Gross world product

The gross world product (GWP) is the combined gross national product of all the countries in the world. Because imports and exports balance exactly when considering the whole world, this also equals the total global gross domestic product (GDP).[nb 1] According to the World Bank, the 2013 nominal GWP was approximately US$75.59 trillion.[1] In 2014, according to the CIA's World Factbook, the GWP was around US$78.28 trillion in nominal terms and totaled approximately 107.5 trillion international dollars in terms of purchasing power parity (PPP).[2] The per capita PPP GWP in 2017 was approximately Int$17,300 according to the World Factbook.[2]

Recent growth

The table below gives regional percentage values for overall GWP growth from 2006 through 2016, as well as an estimate for 2017 and 2018, according to the International Monetary Fund (IMF)'s World Economic Outlook database. Data is given in terms of constant year-on-year prices.[3]

Gross world product growth rate by region (%)
Region 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
World average 5.5 5.6 3.0 -0.1 5.4 4.2 3.5 3.4 3.5 3.4 3.1 3.5 3.6
Advanced economies 3.0 2.7 0.1 -3.4 3.1 1.7 1.2 1.3 2.0 2.1 1.7 2.0 2.0
Eurozone 3.2 3.0 0.4 -4.5 2.1 1.5 -0.9 -0.3 1.2 2.0 1.7 1.7 1.6
Developing countries 8.1 8.6 5.8 2.9 7.4 6.3 5.4 5.1 4.7 4.2 4.1 4.5 4.8

Historical and prehistorical estimates

In 1998, economic historian J. Bradford DeLong estimated the total GWP in 1990 U.S. dollars for the main years between one million years BC and 2000 AD (shown in the table below).[4]

Nominal GWP estimates from 2005 onwards are also shown in contemporary U.S. dollars, according to estimates from the CIA World Factbook and the World Bank.[2] "Billion" in the table below refers to the short scale usage of the term, where 1 billion = 1,000 million = 109.

Year Real GWP
($ billions, 1990 intl$)
Compound annual
growth rate
2014 AD 77,868[1]
2010 AD 62,220 (est. 41,090 in 1990 U.S. dollars)[5]
2005 AD 43,070 (est. 31,300 in 1990 U.S. dollars)
2000 AD 41,016.69 4.04%
1995 AD 33,644.33 4.09%
1990 AD 27,539.57 4.14%
1985 AD 22,481.11 3.62%
1980 AD 18,818.44 4.43%
1975 AD 15,149.42 4.53%
1970 AD 12,137.94 5.87%
1965 AD 9,126.98 5.89%
1960 AD 6,855.25 4.77%
1955 AD 5,430.44 5.88%
1950 AD 4,081.81 3.12%
1940 AD 3,001.36 2.91%
1930 AD 2,253.81 1.4%
1925 AD 2,102.88 3.94%
1920 AD 1,733.67 2.29%
1900 AD 1,102.96 2.69%
1875 AD 568.08 1.84%
1850 AD 359.90 1.45%
1800 AD 175.24 0.62%
1750 AD 128.51 0.51%
1700 AD 99.80 0.40%
1650 AD 81.74 0.12%
1600 AD 77.01 0.27%
1500 AD 58.67 0.27%
1400 AD 44.92 0.21%
1350 AD 40.50 0.47%
1300 AD 32.09 -0.21%
1250 AD 35.58 -0.10%
1200 AD 37.44 -0.056%
1100 AD 39.60 0.11%
1000 AD 35.31 0.11%
900 AD 31.68 0.23%
800 AD 25.23 0.074%
700 AD 23.44 0.12%
600 AD 20.86 0.046%
500 AD 19.92 0.077%
400 AD 18.44 0.056%
350 AD 17.93 -0.022%
200 AD 18.54 0.031%
14 AD 17.50 -0.427%
1 AD 18.50 0.042%
200 BC 17.00 0.030%
400 BC 16.02 0.155%
500 BC 13.72 0.115%
800 BC 9.72 0.213%
1000 BC 6.35 0.063%
1600 BC 4.36 0.092%
2000 BC 3.02 0.064%
3000 BC 1.59 0.073%
4000 BC 0.77 0.041%
5000 BC 0.51 0.0057%
8000 BC 0.43 0.0075%
10,000 BC 0.37 0.0012%
25,000 BC 0.31 0.00045%
300,000 BC 0.09 0.00031%
1,000,000 BC 0.01

See also


  1. ^ See measures of national income and output for more details.


