, wood, ecosystem services, ...)
  • Estimated number of trees that are net lost annually as of 2021: 10 billion^[46][47]
  • Global annual deforested land in 2015–2020: 10 million hectares
  • Global annual net forest area loss in 2000–2010 : 4.7 million hectares^[48]
• Other land degradation and land- and organisms-related ecosystem disturbances
  • Soils (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)^[49]
    • Estimated annual loss of agricultural productivity due to soil erosion: 8 billion US dollars (based on the soil erosion data)^[50]
    • Soil erosion by water in 2015: approximately 43 billion tons (according to a 2020 study)^[51]
    • Environmental impact of pesticides
      • Pesticide use in tonnes of active ingredient in Australia in 2016: ca. 62,500 tonnes^[52]
• 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".^[53]
  • Air pollution
    • Number of human deaths caused annually by air pollution worldwide: ca. 7 million^[54][55][56]
    • Estimated global annual cost of air pollution: $5 trillion^[57][58][59]
  • 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^[60]
    • Estimated accumulated number of microplastic particles in the North Atlantic Ocean in 2020: 3700 microplastics per cubic meter^[60]

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.^[61]

Historical development

Shift of the world's economic center of gravity since 1980 and projected until 2050^[62]

One example for a comparable metric other than GDP are the OECD Better Life Index rankings for different aggregative domains.

OECD Better Life Index rankings for 2016
Overall Rank [64]	Country	Housing	Income	Jobs	Community	Education	Environment	Civic engagement	Health	Life Satisfaction	Safety	Work-Life Balance
1	Norway
2	Australia
3	Denmark
4	Switzerland
5	Canada
6	Sweden
7	New Zealand
8	Finland
9	United States
10	Iceland
11	Netherlands
12	Germany
13	Luxembourg
14	Belgium
15	Austria
16	United Kingdom
17	Ireland
18	France
19	Spain
20	Slovenia
21	Czech Republic
22	Estonia
23	Japan
24	Slovakia
25	Italy
26	Israel
27	Poland
28	South Korea
29	Portugal
30	Latvia
31	Greece
32	Hungary
33	Russia
34	Chile
35	Brazil
36	Turkey
37	Mexico
38	South Africa

The index includes 11 comparable "dimensions" of well-being:^[65]

1. Housing: housing conditions and spendings (e.g. real estate pricing)
2. Income: household income (after taxes and transfers) and net financial wealth
3. Jobs: earnings, job security and unemployment
4. Community: quality of social support network
5. Education: education and what one gets out of it
6. Environment: quality of environment (e.g. environmental health)
7. Governance: involvement in democracy
8. Health
9. Life Satisfaction: level of happiness
10. Safety: murder and assault rates
11. 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.

See also

• Anarchy (international relations)
• Capitalism
• Common Wealth (book)
• Economic bubble
• Economic collapse
• Fourth Industrial Revolution
• Global financial system
• Global workforce
• Globality
• Globalization
• International trade
• Trade route
• Overconsumption
• Petrodollar recycling
• World Trade Report
• World history
  • Economic history of the world
• World-systems theory

Regional economies:

• Economy of Africa
• Economy of Asia
• Economy of Europe
• Economy of North America
• Economy of Oceania
• Economy of South America

Events:

• Great Recession
• World oil market chronology from 2003
• 2007–2008 financial crisis
• 2007–2008 world food price crisis
• Economic impact of the COVID-19 pandemic

Lists:

• List of countries by GDP sector composition
• List of world's largest economies (nominal) – based on current currency market exchange rates
• List of world's largest economies (PPP) – based on purchasing power parity
• Historical list of world's largest economies (PPP) – for the years between 1 and 1998

References

External links

• OECD – Economic Outlook
• US Bureau of Labor and Statistics, Major Economic Indicators
• IMF – World Economic Outlook
• UN DESA – World Economy publications
• CIA – The World Factbook – World
• Career Education for a Global Economy
• BBC News Special Report – Global Economy
• Guardian Special Report – Global Economy
• World Bank Summary Trade Statistics for World

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