The world economic system encompasses all global economic interactions between countries related to trade, investment flows, financial transactions, and international economic cooperation.
Related terms
Globalization: As mentioned earlier, globalization refers to the increasing interconnectedness and interdependence among countries worldwide.
International Trade: International trade involves the exchange of goods and services across national borders.
World Bank: The World Bank is an international financial institution that provides loans and grants to developing countries for development projects aimed at poverty reduction and sustainable economic growth.