They developed the first known codified legal and administrative systems, complete with courts, jails, and government records. From Longman Dictionary of Contemporary English Related topics: Economics economy1 /knmi $ k-/ S2 W1 AWL noun (plural economies) 1 [ countable] the system by which a country's money and goods are produced and used, or a country considered in this way a successful economy the slowdown in the Japanese economy Grammar You say the eco. "GDP (current US$) - European Union. Nglish: Translation of economy for Spanish Speakers, Britannica English: Translation of economy for Arabic Speakers, Britannica.com: Encyclopedia article about economy. Subscribe to America's largest dictionary and get thousands more definitions and advanced searchad free! In 1513, the first stock exchange was founded in Antwerp. GDP, PPP (Current International $) China., The World Bank. Want To Be A Word Star? GDP per capitais a metric that breaks down a country's GDP per person and is calculated by dividing the GDP of a country by its population. You can complete the list of synonyms of country's economy given by the English Thesaurus dictionary with other English dictionaries: Wikipedia, Lexilogos, Oxford, Cambridge, Chambers Harrap, Wordreference, Collins Lexibase dictionaries, Merriam Webster English-Synonyms dictionary : translate English words into Synonyms with online dictionaries. "Fertility Rate, Total (Births Per Woman) - Germany. GDP, PPP (Current International $) Poland., The World Bank. [32] Today, the range of fields of study examining the economy revolves around the social science of economics,[33][34] but may also include sociology,[35] history,[36] anthropology,[37] and geography. France., The World Bank. the amount of money considered necessary to live. This compensation may impact how and where listings appear. We currently have a strong/weak economy. The state of a country or region in terms of the production and consumption of goods and services and the supply of money The ability to predict what will happen or be needed in the future more Noun Careful management of available resources thrift providence prudence frugality parsimony saving restraint thriftiness carefulness husbandry Russia., The World Bank. GDP, PPP (Current International $) Netherlands., The World Bank. Poland is the 21st largest economy in the world. 1 2. Russia has moved toward a more market-based economy over the 30 years since the collapse of the Soviet Union, but government ownership of and intervention in business is still common. 1400-1600)-language text, Articles containing Ancient Greek (to 1453)-language text, Articles with unsourced statements from July 2022, All articles with specifically marked weasel-worded phrases, Articles with specifically marked weasel-worded phrases from January 2021, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 3 June 2023, at 02:53. May 22, 2023, 12:56 PM PDT. She has worked in multiple cities covering breaking news, politics, education, and more. ", Aramco. List search. GDP, PPP (Current International $) Japan., The World Bank. "ADBI Working Paper Series: Japans Lost Decade: Lessons for Other Economies. Change your default dictionary to British English. Germany is a top exporter of vehicles, machinery, chemicals, and other manufactured goods and has a highly skilled workforce. 1 of 2. [7], For most people, the exchange of goods occurred through social relationships. Among them, consumers are most affected by the economy. ", United Nations Conference on Trade and Development (UNCTAD). Classic Thesaurus. A market economy is one where goods and services are produced and exchanged according to demand and supply between participants (economic agents) by barter or a medium of exchange with a credit or debit value accepted within the network, such as a unit of currency. Gross domestic product (GDP) is calculated as consumption (consumer spending) + government spending + investment (business spending) + net exports (exports - minus imports). An economy is an area of the production, distribution and trade, as well as consumption of goods and services. Netherlands., The World Bank. GDP Per Capita (Current US$) China., The World Bank. GDP (Current US$) India., The World Bank. Best synonyms for 'economy' are 'economic', 'saving' and 'economies'. Brazil is the 12th largest economy in the world and the largest in South America. GDP (Current US$) Russian Federation., The World Bank. countries large. GDP Per Capita (Current US$) Netherlands., Central Intelligence Agency, The World Factbook. significant economies. big countries. This book deals with the social, economic and political issues of the period. noun Definition of economy as in saving careful management of material resources people on fixed incomes are used to practicing economy Synonyms & Similar Words Relevance saving frugality thrift husbandry providence parsimony scrimping conservation temperance prudence skimping penny-pinching stinginess retrenchment belt-tightening moderation Back to Basics Finance & Development, September 2014", The New Palgrave: A Dictionary of Economics, "Gross Domestic Product | U.S. Bureau of Economic Analysis (BEA)", "A