What is the Global Economy?

World news is pretty much dominated by global economics and economic news. Economists argue daily over the impact the US economy has on the China economy, how global warming will reshape GDP by country or whether globalization is good for us or bad for us. But what do people mean when they talk about the global economy and global economics?

In a few simple words, the global economy is a term used to describe the entire economic activity of the world, comprising as it does of a large number of countries of different size and scale and the interactivity of those economies and the people who live within them. When looking at the global economy, the term globalization is very much at the forefront and especially the concept that economic conditions, activities and events in one country will automatically have an effect on the economy in other countries.

This interconnectivity was brought into sharp focus during the financial crisis of the early twenty-first century affected not only those mature countries where the problems originated but also the economic development of emerging countries. A downturn in an advanced economy was seen to have a direct impact on poverty levels in poorer countries. People worry that as the world emerges from recession either inflation or deflation in one part of the world might be contagious and impact on other parts of the globe. In the age of globalization, no country is an island.

This section of the site will explore some if the key issues concerning the global economy.


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