The world economy grew 5.2% in 2007 powered by growth in China (11%), India (9%) and Russia (8%). The global economy faces a real risk of 1970s style stagflation however, with resource constraints tighter than ever before.
Things could scarcely have looked rosier for the world economy at the start of 2007. The Emerging Markets, led by the giants of China, India, Russia and Brazil (the BRIC countries) had been posting 7%-10% grow rates for years. Property and stock market booms had brought consistent growth in North America and Europe. Investment was bringing economic development to much of the Middle East and Africa, and even Japan was recovering from its deflationary 'Lost Years'.
Economic conditions within these countries play a major role in setting the economic atmosphere of less well-to-do nations and their economies. In many aspects, developing and less developed economies depend on the developed countries for their economic wellbeing.
World Economic Statistics at a Glance
World GDP (PPP): $65 trillion
GDP Growth Rate: 5.2%
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%
Things could scarcely have looked rosier for the world economy at the start of 2007. The Emerging Markets, led by the giants of China, India, Russia and Brazil (the BRIC countries) had been posting 7%-10% grow rates for years. Property and stock market booms had brought consistent growth in North America and Europe. Investment was bringing economic development to much of the Middle East and Africa, and even Japan was recovering from its deflationary 'Lost Years'.
Economic conditions within these countries play a major role in setting the economic atmosphere of less well-to-do nations and their economies. In many aspects, developing and less developed economies depend on the developed countries for their economic wellbeing.
World Economic Statistics at a Glance
World GDP (PPP): $65 trillion
GDP Growth Rate: 5.2%
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%
Source: Economy Watch
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