  1. ^ a b "Gross Domestic Product 2014" (PDF). The World Bank DataBank. 2015. Retrieved 1 July 2015.
  2. ^ a b c "World Factbook". CIA World Factbook. 6 October 2015. Retrieved 9 October 2015.
  3. ^ "Report for selected country groups and subjects". World Economic Outlook. International Monetary Fund. 2017.
  4. ^ J. Bradford DeLong (24 May 1998). "Estimating World GDP, One Million B.C. – Present". Retrieved 5 February 2013.
  5. ^ "1990 Real GDP". Retrieved 25 November 2013.

External links


BRICS is the acronym coined for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. Originally the first four were grouped as "BRIC" (or "the BRICs"), before the induction of South Africa in 2010. The BRICS members are known for their significant influence on regional affairs; all are members of G20. Since 2009, the BRICS nations have met annually at formal summits. China hosted the 9th BRICS summit in Xiamen on September 2017, while South Africa hosted the most recent 10th BRICS summit in July 2018. The term does not include countries such as South Korea, Mexico and Turkey for which other acronyms and group associations were later created.

In 2015, the five BRICS countries represent over 3.1 billion people, or about 41% of the world population; four out of five members (excluding South Africa at #24) are in the top 10 of the world by population. As of 2018, these five nations have a combined nominal GDP of US$18.6 trillion, about 23.2% of the gross world product, combined GDP (PPP) of around US$40.55 trillion (32% of World's GDP PPP) and an estimated US$4.46 trillion in combined foreign reserves. Overall the BRICS are forecasted to expand 4.6% in 2016, from an estimated growth of 3.9% in 2015. The World Bank expected BRICS growth to increase to 5.3% in 2017.

The BRICS have received both praise and criticism from numerous commentators. Bilateral relations among BRICS nations have mainly been conducted on the basis of non-interference, equality, and mutual benefit.

David Criswell

David R. Criswell, Ph.D is the Director of the Institute for Space Systems Operations at the University of Houston. ISSO is the operational agent for the Houston Partnership for Space Exploration.

Criswell received a Bachelor of Science degree in 1963 (graduating cum laude) and a Master of Science degree in Physics in 1964 from the University of North Texas, in Denton, Texas. In 1968, he received a Doctorate degree in space physics and Astronomy from Rice University in Houston, Texas.He is an active member of the Power from Space Committee of the International Astronautical Federation and participates in IAF and United Nations Summits dealing with supplying energy to Earth. He also serves on the Board of Governors of the National Space Society, a non-profit space advocacy organization in Washington, D.C.

Fortune 500

The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies, along with privately held companies for which revenues are publicly available. The concept of the Fortune 500 was created by Edgar P. Smith, a Fortune editor, and the first list was published in 1955. The Fortune 500 is more commonly used than its subset Fortune 100 or superset Fortune 1000.


The G20 (or Group of Twenty) is an international forum for the governments and central bank governors from 19 countries and the European Union. Founded in 1999 with the aim to discuss policy pertaining to the promotion of international financial stability, the G20 has expanded its agenda since 2008 and heads of government or heads of state, as well as finance ministers and foreign ministers, have periodically conferred at summits ever since. It seeks to address issues that go beyond the responsibilities of any one organization.Membership of the G20 consists of 19 individual countries plus the European Union (EU). The EU is represented by the European Commission and by the European Central Bank. Collectively, the G20 economies account for around 90% of the gross world product (GWP), 80% of world trade (or, if excluding EU intra-trade, 75%), two-thirds of the world population, and approximately half of the world land area.

With the G20 growing in stature after its inaugural leaders' summit in 2008, its leaders announced on 25 September 2009 that the group would replace the G8 as the main economic council of wealthy nations. Since its inception, the G20's membership policies have been criticized by numerous intellectuals, and its summits have been a focus for major protests by left-wing groups and anarchists.The heads of the G20 nations met semi-annually at G20 summits between 2009 and 2010. Since the November 2011 Cannes summit, all G20 summits have been held annually.


