World economy

The world economy or the global economy is the economy of all humans of the world, referring to the global economic system which includes all economic activities which are 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 "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 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 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 7.8 billion people (as of March 2020)[3][4] 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 2021, the following 16 countries or collectives 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, Spain, Turkey, the United Kingdom, the United States and the European Union.[5][6]

Despite high levels of government investment, the World Bank predicted that the global economy would decrease by 5.2 percent in 2020. Cities account for 80% of global GDP, thus they would face the brunt of this decline.[7] [8][9]

OverviewEdit

World economy by country groupsEdit

country groups with individual countries designated by the IMF.[10] Members of the G-20 major economies are in bold.
List of country groups by GDP (nominal) at peak level as of 2021 in millions US$[11] List of country groups by GDP (PPP) at peak level as of 2021 in millions US$[11]
Country group GDP (nominal) Peak year Number of countries Members of G20 economies and/or largest in the group (mutually inclusive)
World 93,863,851 2021 195
Major advanced economies (G7) 42,425,389 2021 7   Canada
  France
  Germany
  Italy
  Japan
  United Kingdom
  United States
Emerging and developing Asia 23,204,013 2021 30   China
  India
  Indonesia
  Malaysia
  Philippines
  Thailand
  Vietnam
Other advanced economies
(advanced economies excluding the G7)
13,564,548 2021 32   Australia
  South Korea
  Netherlands
  Spain
   Switzerland
  Taiwan
Latin America and the Caribbean 6,060,768 2013 33   Argentina
  Brazil
  Colombia
  Mexico
  Venezuela
Emerging and developing Europe 4,573,263 2013 16   Poland
  Russia
  Turkey
Middle East and Central Asia 4,077,243 2019 32   Egypt
  Iran
  Pakistan
  Saudi Arabia
  United Arab Emirates
Sub-Saharan Africa 1,813,600 2021 45   Nigeria
  South Africa
Country group GDP (PPP) Peak year Number of countries Members of G20 economies and/or largest in the group (Mutually exclusive)
World 141,962,059 2021 195
Emerging and developing Asia 46,770,009 2021 30   China
  India
  Indonesia
  Malaysia
  Philippines
  Thailand
  Vietnam
Major advanced economies (G7) 44,000,957 2021 7   Canada
  France
  Germany
  Italy
  Japan
  United Kingdom
  United States
Other advanced economies
(advanced economies excluding the G7)
15,882,382 2021 32   Australia
  South Korea
  Netherlands
  Spain
   Switzerland
  Taiwan
Emerging and developing Europe 10,828,956 2019 16   Poland
  Russia
  Turkey
Latin America and the Caribbean 10,212,082 2019 33   Argentina
  Brazil
  Colombia
  Mexico
  Venezuela
Middle East and Central Asia 9,946,269 2021 32   Egypt
  Iran
  Pakistan
  Saudi Arabia
  United Arab Emirates
Sub-Saharan Africa 4,325,956 2021 45   Nigeria
  South Africa

