The world economy refers to the global system of production, distribution, and consumption of goods and services. It encompasses all countries' economic activities and their interactions with each other.
Related terms
International trade: The exchange of goods and services across national borders.
Gross Domestic Product (GDP): A measure of a country's total economic output within its borders during a specific period.
Economic interdependence: The mutual reliance between countries for resources, markets, investments, and technological advancements.