world economy
All nations' trade
The world economy is the interconnected system of production, trade, and financial activity across all nations.
It encompasses global markets, international commerce, and the economic relationships between countries: The world economy contracted during the pandemic.
Also called the global economy.
Discussions often frame it as a single entity affected by events like recessions, trade wars, or commodity price shifts.
National output abbreviation
- expansionIncrease in scope
- prosperityGood fortune, success
- boomLoud deep sound
- productivityOutput relative to input
development · industrialization · modernization · emerging markets · per capita income · living standards · wealth creation · developing nations
Medium of exchange
- monetary policyCentral bank economic controls
- fiscal policyState spending and taxation
- central bankingState management of currency
- interest ratesPrice paid for borrowing
capital flows · foreign exchange · securities · bonds · reserve currency · credit · debt · investment banking
Reciprocal reliance between entities
- multinationalOperating across multiple countries
- cross-borderSpanning national boundaries
- transnationalCrossing country lines
- offshoringMoving work overseas
outsourcing · foreign investment · labor mobility · supply chains · free trade · liberalization · interconnectedness · global markets
Obtain from overseas
- exportForeign-bound sale
- tariffTax on traded goods
- commodityFungible traded good
- shippingTransporting goods to destinations
logistics · customs · quota · freight · supply chain · bilateral · multilateral · protectionism
Prolonged economic decline
- depressionProlonged low state
- downturnEconomic decline period
- contractionReduction in size
- collapseSudden structural failure
financial crisis · debt crisis · bailout · default · bankruptcy · austerity · stagflation · turmoil
GDP
National output abbreviation
- expansionIncrease in scope
- prosperityGood fortune, success
- boomLoud deep sound
productivity · development · industrialization · modernization · emerging markets · per capita income · living standards · wealth creation · developing nations · BRICS
currency
Medium of exchange
- monetary policyCentral bank economic controls
- fiscal policyState spending and taxation
- central bankingState management of currency
interest rates · capital flows · foreign exchange · securities · bonds · reserve currency · credit · debt · investment banking · derivatives
interdependence
Reciprocal reliance between entities
- multinationalOperating across multiple countries
- cross-borderSpanning national boundaries
- transnationalCrossing country lines
offshoring · outsourcing · foreign investment · labor mobility · supply chains · free trade · liberalization · interconnectedness · global markets · borderless
import
Obtain from overseas
shipping · logistics · customs · quota · freight · supply chain · bilateral · multilateral · protectionism · subsidy
recession
Prolonged economic decline
- depressionProlonged low state
- downturnEconomic decline period
- contractionReduction in size
collapse · financial crisis · debt crisis · bailout · default · bankruptcy · austerity · stagflation · turmoil · instability
- global tradefree trade, export tax, exports, import tax, imports
- globalizationglobalization, free trade, global village, global trade, multinationals
- G20 SummitsG7, communique, declaration, joint statement, host country
world economydomestic economy
Internal financial system
national economy · local economy · regional economy · household economy · domestic markets
world economyautarky
Complete economic independence
economic nationalism · protectionism · self-sufficiency · economic isolation · subsistence economy
world, economy, worldwide, economic, worldly, economical, economics, economize, economist