Back Matter

International Monetary Fund. Research Dept.

Previous Chapter

Back Matter

Author:

International Monetary Fund. Research Dept.

International Monetary Fund. Research Dept.
Search for other papers by International Monetary Fund. Research Dept. in
Current site
Google Scholar
PubMed

Language:: English

Keywords:: WEO; economy; U.S. dollar; oil price; total factor productivity growth; inflation expectation; geopolitical risk; yen depreciation; Oil prices; Emerging and frontier financial markets; Private investment; Total factor productivity; Oil; Global; Middle East; North Africa; Sub-Saharan Africa; Caribbean

Download PDF (606.6 KB)

Abstract

The Statistical Appendix presents historical data as well as projections. It comprises six sections: Assumptions, What’s New, Data and Conventions, Classification of Countries, Key Data Documentation, and Statistical Tables.

Statistical Appendix

The assumptions underlying the estimates and projections for 2015–16 and the medium-term scenario for 2017–20 are summarized in the first section. The second section presents a brief description of the changes to the database and statistical tables since the October 2014 World Economic Outlook (WEO). The third section provides a general description of the data and the conventions used for calculating country group composites. The classification of countries in the various groups presented in the WEO is summarized in the fourth section. The fifth section provides information on methods and reporting standards for the member countries’ national account and government finance indicators included in the report.

The last, and main, section comprises the statistical tables. (Statistical Appendix A is included here; Statistical Appendix B is available online.) Data in these tables have been compiled on the basis of information available through April 3, 2015. The figures for 2015 and beyond are shown with the same degree of precision as the historical figures solely for convenience; because they are projections, the same degree of accuracy is not to be inferred.

Assumptions

Real effective exchange rates for the advanced economies are assumed to remain constant at their average levels during the period February 6 to March 6, 2015. For 2015 and 2016, these assumptions imply average U.S. dollar/special drawing right (SDR) conversion rates of 1.411 and 1.415, U.S. dollar/euro conversion rates of 1.132 and 1.133, and yen/U.S. dollar conversion rates of 118.9 and 117.1, respectively.

It is assumed that the price of oil will average $58.14 a barrel in 2015 and $65.65 a barrel in 2016.

Established policies of national authorities are assumed to be maintained. The more specific policy assumptions underlying the projections for selected economies are described in Box A1.

With regard to interest rates, it is assumed that the London interbank offered rate (LIBOR) on six-month U.S. dollar deposits will average 0.7 percent in 2015 and 1.9 percent in 2016, that three-month euro deposits will average 0.0 percent in 2015 and 2016, and that six-month yen deposits will average 0.1 percent in 2015 and 0.2 percent in 2016.

With respect to introduction of the euro, on December 31, 1998, the Council of the European Union decided that, effective January 1, 1999, the irrevocably fixed conversion rates between the euro and currencies of the member countries adopting the euro are as follows:

1 euro	=	13.7603	Austrian schillings
	=	40.3399	Belgian francs
	=	0.585274	Cyprus pound¹
	=	1.95583	Deutsche marks
	=	15.6466	Estonian krooni²
	=	5.94573	Finnish markkaa
	=	6.55957	French francs
	=	340.750	Greek drachmas³
	=	0.787564	Irish pound
	=	1,936.27	Italian lire
	=	0.702804	Latvian lat⁴
	=	3.45280	Lithuanian litas⁵
	=	40.3399	Luxembourg francs
	=	0.42930	Maltese lira¹
	=	2.20371	Netherlands guilders
	=	200.482	Portuguese escudos
	=	30.1260	Slovak koruna⁶
	=	239.640	Slovenian tolars⁷
	=	166.386	Spanish pesetas

^¹Established on January 1, 2008.

^²Established on January 1, 2011.

^³Established on January 1, 2001.

^⁴Established on January 1, 2014.

^⁵Established on January 1, 2015.

^⁶Established on January 1, 2009.

^⁷Established on January 1, 2007.

See Box 5.4 in the October 1998 WEO for details on how the conversion rates were established.

What’s New

On January 1, 2015, Lithuania became the 19th country to join the euro area. Data for Lithuania are not included in the euro area aggregates because Eurostat has not fully released the consolidated data for the group, but the data are included in the advanced economies and subgroups aggregated by the WEO.
As in the October 2014 WEO, data for Syria are excluded from 2011 onward because of the uncertain political situation.
As in the October 2014 WEO, the consumer price projections for Argentina are excluded because of a structural break in the data. Please refer to note 6 in Table A7 for further details.
Because of the ongoing IMF program with Pakistan, the series from which nominal exchange rate assumptions are calculated are not made public—the nominal exchange rate is a market-sensitive issue in Pakistan.
The series from which the nominal exchange rate assumptions are calculated are not made public for Egypt because the nominal exchange rate is a market-sensitive issue in Egypt.
Starting with the April 2015 WEO, the classification for official external financing among emerging market and developing economies classified as net debtors has been eliminated because of a lack of available data.

Data and Conventions

Data and projections for 189 economies form the statistical basis of the WEO database. The data are maintained jointly by the IMF’s Research Department and regional departments, with the latter regularly updating country projections based on consistent global assumptions.

Although national statistical agencies are the ultimate providers of historical data and definitions, international organizations are also involved in statistical issues, with the objective of harmonizing methodologies for the compilation of national statistics, including analytical frameworks, concepts, definitions, classifications, and valuation procedures used in the production of economic statistics. The WEO database reflects information from both national source agencies and international organizations.

Most countries’ macroeconomic data presented in the WEO conform broadly to the 1993 version of the System of National Accounts (SNA). The IMF’s sector statistical standards—the Balance of Payments Manual and International Investment Position Manual (BPM6), the Monetary and Financial Statistics Manual (MFSM 2000), and the Government Finance Statistics Manual 2001 (GFSM 2001)—have been or are being aligned with the SNA 2008.¹ These standards reflect the IMF’s special interest in countries’ external positions, financial sector stability, and public sector fiscal positions. The process of adapting country data to the new standards begins in earnest when the manuals are released. However, full concordance with the manuals is ultimately dependent on the provision by national statistical compilers of revised country data; hence, the WEO estimates are only partially adapted to these manuals. Nonetheless, for many countries the impact, on major balances and aggregates, of conversion to the updated standards will be small. Many other countries have partially adopted the latest standards and will continue implementation over a period of years.

Composite data for country groups in the WEO are either sums or weighted averages of data for individual countries. Unless noted otherwise, multiyear averages of growth rates are expressed as compound annual rates of change.² Arithmetically weighted averages are used for all data for the emerging market and developing economies group except data on inflation and money growth, for which geometric averages are used. The following conventions apply:

Country group composites for exchange rates, interest rates, and growth rates of monetary aggregates are weighted by GDP converted to U.S. dollars at market exchange rates (averaged over the preceding three years) as a share of group GDP.
Composites for other data relating to the domestic economy, whether growth rates or ratios, are weighted by GDP valued at purchasing power parity as a share of total world or group GDP.³

Unless noted otherwise, composites for all sectors for the euro area are corrected for reporting discrepancies in intra-area transactions. Annual data are not adjusted for calendar-day effects. For data prior to 1999, data aggregations apply 1995 European currency unit exchange rates.
Composites for fiscal data are sums of individual country data after conversion to U.S. dollars at the average market exchange rates in the years indicated.
Composite unemployment rates and employment growth are weighted by labor force as a share of group labor force.
Composites relating to external sector statistics are sums of individual country data after conversion to U.S. dollars at the average market exchange rates in the years indicated for balance of payments data and at end-of-year market exchange rates for debt denominated in currencies other than U.S. dollars.
Composites of changes in foreign trade volumes and prices, however, are arithmetic averages of percent changes for individual countries weighted by the U.S. dollar value of exports or imports as a share of total world or group exports or imports (in the preceding year).
Unless noted otherwise, group composites are computed if 90 percent or more of the share of group weights is represented.

