Dec 30, 2013
Gross world product increased to just over $83 trillion in 2012, a 4.85 percent increase over 2011. On the surface, this metric supports the argument that the worst of the global recession is in the past—and it is. However, closer inspection shows that while there is at least tepid growth globally, growth rates like the ones experienced in the prior 20–25 years now seem to be taking place in emerging economies. In fact, the total gross domestic product (GDP) of emerging economies is now roughly equal to that of all the advanced economies. Nominally, a growth rate just shy of 5 percent seems reasonable, but this rate of growth continues a pattern of slowing growth rates since 2010 and 2011, which were 6.35 and 5.67 percent, respectively. Ironically, one trend that seems continuous since 1980 is that the percent change in global GDP varies widely.