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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, financial transactions and trade of goods and services. 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.
The economies of Canada and the United States are similar because both are developed countries. While both countries feature in the top ten economies in the world in 2022, the U.S. is the largest economy in the world, with US$24.8 trillion, with Canada ranking ninth at US$2.2 trillion.
The Trillion dollar club is an unofficial classification of the world's major economies with a gross domestic product of more than US$1 trillion per year. As of 2023, it included 19 countries. This does not include purchasing power parity, which increases the GDP of many countries with an undervalued currency, which are usually poorer countries.
This article includes a list of China's historical gross domestic product (GDP) values, the market value of all final goods and services produced by a nation in a given year. The GDP dollar estimates presented here are either calculated at market or government official exchange rates (nominal), or derived from purchasing power parity (PPP) calculations. This article also includes historical GDP growth.
References
- ↑
- 1 2 "Gross Domestic Product 2014" (PDF). The World Bank DataBank. 2015. Retrieved 1 July 2015.
- 1 2 3 "World Factbook". CIA World Factbook . 24 July 2019. Retrieved 24 July 2019.
- ↑ "GDP (current US$) | Data". data.worldbank.org. Retrieved 2021-09-15.
- ↑ "World Economic Outlook, October 2020: A Long and Difficult Ascent". World Economic Outlook. International Monetary Fund. 2020.
- ↑ J. Bradford DeLong (24 May 1998). "Estimating World GDP, One Million B.C. – Present" . Retrieved 5 February 2013.
- ↑ "Gross domestic product 2019" (PDF). The World Bank DataBank. 2020. Retrieved 21 December 2020.
- 1 2 "1990 Real GDP". MeasuringWorth.com. Retrieved 25 November 2013.