World economy - wikipedia World economy World economy Africa Americas Central America North America South America Asia Europe Oceania 20 Largest economies pie chart The world economy or global economy is the economy of the world, considered as the international exchange of goods and services that is expressed in monetary units of account ( money ). In some contexts, the two terms are distinguished : the `` 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. World share of GDP ( PPP ) ( World Bank, 2011 ). 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 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 7.13 billion people have most of their economic activity reflected in these valuations. 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. Contents 1 Economy -- overview 1.1 World economy by Country Groups 1.2 Current world economic league table of largest economies in the world by GDP and share of global economic growth 1.3 Twenty largest economies in the world by nominal GDP 1.4 Twenty Largest Economies in the World by PPP GDP ( IMF and CIA World Factbook ) 2 Statistical indicators 2.1 Economy 2.2 Employment 2.3 Industries 2.4 Energy 2.5 Cross-border 2.6 Gift economy 2.7 Communications 2.8 Transport 2.9 Military 3 Economic studies 4 See also 5 References 6 External links Economy -- overview World economy by country Groups The following two tables list the Country Groups with individual countries designated by the IMF. Members of the G - 20 major economies are in bold. List of Country Groups by GDP ( nominal ) in Millions US $ List of Country Groups by GDP ( PPP ) in 2015 in Millions US $ Country Group GDP ( Nominal ) Peak Year Number of Countries Economies with at least 0.5 % of Global GDP Major advanced economies ( G7 ) 36,006,539 2017 7 Canada France Germany Italy Japan United Kingdom United States Emerging and Developing Asia 17,084,823 2017 30 China India Indonesia Thailand Other Advanced Economies ( Advanced economies excluding G7 ) 11,593,086 2014 32 Australia Austria Belgium South Korea Netherlands Norway Spain Sweden Switzerland Taiwan Latin America and the Caribbean 5,983,936 2013 32 Argentina Brazil Mexico Middle East, North Africa, Afghanistan, and Pakistan 3,473,402 2014 22 Iran Saudi Arabia United Arab Emirates Commonwealth of Independent States and Georgia 2,943,338 2013 12 Russia Emerging and developing Europe 2,031,117 2014 12 Poland Turkey Sub-Saharan Africa 1,690,338 2014 45 Nigeria World 78,519,556 2014 192 Country Group GDP ( Nominal ) Peak Year Number of Countries Economies with at least 0.5 % of Global GDP Emerging and Developing Asia 41,233,893 2017 30 China India Indonesia Malaysia Philippines Thailand Major advanced economies ( G7 ) 38,766,514 2017 7 Canada France Germany Italy Japan United Kingdom United States Other Advanced Economies ( Advanced economies excluding G7 ) 13,587,681 2017 32 Australia South Korea Netherlands Spain Taiwan Latin America and the Caribbean 9,730,047 2017 32 Argentina Brazil Colombia Mexico Venezuela Middle East, North Africa, Afghanistan, and Pakistan 9,529,045 2017 22 Algeria Egypt Iran Pakistan Saudi Arabia United Arab Emirates Commonwealth of Independent States and Georgia 5,583,406 2017 12 Russia Emerging and developing Europe 4,453,006 2017 12 Poland Turkey Sub-Saharan Africa 3,804,491 2017 45 Nigeria South Africa World 126,688,083 2017 192 Current world economic league table of largest economies in the world by GDP and share of global economic growth The following two tables list the 25 largest economies by GDP ( Nominal ), twenty largest economies by GDP ( PPP ). Members of the G - 20 major economies are in bold. List of the 25 largest economies by GDP ( nominal ) at their peak level of GDP in Millions US $ List of the 25 largest economies by GDP ( PPP ) at their peak level of GDP in Millions US $ Rank Country Value ( US D $ ) Peak Year -- World 78,519,556 2014 United States 19,417,144 2017 -- European Union 19,200,287 2008 China 11,795,297 2017 Japan 6,203,213 2012 Germany 3,885,440 2014 5 United Kingdom 3,064,351 2007 6 France 2,937,321 2008 7 Brazil 2,614,027 2011 8 India 2,454,458 2017 9 Italy 2,402,062 2008 10 Russia 2,230,624 2013 11 Canada 1,842,627 2013 12 Spain 1,642,738 2008 13 Australia 1,509,639 2012 14 South Korea 1,498,074 2017 15 Mexico 1,298,404 2014 16 Indonesia 1,020,515 2017 17 Turkey 950,328 2013 18 Netherlands 940,665 2008 19 Saudi Arabia 756,350 2014 20 Switzerland 702,736 2014 21 Argentina 631,621 2015 22 Sweden 578,742 2013 23 Iran 570,039 2011 24 Nigeria 568,496 2014 25 Taiwan 566,757 2017 Rank Country Value ( US D $ ) Peak Year -- World 126,688,083 2017 China 23,194,411 2017 -- European Union 20,852,702 2017 United States 19,417,144 2017 India 9,489,302 2017 Japan 5,420,228 2017 5 Germany 4,134,668 