GWP may refer to:

Galbreath Wildlands Preserve, in California

Gas Works Park, in Seattle, Washington

Gentle Wind Project, a new age movement

German Wirehaired Pointer, a breed of dog

Gigawatt-peak (GWp)

Global-warming potential

Global Water Partnership

Gross world product

Global financial system

The global financial system is the worldwide framework of legal agreements, institutions, and both formal and informal economic actors that together facilitate international flows of financial capital for purposes of investment and trade financing. Since emerging in the late 19th century during the first modern wave of economic globalization, its evolution is marked by the establishment of central banks, multilateral treaties, and intergovernmental organizations aimed at improving the transparency, regulation, and effectiveness of international markets. In the late 1800s, world migration and communication technology facilitated unprecedented growth in international trade and investment. At the onset of World War I, trade contracted as foreign exchange markets became paralyzed by money market illiquidity. Countries sought to defend against external shocks with protectionist policies and trade virtually halted by 1933, worsening the effects of the global Great Depression until a series of reciprocal trade agreements slowly reduced tariffs worldwide. Efforts to revamp the international monetary system after World War II improved exchange rate stability, fostering record growth in global finance.

A series of currency devaluations and oil crises in the 1970s led most countries to float their currencies. The world economy became increasingly financially integrated in the 1980s and 1990s due to capital account liberalization and financial deregulation. A series of financial crises in Europe, Asia, and Latin America followed with contagious effects due to greater exposure to volatile capital flows. The global financial crisis, which originated in the United States in 2007, quickly propagated among other nations and is recognized as the catalyst for the worldwide Great Recession. A market adjustment to Greece's noncompliance with its monetary union in 2009 ignited a sovereign debt crisis among European nations known as the Eurozone crisis.

A country's decision to operate an open economy and globalize its financial capital carries monetary implications captured by the balance of payments. It also renders exposure to risks in international finance, such as political deterioration, regulatory changes, foreign exchange controls, and legal uncertainties for property rights and investments. Both individuals and groups may participate in the global financial system. Consumers and international businesses undertake consumption, production, and investment. Governments and intergovernmental bodies act as purveyors of international trade, economic development, and crisis management. Regulatory bodies establish financial regulations and legal procedures, while independent bodies facilitate industry supervision. Research institutes and other associations analyze data, publish reports and policy briefs, and host public discourse on global financial affairs.

While the global financial system is edging toward greater stability, governments must deal with differing regional or national needs. Some nations are trying to systematically discontinue unconventional monetary policies installed to cultivate recovery, while others are expanding their scope and scale. Emerging market policymakers face a challenge of precision as they must carefully institute sustainable macroeconomic policies during extraordinary market sensitivity without provoking investors to retreat their capital to stronger markets. Nations' inability to align interests and achieve international consensus on matters such as banking regulation has perpetuated the risk of future global financial catastrophes.


Globalization or globalisation is the process of interaction and integration among people, companies, and governments worldwide. As a complex and multifaceted phenomenon, globalization is considered by some as a form of capitalist expansion which entails the integration of local and national economies into a global, unregulated market economy. Globalization has grown due to advances in transportation and communication technology. With the increased global interactions comes the growth of international trade, ideas, and culture. Globalization is primarily an economic process of interaction and integration that's associated with social and cultural aspects. However, conflicts and diplomacy are also large parts of the history of globalization, and modern globalization.

Economically, globalization involves goods, services, the economic resources of capital, technology, and data. Also, the expansions of global markets liberalize the economic

activities of the exchange of goods and funds. Removal of Cross-Border Trades barriers has made formation of

Global Markets more feasible. The steam locomotive, steamship, jet engine, and container ships are some of the advances in the means of transport while the rise of the telegraph and its modern offspring, the Internet and mobile phones show development in telecommunications infrastructure. All of these improvements have been major factors in globalization and have generated further interdependence of economic and cultural activities around the globe.Though many scholars place the origins of globalization in modern times, others trace its history long before the European Age of Discovery and voyages to the New World, some even to the third millennium BC. Large-scale globalization began in the 1820s. In the late 19th century and early 20th century, the connectivity of the world's economies and cultures grew very quickly. The term globalization is recent, only establishing its current meaning in the 1970s.In 2000, the International Monetary Fund (IMF) identified four basic aspects of globalization: trade and transactions, capital and investment movements, migration and movement of people, and the dissemination of knowledge. Further, environmental challenges such as global warming, cross-boundary water, air pollution, and over-fishing of the ocean are linked with globalization. Globalizing processes affect and are affected by business and work organization, economics, socio-cultural resources, and the natural environment. Academic literature commonly subdivides globalization into three major areas: economic globalization, cultural globalization, and political globalization.

