Gross World Product

The gross world product (GWP) is the combined gross national product of all the countries in the world equals the total global GDP.

The world economy, comprising 194 economies, in 2021 is projected around US$93.86 trillion in nominal terms, according to the IMF. This figure is almost $9.3 trillion more than compared to 2020. Global GDP in terms of PPP is forecasted around Int. $141.96 trillion, Int. $10.3 trillion up compared to 2020. This number is 151% of the nominal. PPP to Nominal ratio was the all-time lowest of 1.21 in 1995. But due to the higher growth rate of developing economies, which have generally higher GDP in ppp terms, this ratio has increased.

The global economy is expected to grow by 6.03% in 2020 after contracting by -3.27% in 2020. During four years, the world economy grew by over 6%, with the highest gdp growth rate of 6.7 percent in 1964. The lowest growth was in 2009 as gdp contracted by 1.67%, the only once when it showed negative growth.

In constant 2010 prices, which gives a better idea about expansion over the years, the World economy has expanded from $11.36 tn in 1960 to $84.85 in 2019 or 7.47x based on the market exchange rate as estimated by the world bank comprising more than 200 economies. In purchasing power parity terms, world gdp has expanded by 2.54 times since 1990.

Nominal: Highest increment in global wealth was seen in 2010 when it has grown by $2,728 bn approx at constant 2010 prices. In 2009, it was contracted by $1,079 bn, the only year in which the global economy was declined. At current prices, the maximum increment was in the year 2011 of $7.33 tn, while the biggest decline was in 2015 ($4.24 tn). The figure moved in the downward direction in six years.

PPP: Biggest incline and decline were in 2010 and 2009, respectively, at constant 2011 prices. At current prices, the figure didn't move in a downward direction; even in 2009, it moved up by $812 bn.