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World Economy 2014

After the recession of 2008, the world economy is seen on a revival path since the second quarter of 2009. It is seen as an outcome of revised policies introduced in after the recession stepped in. Yet, the recovery is not uniform across the globe and is not robust enough to provide positive stimulus.

International Finance and Investment, Unemployment and Other factors influences

The recession of 2008-09 was created by financial institutions and they were the worst hit. However, the cascading impact can be seen in all the economies. The foreign direct investments have gone down drastically because of funds crunch. Lack of foreign investments has dried the resource pool and many projects had to be scrapped. It had direct impact on trade and productivity declined in the absence of financial resources and led to massive lay offs adding to the unemployment rate.  The number of unemployment has doubled in United States since 2007. However, the job losses are mostly in the manufacturing and export oriented sector. Labour markets are expected to remain weak in 2010.

Growth Prospects

An increasing number of economies have shown positive recovery though the collective GDP is estimated to fall by 2.2 per cent for 2009. If recent growth rate is sustained, then a mild growth of 2.4 per cent is an optimistic forecast for 2010 for the global economy.

Many manufacturing economies have seen a fall in exports following the change in inventory cycle. Domestic demand was constrained by credit crunch and stringent economic policies. Oil and essential commodities will be playing major role in deciding the recovery model of many economies. The unemployment rate is expected to go down with reopening of the international trade and boost to production once the economies align back to the revised inventory cycle. A strong recovery is expected in the developing countries as compared to the developed nations. It is expected that conditions for international trade will be challenging keeping in view that most of the exports are driven by developed nations. International policy responses were largely successful but needed an international coordination to bring the recovery on full swing.

World Economic Statistics
World GDP (PPP)  $65 trillion
GDP Growth Rate  5.20%
Growth Rate of Industrial Production  5%
GDP By Sector  Services- 64%, Industry- 32%, Agriculture- 4%
GDP Per Capita (PPP) $9,774
Population 6.65 billion
The Poor (Income below $2 per day)  3.25 billion (approximately 50%)
Millionaires 9 million (approximately 0.15%)
Labor Force  3.13 billion
Exports  $13.87 trillion
Imports  $13.81 trillion
Inflation Rate - Developed Countries  1% - 4%
Inflation Rate - Developing Countries  5% - 20%
Unemployment - Developed Countries  4% - 12%
Unemployment & Underemployment - Developing Countries 20% - 40%

Expectations About World Economy in Coming Months

Global economic recovery is expected to be sluggish with high unemployment rate and reduction in exports. Asian giants like China and India are expected to show strongest recovery propelled by robust financial market and self sustainability. In 2010, global recovery will remain below potential and most of the activities will be directed towards maintaining recovery and balancing global growth. Policy correction needs to be coordinated internationally so that all the economies can derive benefit out of it. However, concern still looms over financial sector recovery.

World Economy - World Economic Statistics:
 