2017 6 Russia 3,938,001 2017 7 Brazil 3,306,570 2014 8 Indonesia 3,257,123 2017 9 United Kingdom 2,905,392 2017 10 France 2,833,064 2017 11 Mexico 2,406,199 2017 12 Italy 2,303,108 2017 13 Turkey 2,082,079 2017 14 South Korea 2,029,706 2017 15 Saudi Arabia 1,796,205 2017 16 Spain 1,768,816 2017 17 Canada 1,752,910 2017 18 Iran 1,535,491 2017 19 Australia 1,251,416 2017 20 Thailand 1,226,407 2017 21 Egypt 1,197,967 2017 22 Taiwan 1,177,052 2017 23 Nigeria 1,124,627 2017 24 Poland 1,114,105 2017 25 Pakistan 1,060,569 2017 Twenty largest economies in the world by nominal GDP Main article : List of IMF ranked countries by historical GDP ( nominal ) The following is a list of the twenty largest economies by nominal GDP at peak value as of the specific year according to International Monetary Fund. Rank 1980 1985 1990 1995 2000 2005 2015 2020 United States United States United States United States United States United States United States United States United States Soviet Union Soviet Union Japan Japan Japan Japan China China China Japan Japan Soviet Union Germany Germany Germany Japan Japan Japan West Germany West Germany West Germany France United Kingdom United Kingdom Germany Germany Germany 5 France France France United Kingdom France China United Kingdom United Kingdom India 6 United Kingdom United Kingdom United Kingdom Italy Italy France France France United Kingdom 7 Italy Italy Italy Brazil China Italy Italy Brazil France 8 China Canada Canada China Brazil Canada Brazil Italy Brazil 9 Canada China Iran Spain Canada Spain Russia Russia Italy 10 Mexico India Spain Canada Mexico South Korea India India Russia Rank 1980 1985 1990 1995 2000 2005 2015 2020 11 Spain Brazil Brazil Iran Spain Brazil Spain Canada Canada 12 Brazil Mexico China South Korea South Korea Mexico Canada Spain South Korea 13 India Australia India Mexico Iran India Australia Australia Spain 14 Netherlands Spain Australia Netherlands India Russia South Korea South Korea Australia 15 Australia Iran Netherlands Australia Netherlands Australia Mexico Mexico Indonesia 16 Saudi Arabia Netherlands Mexico India Russia Netherlands Netherlands Turkey Mexico 17 Sweden Sweden South Korea Switzerland Australia Iran Turkey Netherlands Turkey 18 Belgium Saudi Arabia Switzerland Russia Switzerland Turkey Indonesia Indonesia Netherlands 19 Switzerland Switzerland Sweden Belgium Taiwan Switzerland Switzerland Saudi Arabia Saudi Arabia 20 Iran South Korea Turkey Argentina Argentina Sweden Iran Switzerland Argentina Twenty largest economies in the world by PPP GDP ( IMF and CIA world Factbook ) The following is a list of twenty largest economies by GDP ( PPP ) at peak value as of the specific year according to CIA World Factbook and the International Monetary Fund. Rank 1980 1985 1990 1995 2000 2005 2015 2020 United States United States United States United States United States United States United States China China Soviet Union Soviet Union Japan Japan China China China United States United States Japan Japan West Germany China Japan Japan India India India Italy West Germany Soviet Union Germany Germany India Japan Japan Japan 5 West Germany Italy Italy Russia India Germany Russia Germany Germany 6 France France France India Russia Russia Germany Russia Russia 7 Brazil Brazil China Italy France Brazil Brazil Brazil Indonesia 8 United Kingdom United Kingdom United Kingdom France Italy France France Indonesia Brazil 9 Mexico China Brazil Brazil Brazil United Kingdom United Kingdom United Kingdom United Kingdom 10 India India India United Kingdom United Kingdom Italy Italy France France Rank 1980 1985 1990 1995 2000 2005 2015 2020 11 China Mexico Mexico Mexico Mexico Mexico Indonesia Mexico Mexico 12 Spain Canada Canada Indonesia Indonesia Indonesia Mexico Italy Italy 13 Canada Spain Indonesia Spain Spain Spain Spain Turkey Turkey 14 Saudi Arabia Iran Spain Canada Canada Canada South Korea South Korea South Korea 15 Indonesia Indonesia Saudi Arabia Saudi Arabia South Korea South Korea Canada Saudi Arabia Saudi Arabia 16 Argentina Saudi Arabia Turkey South Korea Saudi Arabia Saudi Arabia Iran Canada Spain 17 Iran Turkey Iran Turkey Turkey Turkey Turkey Spain Canada 18 Netherlands Australia South Korea Iran Iran Iran Saudi Arabia Iran Iran 19 Turkey Netherlands Australia Australia Australia Australia Australia Australia Egypt 20 Poland Argentina Netherlands Thailand Netherlands Thailand Taiwan Thailand Australia 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, € 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 ) 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 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 ) Employment World GDP per capita between 1500 -- 2000 ( log scale ) World GDP per capita between 1500 -- 