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

The 25 largest economies by GDP (nominal), twenty largest economies by GDP (PPP) as of 2021. 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 2021 in millions US$
[12]
List of the 25 largest economies
by GDP (PPP) at their peak level as of 2021 in millions US$
[13]
List of the 25 economies by highest
GDP (nominal) per capita at their peak level as of 2021 in US$
List of the 25 economies by highest
GDP (PPP) per capita at their peak level as of 2021 in US$
Rank Country Value
(USD$)
Peak year
World 93,863,851 2021
1   United States 22,675,271 2021
  European Union 19,226,235 2008
2   China 16,642,318 2021
3   Japan 6,272,364 2012
4   Germany 4,319,286 2021
5   United Kingdom 3,124,650 2021
6   India 3,049,704 2021
7   France 2,938,271 2021
8   Brazil 2,614,027 2011
9   Italy 2,408,392 2008
10   Russia 2,288,428 2013
11   Canada 1,883,487 2021
12   South Korea 1,806,707 2021
13   Spain 1,631,685 2008
14   Australia 1,617,543 2021
15   Mexico 1,315,356 2014
16   Indonesia 1,158,783 2021
17   Netherlands 1,012,598 2021
18   Turkey 957,504 2013
19    Switzerland 824,734 2021
20   Saudi Arabia 804,921 2021
21   Taiwan 759,104 2021
22   Iran 682,859 2021
23   Argentina 643,861 2017
24   Poland 642,121 2021
25   Sweden 625,948 2021
Rank Country Value
(USD$)
Peak year
World 141,962,059 2021
1   China 26,656,766 2021
  European Union 22,825,236 2019
2   United States 22,675,271 2021
3   India 10,207,290 2021
4   Japan 5,585,786 2021
5   Germany 4,743,673 2021
6   Russia 4,328,122 2021
7   Indonesia 3,507,239 2021
8   Brazil 3,328,459 2021
9   United Kingdom 3,246,537 2019
10   France 3,231,927 2021
11   Turkey 2,749,570 2021
12   Italy 2,668,956 2019
13   Mexico 2,632,286 2019
14   South Korea 2,436,872 2021
15   Spain 2,007,055 2019
16   Canada 1,978,816 2021
17   Saudi Arabia 1,722,862 2014
18   Australia 1,415,564 2021
19   Taiwan 1,403,663 2021
20   Poland 1,363,766 2021
21   Egypt 1,346,225 2021
22   Iran 1,344,086 2011
23   Thailand 1,339,170 2019
24   Vietnam 1,148,054 2021
25   Nigeria 1,116,255 2021
Rank Country Value
(USD$)
Peak year
1   Luxembourg 131,782 2021
2   Norway 102,577 2013
3   Qatar 101,933 2012
4    Switzerland 94,696 2021
5   Ireland 94,556 2021
6   Macau 86,298 2014
7   San Marino 79,110 2008
8   Iceland 75,260 2018
9   Australia 68,445 2012
10   United States 68,309 2021
11   Denmark 67,218 2021
12   Singapore 66,676 2018
13   Sweden 60,845 2013
14   Netherlands 58,015 2008
15   Finland 54,330 2021
16   Austria 53,859 2021
17   Canada 52,744 2012
18   Germany 51,860 2021
19   United Kingdom 50,467 2007
20   Belgium 50,103 2021
21   Japan 49,175 2012
22   Hong Kong 49,036 2021
23   Brunei 47,772 2012
24   Israel 47,602 2021
25   New Zealand 47,499 2021
Rank Country Value
(USD$)
Peak year
1   Qatar 169,698 2012
2   Macau 145,947 2013
3   Luxembourg 122,740 2021
4   United Arab Emirates 110,114 2004
5   Singapore 102,742 2021
6   Ireland 99,239 2021
7   Brunei 88,312 2012
8    Switzerland 75,880 2021
9   San Marino 74,942 2008
10   Kuwait 72,736 2012
11   Norway 69,171 2021
12   United States 68,309 2021
13   Hong Kong 62,839 2021
14   Denmark 61,478 2021
15   Netherlands 60,461 2021
16   Iceland 60,419 2019
17   Taiwan 59,398 2021
18   Austria 58,685 2019
19   Saudi Arabia 57,284 2012
20   Germany 56,956 2021
21   Sweden 55,566 2021
22   Australia 54,891 2021
23   Bahrain 54,489 2012
24   Belgium 54,265 2019
25   Finland 51,867 2021

