Consider the following statements:1. Iron and steel industries developed around lake Michigan in U.S.A. due to the availability of good quality coal.2. Pittsburgh-Young stown area is the leading producer of steel in U.S.A.3. The Lorraine area in France is significant for steel production.4. The South Manchurian region accounts for nearly 60% of China’s pig iron production. Which of the above statements are correct?

The world economy or global economy is the economy of all humans of the world, referring to the global economic system, which includes all economic activities which are conducted both within and between nations, including production, consumption, economic management, work in general, exchange of financial values and trade of goods and service.