Data refer to calendar years, except in the case of a few countries that use fiscal years. Please refer to Table F, which lists the economies with exceptional reporting periods for national accounts and government finance data for each country.

Table A.

Classification by World Economic Outlook Groups and Their Shares in Aggregate GDP, Exports of Goods and Services, and Population, 2014¹

(Percent of total for group or world)

			GDP		Exports of Goods and Services		Population
		Number of Economies	Advanced Economies	World	Advanced Economies	World	Advanced Economies	World
Advanced Economies		37	100.0	43.1	100.0	62.0	100.0	14.7
United States			37.4	16.1	16.1	10.0	30.6	4.5
Euro Area²		18	28.1	12.1	40.8	25.3	31.8	4.7
	Germany		8.0	3.4	12.1	7.5	7.8	1.1
	France		5.5	2.4	5.8	3.6	6.1	0.9
	Italy		4.6	2.0	4.3	2.7	5.7	0.8
	Spain		3.4	1.5	3.1	1.9	4.5	0.7
Japan			10.2	4.4	5.9	3.7	12.2	1.8
United Kingdom			5.5	2.4	5.7	3.6	6.2	0.9
Canada			3.4	1.5	3.9	2.4	3.4	0.5
Other Advanced Economies		15	15.4	6.6	27.6	17.1	15.8	2.3
Memorandum
Major Advanced Economies		7	74.7	32.2	53.8	33.4	72.0	10.6

					Emerging Market and Developing Economies	World	Emerging Market and Developing Economies	World	Emerging Market and Developing Economies	World
Emerging Market and Developing Economies				152	100.0	56.9	100.0	38.0	100.0	85.3
	Regional Groups
	Commonwealth of Independent States³			12	8.2	4.7	9.4	3.6	4.7	4.0
		Russia			5.8	3.3	6.3	2.4	2.4	2.0
	Emerging and Developing Asia			29	51.9	29.5	45.4	17.2	57.2	48.8
		China			28.7	16.3	27.8	10.5	22.6	19.3
		India			12.0	6.8	5.4	2.1	20.8	17.7
		Excluding China and India		27	11.2	6.4	12.2	4.6	13.8	11.8
	Emerging and Developing Europe			12	5.8	3.3	8.9	3.4	2.8	2.4
	Latin America and the Caribbean			32	15.2	8.7	13.7	5.2	9.9	8.5
		Brazil			5.3	3.0	3.0	1.1	3.3	2.9
		Mexico			3.5	2.0	4.7	1.8	2.0	1.7
	Middle East, North Africa, Afghanistan, and
		Pakistan		22	13.4	7.6	17.4	6.6	10.5	9.0
		Middle East and North Africa		20	11.9	6.8	17.1	6.5	7.0	5.9
	Sub-Saharan Africa			45	5.4	3.1	5.2	2.0	14.8	12.6
		Excluding Nigeria and South Africa		43	2.6	1.5	2.9	1.1	11.0	9.4
	Analytical Groups⁴
		By Source of Export Earnings
		Fuel		29	20.8	11.8	27.8	10.5	12.4	10.6
		Nonfuel		123	79.2	45.1	72.2	27.4	87.6	74.8
			Of Which, Primary Products	28	4.9	2.8	4.6	1.7	7.6	6.5
		By External Financing Source
		Net Debtor Economies		123	50.9	28.9	45.5	17.3	65.8	56.2
		Net Debtor Economies by Debt-
			Servicing Experience
		Economies with Arrears and/or
			Rescheduling during 2009-13	16	2.5	1.4	1.5	0.6	4.9	4.1
	Other Groups
	Heavily Indebted Poor Countries			38	2.4	1.4	1.9	0.7	11.1	9.5
	Low-Income Developing Countries			59	7.4	4.2	6.2	2.4	22.4	19.1

^¹The GDP shares are based on the purchasing-power-parity valuation of economies’ GDP. The number of economies comprising each group reflects those for which data are included in the group aggregates.

^²Data for Lithuania are not included in the euro area aggregates because Eurostat has not fully released the consolidated data for the group.

^³Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.

^⁴South Sudan is omitted from the net external position groups composite for lack of a fully developed database.

Table B.

Advanced Economies by Subgroup

Major Currency Areas
United States
Euro Area
Japan
Euro Area¹
Austria	Germany	Malta
Belgium	Greece	Netherlands
Cyprus	Ireland	Portugal
Estonia	Italy	Slovak Republic
Finland	Latvia	Slovenia
France	Luxembourg	Spain
Major Advanced Economies
Canada	Italy	United States
France	Japan
Germany	United Kingdom
Other Advanced Economies
Australia	Israel	San Marino
Czech Republic	Korea	Singapore
Denmark	Lithuania	Sweden
Hong Kong SAR²	New Zealand	Switzerland
Iceland	Norway	Taiwan Province of China

^¹Data for Lithuania are not included in the euro area aggregates because Eurostat has not fully released the consolidated data for the group.

^²On July 1, 1997, Hong Kong was returned to the People’s Republic of China and became a Special Administrative Region of China.

Table C.

European Union

Austria	Germany	Poland
Belgium	Greece	Portugal
Bulgaria	Hungary	Romania
Croatia	Ireland	Slovak Republic
Cyprus	Italy	Slovenia
Czech Republic	Latvia	Spain
Denmark	Lithuania	Sweden
Estonia	Luxembourg	United Kingdom
Finland	Malta
France	Netherlands

Table D.

Emerging Market and Developing Economies by Region and Main Source of Export Earnings

	Fuel	Nonfuel Primary Products
Commonwealth of Independent States¹
	Azerbaijan	Uzbekistan
	Kazakhstan
	Russia
	Turkmenistan
Emerging and Developing Asia
	Brunei Darussalam	Mongolia
	Timor-Leste	Papua New Guinea
		Solomon Islands
		Tuvalu
Latin America and the Caribbean
	Bolivia	Argentina
	Colombia	Chile
	Ecuador	Guyana
	Trinidad and Tobago	Paraguay
	Venezuela	Suriname Uruguay
Middle East, North Africa, Afghanistan, and Pakistan
	Algeria	Afghanistan
	Bahrain	Mauritania
	Iran	Sudan
	Iraq
	Kuwait
	Libya
	Oman
	Qatar
	Saudi Arabia
	United Arab Emirates
	Yemen
Sub-Saharan Africa
	Angola	Burkina Faso
	Chad	Burundi
	Republic of Congo	Côte d’Ivoire
	Equatorial Guinea	Democratic Republic of the Congo
	Gabon	Eritrea
	Nigeria	Guinea
	South Sudan	Guinea-Bissau
		Liberia
		Malawi
		Mali
		Niger
		Sierra Leone
		South Africa
		Zambia

^¹Turkmenistan, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarity in economic structure.

Table E.

