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1994-05-02
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<text>
<title>
World: Economy
</title>
<article><hdr>The World Factbook 1993: World
Economy</hdr><body>
<p>Overview: Real global output - gross world product (GWP) -
rose one-half of 1% in 1992, with results varying widely among
regions and countries. Average growth of 1.5% in the GDP of
industrialized countries (62% of GWP in 1992) and average growth
of 5% in the GDP of less developed countries (30% of GWP) were
offset by a further 15-20% drop in the GDP of the former
Soviet-East European area (now only 8% of GWP). The United
States accounted for 23% of GWP in 1992; the 12-member European
Community, which established a single internal market on 1
January 1993, accounted for another 23%, and Japan accounted for
10%. These are the three "economic superpowers" presumably
destined to compete for mastery in international markets on into
the 21st century. In general, growth in the industrialized
countries was sluggish in 1992, with unemployment typically at
7-11%. As for the less developed countries, China, India, and
the Four Dragons - South Korea, Taiwan, Hong Kong, and Singapore
- posted good records; however, many other countries, especially
in Africa, suffered bitterly from drought, rapid population
growth, and civil strife. The continued plunge in production in
practically all the former Warsaw Pact economies strained the
political and social fabric of these newly independent nations,
in particular in Russia. The addition of nearly 100 million
people each year to an already overcrowded globe is exacerbating
the problems of pollution, desertification, underemployment,
epidemics, and famine. Because of their own internal problems,
the industrialized countries have inadequate resources to deal
effectively with the poorer areas of the world, which, at least
from the economic point of view, are becoming further
marginalized. (For the specific economic problems of each
country, see the individual country entries in this volume.)
</p>
<p>National product: GWP (gross world product) - purchasing power
equivalent - $25.6 trillion (1992 est.)
</p>
<p>National product real growth rate: 0.5% (1992 est.)
</p>
<p>National product per capita: $4,600 (1992 est.)
</p>
<list>
<l>Inflation rate (consumer prices):</l>
<l> developed countries: 5% (1992 est.)</l>
<l> developing countries: 50% (1992 est.)</l>
</list>
<p>note: these figures vary widely in individual cases
</p>
<p>Unemployment rate: developed countries typically 7-11%;
developing countries, extensive unemployment and underemployment
(1992)
</p>
<list>
<l>Exports: $3.64 trillion (f.o.b., 1992 est.)</l>
<l>commodities: the whole range of industrial and agricultural
goods and services</l>
<l> partners: in value, about 75% of exports from the developed
countries</l>
<l>Imports: $3.82 trillion (c.i.f., 1992 est.)</l>
<l> commodities: the whole range of industrial and agricultural
goods and services</l>
<l> partners: in value, about 75% of imports by the developed
countries</l>
</list>
<p>External debt: $1 trillion for less developed countries (1992
est.)
</p>
<p>Industrial production: growth rate -1% (1992 est.)
</p>
<p>Electricity: 2,864,000,000 kW capacity; 11,450,000 million kWh
produced, 2,150 kWh per capita (1990)
</p>
<p>Industries: industry worldwide is dominated by the onrush of
technology, especially in computers, robotics,
telecommunications, and medicines and medical equipment; most of
these advances take place in OECD nations; only a small portion
of non-OECD countries have succeeded in rapidly adjusting to
these technological forces, and the technological gap between
the industrial nations and the less-developed countries
continues to widen; the rapid development of new industrial (and
agricultural) technology is complicating already grim
environmental problems
</p>
<p>Agriculture: the production of major food crops has increased
substantially in the last 20 years; the annual production of
cereals, for instance, has risen by 50%, from about 1.2 billion
metric tons to about 1.8 billion metric tons; production
increases have resulted mainly from increased yields rather than
increases in planted areas; while global production is sufficient
for aggregate demand, about one-fifth of the world's population
remains malnourished, primarily because local production cannot
adequately provide for large and rapidly growing populations,
which are too poor to pay for food imports; conditions are
especially bad in Africa where drought in recent years has
intensified the consequences of overpopulation
</p>
<p>Economic aid: NA
</p></body></article></text>