General Financial Transaction Tax: A Short Cut of the Pros, the Cons and a Proposal", "Bank Regulation Should Serve Real Economy", "Perry and Romney Trade Swipes Over 'Real Economy'", Man, Economy, and State: A Treatise on Economic Principles, The General Theory of Employment, Interest and Money, An Inquiry into the Nature and Causes of the Wealth of Nations, https://en.wikipedia.org/w/index.php?title=Economy&oldid=1158282972, Short description is different from Wikidata, Wikipedia indefinitely semi-protected pages, Articles containing Middle French (ca. Japan has also struggled with a rapidly aging population. GDP Per Capita (Current US$) Australia., Central Intelligence Agency, The World Factbook. The report shows that if Yemen attains a lasting peace agreement, there could be a large "peace dividend" for the Yemeni population, a 6 percentage point increase in GDP growth trajectory which would result in a cumulative increase . Command Economy: Definition, How It Works, and Characteristics, Economic Value: Definition, Examples, Ways To Estimate, Keynesian Economics Theory: Definition and How It's Used, Economic Indicator: Definition and How to Interpret, Gross Domestic Product (GDP): Formula and How to Use It, Consumer Spending: Definition, Measurement, and Importance, Retail Sales: Definition, Measurement, as an Economic Indicator, Job Market: Definition, Measurement, Example. Search country's economy and thousands of other words in English definition and synonym dictionary from Reverso. [19] A gig economy is one in which short-term jobs are assigned or chosen on-demand. GDP, PPP (Current International $) Australia., The World Bank. GDP Per Capita (Current US$) United Kingdom., European Commission. However, political instability has hindered the governments ability to sustain further economic reforms. This article mentions several popular ways to measure GDP, all of which are drawn from the World Bank database: Throughout this list and article, the term GDP refers to nominal GDP in current U.S. dollars unless otherwise specified. With this progress, however, South Korea also now faces some of the same challenges that many other advanced economies are dealing with, including slower growth and an aging workforce. In a green economy, growth in income and employment is driven by public and private investments that reduce carbon emissions and pollution, enhance energy and resource efficiency, and prevent the loss of biodiversity and ecosystem services. Synonyms for Economy (other words and phrases for Economy). Nigeria's President-elect Bola Ahmed Tinubu was sworn into office Monday, against the backdrop of a fractured nation, an ailing economy and spiraling insecurity.. GDP Growth: This is the annual percentage growth rate of nominal GDP in local prices and currencies, which estimates how fast a countrys economy is growing. Further down the list, Indonesia, one of the two aforementioned newcomers to the list, vaulted forward from the 27th largest economy in 2000, currently sitting at 16, while Thailand leaped from 32nd and now sits at 24. Someone who is below the poverty line does not have enough money. The Thai economy enjoys relatively high-quality infrastructure, in addition to pro-free-enterprise and pro-investment policies. GDP (Current US$) Saudi Arabia., The World Bank. To save this word, you'll need to log in. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. GDP, PPP (Current International $) Switzerland., The World Bank. Korea, South., The World Bank. Delivered to your inbox! ], In modern economies, these phase precedences are somewhat differently expressed by the three-sector model:[21]. Switzerland., The World Bank. When 'thingamajig' and 'thingamabob' just won't do, A simple way to keep them apart. Economy. Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/economy. The nations extensive trading relationship with continental Europe has been greatly complicated by the resolution of Brexit subsequent to the 2016 vote to leave the European Union (EU). GDP Growth (Annual %) Russian Federation., The World Bank. Gross domestic product is the monetary value of all finished goods and services made within a country during a specific period. Financial system. 2021 is the most recent annual data available for these countries, which shows that countries began to recover from the COVID-19 pandemic, which had a major impact on economies around the world. Brazil emerged from a severe recession in 2017 and suffered a series of high-level corruption scandals along the way. GDP, PPP (Current International $) Canada., The World Bank. The Industrial Revolution was a period from the 18th to the 19th century where major changes in agriculture, manufacturing, mining, and transport had a profound effect on the socioeconomic and cultural conditions starting in the United Kingdom, then subsequently spreading throughout Europe, North America, and eventually the world. The Saudi economy is heavily based on oil and is the worlds largest oil exporter. How Were They Structured? The worlds eighth-largest GDP belongs to Italy. Ireland.. ILO's Assistant Director-General for Jobs and Social Protection, Mia Seppo, said that global unemployment was expected to fall below pre-pandemic levels, with a projected rate of 5.3 per cent in 2023, equivalent to 191 million people. The Middle East and North Africa (MENA) is a region encompassing approximately 22 countries. Another way to say Economy? Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Economy is the large set of inter-related production and consumption activities that aid in determining how scarce resources are allocated. GDP Growth (Annual %) Italy., The World Bank. GDP Growth (Annual %) Mexico., The World Bank. Other sectors of the developed community include: The gross domestic product (GDP) of a country is a measure of the size of its economy, or more specifically, monetary measure of the market value of all the final goods and services produced. GDP Growth (Annual %) Netherlands., The World Bank. There were also traders who bartered in the marketplaces. Join Macmillan Dictionary on Twitter and Facebook for daily word facts, quizzes and language news. Russian President Vladimir Putin's spokesman said Saturday that journalists from countries that Russia regards as unfriendly have been banned from . Nglish: Translation of country for Spanish Speakers, Britannica English: Translation of country for Arabic Speakers. The trend towards interconnectedness around the world. [1] [8] The economic discussion was driven by scarcity. the total value of all goods and services produced in a country in a year, except for income received from money invested in other countries. retailing. GDP, PPP (Current International $) Turkey., The World Bank. GDP Per Capita (Current US$) Germany., The World Bank. [3], As long as someone has been making, supplying and distributing goods or services, there has been some sort of economy; economies grew larger as societies grew and became more complex. Portugal [+] 2022. Thailand., The World Bank. Australia combines a relatively open domestic economy with an extensive network of free trade agreements with trading partners all around the Asia-Pacific Rim. The global economy refers to humanity's economic system or systems overall. economic connected with the trade, industry and development of wealth of a country, an area or a society:. This is the American English definition of economy.View British English definition of economy. The so-called self-interest hypothesis became the anthropological basis for economics. Synonyms for ECONOMY: economic system, market, marketplace, gross national product, gnp, standard of living, cost-of-living; Antonyms for ECONOMY: carelessness . Spiritual Word on Instagram: "With the Chinese economy still not out of . Learn a new word every day. With the fall of the Iron Curtain and the transition of the countries of the Eastern Bloc towards democratic government and market economies, the idea of the post-industrial society is brought into importance as its role is to mark together the significance that the service sector receives instead of industrialization. In 2021, Saudi Arabia climbed from 20th to 18th, while Switzerland fell from 18th to 20th. Spain's GDP makes it the 14th largest economy in the world. Accessed 4 Jun. Finance vs. Economics: What's the Difference? World Development Indicators., The World Bank. Value Added by Industry as a Percentage of Gross Domestic Product., The World Bank. countries big. A barley/shekel was originally both a unit of currency and a unit of weight, just as the British Pound was originally a unit denominating a one-pound mass of silver. GDP Per Capita (Current US$) Canada., Government of Canada. "China: The Rise of a Trade Titan. GDP (Current US$) Spain., The World Bank. Strong cooperation between government and industry and advanced technological know-how have built Japans manufacturing and export-oriented economy. GDP (Current US$) France., The World Bank. Country. Merriam-Webster.com Thesaurus, Merriam-Webster, https://www.merriam-webster.com/thesaurus/country. It has changed over time due to technology, innovation (new products, services, processes, expanding markets, diversification of markets, niche markets, increases revenue functions) such as, that which produces intellectual property and changes in industrial relations (most notably child labor being replaced in some parts of the world with universal access to education). [17] A planned economy is one where political agents directly control what is produced and how it is sold and distributed. Accessed 4 Jun. Nominal gross domestic product measures the value of all finished goods and services produced by a country at their current market prices. Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates.Nominal GDP does not take into account differences in the cost of living in different countries, and the results can vary . In other words, the economic domain is a social domain of interrelated human practices and transactions that does not stand alone. On top of this, the great conquerors raised what we now call venture capital (from ventura, ital. GDP is popularly used to estimate the size of a countrys economy. The discoveries of Marco Polo (12541324), Christopher Columbus (14511506) and Vasco da Gama (14691524) led to a first global economy. The Saudi government has also begun to at least partially privatize Aramco, listing the company on the Saudi Stock Exchange through an initial public offering (IPO) in December 2019. Canada is the worlds ninth-largest economy. The offers that appear in this table are from partnerships from which Investopedia receives compensation. The United States has a relatively open economy, facilitating flexible business investment and foreign direct investment in the country. Switzerland has a large service sector, including financial services, and a high-tech manufacturing sector served by a highly skilled labor force. In those days, fuel economy was a central factor in car design. Take The Synonym Of The Day Quiz! The first enterprises were trading establishments. The Saudi government owns and operates much of the countrys major industry through its oil company, Aramco; however, with global environmental concerns driving increasing interest in developing non-fossil fuel energy sources, the Saudis are looking to diversify their economy by encouraging more private investment in healthcare and other service industries. C. define economy. Indonesias economy is the largest economy in Southeast Asia and is based largely on commodity export industries. ", The World Bank. Why Are They Gone? France is a mixed economy that has many private and semi-private businesses across a diverse range of industries. a situation in which someone remains poor because they cannot get a job that will pay them more money than they get from the government, the amount of money that a government owes, the way in which money is controlled and spent by a group or organization, a process of increasing the amount of money in a countrys economy, usually in an attempt to improve the economy and prevent a situation in which the banks are not willing to lend money, a theory that tries to explain or predict economic behaviour, based on the idea that most people act in a way that is likely to cause them the maximum advantage and the minimum disadvantage, economics rational choice: the idea that most people act in a way that is likely to cause them the maximum advantage and the minimum disadvantage, a period when trade and industry are not successful and there is a lot of unemployment, to improve the economy of a country by increasing the amount of money that people are earning and spending in the country, structural adjustment programme: a set of economic changes imposed by the IMF, usually as the condition for receiving a loan, economics a part of a countrys economic or business activity, a state in which a country or region is not successful, for example in its economic system, economics a period when an economy is much less successful than before and many people lose their jobs, economic growth in which there is an effort not to waste resources (=fuel, water etc) or damage the environment, an economic situation in which prices rise continuously, unemployment is high, and many businesses are not making money, economics a situation in which a countrys economy is not growing or succeeding, economics a test used to find out if a bank or other financial institution is likely to fail or have serious problems in a difficult economic situation, a set of economic changes imposed by a lender, usually as the condition for receiving a loan, the relationship between how much of a particular product is available and how much of it people want, and especially the way that this affects the level of prices, economics a gradual reduction in the amount of new money which is supplied by a central bank in order to aid economic recovery, a particular area of business or industry, an economic theory according to which poor people benefit when richer people become even richer, mainly journalism an improvement in the economy, or an increase in business activity, the act of making a country, group, or person richer and more successful, the economy of the world, considered as an international exchange of goods and services, business a financial product that is used with another financial product, for example because it gives tax benefits, a situation in which there is no increase in the growth or development of something. three of the fastest-growing economies in the Asia-Pacific region. The Netherlands stands as the 17th largest economy in the world. Investopedia requires writers to use primary sources to support their work. ", The World Bank. Top 25 Developed and Developing Countries. ", The World Bank. The term is also applied in philosophy to designate the fading of postmodernism in the late 90s and especially in the beginning of the 21st century. GDP (Current US$) Italy., The World Bank. The Netherlands is a major commercial transportation hub, with some industrial manufacturing as well as petroleum extraction and processing. High-quality legal, political, and economic institutions and solid physical infrastructure set the stage for a productive economy with one of the highest per-capita GDPs in the world. Another way to say Economic Countries? Chinese stocks soared . The State of Fashion: Beauty. Ex: Among their albums,"master of puppets" is likely the dog's bullocks! (Most of the time.). 