Emerging Market and Developing Economies by Region, Net External Position, and Status as Heavily Indebted Poor Countries and Low-Income Developing Countries

	Net External Position¹	Heavily Indebted Poor Countries²	Low-Income Developing Countries
Commonwealth of Independent States³
Armenia	⋆
Azerbaijan	•
Belarus	⋆
Georgia	⋆
Kazakhstan	⋆
Kyrgyz Republic	⋆		⋆
Moldova	⋆		⋆
Russia	•
Tajikistan	⋆		⋆
Turkmenistan	•
Ukraine	⋆
Uzbekistan	•		⋆
Emerging and Developing Asia
Bangladesh	⋆		⋆
Bhutan	⋆		⋆
Brunei Darussalam	•
Cambodia	⋆		⋆
China	•
Fiji	⋆
India	⋆
Indonesia	⋆
Kiribati	•		⋆
Lao P.D.R.	⋆		⋆
Malaysia	⋆
Maldives	⋆
Marshall Islands	⋆
Micronesia	⋆
Mongolia	⋆		⋆
Myanmar	⋆		⋆
Nepal	⋆		⋆
Palau	⋆
Papua New Guinea	⋆		⋆
Philippines	⋆
Samoa	⋆
Solomon Islands	⋆		⋆
Sri Lanka	⋆
Thailand	⋆
Timor-Leste	•
Tonga	⋆
Tuvalu	⋆
Vanuatu	⋆
Vietnam	⋆		⋆
Emerging and Developing Europe
Albania	⋆
Bosnia and Herzegovina	⋆

Bulgaria	⋆
Croatia	⋆
Hungary	⋆
Kosovo	⋆
FYR Macedonia	⋆
Montenegro	⋆
Poland	⋆
Romania	⋆
Serbia	⋆
Turkey	⋆
Latin America and the Caribbean
Antigua and Barbuda	⋆
Argentina	•
The Bahamas	⋆
Barbados	⋆
Belize	⋆
Bolivia	•	•	⋆
Brazil	⋆
Chile	⋆
Colombia	⋆
Costa Rica	⋆
Dominica	⋆
Dominican Republic	⋆
Ecuador	⋆
El Salvador	⋆
Grenada	⋆
Guatemala	⋆
Guyana	⋆	•
Haiti	⋆	•	⋆
Honduras	⋆	•	⋆
Jamaica	⋆
Mexico	⋆
Nicaragua	⋆	•	⋆
Panama	⋆
Paraguay	⋆
Peru	⋆
St. Kitts and Nevis	⋆
St. Lucia	⋆
St. Vincent and the Grenadines	⋆
Suriname	⋆
Trinidad and Tobago	•
Uruguay	⋆
Venezuela	•

Middle East, North Africa, Afghanistan, and Pakistan
Afghanistan	⋆	•	⋆
Algeria	•
Bahrain	•
Djibouti	⋆		⋆
Egypt	⋆
Iran	•
Iraq	•
Jordan	⋆
Kuwait	•
Lebanon	⋆
Libya	•
Mauritania	⋆	•	⋆
Morocco	⋆
Oman	•
Pakistan	⋆
Qatar	•
Saudi Arabia	•
Sudan	⋆	⋆	⋆
Syria	⋆
Tunisia	⋆
United Arab Emirates	•
Yemen	⋆		⋆
Sub-Saharan Africa
Angola	•
Benin	⋆	•	⋆
Botswana	•
Burkina Faso	⋆	•	⋆
Burundi	⋆	•	⋆
Cabo Verde	⋆
Cameroon	⋆	•	⋆
Central African Republic	⋆	•	⋆
Chad	⋆	⋆	⋆
Comoros	⋆	•	⋆
Democratic Republic of the Congo	⋆	•	⋆
Republic of Congo	⋆	•	⋆
Côte d’Ivoire	⋆	•	⋆
Equatorial Guinea	⋆
Eritrea	⋆	⋆	⋆
Ethiopia	⋆	•	⋆
Gabon	•
The Gambia	⋆	•	⋆
Ghana	⋆	•	⋆
Guinea	⋆	•	⋆
Guinea-Bissau	⋆	•	⋆
Kenya	⋆		⋆
Lesotho	⋆		⋆
Liberia	⋆	•	⋆
Madagascar	⋆	•	⋆
Malawi	⋆	•	⋆
Mali	⋆	•	⋆
Mauritius	•
Mozambique	⋆	•	⋆
Namibia	•
Niger	⋆	•	⋆
Nigeria	•		⋆
Rwanda	⋆	•	⋆
São Tomé and Príncipe	⋆	•	⋆
Senegal	⋆	•	⋆
Seychelles	⋆
Sierra Leone	⋆	•	⋆
South Africa	⋆
South Sudan⁴	…		⋆
Swaziland	⋆
Tanzania	⋆	•	⋆
Togo	⋆	•	⋆
Uganda	⋆	•	⋆
Zambia	⋆	•	⋆
Zimbabwe	⋆		⋆

^¹Dot (star) indicates that the country is a net creditor (net debtor).

^²Dot instead of star indicates that the country has reached the completion point.

^³Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.

^⁴South Sudan is omitted from the net external position group composite for lack of a fully developed database.

Table F.

Economies with Exceptional Reporting Periods¹

	National Accounts	Government Finance
The Bahamas		Jul/Jun
Bangladesh		Jul/Jun
Barbados		Apr/Mar
Belize		Apr/Mar
Bhutan	Jul/Jun	Jul/Jun
Botswana		Apr/Mar
Dominica		Jul/Jun
Egypt	Jul/Jun	Jul/Jun
Ethiopia	Jul/Jun	Jul/Jun
Haiti	Oct/Sep	Oct/Sep
Hong Kong SAR		Apr/Mar
India	Apr/Mar	Apr/Mar
Iran	Apr/Mar	Apr/Mar
Jamaica		Apr/Mar
Lao P.D.R.		Oct/Sep
Lesotho		Apr/Mar
Malawi		Jul/Jun
Marshall Islands	Oct/Sep	Oct/Sep
Micronesia	Oct/Sep	Oct/Sep
Myanmar	Apr/Mar	Apr/Mar
Namibia		Apr/Mar
Nepal	Aug/Jul	Aug/Jul
Pakistan	Jul/Jun	Jul/Jun
Palau	Oct/Sep	Oct/Sep
Qatar		Apr/Mar
Samoa	Jul/Jun	Jul/Jun
Singapore		Apr/Mar
St. Lucia		Apr/Mar
Swaziland		Apr/Mar
Thailand		Oct/Sep
Tonga		Jul/Jun
Trinidad and Tobago		Oct/Sep

^¹Unless noted otherwise, all data refer to calendar years.

For some countries, the figures for 2014 and earlier are based on estimates rather than actual outturns. Please refer to Table G, which lists the latest actual outturns for the indicators in the national accounts, prices, government finance, and balance of payments indicators for each country.

Table G.