World GDP (Purchasing Power Parity):
$70.29 Trillion (2009 est.) Countrywide Comparison for the World $70.84 Trillion (2008 est.)$68.81 Trillion (2007 est.) note: data are in 2009 USD
World GDP (Official Exchange Rate):
GWP (Gross World Product): $58.07 Trillion (2009 est.)
World GDP - Real Growth Rate:
-0.8% (2009 est.) Countrywide Comparison for the World 2.9% (2008 est.)5% (2007 est.)
World GDP - Per Capita (PPP):
$10,500 (2009 est.) Countrywide Comparison for the World $10,700 (2008 est.)$10,500 (2007 est.) note: data are in 2009 USD
World GDP - Composition by Sector:
Agriculture: 6% industry: 30.6% services: 63.4% (2009 est.)
World Labor Force:
3.179 billion (2009 est.) Countrywide Comparison for the World
World Labor Force - By Occupation:
Agriculture: 37.5% industry: 22.1% services: 40.4% (2007 est.)
World Unemployment Rate:
8.7% (2009 est.) Countrywide Comparison for the World 7.2% (2008 est.) note: 30% (2007 est.) combined unemployment and underemployment in many non-industrialized countries; developed countries typically 4%-12% unemployment
World Household Income or Consumption by Percentage Share:
lowest 10%: 2.5% highest 10%: 29.5% (2003 est.)
World Investment (Gross Fixed):
22.7% of GDP (2009 est.) Countrywide Comparison for the World 23.6% of GDP (2008 est.)
World Public Debt:
56% of GDP (2009 est.) Countrywide Comparison for the World 48.9% of GDP (2008 est.)
World Inflation Rate (Consumer Prices):
developed countries 0% to 4% typically; developing countries 5% to 20% typically; national inflation rates vary widely in individual cases; inflation rates have declined for most countries for the last several years, held in check by increasing international competition from several low wage countries and lower oil prices Countrywide Comparison for the World
World Stock of Money:
$12.35 Trillion (31 December 2007) Countrywide Comparison for the World
World Stock of Quasi Money:
$27.31 Trillion (31 December 2007) Countrywide Comparison for the World
Worldwide Stock of Domestic Credit:
$69.9 Trillion (31 December 2007) Countrywide Comparison for the World
Worldwide Market Value of Publicly Traded Shares:
$NA (31 December 2009 est.) Countrywide Comparison for the World $34.95 Trillion (31 December 2008)$64.56 Trillion (31 December 2007 est.)
Worldwide 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
Worldwide Industrial Production Growth Rate:
-2.7% (2009 est.) Countrywide Comparison for the World
Worldwide Electricity - Production:
19.25 Trillion kWh (2007 est.) Countrywide Comparison for the World
Worldwide Electricity - Consumption:
17.93 Trillion kWh (2007 est.) Countrywide Comparison for the World
Worldwide Electricity - Exports:
615.4 billion kWh (2008 est.)
Worldwide Electricity - Imports:
613.9 billion kWh (2008 est.)
Worldwide Oil - Production:
87.51 Million bbl/day (2008 est.) Countrywide Comparison for the World
Worldwide Oil - Consumption:
84.34 Million bbl/day (2008 est.) Countrywide Comparison for the World
Worldwide Oil - Exports:
61.96 Million bbl/day (2007 est.) Countrywide Comparison for the World
Worldwide Oil - Imports:
66.5 Million bbl/day (2007 est.) Countrywide Comparison for the World
Worldwide Oil - Proved Reserves:
1.365 Trillion bbl (1 January 2009 est.) Countrywide Comparison for the World
Worldwide Natural Gas - Production:
3.127 Trillion cu m (2008 est.) Countrywide Comparison for the World
Worldwide Natural Gas - Consumption:
3.073 Trillion cu m (2008 est.) Countrywide Comparison for the World
Worldwide Natural Gas - Exports:
949.9 billion cu m (2008 est.) Countrywide Comparison for the World
Worldwide Natural Gas - Imports:
947.2 billion cu m (2008 est.) Countrywide Comparison for the World
Worldwide Natural Gas - Proved Reserves:
182.1 Trillion cum (1 January 2009 est.)Countrywide Comparison for the World
Worldwide Exports:
$12.4 Trillion (2009 est.) Countrywide Comparison for the World $15.96 Trillion (2008 est.)
Worldwide Exports - Commodities:
The whole range of industrial and Agricultural Goods & Services top 10 - Share of World Trade: Electrical Machinery, including Computers 14.8%; Scientific & Precision Instruments 3.5%; Plastics 3.4%; Iron & Steel 2.7%; Nuclear Reactors, Boilers, & Parts 14.2%; Cars, Trucks, & Buses 8.9%; Organic Chemicals 2.6%; Pharmaceutical Products 2.6%; Diamonds, Pearls, and Precious Stones 1.9%
Worldwide Exports - Partners:
US 12.7%, Germany 7.1%, China 6.2%, France 4.4%, Japan 4.2%, UK 4.1% (2008)
World Imports:
$12.29 Trillion (2009 est.) Countrywide Comparison for the World $15.9 Trillion (2008 est.)
Worldwide Imports - Commodities:
The whole range of industrial and Agricultural Goods & Services top ten - Share of World Trade: see listing for exports
Worldwide Imports - Partners:
China 10.3%, Germany 8.6%, US 8.1%, Japan 5% (2008)
Worldwide Debt - External:
$56.9 Trillion (31 December 2009 est.) Countrywide Comparison for the World $60.83 Trillion (31 December 2008 est.) Note:Data is the sum total of all countries' external debt, both public and private
Worldwide Stock of Direct Foreign Investment - At Home:
$16.42 Trillion (31 December 2008 est.) Countrywide Comparison for the World $15.32 Trillion (31 December 2007 est.)
Worldwide Stock of Direct Foreign Investment - Abroad:
$17.03 Trillion (31 December 2008 est.) Countrywide Comparison for the World $16.03 Trillion (31 December 2007 est.)
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