Introduction

The world- or global economy generally refers to the economy, which is based on economies of all of

the world's countries, national economies. Also global economy can be seen as the economy of global
society and national economies - as economies of local societies, making the global one. It can be
evaluated in various kind of ways. For instance, depending on the model used, the valuation that is
arrived at can be represented in a certain currency, such as 2006 US dollars.

It is inseparable from the geography and ecology of Earth, and is therefore somewhat of a misnomer,
since, while definitions and representations of the "world economy" vary widely, they must at a minimum
exclude any consideration of resources or value based outside of the Earth. For example, while attempts
could be made to calculate the value of currently unexploited mining opportunities in unclaimed territory
in Antarctica, the same opportunities on Mars would not be considered a part of the world economy—
even if currently exploited in some way—and could be considered of latent value only in the same way as
uncreated intellectual property, such as a previously unconceived invention.

Beyond the minimum standard of concerning value in production, use, and exchange on the planet Earth,
definitions, representations, models, and valuations of the world economy vary widely.

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 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.

However, even in cases in which there is a clear and efficient market to establish a monetary value,
economists do not typically use the current or official exchange rate to translate the monetary units of this
market into a single unit for the world economy, since exchange rates typically do not closely
reflect worldwide value, for example in cases where the volume or price of transactions is closely
regulated by the government.

Rather, market valuations in a local currency are typically translated to a single monetary unit using the
idea of purchasing power. This is the method used below, which is used for estimating worldwide
economic activity in terms of real US dollars. However, the world economy can be evaluated and
expressed in many more ways. It is unclear, for example, how many of the world's 6.8 billion people have
most of their economic activity reflected in these valuations.
 Employment
Employment is a contract between two parties, one being the employer (job giver) and the other being
the employee (job seeker).

An employee may be defined as: "A person in theservice of another under any contract of hire, express or
implied, oral or written, where the employer has the power or right to control and direct the employee in
thematerial details of how the work is to be performed."

USA employment statistics

Employment increased by 192,000 in February, and the unemployment

rate was little changed at 8.9 percent, the U.S. Bureau of Labor Statistics
reported in February. The number of unemployed persons (13.7 million) and the
unemployment rate (8.9 percent) changed little in February. The labor force
was about unchanged over the month. The jobless rate was down by 0.9
percentage point since November 2010. Among the major worker groups, the
unemployment rates for adult men (8.7 percent),adult women (8.0 percent),
teenagers (23.9 percent), whites (8.0 percent), blacks(15.3 percent), and
Hispanics (11.6 percent) showed little or no change in February. The jobless
rate for Asians was 6.8 percent. The number of job losers and persons who
completed temporary jobs, at 8.3 million, continued to trend down in February
and has fallen by 1.2 million over the past 12 months. The number of long-term
unemployed (those jobless for 27 weeks or more)was 6.0 million and accounted
for 43.9 percent of the unemployed.

China employment statistics

By the end of 2009 China's total population had reached 1.33474 billion (excluding that of the Hong
Kong and Macao Special Administrative Regions and Taiwan Province), which contains a labor force
of 1.06969 billion persons, 112.67 million more than in 2000; the number of employees had reached
779.95 million, of whom 311.2 million were urban employees, increasing 59.1 million and 79.69
million, respectively, compared with the year 2000.

With China's economic development and industrial structure adjustment, the proportion of those
employed in primary industry has dropped significantly while that in tertiary industry has risen
greatly. In 2009 the proportion of employment in primary, secondary and tertiary industries changed
to 38.1 percent, 27.8 percent and 34.1 percent, from 50 percent, 22.5 percent and 27.5 percent,
respectively, in 2000.

By the end of 2009 there had been over 10,000 public employment and human resources service
institutions at or above the county or district level nationwide, and 37,000 service centers at the sub-
district, town or township level, covering 97 percent of the country's sub-districts and 89 percent of
its towns and townships.
India employment statistics
The Centre's estimates have revealed a decline in overall employment rate by more than a lakh in the
first quarter of the calendar year 2009. There was a decline in employment by 1.31 lakhs during the
months of April to June this year. Om a monthly basis, the employment rate in April dropped by .38
lakhs and 1.57 lakhs in May but fortunately saw a slight rise of 0.64 lakhs in June.

Nigeria employment statistics

The International Labor Organization (ILO) is trying to do something about unemployment in Nigeria.
The ILO says that 6.4-million Nigerians are looking for work, which would make the unemployment
rate there 4.7 percent. Unemployment statistics for Nigeria are hard to come by. Even the CIA's
World Factbook will not provide an estimate.
At the recent Nigerian Economic Summit Group (NESG) policy dialogue on the Nigerian economy, Nigeria's Minister
of Finance quoted data from the National Bureau of Statistics(NBS) saying that “unemployment in Nigeria is running
at around 19.7 percent on average... and almost half of 15-24 year olds living in urban areas are jobless”. The
minister continued by saying, "49% of the unemployed reside in the urban region and 39.7% unemployed are in the
rural region.

Fiscal Deficit
The difference between total revenue and total expenditure of the government is termed as fiscal
deficit. It is an indication of the total borrowings needed by the government. While calculating the
total revenue, borrowings are not included. Generally fiscal deficit takes place due to either revenue
deficit or a major hike in capital expenditure. Capital expenditure is incurred to create long-term
assets such as factories, buildings and other development. A deficit is usually financed through
borrowing from either the central bank of the country or raising money from capital markets by
issuing different instruments like treasury bills and bonds. 

USA fiscal deficit

The subsequent 2010 Financial Report of the United States Government, reporting on the
implementation of the 2010 Budget, shows a net operating cost of $2,080 billion, although since this
includes accounting provisions (estimates of future liabilities), the cash rather than accruals deficit is
$1,294 billion.
The 2010 Budget proposed by President Barack Obama projects significant debt increases. The debt is
projected to nearly double to $20 trillion by 2015, but is expected to increase to nearly 100% of GDP by
2020 and remain at that level thereafter.

China fiscal deficit

Informative sources revealed Chinese government's 2010 budget deficit would remain high. The budget
deficit for next year might exceed 1 trillion yuan ($146.5 billion USD) based on the 950 billion yuan
($139.2 billion USD) deficit observed this year.Chinese government fiscal expenditures have increased by
24.1 % to 4.5 trillion yuan ($659.3 billion USD), in the first 9 months compared to the same period last
year.

70% of the fiscal expenditure increase was from infrastructure construction such as transportation,
environmental protection, agriculture, forestry etc.Of the 4.5 trillion fiscal expenditure, 962.8 billion yuan
($141 billion USD) is from central government, and local expenditure reached 3.56 trillion yuan ($521.5
billion USD).

India fiscal deficit

India's fiscal deficit, including the Centre and states, would be among the highest in the world and
likely to be 10.3 per cent of GDP in the current fiscal and 10 per cent in the next fiscal.
The deficit would not come down substantially over the next few years due to increase in spending,
especially on higher wages and unemployment benefits as well as a large increase in the government's
interest burden.