2023. Between 1982 and 1988 the economy grew at an average of about 3 percent per year. Sweden is a competitive economy, with a high standard of living and a mix of free enterprise alongside a generous social welfare state. Between 1982 and 1988 the economy grew at an average of about 3 percent per year. 1b. 1a. economics an increase in the success of a business or a countrys economy, or in the amount of money invested in them, very high inflation (=a general increase in prices), a particular industry, trade, or service and the people who work in it, economics an economic process in which prices increase so that money becomes less valuable, an economic situation in which higher prices cause higher salaries, which in turn cause even higher prices, someone who follows the ideas of the British economist John Maynard Keynes, an economic indicator (=quantity used to measure something about the economy) that shows something about future economic activity, the study of the economic systems of whole countries or large regions, a situation where a market does not function in the way that it should, for example by failing to match supply and demand or by producing poor quality goods, the economic influences that affect prices, salaries, and the number of jobs available and are not controlled by the government, a system in which market forces are able to operate with little or no regulation, loans and other financial services for people who are poor, and who cannot normally get these services from banks, all the money in the economy of a country, the total amount of money that the government of a country has borrowed and still owes, the total money earned or gained by all the people who live in a country over a period of time, the total value of all the goods and services produced by a country during a particular period, usually a year, the total value of all the goods and services produced by a country in a year, except for income received from money invested in other countries, after taking away the value that buildings and equipment lose, the total value of all the goods and services produced by a country during a year, after taking away the value that buildings and equipment lose, economics a countrys economy overheats when it grows too fast, causing prices to rise in an uncontrolled way. Its a mistake that recalls the firms approach in January last year, when Fed Chairman Jay Powell signaled hed do whatever it took to keep the, Senate Democrats said the $500 billion stimulus package was too small to properly boost the, So the move toward a public sector-heavy service, He wrote on law, medical jurisprudence and political, I have been admonished and instructed by the systematic, TRUMP CONTRADICTS CDC DIRECTOR ON VACCINE; BIDEN SAYS AMERICANS SHOULDNT TRUST TRUMP, ARE YOU READY TO START TRAVELING FOR WORK AGAIN? Ranking the richest countries in the world. Liberalization of Indias economy since the 1990s has boosted economic growth, but inflexible business regulation, widespread corruption, and persistent poverty pose challenges to ongoing expansion. In Ancient Greece, where the present English word 'economy' originated,[2] many people were bond slaves of the freeholders. As a result of its actions, the country was hit by many sanctions and other economic punishments, which are expected to greatly hurt its economy in 2022 and beyond. GDP Per Capita (Current US$) Sweden., Central Intelligence Agency, The World Factbook. Another word for economy: the ability of a country to generate wealth through business and industry | Collins English Thesaurus Brazil., The World Bank. Canada has a well-developed energy extraction sector, with the worlds third-largest proven oil reserves. Because of its deep integration with the rest of the European economy, Belgium is highly sensitive to swings in the overall economic performance of its neighbors. ", Central Intelligence Agency, The World Factbook. "Saudi Arabian Oil Company (Saudi Aramco): Listed on Tadawul. the branch of economics that deals with the way land is used and the things that are produced by farming, an economic policy by which a government reduces the amount of money it spends by a large amount, a similar increase in the activity of a particular industry or part of a countrys economy, a situation in which a countrys economy regularly goes through periods of success followed by periods of failure, relating to or based on financial and monetary principles established at a meeting of Allied nations in the US town of Bretton Woods in 1944, economics the ability of a company, financial institution, or economy to be successful again after a difficult period, economics someone who supports the system of capitalism, the ability of capital to be moved from one country to another, the ability of a country to produce one product more efficiently than other products, and the theory that they should therefore concentrate their economic activity on that product, peoples confidence in the economy, making them willing to spend money, a period when a countrys economy is in a bad state and banks are not willing to lend much money, the general reduction of prices and the