Key Data Documentation

			National Accounts				Prices (CPI)
Country	Currency	Historical Data Source¹	Latest Actual Data	Base Year²	System of National Accounts	Use of Chain-Weighted Methodology³	Historical Data Source¹	Latest Actual Data
Afghanistan	Afghan Afghani	NSO	2013	2002	SNA 1993		NSO	2014
Albania	Albanian lek	IMF staff	2012	1996	SNA 1993	From 1996	NSO	2013
Algeria	Algerian dinar	NSO	2013	2001	SNA 1993	From 2005	NSO	2014
Angola	Angolan kwanza	NSO	2012	2002	ESA 1995		CB	2014
Antigua and Barbuda	Eastern Caribbean dollar	CB	2013	2006⁶	SNA 1993		NSO	2014
Argentina	Argentine peso	MEP	2013	2004	SNA 2008		NSO	2013
Armenia	Armenian dram	NSO	2013	2005	SNA 1993		NSO	2014
Australia	Australian dollar	NSO	2014	2012/13	SNA 2008	From 1980	NSO	2013
Austria	Euro	NSO	2013	2010	ESA 2010	From 1995	NSO	2014
Azerbaijan	Azerbaijan manat	NSO	2013	2003	SNA 1993	From 1994	NSO	2013
The Bahamas	Bahamian dollar	NSO	2013	2006	SNA 1993		NSO	2013
Bahrain	Bahrain dinar	MoF	2014	2010	SNA 2008		NSO	2014
Bangladesh	Bangladesh taka	NSO	2013	2005	SNA 1993		NSO	2014
Barbados	Barbados dollar	NSO and CB	2013	1974⁶	SNA 1993		CB	2014
Belarus	Belarusian rubel	NSO	2013	2009	ESA 1995	From 2005	NSO	2014
Belgium	Euro	CB	2014	2012	ESA 2010	From 1995	CB	2014
Belize	Belize dollar	NSO	2013	2000	SNA 1993		NSO	2013
Benin	CFA franc	NSO	2012	2000	SNA 1993		NSO	2013
Bhutan	Bhutanese ngultrum	NSO	2011/12	2000⁶	Other		CB	2013
Bolivia	Bolivian boliviano	NSO	2013	1990	Other		NSO	2014
Bosnia and Herzegovina	Convertible marka	NSO	2012	2010	ESA 1995	From 2000	NSO	2013
Botswana	Botswana pula	NSO	2012	2006	SNA 1993		NSO	2013
Brazil	Brazilian real	NSO	2014	1995	SNA 2008		NSO	2014
Brunei Darussalam	Brunei dollar	NSO and PMO	2013	2000	SNA 1993		NSO and PMO	2013
Bulgaria	Bulgarian lev	NSO	2013	2010	ESA 2010	From 2010	NSO	2014
Burkina Faso	CFA franc	NSO and MEP	2012	1999	SNA 1993		NSO	2014
Burundi	Burundi franc	NSO	2011	2005	SNA 1993		NSO	2012
Cabo Verde	Cabo Verde escudo	NSO	2012	2007	SNA 1993	From 2011	NSO	2014
Cambodia	Cambodian riel	NSO	2013	2000	SNA 1993		NSO	2013
Cameroon	CFA franc	NSO	2013	1990	SNA 1993		NSO	2013
Canada	Canadian dollar	NSO	2014	2007	SNA 2008	From 1980	NSO	2014
Central African Republic	CFA franc	NSO	2012	2005	SNA 1993		NSO	2014
Chad	CFA franc	CB	2013	2005	Other		NSO	2013
Chile	Chilean peso	CB	2013	2008	SNA 2008	From 2003	NSO	2014
China	Chinese yuan	NSO	2013	1990⁶	SNA 2008		NSO	2014
Colombia	Colombian peso	NSO	2013	2005	Other	From 2000	NSO	2014
Comoros	Comorian franc	NSO	2013	2000	Other		NSO	2013
Democratic Republic of the Congo	Congo franc	NSO	2006	2005	SNA 1993		CB	2014
Republic of Congo	CFA franc	NSO	2013	1990	SNA 1993		NSO	2013
Costa Rica	Costa Rican colón	CB	2013	1991	SNA 1993		CB	2013

			Government Finance			Balance of Payments
Country	Historical Data Source¹	Latest Actual Data	Statistics Manual in Use at Source	Subsectors Coverage⁴	Accounting Practice⁵	Historical Data Source¹	Latest Actual Data	Statistics Manual in Use at Source
Afghanistan	MoF	2013	2001	CG	C	NSO	2013	BPM 5
Albania	IMF staff	2012	1986	CG,LG,SS	Other	CB	2012	BPM 5
Algeria	CB	2014	1986	CG	C	CB	2014	BPM 5
Angola	MoF	2013	2001	CG,LG	Other	CB	2013	BPM 5
Antigua and Barbuda	MoF	2013	2001	CG	C	CB	2013	BPM 5
Argentina	MEP	2013	1986	CG,SG,LG,SS	C	CB	2013	BPM 5
Armenia	MoF	2013	2001	CG	C	CB	2013	BPM 5
Australia	MoF	2013/14	2001	CG,SG,LG,TG	A	NSO	2013	BPM 6
Austria	NSO	2013	2001	CG,SG,LG,SS	A	CB	2013	BPM 6
Azerbaijan	MoF	2012	Other	CG	C	CB	2012	BPM 5
The Bahamas	MoF	2013/14	2001	CG	C	CB	2013	BPM 5
Bahrain	MoF	2014	1986	CG	C	CB	2013	BPM 5
Bangladesh	MoF	2013/14	Other	CG	C	CB	2013	BPM 4
Barbados	MoF	2013/14	1986	CG,SS,NFPC	C	CB	2013	BPM 5
Belarus	MoF	2013	2001	CG,LG,SS	C	CB	2013	BPM 6
Belgium	CB	2013	2001	CG,SG,LG,SS	A	CB	2014	BPM 6
Belize	MoF	2013/14	1986	CG,MPC	C	CB	2013	BPM 5
Benin	MoF	2013	2001	CG	C	CB	2012	BPM 5
Bhutan	MoF	2012/13	1986	CG	C	CB	2011/12	BPM 6
Bolivia	MoF	2013	2001	CG,LG,SS,MPC, NMPC,NFPC	C	CB	2013	BPM 5
Bosnia and Herzegovina	MoF	2013	2001	CG,SG,LG,SS	A	CB	2013	BPM 6
Botswana	MoF	2011/12	1986	CG	C	CB	2012	BPM 5
Brazil	MoF	2014	2001	CG,SG,LG,SS, MPC,NFPC	C	CB	2014	BPM 5
Brunei Darussalam	MoF	2014	Other	CG, BCG	C	MEP	2013	BPM 5
Bulgaria	MoF	2013	2001	CG,SG,LG,SS	C	CB	2013	BPM 6
Burkina Faso	MoF	2014	2001	CG	C	CB	2013	BPM 6
Burundi	MoF	2013	2001	CG	A	CB	2012	BPM 6
Cabo Verde	MoF	2013	2001	CG,SS	A	CB	2013	BPM 5
Cambodia	MoF	2013	2001	CG,LG	C	CB	2013	BPM 5
Cameroon	MoF	2013	2001	CG,NFPC	C	MoF	2013	BPM 5
Canada	NSO and OECD	2014	2001	CG,SG,LG,SS	A	NSO	2014	BPM 6
Central African Republic	MoF	2014	2001	CG	C	CB	2013	BPM 5
Chad	MoF	2012	1986	CG,NFPC	C	CB	2012	BPM 5
Chile	MoF	2013	2001	CG,LG	A	CB	2013	BPM 6
China	MoF	2014	2001	CG,SG,LG	C	SAFE	2014	BPM 6
Colombia	MoF	2012	2001	CG,SG,LG,SS	C/A	CB and NSO	2013	BPM 5
Comoros	MoF	2013	1986	CG	C/A	CB and IMF staff	2013	BPM 5
Democratic Republic of the Congo	MoF	2013	2001	CG,SG,LG	A	CB	2013	BPM 5
Republic of Congo	MoF	2013	2001	CG	A	CB	2008	BPM 5
Costa Rica	MoF and CB	2013	1986	CG,SS,NFPC	C	CB	2013	BPM 5

