world situation; world affairs
Refers to the overall state of international politics, economy, and security. Common in news and formal contexts.
The world situation is changing day by day.
He is knowledgeable about world affairs.
国際情勢 is more specifically about international relations, while 世界情勢 can include broader global trends.
Compound of 世界 (world) and 情勢 (situation, state of affairs).