World Economic Forecast

In looking at the world economic position, we see that global output saw an increase for output by 3.8% during 2008, a decline from the 5.2% reported in 2007. While some countries around the world have experienced incredible growth and profit, others have suffered. For growth, China has proven to have the biggest change of 9.8%. Following China is Russia, and then India. However, most countries went through some rough times in 2007 to 2008 because of the global financial crisis.

In looking at the world economic position, we see that global output saw an increase for output by 3.8% during 2008, a decline from the 5.2% reported in 2007. While some countries around the world have experienced incredible growth and profit, others have suffered. For growth, China has proven to have the biggest change of 9.8%. Following China is Russia, and then India. However, most countries went through some rough times in 2007 to 2008 because of the global financial crisis. Although most countries are now starting to move out from the recession associated with this financial crisis, challenges remain for countries that depend heavily on the industrial sector, as well as developing countries. For these two situations, financial markets remain uncertain and consumer confidence is down.

Another concern is the loss of control over international flow of investments, favorable, technology, and even people externally. Then internally, other challenges are being dealt with for countries such as Iraq, Indonesia, India, etc. While the United States, Canada, and the European Union are fairing relatively well from an economic standpoint, struggles politically continue. Many country governments are now development welfare programs as a means of strengthening incentives and employment.

Other areas that many countries are looking at for improvement include famine, underemployment, pollution, corruption, desertification, overcrowding, and even epidemics. While much needs to be done around the globe to stabilize and boost economies, most governments realize that change is imperative, especially since the 09/11 attacks on the United States Twin Towers.

World GDP Forecast

Specific to the World GDP (Gross Domestic Product, Current Prices, US Dollars), experts use values based on the country’s GDP in national currency, along with projections for exchange rate. At year-end 2008, the World GDP was at 61,220.96 billion in US dollars, followed by a slight reduction that left 2009 at $57.937.46 billion. As far as predictions for 2010 and 2015, experts believe the GDP will be at $61,781.49 billion and then $81,789.72 billion in US currency.

World Unemployment Forecast

At the end of 2008, the World population was estimated at a little less than 7 billion! Of these people, job opportunities fall in a variety of sectors, depending on the country. In some cases, jobs are scarce, leaving a country impoverished. However, some countries have very low unemployment rates, thanks to an abundance of natural resources, perfect climate, location, etc. In 2007, the World unemployment rate was at 7.2% but by the end of 2009, the rate had increased to average 8.7%

World Inflation Rate Forecast

Using averages for the given year instead of end-of-year period, the World inflation rate for 2008 was 5.97%. Then, a 58.98% reduction occurred throughout the year, putting 2009 at 2.449%. Using historical data and a special formula, numbers expected for 2010 put the inflation rate at 3.67%. By 2015, the inflation rate is expected to be at 2.895%, which shows only a small change from the prior year.

World Current Account Balance Forecast

The numbers reported in 2008 for the World current account balance were at $180.37 billion in US dollars. Over the next year, a very small change was seen, which closed 2009 out at $174.405 billion. To predict future numbers, experts use all transactions except those with capital and/or financial items. Base on this, predictions for 2010 put the current account balance for the world at $234.76 billion and by 2015, a more significant change is expected, putting the numbers at $395.372 billion in US dollars.