			National Accounts				Prices (CPI)
Country	Currency	Historical Data Source¹	Latest Actual Data	Base Year²	System of National Accounts	Use of Chain-Weighted Methodology³	Historical Data Source¹	Latest Actual Data
Côte d’Ivoire	CFA franc	NSO	2012	2009	SNA 1993		NSO	2014
Croatia	Croatian kuna	NSO	2014	2005	ESA 2010		NSO	2014
Cyprus	Euro	Eurostat	2014	2005	ESA 2010	From 1995	Eurostat	2014
Czech Republic	Czech koruna	NSO	2014	2005	ESA 2010	From 1995	NSO	2014
Denmark	Danish krone	NSO	2013	2010	ESA 2010	From 1980	NSO	2014
Djibouti	Djibouti franc	NSO	2014	1990	Other		NSO	2014
Dominica	Eastern Caribbean dollar	NSO	2013	2006	SNA 1993		NSO	2013
Dominican Republic	Dominican peso	CB	2013	2007	SNA 2008	From 2007	CB	2014
Ecuador	U.S. dollar	CB	2013	2007	SNA 1993		NSO and CB	2014
Egypt	Egyptian pound	MEP	2013/14	2011/12	SNA 1993		NSO	2013/14
El Salvador	U.S. dollar	CB	2013	1990	Other		NSO	2013
Equatorial Guinea	CFA franc	MEP and CB	2013	2006	SNA 1993		MEP	2013
Eritrea	Eritrean nakfa	IMF staff	2006	2000	SNA 1993		NSO	2009
Estonia	Euro	NSO	2013	2010	ESA 2010	From 1995	NSO	2014
Ethiopia	Ethiopian birr	NSO	2013/14	2010/11	SNA 1993		NSO	2013
Fiji	Fiji dollar	NSO	2013	2008⁶	SNA 1993/ 2008		NSO	2013
Finland	Euro	NSO	2014	2000	ESA 2010	From 1980	NSO and Eurostat	2014
France	Euro	NSO	2014	2010	ESA 2010	From 1980	NSO	2014
Gabon	CFA franc	MoF	2013	2001	SNA 1993		MoF	2013
The Gambia	Gambian dalasi	NSO	2012	2004	SNA 1993		NSO	2013
Georgia	Georgian lari	NSO	2013	2000	SNA 1993	From 1996	NSO	2014
Germany	Euro	NSO	2013	2010	ESA 2010	From 1991	NSO	2014
Ghana	Ghanaian cedi	NSO	2012	2006	SNA 1993		NSO	2013
Greece	Euro	NSO	2014	2010	ESA 2010	From 1995	NSO	2014
Grenada	Eastern Caribbean dollar	NSO	2013	2006	SNA 1993		NSO	2013
Guatemala	Guatemalan quetzal	CB	2013	2001	SNA 1993	From 2001	NSO	2013
Guinea	Guinean franc	NSO	2009	2003	SNA 1993		NSO	2014
Guinea-Bissau	CFA franc	NSO	2011	2005	SNA 1993		NSO	2011
Guyana	Guyana dollar	NSO	2012	2006⁶	SNA 1993		NSO	2012
Haiti	Haitian gourde	NSO	2012/13	1986/87	SNA 2008		NSO	2013
Honduras	Honduran lempira	CB	2013	2000	SNA 1993		CB	2013
Hong Kong SAR	Hong Kong dollar	NSO	2014	2012	SNA 2008	From 1980	NSO	2014
Hungary	Hungarian forint	NSO	2013	2005	ESA 1995	From 2005	NSO	2013
Iceland	Icelandic króna	NSO	2013	2005	ESA 2010	From 1990	NSO	2013
India	Indian rupee	NSO	2013/14	2011/12	SNA 1993		NSO	2013/14
Indonesia	Indonesian rupiah	NSO	2014	2010	SNA 2008		NSO	2014
Iran	Iranian rial	CB	2012/13	2004/05	SNA 1993		CB	2014
Iraq	Iraqi dinar	NSO	2014	2007	Other		NSO	2014
Ireland	Euro	NSO	2014	2012	ESA 2010	From 2012	NSO	2014

			Government Finance			Balance of Payments
Country	Historical Data Source¹	Latest Actual Data	Statistics Manual in Use at Source	Subsectors Coverage⁴	Accounting Practice⁵	Historical Data Source¹	Latest Actual Data	Statistics Manual in Use at Source
Côte d’Ivoire	MoF	2014	1986	CG	A	CB	2012	BPM 6
Croatia	MoF	2014	2001	CG,LG	C	CB	2013	BPM 6
Cyprus	Eurostat	2014	ESA 2010	CG,LG,SS	C	Eurostat	2014	BPM 5
Czech Republic	MoF	2013	2001	CG,LG,SS,BCG	A	NSO	2013	BPM 6
Denmark	NSO	2013	2001	CG,LG,SS	A	NSO	2014	BPM 6
Djibouti	MoF	2014	2001	CG	A	CB	2014	BPM 5
Dominica	MoF	2012/13	1986	CG	C	CB	2013	BPM 5
Dominican Republic	MoF	2014	2001	CG,SG,LG,SS	A	CB	2013	BPM 6
Ecuador	CB and MoF	2013	1986	CG,SG,LG,SS, NFPC	C	CB	2013	BPM 5
Egypt	MoF	2013/14	2001	CG,LG,SS,MPC	C	CB	2013/14	BPM 5
El Salvador	MoF	2013	1986	CG,LG,SS	C	CB	2013	BPM 6
Equatorial Guinea	MoF	2013	1986	CG	C	CB	2013	BPM 5
Eritrea	MoF	2008	2001	CG	C	CB	2008	BPM 5
Estonia	MoF	2013	1986/2001	CG,LG,SS	C	CB	2013	BPM 6
Ethiopia	MoF	2013/14	1986	CG,SG,LG,NFPC	C	CB	2013/14	BPM 5
Fiji	MoF	2013	2001	CG	C	CB	2013	BPM 6
Finland	MoF	2013	2001	CG,LG,SS	A	CB	2013	BPM 6
France	NSO	2013	2001	CG,LG,SS	A	CB	2014	BPM 6
Gabon	IMF staff	2013	2001	CG	A	CB	2006	BPM 5
The Gambia	MoF	2013	2001	CG	C	CB and IMF staff	2012	BPM 4
Georgia	MoF	2013	2001	CG,LG	C	NSO and CB	2013	BPM 5
Germany	NSO and Eurostat	2014	2001	CG,SG,LG,SS	A	CB	2013	BPM 6
Ghana	MoF	2013	2001	CG,SG,LG	C	CB	2012	BPM 5
Greece	MoF	2013	1986	CG,LG,SS	A	CB	2014	BPM 5
Grenada	MoF	2013	2001	CG	C	CB	2013	BPM 5
Guatemala	MoF	2013	1986	CG	C	CB	2013	BPM 5
Guinea	MoF	2014	2001	CG	Other	CB and MEP	2013	BPM 6
Guinea-Bissau	MoF	2011	2001	CG	A	CB	2011	BPM 6
Guyana	MoF	2012	2001	CG,SS	C	CB	2012	BPM 5
Haiti	MoF	2012/13	2001	CG	C	CB	2013	BPM 5
Honduras	MoF	2013	1986	CG,LG,SS,NFPC	A	CB	2013	BPM 5
Hong Kong SAR	NSO	2013/14	2001	CG	C	NSO	2013	BPM 6
Hungary	MEP and Eurostat	2013	2001	CG,LG,SS,NMPC	A	CB	2013	BPM 6
Iceland	NSO	2013	2001	CG,LG	A	CB	2013	BPM 6
India	MoF	2012/13	2001	CG,SG	A	CB	2013/14	BPM 5
Indonesia	MoF	2014	2001	CG,LG	C	CB	2014	BPM 6
Iran	MoF	2012/13	2001	CG	C	CB	2013	BPM 5
Iraq	MoF	2014	2001	CG	C	CB	2012	BPM 5
Ireland	MoF	2014	2001	CG,LG,SS	A	NSO	2014	BPM 6

