The Economy of World

Economy

World's map

Economy - overview: Global output rose by 3.8% in 2008, down from 5.2% in 2007. Among major economies, growth was led by China (9.8%), Russia (7.4%), and India (7.3%). Worldwide, nations varied widely in their growth results, with Macau (15%), Azerbaijan (13.2%), and Angola (11.6%), registering the highest. Growth rates slowed in all the major industrial countries and most developing countries, because of uncertainties in the financial markets and lowered consumer confidence. Externally, the nation-state, as a bedrock economic-political institution, is steadily losing control over international flows of people, goods, funds, and technology. 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, in Indonesia, and in Canada. Externally, the central government is losing decisionmaking powers to international bodies, notably the EU. In Western Europe, governments face the difficult political problem of channeling resources away from welfare programs in order to increase investment and strengthen incentives to seek employment. The addition of 80 million people each year to an already overcrowded globe is exacerbating the problems of pollution, desertification, underemployment, epidemics, and famine. Because of their own internal problems and priorities, the industrialized countries devote insufficient resources to deal effectively with the poorer areas of the world, which, at least from an economic point of view, are becoming further marginalized. 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. The terrorist attacks on the US on 11 September 2001 accentuated a growing risk to global prosperity, illustrated, for example, by the reallocation of resources away from investment to anti-terrorist programs. The opening of war in March 2003 between a US-led coalition and Iraq added new uncertainties to global economic prospects. The complex political difficulties and the high economic cost of establishing domestic order in Iraq became major global problems that continued through 2008.

GDP:

GDP - real growth rate: 3.8% (2008 est.) 5.2% (2007 est.) 5.3% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 4% industry: 32% services: 64% (2008 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: 2.5% highest 10%: 29.9% (2002 est.)

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 3.167 billion (2008 est.)

Labor force - by occupation: agriculture: 40% industry: 20.6% services: 39.4% (2007 est.)

Unemployment rate: 30% combined unemployment and underemployment in many non-industrialized countries; developed countries typically 4%-12% unemployment (2007 est.)

Budget:

Industries: dominated by the onrush of technology, especially in computers, robotics, telecommunications, and medicines and medical equipment; most of these advances take place in OECD nations; only a small portion of non-OECD countries have succeeded in rapidly adjusting to these technological forces; the accelerated development of new industrial (and agricultural) technology is complicating already grim environmental problems

Industrial production growth rate: 2.2% (2008 est.)

Electricity - production: 19.02 trillion kWh (2007 est.)

Electricity - production by source:

Electricity - consumption: 17.48 trillion kWh (2007 est.)

Electricity - exports: 674 billion kWh (2007 est.)

Electricity - imports: 622.6 billion kWh (2007 est.)

Oil - production: 85.54 million bbl/day (2007 est.)

Oil - consumption: 85.22 million bbl/day (2007 est.)

Oil - exports: 66.19 million bbl/day (2005)

Oil - imports: 65.41 million bbl/day (2005)

Oil - proved reserves: 1.332 trillion bbl (1 January 2008 est.)

Natural gas - production: 3.021 trillion cu m (2007 est.)

Natural gas - consumption: 3.198 trillion cu m (2007 est.)

Natural gas - exports: 929.9 billion cu m (2007 est.)

Natural gas - imports: 957.6 billion cu m (2007)

Natural gas - proved reserves: 175.4 trillion cu m (1 January 2008 est.)

Agriculture - products:

Exports: $16.28 trillion f.o.b. (2008 est.)

Exports - commodities: the whole range of industrial and agricultural goods and services top ten - share of world trade: electrical machinery, including computers 14.8%; mineral fuels, including oil, coal, gas, and refined products 14.4%; nuclear reactors, boilers, and parts 14.2%; cars, trucks, and buses 8.9%; scientific and precision instruments 3.5%; plastics 3.4%; iron and steel 2.7%; organic chemicals 2.6%; pharmaceutical products 2.6%; diamonds, pearls, and precious stones 1.9% (2006 est.)

Exports - partners: US 13.7%, Germany 7.3%, China 6.2%, France 4.6%, UK 4.5%, Japan 4.1% note: these data show the share of world exports to the specified countries (2007)

Imports: $16.21 trillion f.o.b. (2008 est.)

Imports - commodities: the whole range of industrial and agricultural goods and services top ten - share of world trade: see listing for exports

Imports - partners: China 10.7%, Germany 9.2%, US 8.3%, Japan 5.1%, France 4% note: these data show the share of world imports from the specified countries (2007)

Debt - external: $54.62 trillion note: this figure is the sum total of all countries' external debt, both public and private (31 December 2008 est.)

Economic aid - recipient:

Currency:

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Exchange rates:

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