Gross domestic product

Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a period of time, often annually.GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore using a basis of GDP per capita at purchasing power parity (PPP) is arguably more useful when comparing differences in living standards between nations.

History of globalization

The historical origins of globalization are the subject of ongoing debate. Though many scholars situate the origins of globalization in the modern era, others regard it as a phenomenon with a long history. Some authors have argued that stretching the beginning of globalization far back in time renders the concept wholly inoperative and useless for political analysis.

Outline of the European Union

The following outline is provided as an overview of and topical guide to the European Union:

The European Union (EU) is an economic and political union of 28 member states, located primarily in Europe. Committed to regional integration, the EU was established by the Treaty of Maastricht on 1 November 1993 upon the foundations of the pre-existing European Economic Community. With 500 million citizens, the EU combined generates an estimated 30% share (US$18.4 trillion in 2008) of the nominal gross world product. The EU has seven principal decision making bodies known as the Institutions of the European Union, while the adoption of laws and coordination of EU policies is the role of the Council of the European Union which currently meets in ten different configurations.

Swap (finance)

A swap is a derivative in which two counterparties exchange cash flows of one party's financial instrument for those of the other party's financial instrument. The benefits in question depend on the type of financial instruments involved. For example, in the case of a swap involving two bonds, the benefits in question can be the periodic interest (coupon) payments associated with such bonds. Specifically, two counterparties agree to exchange one stream of cash flows against another stream. These streams are called the legs of the swap. The swap agreement defines the dates when the cash flows are to be paid and the way they are accrued and calculated. Usually at the time when the contract is initiated, at least one of these series of cash flows is determined by an uncertain variable such as a floating interest rate, foreign exchange rate, equity price, or commodity price.The cash flows are calculated over a notional principal amount. Contrary to a future, a forward or an option, the notional amount is usually not exchanged between counterparties. Consequently, swaps can be in cash or collateral.

Swaps can be used to hedge certain risks such as interest rate risk, or to speculate on changes in the expected direction of underlying prices.Swaps were first introduced to the public in 1981 when IBM and the World Bank entered into a swap agreement. Today, swaps are among the most heavily traded financial contracts in the world: the total amount of interest rates and currency swaps outstanding was more than $348 trillion in 2010, according to Bank for International Settlements (BIS).

Most swaps are traded over-the-counter (OTC), "tailor-made" for the counterparties. Some types of swaps are also exchanged on futures markets such as the Chicago Mercantile Exchange, the largest U.S. futures market, the Chicago Board Options Exchange, IntercontinentalExchange and Frankfurt-based Eurex AG.

The Bank for International Settlements (BIS) publishes statistics on the notional amounts outstanding in the OTC derivatives market. At the end of 2006, this was USD 415.2 trillion, more than 8.5 times the 2006 gross world product. However, since the cash flow generated by a swap is equal to an interest rate times that notional amount, the cash flow generated from swaps is a substantial fraction of but much less than the gross world product—which is also a cash-flow measure. The majority of this (USD 292.0 trillion) was due to interest rate swaps. These split by currency as:

Source: "The Global OTC Derivatives Market at end-December 2004", BIS, [1], "OTC Derivatives Market Activity in the Second Half of 2006", BIS, [2] Usually, at least one of the legs has a rate that is variable. It can depend on a reference rate, the total return of a swap, an economic statistic, etc. The most important criterion is that it comes from an independent third party, to avoid any conflict of interest. For instance, LIBOR is published by Intercontinental Exchange.


Telecommunication is the transmission of signs, signals, messages, words, writings, images and sounds or information of any nature by wire, radio, optical or other electromagnetic systems.

Telecommunication occurs when the exchange of information between communication participants includes the use of technology. It is transmitted through a transmission media, such as over physical media, for example, over electrical cable, or via electromagnetic radiation through space such as radio or light. Such transmission paths are often divided into communication channels which afford the advantages of multiplexing. Since the Latin term communicatio is considered the social process of information exchange, the term telecommunications is often used in its plural form because it involves many different technologies.Early means of communicating over a distance included visual signals, such as beacons, smoke signals, semaphore telegraphs, signal flags and optical heliographs. Other examples of pre-modern long-distance communication included audio messages such as coded drumbeats, lung-blown horns, and loud whistles. 20th- and 21st-century technologies for long-distance communication usually involve electrical and electromagnetic technologies, such as telegraph, telephone, and teleprinter, networks, radio, microwave transmission, fiber optics, and communications satellites.