			National Accounts				Prices (CPI)
Country	Currency	Historical Data Source¹	Latest Actual Data	Base Year²	System of National Accounts	Use of Chain-Weighted Methodology³	Historical Data Source¹	Latest Actual Data
Israel	New Israeli shekel	NSO	2014	2010	SNA 2008	From 1995	Haver Analytics	2014
Italy	Euro	NSO	2014	2010	ESA 2010	From 1980	NSO	2014
Jamaica	Jamaica dollar	NSO	2013	2007	SNA 1993		NSO	2014
Japan	Japanese yen	Cabinet Office	2014	2005	SNA 1993	From 1980	MIAC	2014
Jordan	Jordanian dinar	NSO	2013	1994	Other		NSO	2013
Kazakhstan	Kazakhstani tenge	NSO	2013	2007	Other	From 1994	CB	2013
Kenya	Kenya shilling	NSO	2014	2009	SNA 2008		NSO	2014
Kiribati	Australian dollar	NSO	2013	2006	Other		NSO	2014
Korea	Korean won	CB	2014	2010	SNA 2008	From 1980	MoF	2014
Kosovo	Euro	NSO	2013	2013	Other		NSO	2013
Kuwait	Kuwaiti dinar	MEP and NSO	2013	2010	SNA 1993		NSO and MEP	2014
Kyrgyz Republic	Kyrgyz som	NSO	2014	1995	SNA 1993		NSO	2014
Lao P.D.R.	Lao kip	NSO	2013	2002	SNA 1993		NSO	2013
Latvia	Euro	NSO	2013	2010	ESA 1995	From 1995	Eurostat	2013
Lebanon	Lebanese pound	NSO	2011	2000	SNA 2008	From 2010	NSO	2013
Lesotho	Lesotho loti	NSO	2012	2004	Other		NSO	2013
Liberia	U.S. dollar	CB	2011	1992	SNA 1993		CB	2013
Libya	Libyan dinar	MEP	2014	2003	SNA 1993		NSO	2014
Lithuania	Lithuanian litas	NSO	2013	2010	ESA 1995	From 2005	NSO	2013
Luxembourg	Euro	NSO	2013	2005	ESA 2010	From 1995	NSO	2014
FYR Macedonia	Macedonian denar	NSO	2013	2005	ESA 2010		NSO	2014
Madagascar	Malagasy ariary	NSO	2014	2000	Other		NSO	2014
Malawi	Malawi kwacha	NSO	2010	2007	SNA 2008		NSO	2014
Malaysia	Malaysian ringgit	NSO	2014	2005	SNA 2008		NSO	2014
Maldives	Maldivian rufiyaa	MoF and NSO	2013	2003⁶	SNA 1993		CB	2014
Mali	CFA franc	MoF	2011	1987	SNA 1993		MoF	2013
Malta	Euro	Eurostat	2013	2010	ESA 2010	From 2000	Eurostat	2013
Marshall Islands	U.S. dollar	NSO	2012/13	2003/04	Other		NSO	2013
Mauritania	Mauritanian ouguiya	NSO	2014	1998	SNA 1993		NSO	2014
Mauritius	Mauritian rupee	NSO	2013	2006	SNA 1993	From 1999	NSO	2013
Mexico	Mexican peso	NSO	2014	2008	SNA 1993		NSO	2014
Micronesia	U.S. dollar	NSO	2013	2004	Other		NSO	2013
Moldova	Moldovan leu	NSO	2013	1995	SNA 1993		NSO	2013
Mongolia	Mongolian togrog	NSO	2013	2010	SNA 1993		NSO	2014
Montenegro	Euro	NSO	2014	2006	ESA 1995		NSO	2014
Morocco	Moroccan dirham	NSO	2013	1998	SNA 1993	From 1998	NSO	2013
Mozambique	Mozambican metical	NSO	2013	2009	SNA 1993		NSO	2014
Myanmar	Myanmar kyat	MEP	2013/14	2010/11	Other		NSO	2014
Namibia	Namibia dollar	NSO	2011	2000	SNA 1993		NSO	2012
Nepal	Nepalese rupee	NSO	2013/14	2000/01	SNA 1993		CB	2013/14
Netherlands	Euro	NSO	2014	2010	ESA 2010	From 1980	NSO	2014
New Zealand	New Zealand dollar	NSO	2012/13	2009/10	Other	From 1987	NSO	2014
Nicaragua	Nicaraguan córdoba	IMF staff	2013	2006	SNA 1993	From 1994	CB	2014

			Government Finance			Balance of Payments
Country	Historical Data Source¹	Latest Actual Data	Statistics Manual in Use at Source	Subsectors Coverage⁴	Accounting Practice⁵	Historical Data Source¹	Latest Actual Data	Statistics Manual in Use at Source
Israel	MoF	2013	2001	CG,SS	A	Haver Analytics	2014	BPM 6
Italy	NSO	2013	2001	CG,SG,LG,SS	A	NSO	2013	BPM 6
Jamaica	MoF	2013/14	1986	CG	C	CB	2013	BPM 5
Japan	Cabinet Office	2013	2001	CG,LG,SS	A	CB	2014	BPM 6
Jordan	MoF	2013	2001	CG,NFPC	C	CB	2013	BPM 5
Kazakhstan	IMF staff	2013	2001	CG,LG	A	CB	2013	BPM 6
Kenya	MoF	2014	2001	CG	A	CB	2013	BPM 5
Kiribati	MoF	2013	1986	CG,LG	C	NSO	2012	BPM 5
Korea	MoF	2013	2001	CG	C	CB	2014	BPM 6
Kosovo	MoF	2013	Other	CG,LG	C	CB	2013	BPM 5
Kuwait	MoF	2013	1986	CG	C/A	CB	2013	BPM 5
Kyrgyz Republic	MoF	2014	Other	CG,LG,SS	C	MoF	2014	BPM 5
Lao P.D.R.	MoF	2012/13	2001	CG	C	CB	2013	BPM 5
Latvia	MoF	2013	Other	CG,LG,SS,NFPC	C	CB	2013	BPM 5
Lebanon	MoF	2013	1986	CG	C	CB and IMF staff	2012	BPM 5
Lesotho	MoF	2012/13	2001	CG,LG	C	CB	2012	BPM 6
Liberia	MoF	2012	2001	CG	A	CB	2013	BPM 5
Libya	MoF	2014	1986	CG,SG,LG	C	CB	2014	BPM 5
Lithuania	MoF	2013	2001	CG,LG,SS	A	CB	2013	BPM 6
Luxembourg	MoF	2013	2001	CG,LG,SS	A	NSO	2013	BPM 6
FYR Macedonia	MoF	2014	1986	CG,SG,SS	C	CB	2014	BPM 6
Madagascar	MoF	2013	1986	CG,LG	C	CB	2014	BPM 5
Malawi	MoF	2014/15	1986	CG	C	NSO	2013	BPM 5
Malaysia	MoF	2013	1986	CG,SG,LG	C	NSO	2014	BPM 6
Maldives	MoF and Treasury	2012	1986	CG	C	CB	2013	BPM 5
Mali	MoF	2013	2001	CG	C/A	CB	2011	BPM 5
Malta	Eurostat	2013	2001	CG,SS	A	NSO	2013	BPM 6
Marshall Islands	MoF	2012/13	2001	CG,LG,SS	A	NSO	2013	Other
Mauritania	MoF	2014	1986	CG	C	CB	2013	BPM 5
Mauritius	MoF	2013	2001	CG,SG,LG,NFPC	C	CB	2013	BPM 5
Mexico	MoF	2014	2001	CG,SS,NFPC	C	CB	2014	BPM 5
Micronesia	MoF	2012/13	2001	CG,SG,LG,SS	Other	NSO	2013	Other
Moldova	MoF	2013	1986	CG,LG,SS	C	CB	2013	BPM 5
Mongolia	MoF	2013	2001	CG,SG,LG,SS	C	CB	2013	BPM 5
Montenegro	MoF	2014	1986	CG,LG,SS	C	CB	2014	BPM 5
Morocco	MEP	2014	2001	CG	A	FEO	2013	BPM 5
Mozambique	MoF	2013	2001	CG,SG	C/A	CB	2013	BPM 5
Myanmar	MoF	2013/14	2001	CG,NFPC	C/A	IMF staff	2013	Other
Namibia	MoF	2011/12	2001	CG	C	CB	2013	BPM 5
Nepal	MoF	2013/14	2001	CG	C	CB	2013/14	BPM 5
Netherlands	MoF	2014	2001	CG,LG,SS	A	CB	2014	BPM 6
New Zealand	MoF	2013/14	2001	CG	A	NSO	2013	BPM 6
Nicaragua	MoF	2014	1986	CG,LG,SS	C	IMF staff	2013	BPM 6

