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10 Signs You Are Sitting next to an Economist

Being an economist is not easy, so knowing more details about global economy 2017 will help you understand who the biggest players of the year are. The global economy growth changes from time to time. If that makes you curious, see below for answers on what is it like being an economist, and, of course, you can ask us for some help with economics assignment.

thinking like an economist

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Interesting Facts and Stats about 2017 Global Economy

According to World Bank latest projections, the world economic growth is projected to increase up to 2.7% from the last year 2.3% rate. It is expected that the economic growth will recover moderately. In developing and emerging countries, the projected growth is 6.5% in 2017.

Types of Economics

See below for the types of economics and choose which one captures most of your attention.

  • Microeconomics: It is a study of the demand and supply as well as finding out how to maximize the production.
  • Macroeconomics: It is a study of the economy as a whole in finding the trends and long-term trends in the history.
  • International economics: It is about currency exchange, international markets as well as tariffs effects, laws and trade procedures.
  • Financial economics: It is about interest rates and studying about banking systems effect.
  • Organizational and industrial economics: It is a study about markets of the individual industries, making predictions and study competitors based on competitor decisions.

World’s Biggest Players

Here are the world’s top global economies, according to INVESTOPEDIA.

  1.  United States
  2.  China
  3.  Japan
  4.  Germany
  5.  United Kingdom
  6.  France
  7.  India
  8.  Italy
  9. Brazil
  10. Canada

Salary Range of Economists and Other Details

How much can one earn working as an economist? Check out below for an idea on one’s median pay.

  • 2016 median pay: The 2016 median pay of economists averaged $101,050 each year. In terms of per hour rate, their salary averaged $48. 58.
  • Typical education level: Master’s degree
  • Number of jobs in the year 2014: 21,500
  • Job outlook, 2014 up to 2024: Six percent
  • Employment change in 2014 to 2024: 1,200

What economists do: They study the distribution and production of goods, services and resources by analyzing and collecting data, evaluating economic issues and researching trends.

Work environment: Some of the economists work in office.

Career Opportunities or Job Outlook for Economists

Employment in federal government is projected to decline in the next 10 years. For bachelor’s degree holders, they find jobs outside economist occupation such as research assistants, market analysis, and financial analysts. Regardless, here are some professions related to economics:

  • Actuaries
  • Financial analysts
  • Budget analysts
  • Market research analysts
  • Mathematician
  • Political scientists
  • Operations research analysis

Having an economists lifestyle is rewarding and awesome. However, you need to think like an economist to succeed here.

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