ies
Legal system:
varies by individual country; 182 are parties to the United Nations
International Court of Justice (ICJ or World Court)

*World, Economy

Overview:
Real global output--gross world product (GWP)--rose one-half of 1% in 1992,
with results varying widely among regions and countries. Average growth of
1.5% in the GDP of industrialized countries (62% of GWP in 1992) and average
growth of 5% in the GDP of less developed countries (30% of GWP) were offset
by a further 15-20% drop in the GDP of the former Soviet-East European area
(now only 8% of GWP). The United States accounted for 23% of GWP in 1992;
the 12-member European Community, which established a single internal market
on 1 January 1993, accounted for another 23%, and Japan accounted for 10%.
These are the three "economic superpowers" presumably destined to compete
for mastery in international markets on into the 21st century. In general,
growth in the industrialized countries was sluggish in 1992, with
unemployment typically at 7-11%. As for the less developed countries, China,
India, and the Four Dragons--South Korea, Taiwan, Hong Kong, and
Singapore--posted good records; however, many other countries, especially in
Africa, suffered bitterly from drought, rapid population growth, and civil
strife. The continued plunge in production in practically all the former
Warsaw Pact economies strained the political and social fabric of these
newly independent nations, in particular in Russia. The addition of nearly
100 million people each year to an already overcrowded globe is exacerbating
the problems of pollution, desertification, underemployment, epidemics, and
famine. Because of their own internal problems, the industrialized countries
have inadequate resources to deal effectively with the poorer areas of the
world, which, at least from the economic point of view, are becoming further
marginalized. (For the specific economic problems of each country, see the
individual country entries in this volume.)
National product:
GWP (gross world product) - purchasing power equivalent - $25.6 trillion
(1992 est.)
National product real growth rate:
0.5% (1992 est.)
National product per capita:
$4,600 (1992 est.)
Inflation rate (consumer prices):
developed countries:
5% (1992 est.)
developing countries:
50% (1992 est.)
note:
these figures vary widely in individual cases
Unemployment rat