			National Accounts				Prices (CPI)
Country	Currency	Historical Data Source¹	Latest Actual Data	Base Year²	System of National Accounts	Use of Chain-Weighted Methodology³	Historical Data Source¹	Latest Actual Data
Niger	CFA franc	NSO	2013	2000	SNA 1993		NSO	2014
Nigeria	Nigerian naira	NSO	2014	2010	SNA 2008		NSO	2014
Norway	Norwegian krone	NSO	2014	2012	ESA 2010	From 1980	NSO	2014
Oman	Omani rial	NSO	2012	2010	SNA 1993		NSO	2014
Pakistan	Pakistan rupee	NSO	2013/14	2005/06	SNA 1968/ 1993		NSO	2013/14
Palau	U.S. dollar	MoF	2013	2005	Other		MoF	2013/14
Panama	U.S. dollar	NSO	2014	1996	SNA 1993		NSO	2014
Papua New Guinea	Papua New Guinea kina	NSO and MOF	2013	1998	SNA 1993		NSO	2013
Paraguay	Paraguayan guaraní	CB	2013	1994	SNA 1993		CB	2013
Peru	Peruvian nuevo sol	CB	2014	2007	SNA 1993		CB	2014
Philippines	Philippine peso	NSO	2014	2000	SNA 2008		NSO	2014
Poland	Polish zloty	NSO	2013	2010	ESA 2010	From 1995	NSO	2013
Portugal	Euro	NSO	2014	2011	ESA 2010	From 1980	NSO	2014
Qatar	Qatari riyal	NSO and MEP	2013	2004	SNA 1993		NSO	2014
Romania	Romanian leu	NSO and Eurostat	2014	2010	ESA 2010	From 2000	NSO	2014
Russia	Russian ruble	NSO	2013	2008	SNA 1993	From 1995	NSO	2014
Rwanda	Rwanda franc	MoF	2014	2011	SNA 1993		MoF	2014
Samoa	Samoa tala	NSO	2013/14	2009	SNA 1993		NSO	2013/14
San Marino	Euro	NSO	2013	2007	Other		NSO	2014
São Tomé and Príncipe	São Tomé and Príncipe dobra	NSO	2012	2000	SNA 1993		NSO	2014
Saudi Arabia	Saudi Arabian riyal	NSO and MEP	2014	2010	SNA 1993		NSO and MEP	2014
Senegal	CFA franc	NSO	2013	2000	SNA 1993		NSO	2011
Serbia	Serbian dinar	NSO	2014	2010	ESA 2010	From 2010	NSO	2014
Seychelles	Seychelles rupee	NSO	2012	2006	SNA 1993		NSO	2013
Sierra Leone	Sierra Leonean leone	NSO	2013	2006	SNA 1993	From 2010	NSO	2014
Singapore	Singapore dollar	NSO	2014	2010	SNA 1993	From 2010	NSO	2014
Slovak Republic	Euro	Eurostat	2014	2010	ESA 2010	From 1993	Eurostat	2014
Slovenia	Euro	NSO	2014	2000	ESA 2010	From 2000	NSO	2014
Solomon Islands	Solomon Islands dollar	CB	2013	2004	SNA 1993		NSO	2013
South Africa	South African rand	CB	2014	2010	SNA 1993		NSO	2014
South Sudan	South Sudanese pound	NSO	2014	2010	SNA 1993		NSO	2014
Spain	Euro	NSO	2014	2010	ESA 2010	From 1995	NSO	2014
Sri Lanka	Sri Lanka rupee	CB	2012	2002	SNA 1993		NSO	2014
St. Kitts and Nevis	Eastern Caribbean dollar	NSO	2013	2006⁶	SNA 1993		NSO	2013
St. Lucia	Eastern Caribbean dollar	NSO	2013	2006	SNA 1993		NSO	2013

			Government Finance			Balance of Payments
Country	Historical Data Source¹	Latest Actual Data	Statistics Manual in Use at Source	Subsectors Coverage⁴	Accounting Practice⁵	Historical Data Source¹	Latest Actual Data	Statistics Manual in Use at Source
Niger	MoF	2013	1986	CG	A	CB	2012	BPM 6
Nigeria	MoF	2013	2001	CG,SG,LG,NFPC	C	CB	2013	BPM 5
Norway	NSO and MoF	2014	2001	CG,SG,LG,SS	A	NSO	2014	BPM 6
Oman	MoF	2013	2001	CG	C	CB	2013	BPM 5
Pakistan	MoF	2013/14	1986	CG,SG,LG	C	CB	2013/14	BPM 5
Palau	MoF	2013	2001	CG	Other	MoF	2013	BPM 6
Panama	MEP	2013	1986	CG,SG,LG,SS, NFPC	C	NSO	2014	BPM 5
Papua New Guinea	MoF	2013	1986	CG	C	CB	2013	BPM 5
Paraguay	MoF	2013	2001	CG,LG	C	CB	2013	BPM 5
Peru	MoF	2014	1986	CG,SG,LG,SS	C	CB	2014	BPM 5
Philippines	MoF	2014	2001	CG,LG,SS	C	CB	2014	BPM 6
Poland	MoF	2013	2001	CG,LG,SS	A	CB	2013	BPM 6
Portugal	NSO	2013	2001	CG,LG,SS	A	CB	2014	BPM 6
Qatar	MoF	2013/14	1986	CG	C	CB and IMF staff	2013	BPM 5
Romania	MoF	2014	1986	CG,LG,SS	C	CB	2013	BPM 6
Russia	MoF	2013	2001	CG,SG,SS	C/A	CB	2014	BPM 6
Rwanda	MoF	2014	2001	CG,LG	C/A	CB	2014	BPM 5
Samoa	MoF	2013/14	2001	CG	A	CB	2012/13	BPM 6
San Marino	MoF	2013	Other	CG,SG,SS	Other
São Tomé and Príncipe	MoF and Customs	2014	2001	CG	C	CB	2014	BPM 5
Saudi Arabia	MoF	2014	1986	CG,SS	C	CB	2013	BPM 5
Senegal	MoF	2011	1986	CG	C	CB and IMF staff	2011	BPM 5
Serbia	MoF	2014	Other	CG,SG,LG,SS	C	CB	2014	BPM 6
Seychelles	MoF	2013	1986	CG,SS	C	CB	2013	BPM 6
Sierra Leone	MoF	2013	1986	CG	C	CB	2013	BPM 5
Singapore	MoF	2013/14	2001	CG	C	NSO	2014	BPM 6
Slovak Republic	Eurostat	2013	2001	CG,LG,SS	A	CB	2013	BPM 6
Slovenia	MoF	2014	1986	CG,SG,LG,SS	C	NSO	2014	BPM 6
Solomon Islands	MoF	2012	1986	CG	C	CB	2013	BPM 6
South Africa	MoF	2013/14	2001	CG,SG,SS	C	CB	2013	BPM 6
South Sudan	MoF	2014	Other	CG	C	Other	2014	BPM 5
Spain	MoF and Eurostat	2014	2001	CG,SG,LG,SS	A	CB	2013	BPM 6
Sri Lanka	MoF	2013	2001	CG,SG,LG,SS	C	CB	2012	BPM 5
St. Kitts and Nevis	MoF	2013	2001	CG	C	CB	2013	BPM 5
St. Lucia	MoF	2012/13	1986	CG	C	CB	2013	BPM 5