Twenty largest economies in the world by nominal GDPEdit

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.[14]
Rank 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2026
1   United States   United States   United States   United States   United States   United States   United States   United States   United States   United States   United States
2   Soviet Union   Soviet Union   Japan   Japan   Japan   Japan   China   China   China   China   China
3   Japan   Japan   Soviet Union   Germany   Germany   Germany   Japan   Japan   Japan   Japan   Japan
4   West Germany   West Germany   West Germany   France   United Kingdom   United Kingdom   Germany   Germany   Germany   Germany   Germany
5   France   France   France   United Kingdom   France   China   United Kingdom   United Kingdom   United Kingdom   India   India
6   United Kingdom   United Kingdom   United Kingdom   Italy   Italy   France   France   France   India   United Kingdom   United Kingdom
7   Italy   Italy   Italy   Brazil   China   Italy   Italy   Brazil   France   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   Argentina   Mexico   Spain   Canada   Mexico   South Korea   India   India   Russia   Canada   Italy
Rank 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2026
11   Spain   India   China   Iran   Spain   Brazil   Spain   Canada   Canada   Russia   Russia
12   Mexico   Argentina   Brazil   South Korea   South Korea   Mexico   Canada   Spain   South Korea   South Korea   South Korea
13   Netherlands   Spain   India   Mexico   Iran   India   Australia   Australia   Spain   Australia   Australia
14   India   Brazil   Australia   Netherlands   India   Russia   South Korea   South Korea   Australia   Spain   Spain
15   Saudi Arabia   Australia   Netherlands   Australia   Netherlands   Australia   Mexico   Mexico   Mexico   Indonesia   Indonesia
16   Australia   Netherlands   Mexico   India   Russia   Netherlands   Netherlands   Turkey   Indonesia   Mexico   Mexico
17   Brazil   Saudi Arabia   South Korea    Switzerland   Australia   Iran   Turkey   Netherlands   Turkey   Netherlands   Turkey
18   Sweden   Iran    Switzerland   Russia    Switzerland   Turkey   Indonesia   Indonesia   Netherlands   Turkey   Netherlands
19   Belgium   Sweden   Sweden   Argentina   Argentina    Switzerland    Switzerland   Saudi Arabia   Saudi Arabia    Switzerland    Switzerland
20    Switzerland   Belgium   Argentina   Belgium   Taiwan   Sweden   Iran    Switzerland    Switzerland   Taiwan   Taiwan

Twenty largest economies in the world by GDP (PPP)Edit

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.[15][16]
Rank 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2026
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   France   India   France   Russia   Russia   Russia   Russia   Russia   Russia
7   Brazil   Brazil   China   Italy   Italy   France   Brazil   Brazil   Indonesia   Indonesia   Indonesia
8   United Kingdom   United Kingdom   Brazil   France   Russia   Brazil   France   United Kingdom   Brazil   Brazil   Brazil
9   Saudi Arabia   China   United Kingdom   Brazil   Brazil   United Kingdom   United Kingdom   France   United Kingdom   France   France
10   Mexico   India   India   United Kingdom   United Kingdom   Italy   Italy   Indonesia   France   United Kingdom   United Kingdom
Rank 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2026
11   India   Mexico   Mexico   Mexico   Mexico   Mexico   Indonesia   Italy   Italy   Turkey   Turkey
12   China   Saudi Arabia   Spain   Indonesia   Indonesia   Indonesia   Mexico   Mexico   Mexico   Mexico   Mexico
13   Spain   Canada   Canada   Spain   Spain   Spain   South Korea   Turkey   Turkey   Italy   Italy
14   Canada   Spain   Indonesia   Saudi Arabia   Canada   Canada   Spain   South Korea   South Korea   South Korea   South Korea
15   Iran   Iran   Saudi Arabia   Canada   Saudi Arabia   South Korea   Saudi Arabia   Saudi Arabia   Spain   Spain   Spain
16   Indonesia   Indonesia   Iran   South Korea   South Korea   Saudi Arabia   Canada   Spain   Canada   Canada   Canada
17   Argentina   Turkey   Turkey   Turkey   Turkey   Turkey   Iran   Canada   Saudi Arabia   Saudi Arabia   Saudi Arabia
18   Poland   Australia   Australia   Iran   Iran   Iran   Turkey   Iran   Australia   Egypt   Egypt
19   Netherlands   Netherlands   South Korea   Australia   Australia   Australia   Australia   Australia   Iran   Poland   Thailand
20   Turkey   Argentina   Netherlands   Thailand   Netherlands   Thailand   Taiwan   Taiwan   Thailand   Thailand   Poland

Statistical indicatorsEdit

FinanceEdit

 
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:,[18] 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):[19] (market exchange rates) – $60.69 trillion (2008). The market exchange rates have increased from the 1990 to 2008. The reason for this increase is the world advancement in terms of technology.
  • GDP[20] (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% 2018 due to the fall of 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)[21]
  • 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):
  • Derivatives OTC outstanding notional amount: $601 trillion (Dec 2010) ([4])
  • Derivatives exchange traded outstanding notional amount: $82 trillion (June 2011) ([5])
  • 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)

EmploymentEdit

 
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.

IndustriesEdit

  • Industrial production growth rate: 3% (2002 est.)

