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The latest version of the world’s most widely used database of financial transactions shows that the global economy is the fastest growing in the world; it will grow by a staggering 5.3% this year and by 2.4% in 2018, according to the International Monetary Fund. A recent report from the World Bank suggests that a similar pace could be reached by 2020. And in 2016, a new generation of digital technology will add billions of dollars in new value to the world’s economy annually, the IMF is forecasting.

It’s an astonishing increase, and it’s all part of a long cycle of technology advance; from mobile phones in the 1970s to Skype in 2009, the same technology has continued to advance through the world, adding value in various ways—including through more efficient financial transactions—for at least the last 15 years.

In this way, the internet has transformed society. The ability to move money around the world instantly, and even to trade with other people—particularly those from the emerging economies—has helped expand the size and scope of economies through global markets.

The IMF’s new report, Global Financial Flows, is a fascinating look at the global financial system. The IMF calls it “a global supply chain that provides the basis for almost all modern world trade.” The study draws on data from the World Bank in an effort to quantify the value of global commerce as of 2010. The research will be available on the IMF website and on the World Bank’s website later this year.
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The most striking finding from the study, though, is how much the global economy has grown by the last 15 years. As you can see from the chart below, between 1980 and 2010, the global economy grew by an astonishing 5.3% annually. That growth was driven, roughly in line, by technology advance, followed by growth in the global economy in services. Services included financial services, which grew at a much slower pace.

“The new economy has had a significant impact on our world,” World Bank President Jim Yong Kim said in a statement. “The digital revolution has transformed the global economy—faster, more efficient transactions that have helped reduce trade friction and provide more opportunities to businesses in developing economies.”

The IMF’s findings have important implications for how policymakers and investors view the global economy. They highlight where the global economy has emerged most rapidly

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Is there anything like Photoshop but free? – Learn Photo Editing Tutorials Bangla Natok
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