With the global economy slowing down and even going through a very disconcerting plunge, economic information is ever essential in determining how businesses and governments should react. Many tactics such as bailouts and stimulus packages have been used recently in hopes of revitalizing several industries, such as the auto and health care industries in the US. The progress and the effectiveness of these interventions have been objectively assessed by several measurable factors that reflect the actual well being of the economy.
The term “recession” is used when there is zero or negative economic growth for two consecutive calendar quarters. This is seen as something very alarming since most businesses and firms react to the both current economic conditions and outlook in the long run. A weak economy suggests a very timid and non-vibrant climate for investors and entrepreneurs alike. Global statistics help businesses plan ahead, on whether to boost production or hold back, in the hopes of weathering the economic difficulties.
The global economy is a vast body of diverse business disciplines so it may be hard to come up with a comprehensive set of statistics that would be inclusive for the various regions and economic systems that exist worldwide. Still, governments and business analysts use similar sets of figures throughout the world.
The statistics that involve the trade economy of nations may be easily obtained from the World Trade Organization’s journals and official website. The organization has been ardent in using various studies to prove that a free trade policy is most beneficial in making all countries competitive in the global market. These statistics are easily accessed through various websites and these are commonly quoted and referred to in many business magazine articles. Studies by the WTO carry a lot of clout in the business world since they do these research projects several times a year and even more frequently during interesting economic times.
Magazines are also a good source of statistics. The governments of each country, as well as the management teams of many corporations, release profit numbers as well as trade figures to let their shareholders know how well the company is faring. Magazines usually collate these data and interpret them for their various feature articles. The numbers that are of interest are usually emphasized and this level of accenting certain figures can make other forms of traditional media—television and newspapers—pick the story up.
Economists and analysts often do their own calculations to come up with various global economic statistics. This can be quite dependable and more nuanced, since the actual data is customized and tailor-fit to their own need, such as those meant for academic research.
In the end, global economic statistics are accessible through various means—be it official government figures, academic papers or business publications—what matters is how effectively the consumer of this information will be using the data, in terms of decision making, business planning and how this would affect the economy in the short and long run future.