A revolution in wireless communication began in the first decade of the 20th century with the pioneering developments in radio communications by Guglielmo Marconi, who won the Nobel Prize in Physics in 1909, and other notable pioneering inventors and developers in the field of electrical and electronic telecommunications. These included Charles Wheatstone and Samuel Morse (inventors of the telegraph), Alexander Graham Bell (inventor of the telephone), Edwin Armstrong and Lee de Forest (inventors of radio), as well as Vladimir K. Zworykin, John Logie Baird and Philo Farnsworth (some of the inventors of television).

Telecommunications engineering

Telecommunications engineering is an engineering discipline centered on electrical and computer engineering which seeks to support and enhance telecommunication systems. The work ranges from basic circuit design to strategic mass developments. A telecommunication engineer is responsible for designing and overseeing the installation of telecommunications equipment and facilities, such as complex electronic switching systems, and other plain old telephone service facilities, optical fiber cabling, IP networks, and microwave transmission systems. Telecommunication engineering also overlaps with broadcast engineering.

Telecommunication is a diverse field of engineering connected to electronic, civil and systems engineering. they help find the cost of money for different types of computers and technological objects. Ultimately, telecom engineers are responsible for providing high-speed data transmission services. They use a variety of equipment and transport media to design the telecom network infrastructure; the most common media used by wired telecommunications today are twisted pair, coaxial cables, and optical fibers. Telecommunications engineers also provide solutions revolving around wireless modes of communication and information transfer, such as wireless telephony services, radio and satellite communications, and internet and broadband technologies.

United States

The United States of America (USA), commonly known as the United States (U.S. or US) or America, is a country comprising 50 states, a federal district, five major self-governing territories, and various possessions. At 3.8 million square miles (9.8 million km2), the United States is the world's third or fourth largest country by total area and is slightly smaller than the entire continent of Europe's 3.9 million square miles (10.1 million km2). With a population of over 327 million people, the U.S. is the third most populous country. The capital is Washington, D.C., and the largest city by population is New York City. Forty-eight states and the capital's federal district are contiguous in North America between Canada and Mexico. The State of Alaska is in the northwest corner of North America, bordered by Canada to the east and across the Bering Strait from Russia to the west. The State of Hawaii is an archipelago in the mid-Pacific Ocean. The U.S. territories are scattered about the Pacific Ocean and the Caribbean Sea, stretching across nine official time zones. The extremely diverse geography, climate, and wildlife of the United States make it one of the world's 17 megadiverse countries.Paleo-Indians migrated from Siberia to the North American mainland at least 12,000 years ago. European colonization began in the 16th century. The United States emerged from the thirteen British colonies established along the East Coast. Following the French and Indian War, numerous disputes between Great Britain and the colonies led to the American Revolution, which began in 1775, and the subsequent Declaration of Independence in 1776. The war ended in 1783 with the United States becoming the first country to gain independence from a European power. The current constitution was adopted in 1788, with the first ten amendments, collectively named the Bill of Rights, being ratified in 1791 to guarantee many fundamental civil liberties. The United States embarked on a vigorous expansion across North America throughout the 19th century, acquiring new territories, displacing Native American tribes, and gradually admitting new states until it spanned the continent by 1848.During the second half of the 19th century, the Civil War led to the abolition of slavery. By the end of the century, the United States had extended into the Pacific Ocean, and its economy, driven in large part by the Industrial Revolution, began to soar. The Spanish–American War and World War I confirmed the country's status as a global military power. The United States emerged from World War II as a global superpower, the first country to develop nuclear weapons, the only country to use them in warfare, and a permanent member of the United Nations Security Council. Sweeping civil rights legislation, notably the Civil Rights Act of 1964, the Voting Rights Act of 1965 and the Fair Housing Act of 1968, outlawed discrimination based on race or color. During the Cold War, the United States and the Soviet Union competed in the Space Race, culminating with the 1969 U.S. Moon landing. The end of the Cold War and the collapse of the Soviet Union in 1991 left the United States as the world's sole superpower.The United States is the world's oldest surviving federation. It is a federal republic and a representative democracy. The United States is a founding member of the United Nations, World Bank, International Monetary Fund, Organization of American States (OAS), and other international organizations. The United States is a highly developed country, with the world's largest economy by nominal GDP and second-largest economy by PPP, accounting for approximately a quarter of global GDP. The U.S. economy is largely post-industrial, characterized by the dominance of services and knowledge-based activities, although the manufacturing sector remains the second-largest in the world. The United States is the world's largest importer and the second largest exporter of goods, by value. Although its population is only 4.3% of the world total, the U.S. holds 31% of the total wealth in the world, the largest share of global wealth concentrated in a single country.Despite income and wealth disparities, the United States continues to rank very high in measures of socioeconomic performance, including average wage, human development, per capita GDP, and worker productivity. The United States is the foremost military power in the world, making up a third of global military spending, and is a leading political, cultural, and scientific force internationally.

