What association, currently of 27 members, holds over just 7% (in 2011) of the global population and generates approximately 20% of global GDP when thought of in terms of purchasing power parity?
Economy of the European Union Economy of the European Union The European Union is the second largest economy in the world in nominal terms and according to purchasing power parity (PPP). The European Union's GDP was estimated to be $18.8 trillion (nominal) in 2018, representing ~22% of global economy (Nominal global GDP). The euro, used by 19 of its 28 members, is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar. The euro is the official currency in 25 countries, in the eurozone and in six other European countries, officially or "de facto."
Global recession them only lasting a year (although the 1991 recession would have lasted until 1993 if the IMF had used normal exchange rate weighted percapita real World GDP rather than the purchasing power parity weighted percapita real World GDP). The 2009 global recession, also known as the Great Recession, was by far the worst of the four postwar recessions, both in terms of the number of countries affected and the decline in real World GDP per capita. Before April 2009, the IMF argued that a global annual real GDP growth rate of 3.0 percent or less was "equivalent to a global