The world economy or the global economy is the economy of all humans of the world, referring

to the global economic system which includes all economic activities which are conducted both within
and between nations, including production, consumption, economic management, work in general,
exchange of financial values and trade of goods and services.
In some contexts, the two terms are distinct "international" or "global economy" being measured
separately and distinguished from national economies while the "world economy" is simply an aggregate
of the separate countries' measurements. Beyond the minimum standard concerning value in production,
use and exchange, the definitions, representations, models and valuations of the world economy vary
widely. It is inseparable from the geography and ecology of planet Earth.
It is common to limit questions of the world economy exclusively to human economic activity
and the world economy is typically judged in monetary terms, even in cases in which there is no efficient
market to help valuate certain goods or services, or in cases in which a lack of independent research,
genuine data or government cooperation makes establishing figures difficult. Typical examples are illegal
drugs and other black-market goods, which by any standard are a part of the world economy, but for
which there is by definition no legal market of any kind
The global economic recovery has progressed more strongly than anticipated a year ago but it is
becoming increasingly imbalanced, as lower-income economies struggle to keep up where vaccination
rates are low, and advanced economies face very different challenges across GDP growth, employment,
the labour market and industries depending on their protection models.
Meanwhile the surge in demand for goods has caused bottlenecks in production chains, causing
prices to rise due to high demand, high energy prices and fuel shortages, and bottlenecks in production
chains. Rising food and energy prices are hitting low-income households in particular.
Governments need to ensure that vaccination remains the top policy priority, invest in a more
sustainable recovery, and alleviate skill shortages to improve job opportunities and restore business
dynamism.