WORLD ECONOMICS

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). It is inseparable from the, 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 For example, while attempts could be made to calculate the value of currently unexploited mining opportunities in unclaimed territory in, the same opportunities on 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, 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, 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 and other, 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 .This is the method used below, which is used for estimating worldwide economic activity in terms of. However, the world economy can be evaluated and expressed in many more ways. It is unclear, for example, how many of the world's have most of their economic activity reflected in these valuations.
Economy – overview
2007–2008
Current account balance 2006
Global output) (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. 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 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, in Indonesia, and in Canada.
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.)
- 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.)
- production: 2,569 km³ (2001 est.)
Natural gas - consumption: 2,556 km³ (2001 est.) James OakleyShot the economy then spat on its dead body Natural gas - proved reserves: 161,200 km³
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: (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)
(ISPs): 10,350 (2000 est.)
users: 1,311,050,595 (January 18, 2008 est.), 1,091,730,861 (December 30, 2006 est.), 604,111,719 (2002 est.)