level of economic activity in an economy, economics a period of time when there is a lot of unemployment and poverty because there is very little economic activity, in the UK, US, and some other countries, a period during the late 1920s and early 1930s when there were very few jobs and a lot of poverty because the economy was so bad, a reduction in the rate at which prices increase, a second period of economic contraction, following a brief period of growth that made everyone think the recession was over, a reduction in economic or business activity, a general reduction in the level or amount of something, especially economic activity, the changes that are repeated continuously in a countrys economy, an increase in the value of a country or areas GDP, after adjustment for inflation, a quantity that is used to measure a particular feature of the economy, the conditions that affect the economic success or failure of a product, company, country etc, an expert in economics, especially one who advises a government department, business, or organization, the system by which a countrys trade, industry, and money are organized, the whole of a countrys business, industry, and trade, and the money that they produce, business money that is used to pay for something such as a large project, the richest countries of the world, in which industry and trade are very well developed, gross domestic product: the total value of the goods and services that a country produces in a year, not including income received from money invested in other countries, the study of how the economies of the worlds nations affect each other, the economies of the worlds nations, considered as a single economic system, the idea that the world is developing a single economy and culture as a result of improved technology and communications and the influence of very large multinational companies, Gross National Product: the total value of all the goods and services that a country produces in a year, including income received from money invested in other countries, but not income paid to foreign investors. What Is a Market Economy and How Does It Work? Subscribe to America's largest dictionary and get thousands more definitions and advanced searchad free! GDP. The rising nation-states Spain, Portugal, France, Great Britain and the Netherlands tried to control the trade through custom duties and mercantilism (from mercator, lat. The World Bank. GDP Growth (Annual %) Ireland., The World Bank. China was in 13th place in 2000 and has been sitting in second place since 2010. Erika Rasure is globally-recognized as a leading consumer economics subject matter expert, researcher, and educator. He maintained that the basic motive for free trade is human self-interest. Synonyms and related words. SPORTS. GDP Growth (Annual %) Poland., The World Bank. GDP Per Capita (Current US$) Mexico., International Trade Administration. Political turmoil and involvement in regional armed conflicts have led to some financial and currency market instability and uncertainty about Turkeys economic future in recent years. In Europe wild capitalism started to replace the system of mercantilism (today: protectionism) and led to economic growth. American definition and synonyms of economy from the online English dictionary from Macmillan Education. "Foreign direct investment, net inflows (BoP, current US$). GDP per capita (GDP per citizen) is often considered an indicator of a country's standard of living. GDP (Current US$) United States., The World Bank. [citation needed] In most of the countries the economic system is called a social market economy.[16]. China was reopening after nearly three years of pandemic lockdowns, and investors expected that its economy, the world's second largest, would come roaring back to life. GDP (Current US$) Canada., The World Bank. the whole of a country 's business, industry, and trade, and the money that they produce. Ireland has a low corporate tax of 12.5% and a pool of high-tech workers, making it an appealing place for foreign companies to set up shop and attractive for business investment. GDP Per Capita (Current US$) United States., Bureau of Economic Analysis (BEA). It is also the eurozones third-largest economy. After the Lost Decade of the 1990s and the impact of the global Great Recession, Japan has seen an uptick in growth in recent years under the policies of former Prime Minister Shinzo Abe; however, Japan is poor in natural resources and dependent on energy imports, especially after the general shutdown of its nuclear power industry following the 2011 Fukushima disaster. private enterprise. Investopedia does not include all offers available in the marketplace. ADBI Working Paper Series: Japans Lost Decade: Lessons for Other Economies, GDP, PPP (Current International $) Germany, Fertility Rate, Total (Births Per Woman) - Germany, GDP, PPP (Current International $) United Kingdom, GDP Per Capita (Current US$) United Kingdom, Questions and Answers on the United Kingdom's withdrawal from the European Union on 31 January 2020, GDP, PPP (Current International $) India, Indias Growth Story Since the 1990s Remarkably Stable and Resilient, GDP, PPP (Current International $) France, GDP, PPP (Current International $) Italy, GDP, PPP (Current International $) Canada. The U.S. economy is at the forefront of technology in many industries, but it faces rising threats in the form of economic inequality, rising healthcare and social safety net costs, and deteriorating infrastructure. GDP Per Capita (Current US$) Turkey., Central Intelligence Agency, The World Factbook. Its agricultural sector makes up approximately 10% of its economy but employs about 30% of its workers. [2], The most frequently used current sense, denoting "the economic system of a country or an area", seems not to have developed until the 1650s. Its economy is supported by a strong export sector and job growth. Indonesia's budget deficit for 2023 is targeted at 2.81% to 2.95% of GDP; however, regional inequality, lack of infrastructure, and governmental corruption remain problems for Indonesias rising economy. GDP Growth (Annual %) Canada., The World Bank. Franck Robichon/Reuters. GDP Growth (Annual %) Sweden., The World Bank. Tourism is an important industry, and France receives the most visitors of any country each year. economy > synonyms. In the Middle Ages, what is now known as an economy was not far from the subsistence level. A strong component of Ireland's economy is its export sector from foreign multinational corporations. The top-five largest economies in the world are the U.S., China, Japan, Germany, and the U.K., as measured by GDP. Polands business-friendly climate and sound macroeconomic policies allowed it to be the only EU country to avoid recession in the aftermath of the 2008 financial crisis. The official . GDP (Current US$) Australia., The World Bank. Alternate and long-standing terminology distinguishes measures of an economy expressed in real values (adjusted for inflation), such as real GDP, or in nominal values (unadjusted for inflation). : merchant) was a first approach to intermediate between private wealth and public interest. In 1958, John Kenneth Galbraith (19082006) was the first to speak of an affluent society in his book The Affluent Society. the ability of a country to generate wealth through business and industry. "What Are the Oil Sands? Synonyms for Economic Countries (other words and phrases for Economic Countries). All rights reserved. Thailand also has a substantial international tourism industry. Fourth among world economies is Germany. As China has progressively opened its economy over the past four decades, economic development and living standards have greatly improved. But in economic crises, like high inflation and a lack of housing, how . Synonyms of economy 1 : the structure or conditions of economic life in a country, area, or period also : an economic system 2 a : thrifty and efficient use of material resources : frugality in expenditures also : an instance or a means of economizing : saving b GDP (Current US$) Mexico., The World Bank. THE BIG CORPORATE RESCUE AND THE AMERICA THATS TOO SMALL TO SAVE, THE EVERY DAY BOOK OF HISTORY AND CHRONOLOGY, FIFTY YEARS OF RAILWAY LIFE IN ENGLAND, SCOTLAND AND IRELAND. synonyms for economy Compare Synonyms recession abridgement austerity care carefulness caution curtailment cutback decrease deduction direction discretion husbandry layoff meanness miserliness moratorium parsimony providence prudence reduction regulation restraint retrenchment rollback shrinkage stinginess supervision thrift thriftiness parcity An increase in tourism will help the city's economy. We shouldn't worry too much about problems in the here-and-now. Learn a new word every day. Delivered to your inbox! "GDP, PPP (current international $) - United States, China, Indonesia, Russian Federation, Thailand, Australia, Austria, Canada, France, Italy, Switzerland, Saudi Arabia, Turkey, Netherlands, Korea, Rep., Spain, Mexico, Japan, Brazil, Sweden, Poland, Belgium, United Kingdom, India, Germany. South Koreas economy is a 20th-century success story that is today firmly established as an advanced, industrial economy. When 'thingamajig' and 'thingamabob' just won't do, A simple way to keep them apart. The climate is cooler in the east of the country. Turkey has a largely open economy, with large industrial and service sectors. GDP, PPP (Current International $) Korea, Rep. GDP Per Capita (Current US$) Korea, Rep. GDP, PPP (Current International $) Russian Federation, GDP Growth (Annual %) Russian Federation, GDP Per Capita (Current US$) Russian Federation, GDP, PPP (Current International $) Brazil. GDP Growth (Annual %) Korea, Rep., The World Bank. ", The World Bank. Major exports include coal and petroleum products, in addition to agricultural commodities suitable for industrial use, such as rubber and palm oil. Canada also has impressive manufacturing and service sectors, based mostly in urban areas near the U.S. border. This works to the advantage of Australias abundant natural resources and agricultural export industries; however, it has also left Australia vulnerable to swings in world commodity demand and prices in energy (coal and natural gas), metals (iron ore and gold), and agricultural products (beef and sheep products). We also reference