EnergyEdit

 
Global primary energy consumption, measured in terawatt-hours (TWh) per year
  • Yearly electricity – production: 21,080,878 GWh (2011 est.),[23] 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) (2001 est.)
  • Natural gas – production: 3,366 km3 (2012 est.),[24] 2,569 km3 (2001 est.)
  • Natural gas – consumption: 2,556 km3 (2001 est.)
  • Natural gas – proved reserves: 161,200 km3 (1 January 2002)

Cross-borderEdit

  • 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 economyEdit

CommunicationsEdit

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

TransportEdit

Transportation infrastructure worldwide includes:

MilitaryEdit

 
A pie chart showing global military expenditures by country for 2018, in US$ billions, according to SIPRI.
  • World military expenditure in 2018: estimated to $1.822 trillion[29]
  • Military expenditures – percent of GDP: roughly 2% of gross world product (1999).

Science, research and developmentEdit

 
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.[30] In 2015, research and development constituted an average 2.2% of the global GDP according to the UNESCO Institute for Statistics.[31] Metrics and rankings of innovation include the Bloomberg Innovation Index, the Global Innovation Index and the share of Nobel laureates per capita.

Resources and environmentEdit

 
Shown is how the global material footprint and global CO2 emissions from fossil-fuel combustion and industrial processes changed compared with global GDP.[32]
 
Deforestation (net loss) of tropical rainforest and woodland over time, 1750-2004
  • Forests (carbon sinks, wood, ecosystem services, ...)
    • Estimated number of trees that are net lost annually as of 2021: 10 billion[33][34]
    • Global annual deforested land in 2015–2020: 10 million hectares
    • Global annual net forest area loss in 2000–2010 : 4.7 million hectares[35]
  • 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)[36]
      • Estimated annual loss of agricultural productivity due to soil erosion: 8 billion US dollars (based on the soil erosion data)[37]
      • Soil erosion by water in 2015: approximately 43 billion tons (according to a 2020 study)[38]
      • Environmental impact of pesticides
        • Pesticide use in tonnes of active ingredient in Australia in 2016: ca. 62,500 tonnes[39]
  • 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".[40]
    • Air pollution
      • Number of human deaths caused annually by air pollution worldwide: ca. 7 million[41][42][43]
      • Estimated global annual cost of air pollution: $5 trillion[44][45][46]
    • 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[47]
      • Estimated accumulated number of microplastic particles in the North Atlantic Ocean in 2020: 3700 microplastics per cubic meter[47]

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.[48]

Historical developmentEdit

Estimations of world population and GDP from a 2020 research paper[49]
Year Population
(million)
GDP per capita
(1990 $ in PPP)
GDP in billion
(1990 $ in PPP)
1000000 BCE 0.125 400 0.05
300000 BCE 1 400 0.40
25000 BCE 3.34 400 1.34
10000 BCE 4 400 1.60
5000 BCE 5 404 2.02
4000 BCE 7 409 2.87
3000 BCE 14 421 5.90
2000 BCE 27 433 11.7
1000 BCE 50 444 22.2
500 BCE 100 457 45.7
200 BCE 150 465 69.7
1 168 467 78.4
200 190 463 88.0
400 190 463 88.0
500 190 463 88.0
600 200 462 92.3
700 210 460 96.6
800 220 459 101
900 240 456 109
1000 265 453 120
1100 320 512 164
1200 360 551 198
1300 360 551 198
1400 350 541 190
1500 438 625 274
1600 556 629 350
1700 603 658 397
1820 1,042 712 741
1870 1,276 884 1,128
1900 1,563
1913 1,793 1,543 2,767
1920 1,863
1940 2,299 2,181 5,013
1950 2,528 2,104 5,318
1960 3,042 2,764 12,170
1970 3,691 3,725 13,751
1980 4,440 4,511 20,026
1990 5,269 5,149 27,133
2000 6,077 6,057 36,806
2010 6,873 7,814 53,704
2019 7,620 9,663 73,640

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

Legend
  Explained by: Housing
  Explained by: Income
  Explained by: Jobs
  Explained by: Community
  Explained by: Education
  Explained by: Environment
  Explained by: Civic engagement
  Explained by: Health
  Explained by: Life Satisfaction
  Explained by: Safety
  Explained by: Work-Life Balance
OECD Better Life Index rankings for 2016
Overall Rank
[50]
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:[51]

  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 studiesEdit

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 alsoEdit

Regional economies:

Events:

Lists:

ReferencesEdit

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External linksEdit