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Mr. Eduardo Valdivia-Velarde and Ms. Tamara Razin


The Balance of Payments and International Investment Position Compilation Guide is a companion document to the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) published in 2009. The purpose of the Guide is to show how the conceptual framework described in the BPM6 may be implemented in practice. The Guide is not intended to be a “stand-alone” manual; users of the Guide should be familiar with the BPM6.

International Monetary Fund. Western Hemisphere Dept.


Against the backdrop of lackluster global growth in 2016, the world economy is seeing underlying shifts in its economic and policy landscape. Since last October, the outlook for advanced economies for 2017–18 has improved, reflecting better growth prospects in the United States, Europe, and Japan—alongside some rebound in manufacturing and trade and likely U.S. fiscal stimulus. With the anticipated change in the U.S. policy mix, including faster monetary tightening and a stronger U.S. dollar, market sentiment in advanced economies has improved and equity markets have been buoyant. Domestic financial conditions initially tightened in emerging markets, where growth prospects have worsened slightly, but market conditions have since noticeably improved. On balance, global growth is expected to rise modestly in 2017 and 2018 but with widely dispersed risks around this baseline. Longer-term uncertainty surrounds the direction and extent of shifts in U.S. policies. Global vulnerabilities include a rising tide of economic nationalism in major advanced economies—marked by higher antipathy toward trade, immigration, and globalization.