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The world economy can be evaluated in various ways, depending on the model used, and this valuation can then be represented in various ways (for example, in 2006 US dollars). It is inseparable from the geography and ecology of Earth, and is therefore somewhat of a misnomer, since, while definitions and representations of the "world economy" vary widely, they must at a minimum exclude any consideration of resources or value based outside of the Earth. For example, while attempts could be made to calculate the value of currently unexploited mining opportunities in unclaimed territory in Antarcticamarker, the same opportunities on Mars would not be considered a part of the world economy – even if currently exploited in some way – and could be considered of latent value only in the same way as uncreated intellectual property, such as a previously unconceived invention.

Beyond the minimum standard of concerning value in production, use, and exchange on the planet Earth, definitions, representations, models, and valuations of the world economy vary widely.

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 US dollars. However, the world economy can be evaluated and expressed in many more ways. It is unclear, for example, how many of the world's 6.8 billion people have most of their economic activity reflected in these valuations.

Economy – overview

2007–2008

Current account balance 2006


Global output (gross world product) (GWP) rose by 3.2% in 2008, led by China (9%, equal to 21% of global growth), the US (1.1%, or 12% of growth), the European Union (0.9%, for a 10.5% share of growth) and India (7.3%, equal to 5.6% of the total rise). The 12 largest economies (the US, Japan, China, Germany, France, the United Kingdom, Italy, Russia, Spain, Brazil, Canada and India) contributed just over half of all economic growth in 2008.

Growth results in the wealthy, or “advanced” economies, slowed by two-thirds, from 2.7% in 2007 to just 0.9% in 2008. Emerging Asia slowed from 9.8% to 6.8%; Emerging Europe from 5.4% to 2.9%; the Commonwealth of Independent States from 8.6% to 5.5%; the (non-OECD) Western Hemisphere from 5.7% to 4.2%; the Middle East from 6.3% to 5.9%; and Africa from 6.2% to 5.2%.

Externally, the nation-state, as a bedrock economic-political institution, is steadily losing control over international flows of people, goods, funds, and technology. Central governments are losing decision making powers and enhancing their international collective power thanks to strong economic bodies of which they democratically chose to become part, notably the EU. The introduction of the euro as the common currency of much of Western Europe in January 1999, while paving the way for an integrated economic powerhouse, poses economic risks because of varying levels of income and cultural and political differences among the participating nations.

Internally, the central government often finds its control over resources slipping as separatist regional movements - typically based on ethnicity - gain momentum, e.g., in many of the successor states of the former Soviet Union, in the former Yugoslavia, in India, in Iraq, and in Indonesia.

Statistical indicators

Economy

GDP (GWP) (gross world product): (purchasing power parity exchange rates) - $59.38 trillion (2005 est.), $51.48 trillion (2004), $23 trillion (2002)

GDP (GWP) (gross world product):’’’ (market exchange rates) - $60.69 trillion (2008)

GDP - real growth rate: 3.2% (2008), 3.1% p.a. (2000-07), 2.4% p.a. (1990-99), 3.1% p.a. (1980-89)

GDP - per capita: purchasing power parity - $9,300 (2005 est.), $8,200 (92) (2003), $7,900 (2002)

GDP - composition by sector:agriculture: 4%industry: 32%services: 64% (2004 est.)

Inflation rate (consumer prices):developed countries 1% to 4% typically; developing countries 5% to 60% typically; national inflation rates vary widely in individual cases, from declining prices in Japan to hyperinflation in several Third World countries (2003)

Derivatives outstanding notional amount: $273 trillion (end of June 2004), $84 trillion (end-June 1998) ([31953])

Global debt issuance: $5.187 trillion (2004), $4.938 trillion (2003), $3.938 trillion (2002) (Thomson Financial League Tables)

Global equity issuance: $505 billion (2004), $388 billion (2003), $319 billion (2002) (Thomson Financial League Tables)

Employment

Unemployment rate:30% combined unemployment and underemployment in many non-industrialized countries; developed countries typically 4%-12% unemployment

Industries

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

Energy

Yearly electricity - production: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:79.65 million bbl/day (2003 est.), 75.46 million barrel/day (12,000,000 m³/d) (2001)

Oil - consumption:80.1 million bbl/day (2003 est.), 76.21 million barrel/day (12,120,000 m³/d) (2001)

Oil - proved reserves:1.025 trillion barrel (163 km³) (2001 est.)

Natural gas - production:2,569 km³ (2001 est.)

Natural gas - consumption:2,556 km³ (2001 est.)

Natural gas - proved reserves: 161,200 km³ (1 January 2002)

Cross-border

Yearly exports:$6.6 trillion (f.o.b., 2002 est.)

Exports - commodities:the whole range of industrial and agricultural goods and services

Exports - partners:US 17.4%, Germany 7.6%, UK 5.4%, France 5.1%, Japan 4.8%, China 4% (2002)

Yearly imports:$6.6 trillion (f.o.b., 2002 est.)

Imports - commodities:the whole range of industrial and agricultural goods and services

Imports - partners:US 11.2%, Germany 9.2%, China 7%, Japan 6.8%, France 4.7%, UK 4% (2002)

Debt - external:$2 trillion for less developed countries (2002 est.)

Gift economy

Yearly economic aid - recipient:Official Development Assistance (ODA) $50 billion...

Communications

Telephones - main lines in use: 843,923,500 (2007)

4,263,367,600 (2008)

Telephones - mobile cellular: 3,300,000,000 (Nov. 2007)

Internet Service Providers (ISPs):10,350 (2000 est.)

Internet users:1,311,050,595 (January 18, 2008 [31954] est.), 1,091,730,861 (December 30, 2006 [31955] est.), 604,111,719 (2002 est.)

Transport

Transportation infrastructure worldwide includes:

  • Airports
    • Total: 49,973 (2004)
  • Roadways (in kilometers)
    • Total: 32,345,165 km
    • Paved: 19,403,061 km
    • Unpaved: 12,942,104 km (2002)
  • Railways


Military

Military expenditures - dollar figure: aggregate real expenditure on arms worldwide in 1999 remained at approximately the 1998 level, about $750 billion, about 1/2 of which was the United States (1999)

Military expenditures - percent of GDP: roughly 2% of gross world product (1999).

See also



References

External links




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