The gross domestic product (GDP) of a country can be defined as the value of the total final output of all goods and services produced in a single year within a country's boundaries. The growth is expressed as a percent.
The GDPs of several countries can be combined to reflect the state of the economy of a particular geographic region (for example, countries in the Middle East) or of a group of countries at a particular stage of development (for example, advanced versus emerging economies).
Emerging and Developing economies dominated the period between 2003 and 2013. Developing Asia, in particular, grew at an average annual pace of 8.5%.
Data is from International Monetary Fund, World Economic Outlook Database, October 2012 with a January 2013 Update.
GDP Growth for the Major Economies of the World
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Real effective exchange rates are assumed to remain constant at the levels prevailing during November 12–December 10, 2012. When economies are not listed alphabetically, they are ordered on the basis of economic size. The aggregated quarterly data are seasonally adjusted.
According to the IMF, the global economy is back on a slow path to growth after hitting rock bottom in 2009, thanks in large part to the acceleration in Emerging Market and Developing Economies and the rebound in the US during 2012. Figures from The Economist show that emerging economies in particular accounted for four-fifths of global GDP growth in the third quarter of 2012. The sovereign debt crisis-plagued euro area continues, however, to represent a drag on the world’s economy.
The IMF recently revised downward the euro area outlook for the near-term, forecasting a contraction of 0.2% in 2013. The fund, nevertheless, sees the potential for a return to growth in 2014 (1%). Overall Advanced Economies, including the US, are instead expected to continue growing, 1.4% in 2013 and 2.2% in 2014.
As for emerging markets, the IMF estimate puts economic expansion there at 5.5% for 2013 and almost 6% in 2014, down from the peaks of 7-8% growth reached between 2004 and 2007 but still solid. Activity in Developing Asia (+7.1%) and Sub-Saharan Africa (+5.8%) is expected to be particularly robust this year.
In the Middle East, Latin America and the Commonwealth of Independent States, economic growth is predicted to average between 3.5% and 4% over 2013 and 2014.
Olivier Blanchard, Economic Counselor of the International Monetary Fund, discusses global prospects for growth in 2013
IMF Projects Modest Pick-up in Economic Growth in 2013