These two passages follow immediately from John 3:16 and help to explain it,
I would argue that verses 14 and 15 are more relevant to the context of 'world' in verse 16.
And as Moses lifted up the serpent in the wilderness, even so must the Son of man be lifted up: *15 That whosoever believeth in him should not perish, but have eternal life. *16 ¶ For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life. *17For God sent not his Son into the world to condemn the world; but that the world through him might be saved.
"And as...even so..."
Moses lifted up the serpent in the wilderness as a means of atonement by faith for the sin of Israel as a nation. However, the serpent was not lifted up as a means of atonement by faith for each and every Israelite.
And the LORD sent fiery serpents among the people, and they bit the people; and much people of Israel died. Therefore the people came to Moses, and said, We have sinned... Num 21:6,7
"Much people of Israel died" of the serpent bite before the serpent was lifted up. Therefore, the serpent was lifted up as a means of atonement by faith not to each and every Israelite who was bitten by the serpents, but to Israel as a whole.
"Even so..." Jesus is lifted up as an atonement by faith, not to each and every person who ever lived, but to the world in general contrasted with Israel in general.
Whereas God loved Israel in general by providing the serpent on the pole, God so (in this manner) loved the world in general by providing His only begotten Son.
The emphasis is on 'world' in distinction from Israel, not 'world' in distinction from 'the elect.' I am not even sure John's original audience would have understood the concept of 'election' the way we do since it was Paul who really crystalized that particular doctrine.