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 Yearly electricity -- production : 21,080,878 GWh ( 2011 est. ), 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 m / d ) ( 2003 est. ), 75,460,000 barrels per day ( 11,997,000 m / d ) ( 2001 ) Oil -- consumption : 80,100,000 bbl / d ( 12,730,000 m / d ) ( 2003 est. ), 76,210,000 barrels per day ( 12,116,000 m / d ) ( 2001 ) Oil -- proved reserves : 1.025 trillion barrel ( 163 km3 ) ( 2001 est. ) Natural gas -- production : 3,366 km3 ( 2012 est. ), 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 : $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 Yearly economic aid -- recipient : net Official Development Assistance ( ODA ) of $135.2 billion ( 2014 ) 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 : 3,079,339,857 ( December 31, 2014 ( 6 ) ), 360,985,492 ( December 31, 2000 ) Transport Transportation infrastructure worldwide includes : Airports Total : 41,821 ( 2013 ) Roadways ( in kilometres ) Total : 32,345,165 km Paved : 19,403,061 km Unpaved : 12,942,104 km ( 2002 ) Railways Total : 1,122,650 km includes about 190,000 to 195,000 km of electrified routes of which 147,760 km are in Europe, 24,509 km in the Far East, 11,050 km in Africa, 4,223 km in South America, and 4,160 km in North America. Military World military expenditure in 2012 : estimated to $1.756 trillion Military expenditures -- percent of GDP : roughly 2 % of gross world product ( 1999 ). 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, EDC and AAFC in Canada, Ubifrance in France, UKTI in the UK, HKTDC and JETRO in Asia, Austrade and NZTE in Oceania. Through Partnership Agreements, The Federation of International Trade Associations publishes studies from several of these agencies ( USCS, FAS, AAFC, UKTI, HKTDC ), as well as other non-governmental organizations on its website GlobalTrade.net. See also Capitalism Common Wealth : Economics for a Crowded Planet ( book ) Economic collapse Economic history of the world Emerging and growth - leading economies Global financial system Global workforce Globality Globalization Trade route Overconsumption World Trade Report 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 : 2007 -- 2008 world food price crisis Late 2000s recession Oil price increases since 2003 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 List of world production References Jump up ^ `` World Economy. '' -- Definition. American English Definition of with Pronunciation by Macmillan Dictionary. N.p., n.d. Web. 02 Jan. 2015. Jump up ^ `` The International Comparison Program ( ICP ) ''. Retrieved 1 April 2017. Jump up ^ `` Gross domestic product, current prices & Gross domestic product based on purchasing - power - parity ( PPP ) valuation of country GDP ''. World Economic Outlook Database, October 2015. International Monetary Fund. October 2015. Retrieved 2015 - 10 - 15. Jump up ^ ( 1 ) IMF GDP 2017 Data ( April 2017 ) ^ Jump up to : `` Gross domestic product ''. IMF World Economic Outlook. April 2017. Retrieved 14 April 2017. Jump up ^ ( 2 ) IMF GDP ( Nominal ) Data ( April 2017 ) Jump up ^ ( 3 ) IMF GDP ( PPP ) Data ( April 2017 ) Jump up ^ `` Gross domestic product, current prices ''. International Monetary Fund. International Monetary Fund. October 2015. Retrieved 11 October 2015. Jump up ^ `` Gross domestic product based on purchasing - power - parity ( PPP ) valuation of country GDP ; Current international dollar ''. International Monetary Fund. April 2017. Retrieved 14 May 2017. Jump up ^ `` GDP ( PURCHASING POWER PARITY ) ''. CIA World Factbook. CIA World Factbook. 2014. Retrieved October 7, 2014. Jump up ^ `` IMF World Economic Outlook, Crisis and Recovery, April 2009 ''. Imf.org. 2009 - 04 - 16. Retrieved 2012 - 07 - 17. Jump up ^ B. Milanovic ( January 2002 ). `` True World Income Distribution, 1988 and 1993 : First Calculation Based on Household Surveys Alone '' ( PDF ). Retrieved 13 May 2011. Jump up ^ `` International Energy Statistics ''. Retrieved 1 April 2017. Jump up ^ `` International Energy Statistics ''. Retrieved 1 April 2017. Jump up ^ `` Development aid stable in 2014 but flows to poorest countries still falling ''. OECD. 2015 - 04 - 08. Retrieved 2015 - 07 - 23. Jump up ^ global cellphone penetration reaches 50 percent Jump up ^ `` World Internet Usage Statistics News and World Population Stats ''. Internetworldstats.com. Retrieved 2015 - 06 - 08. Jump up ^ `` The World Factbook -- Central Intelligence Agency ''. Retrieved 1 April 2017. Jump up ^ `` 3. Military expenditure - SIPRI ''. Retrieved 1 April 2017. 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Question: what do the economic systems of the uk germany and russia have in common
Answer: reached an economy of at least US$2 trillion by GDP in nominal or PPP terms