All posts filed under “World Economy

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Oil Prices Rise After Conflicts In The Middle East Heat Up

The oil prices have continued to surge in the last few weeks, and have hit the highest point since November 2014. The price of a barrel of crude oil has reached $71 because of increasing turbulence in the Middle East. One of these ongoing conflicts is the Saudi Arabian-led intervention in Yemen, which flared up in April, as seen in the big surge in the chart.  Moreover, the increase of uncertainty regarding the position of Iran, and the escalating conflict between Israel and Syria, have caused the uncertainty to grow in the last weeks. According to the Federal Reserve Bank of San Francisco, high oil prices can lead to higher gasoline prices on a microlevel, but can lead to inflation and a reduction of economic growth on a macro level.

Figure from NY Times

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Global Economic Growth Through The Last Half-Century

Last week, a Redditor by the name of allattention made the following animated map, plotting both the GDP growth for the world in the timeline and the yearly GDP change per capita in all the countries. The data shown runs from 1961 until 2016 and was extracted from the World Bank. The GIF shown is only thirteen seconds long, and shows just how destructive the 2009 financial crash was. Moreover, in the full animation, data from the Russia Federation and most of Eastern Europe is only shown from 1994 onwards, since the data brought out from the CCCP was not trusted. The entire animation can be found here.

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There And Back Again: The Shift Of The World’s Economic Center

This map, made by the McKinsey Global Institute, a private-sector think tank, is a cool visualisation of data from the work of the late historian Angus Maddison on economic development around the globe over the past 2,000 years. McKinsey took the geographic center of each country and, at each year indicated on the map, used Maddison’s estimates of the gross domestic product for that country to find the approximate economic center of mass of the world and how that center has moved over time. What we see is a shift from the former Parthian Empire in AD1, going west, from what we now know as Kazakhstan in 1820, to the area between Scandinavia and Greenland in the 1900s, back east to northern Russia in 2010 and moving further towards China in 2025.