World GDP is Falling–If Measured at Market Exchange Rates

(Before It's News)

by Timothy Taylor, Conversable Economist

IMF statistics show that world GDP fell 4.9% from 2014 to 2015 which is almost as severe a drop as occurred from 2008-2009. Check out the bottom rows of Table A1 in the October 2015 issue of the World Economic Outlook, and you find that world GDP fell from $77.2 trillion in 2014 to $73.5 trillion in 2015. Sure, the world economy hasn’t been booming in the last year or so. But did we really just experience another global recession like it 2009? It seems implausible. So what’s going on?

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