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The world economy refers to the global economic system, which includes all
economic activities conducted within and between nations, including production,
consumption, economic management, work in general, exchange of financial
values, and trade of goods and services 1. The world economy is inseparable from
the geography and ecology of planet Earth.

According to the International Monetary Fund (IMF), the global economic activity
is experiencing a broad-based and sharper-than-expected slowdown, with inflation
higher than seen in several decades 2. The cost-of-living crisis, tightening financial
conditions in most regions, Russia’s invasion of Ukraine, and the lingering
COVID-19 pandemic all weigh heavily on the outlook 2.

As of 2023, the following 18 countries or collectives have reached an economy of

at least US$2 trillion by GDP in nominal or PPP terms: Brazil, Canada, China,
France, Germany, India, Indonesia, Italy, Japan, Mexico, South Korea, Russia,
Saudi Arabia, Spain, Turkey, the United Kingdom, the United States, and the
European Union 13. The United States and China are the two largest economies in
the world, followed by Japan, Germany, and India 1.

The world economy is facing several challenges, including poverty, inequality,

climate change, and environmental degradation. The United Nations has set up
several initiatives to address these issues, including the Sustainable Development
Goals (SDGs) 1. The SDGs aim to end poverty, protect the planet, and ensure that
all people enjoy peace and prosperity by 2030 1.

In conclusion, the world economy is facing several challenges, and it is essential to

address these issues to ensure a sustainable future for our planet and its inhabitants.
The Sustainable Development Goals are a step in the right direction, and it is
crucial to work towards achieving them to ensure a better future for everyone.
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