original research from other reputable publishers where appropriate. GDP Per Capita (Current US$) Thailand., Central Intelligence Agency, The World Factbook. Thomas Malthus (17661834) transferred the idea of supply and demand to the problem of overpopulation. The words Country and Economy might have synonymous (similar) meaning. GDP is most commonly measured by using the expenditure method, which calculates GDP by adding up spending on new consumer goods, new investment spending, government spending, and the value of net exports (exports minus imports). Spains economy suffered severely during the Great Recession, with unemployment soaring above 25% and a rising national debt despite attempts at fiscal austerity. The US government doesn't have to pay off its $31 trillion debt, Paul Krugman said. For other uses, see. New from Collins Quick word challenge. Some attribute the first use of this term to Daniel Bell's 1973 book, The Coming of Post-Industrial Society, while others attribute it to social philosopher Ivan Illich's book, Tools for Conviviality. GDP Growth (Annual %) China., The World Bank. The first usage of the term came from Mesopotamia circa 3000 BC. GDP (Current US$) Thailand., The World Bank. GDP (Current US$) Indonesia., The World Bank. Major industries include electronics, petrochemicals, and automotive production. A nation's net exports are the value of its total exports minus the value of its total imports. Prime Minister Kyriakos Mitsotakis has taken a tough line on migrants as he turns around the country's economy. India is the sixth-largest economy in the world. the high-growth economies of Southeast Asia. GDP (Current US$) Belgium., The World Bank. Economic transactions occur when two groups or parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. "Questions and Answers on the United Kingdom's withdrawal from the European Union on 31 January 2020. The play achieves its effects with a terrific economy of language. GDP, PPP (Current International $) France., The World Bank. It is often simply called GDP. Sweden has taken in a large number of new immigrants and thus faces a short- to medium-term challenge with integrating them into Swedish society and its labor market. GDP (Current US$) Brazil., The World Bank. Spain., The World Bank. 3.7%. These include white papers, government data, original reporting, and interviews with industry experts. GDP Growth (Annual %) Saudi Arabia., The World Bank. How Were They Structured? Thesaurus for economy from the Collins English Thesaurus. Over the past three decades, Mexico has emerged as a manufacturing economy under a series of free trade agreements with the United States, Canada, and 44 other countries. GDP Per Capita (Current US$) Indonesia., Nasdaq. What Is GDP and Why Is It So Important to Economists and Investors? In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of scarce resources. Macroeconomics Definition, History, and Schools of Thought, Microeconomics Definition, Uses, and Concepts, 4 Economic Concepts Consumers Need to Know, Law of Supply and Demand in Economics: How It Works, Demand-Side Economics Definition, Examples of Policies, Supply-Side Theory: Definition and Comparison to Demand-Side. 1.8K Synonyms ; 280 Antonyms ; more ; 18 Broader; 94 Narrower; 634 Related? GDP Per Capita (Current US$) Ireland., Central Intelligence Agency, The World Factbook. Coupled with an industrial policy that encourages domestic manufacturing, this has made China the worlds number one exporter. Roget's 21st Century Thesaurus, Third Edition Copyright 2013 by the Philip Lief Group. GDP (Current US$) China., The World Bank. What Did They Do? Im sure, if we make a few economies, well be able to afford it. Sweden is the 22nd largest economy in the world. In the late 2000s, the new type of economies and economic expansions of countries like China, Brazil, and India bring attention and interest to different from the usually dominating Western type economies and economic models. Low-income countries in debt distress are worst affected, with more than one in four people who want to work unable to secure employment.. Widening jobs gap. Indias economy is a mixture of traditional village farming and handicrafts alongside booming modern industry and mechanized agriculture. The study of how a society uses resources. Accessed 4 Jun. Belgium., The World Bank. Swedens manufacturing economy relies heavily on foreign exports, including machinery, motor vehicles, and telecommunications. The war altered the country's economy. By extension (and not without humor) the latter probably taste good! However, inefficient legal and regulatory structures and an aging population are challenges for Polands ongoing growth in the future. Compared to the top 25 economies in 2000, our research has found that only two countries in the top 25Thailand and Indonesiawerent there before. That said, there have been some big movers within the list. boost/stimulate/revive the economy (=make it stronger): The government has promised to boost the flagging economy. It's used to refer to an average number per person. The ceremony took place amid . 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