Value of Earth

The Value of Earth, i.e. the net worth of our planet, is a debated concept both in terms of the definition of value, as well as the scope of "earth".

Since most of the planet's substance is not available as a resource, "earth" has been equalled with the sum of all ecosystem services as evaluated in ecosystem valuation or full-cost accounting.

The price on the services that the world's ecosystems provide to humans has been estimated in 1997 to be $33 trillion per annum, with a confidence interval of from $16 trillion to $54 trillion. Compared with the combined gross national product (GNP) of all the countries at about the same time ($18 trillion) ecosystems would appear to be providing 1.8 times as much economic value as people are creating. The result details have been questioned, in particular the GNP, which is believed to be closer to $28 trillion (which makes ecosystem services only 1.2 times as precious), while the basic approach was readily acknowledged. The World Bank gives the total gross domestic product (GDP) in 1997 as $31.435 trillion, which would about equal the biosystem value.

Criticisms were addressed in a later publication, which gave an estimate of $125 trillion/yr for ecosystem services in 2011, which would make them twice as valuable as the GDP, with a yearly loss of 4.3–20.2 trillion/yr.The BBC has published a website that lists various types of resources on various scales together with their current estimated values from different sources, among them BBC Earth, and Tony Juniper in collaboration with The United Nations Environment Programme World Conservation Monitoring Centre (UNEP-WCMC). The value of freshwater alone has been given as $73.48 trillion.


The world is the planet Earth and all life on it, including human civilization. In a philosophical context, the "world" is the whole of the physical Universe, or an ontological world (the "world" of an individual). In a theological context, the world is the material or the profane sphere, as opposed to the celestial, spiritual, transcendent or sacred spheres. "End of the world" scenarios refer to the end of human history, often in religious contexts.

The history of the world is commonly understood as spanning the major geopolitical developments of about five millennia, from the first civilizations to the present. In terms such as world religion, world language, world government, and world war, the term world suggests an international or intercontinental scope without necessarily implying participation of every part of the world.

The world population is the sum of all human populations at any time; similarly, the world economy is the sum of the economies of all societies or countries, especially in the context of globalization. Terms such as "world championship", "gross world product", and "world flags" imply the sum or combination of all sovereign states.

World Economic Outlook

The World Economic Outlook (WEO) is a survey conducted and published by the International Monetary Fund. It is published biannually and partly updated twice a year. It portrays the world economy in the near and medium context, with projections for up to four years into the future. WEO forecasts include key macroeconomic indicators, such as GDP, inflation, current account and fiscal balance of more than 180 countries around the globe. It also deals with major economic policy issues.

World economy

The world economy or global economy is the economy of the 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 2017, 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.

World population

In demographics, the world population is the total number of humans currently living, and was estimated to have reached 7.7 billion people as of April 2019. It took over 200,000 years of human history for the world's population to reach 1 billion; and only 200 years more to reach 7 billion.World population has experienced continuous growth since the end of the Great Famine of 1315–1317 and the Black Death in 1350, when it was near 370 million.

The highest population growth rates – global population increases above 1.8% per year – occurred between 1955 and 1975, peaking to 2.06% between 1965 and 1970. The growth rate has declined to 1.18% between 2010 and 2015 and is projected to decline further in the course of the 21st century. However, the global population is still growing and is projected to reach about 10 billion in 2050 and more than 11 billion in 2100.Total annual births were highest in the late 1980s at about 139 million, and as of 2011 were expected to remain essentially constant at a level of 135 million, while deaths numbered 56 million per year and were expected to increase to 80 million per year by 2040.

The median age of the world's population was estimated to be 30.4 years in 2018.

Applied fields
Schools (history)
of economic thought
Notable economists
and thinkers
within economics

This page is based on a Wikipedia article written by authors (here).
Text is available under the CC BY-SA 3.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.