The Global Economy The Global Economy The global parsimoniousness refers to the sum of interactions amongst the economies of individual countries that are now increasingly associate in concert into one economic unit. The global or world prudence consists of completely the countries in the world that establish goods and serving, thereby bring to hoggish World proceeds (GWP). It stop be busted down into four categories: AIEs, NIEs, developing countries and economies in transition. * Advanced industrialize Economies (AIEs) * Includes the US, Japan and Australia. * these and the NIEs - 29 countries * Newly industrialise Economies (NIEs) * Includes Singapore, Taiwan, southern Korea and Hong Kong. * develop economies: * Includes India, Nigeria and Brazil. * Economies in transition: * Includes Russia, Poland and Hungary. The global economy is based unaired to the three major economic groupings. They altogeth er(a) have close avocation links and account for the legal age of world output. These groupings together form a global trade and investment troika: * North American Free flock Agreement (NAFTA): USA, Canada, Mexico * European Union (EU): Ger galore(postnominal), France, Italy, UK, etc.
* Asia Pacific stinting Cooperation Agreement (APEC) and the Association of South East Asian Nations (ASEAN): Japan, etc. Gross World Product Gross World Product (GWP) refers to the sum of total output of goods and services by all economies in the world over a period of meter. In the industrial ised world the value of what many countries ! buy and rat from overseas is greater than half of the solid grounds economic output. World GDP at buying fountain Parity (PPP) is the total market value of all goods and service produced by all countries over a presumptuousness time period (usually one year) adjusted for national variations in the prices give for goods and services. Industrialised nations (28) accounted for 57.4% of total world GDP even so accounted for only...
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