			National Accounts				Prices (CPI)
Country	Currency	Historical Data Source¹	Latest Actual Data	Base Year²	System of National Accounts	Use of Chain-Weighted Methodology³	Historical Data Source¹	Latest Actual Data
St. Vincent and the Grenadines	Eastern Caribbean dollar	NSO	2013	2006⁶	SNA 1993		NSO	2013
Sudan	Sudanese pound	NSO	2013	2007	Other		NSO	2013
Suriname	Surinamese dollar	NSO	2011	2007	SNA 1993		NSO	2013
Swaziland	Swaziland lilangeni	NSO	2010	2000	SNA 1993		NSO	2014
Sweden	Swedish krona	NSO	2014	2013	ESA 2010	From 1993	NSO	2014
Switzerland	Swiss franc	NSO	2014	2010	ESA 2010	From 1980	NSO	2014
Syria	Syrian pound	NSO	2010	2000	SNA 1993		NSO	2011
Taiwan Province of China	New Taiwan dollar	NSO	2014	2011	SNA 2008		NSO	2014
Tajikistan	Tajik somoni	NSO	2013	1995	SNA 1993		NSO	2013
Tanzania	Tanzania shilling	NSO	2012	2007	SNA 1993		NSO	2013
Thailand	Thai baht	NESDB	2014	1988	SNA 1993		MoC	2014
Timor-Leste	U.S. dollar	MoF	2012	2010⁶	Other		NSO	2013
Togo	CFA franc	NSO	2009	2000	SNA 1993		NSO	2013
Tonga	Tongan pa’anga	CB	2012	2010/11	SNA 1993		CB	2013
Trinidad and Tobago	Trinidad and Tobago dollar	NSO	2012	2000	SNA 1993		NSO	2013
Tunisia	Tunisian dinar	NSO	2014	2004	SNA 1993	From 2009	NSO	2014
Turkey	Turkish lira	NSO	2013	1998	SNA 1993/ ESA 1995		NSO	2014
Turkmenistan	New Turkmen manat	NSO	2013	2005	SNA 1993	From 2000	NSO	2013
Tuvalu	Australian dollar	PFTAC advisors	2012	2005	Other		NSO	2013
Uganda	Uganda shilling	NSO	2013	2009/10	SNA 1993		CB	2013/14
Ukraine	Ukrainian hryvnia	NSO	2014	2010	SNA 2008	From 2005	NSO	2014
United Arab Emirates	U.A.E. dirham	NSO	2013	2007	SNA 1993		NSO	2014
United Kingdom	Pound sterling	NSO	2014	2011	ESA 2010	From 1980	NSO	2014
United States	U.S. dollar	NSO	2014	2009	Other	From 1980	NSO	2014
Uruguay	Uruguayan peso	CB	2014	2005	SNA 1993		NSO	2014
Uzbekistan	Uzbek sum	NSO	2012	1995	SNA 1993		NSO	2012
Vanuatu	Vanuatu vatu	NSO	2013	2006	SNA 1993		NSO	2014
Venezuela	Venezuelan bolívar fuerte	CB	2013	1997	SNA 2008		CB	2013
Vietnam	Vietnamese dong	NSO	2013	2010	SNA 1993		NSO	2013
Yemen	Yemeni rial	IMF staff	2008	1990	SNA 1993		NSO and CB	2009
Zambia	Zambian kwacha	NSO	2013	2010	SNA 1993		NSO	2013
Zimbabwe	U.S. dollar	NSO	2012	2009	Other		NSO	2013

			Government Finance			Balance of Payments
Country	Historical Data Source¹	Latest Actual Data	Statistics Manual in Use at Source	Subsectors Coverage⁴	Accounting Practice⁵	Historical Data Source¹	Latest Actual Data	Statistics Manual in Use at Source
St. Vincent and the Grenadines	MoF	2013	1986	CG	C	CB	2013	BPM 5
Sudan	MoF	2013	2001	CG	A	CB	2013	BPM 5
Suriname	MoF	2013	1986	CG	C	CB	2013	BPM 5
Swaziland	MoF	2012/13	2001	CG	A	CB	2013	BPM 6
Sweden	MoF	2012	2001	CG,LG,SS	A	NSO	2014	BPM 6
Switzerland	MoF	2012	2001	CG,SG,LG,SS	A	CB	2013	BPM 6
Syria	MoF	2009	1986	CG	C	CB	2009	BPM 5
Taiwan Province of China	MoF	2013	1986	CG,LG,SS	A	CB	2014	BPM 6
Tajikistan	MoF	2013	1986	CG,LG,SS	C	CB	2013	BPM 5
Tanzania	MoF	2013	2001	CG,LG	C	CB	2011	BPM 5
Thailand	MoF	2013/14	2001	CG,BCG,LG,SS	A	CB	2014	BPM 6
Timor-Leste	MoF	2012	2001	CG	C	CB	2013	BPM 5
Togo	MoF	2013	2001	CG	C	CB	2012	BPM 5
Tonga	CB and MoF	2012	2001	CG	C	CB and NSO	2012	BPM 5
Trinidad and Tobago	MoF	2012/13	1986	CG,NFPC	C	CB and NSO	2012	BPM 5
Tunisia	MoF	2014	1986	CG	C	CB	2014	BPM 5
Turkey	MoF	2013	2001	CG,LG,SS	A	CB	2014	BPM 6
Turkmenistan	MoF	2013	1986	CG,LG	C	NSO and IMF staff	2012	BPM 5
Tuvalu	IMF staff	2013	Other	CG	C/A	IMF staff	2012	BPM 6
Uganda	MoF	2013	2001	CG	C	CB	2013	BPM 6
Ukraine	MoF	2014	2001	CG,SG,LG,SS	C	CB	2013	BPM 5
United Arab Emirates	MoF	2013	2001	CG,BCG,SG,SS	A	CB	2013	BPM 5
United Kingdom	NSO	2014	2001	CG,LG	A	NSO	2013	BPM 6
United States	BEA	2013	2001	CG,SG,LG	A	NSO	2014	BPM 6
Uruguay	MoF	2014	1986	CG,LG,SS,MPC, NFPC	A	CB	2014	BPM 6
Uzbekistan	MoF	2012	Other	CG,SG,LG,SS	C	MEP	2012	BPM 5
Vanuatu	MoF	2014	2001	CG	C	CB	2013	BPM 5
Venezuela	MoF	2010	2001	CG,LG,SS,NFPC	C	CB	2012	BPM 5
Vietnam	MoF	2013	2001	CG,SG,LG	C	CB	2013	BPM 5
Yemen	MoF	2013	2001	CG,LG	C	IMF staff	2009	BPM 5
Zambia	MoF	2013	1986	CG	C	CB	2013	BPM 6
Zimbabwe	MoF	2013	1986	CG	C	CB and MoF	2013	BPM 4

Note: BPM = Balance of Payments Manual (number following abbreviation signifies edition); CPI = consumer price index; ESA = European System of National Accounts; SNA = System of National Accounts.

^¹BEA = U.S. Bureau of Economic Analysis; CB = Central Bank; FEO = Foreign Exchange Office; IFS = IMF, International Financial Statistics; MEP = Ministry of Economy and/or Planning; MIAC = Ministry of Internal Affairs and Communications; MoC = Ministry of Commerce; MoF = Ministry of Finance; NESDB = National Economic and Social Development Board; NSO = National Statistics Office; OECD = Organisation for Economic Co-operation and Development; PFTAC = Pacific Financial Technical Assistance Centre; PMO = Prime Minister’s Office; SAFE = State Administration of Foreign Exchange.

^²National accounts base year is the period with which other periods are compared and the period for which prices appear in the denominators of the price relationships used to calculate the index.

^³Use of chain-weighted methodology allows countries to measure GDP growth more accurately by reducing or eliminating the downward biases in volume series built on index numbers that average volume components using weights from a year in the moderately distant past.

^⁴For some countries, the structures of government consist of a broader coverage than specified for the general government. Coverage: BCG = Budgetary Central Government; CG = Central Government; LG = Local Government; MPC = Monetary Public Corporation, including Central Bank; NFPC = Nonfinancial Public Corporations; NMPC = Nonmonetary Financial Public Corporations; SG = State Government; SS = Social Security Funds; TG = Territorial Governments.

^⁵Accounting Standard: A = Accrual; C = Cash.

^⁶Nominal GDP is not measured in the same way as real GDP.

Classification of Countries

Summary of the Country Classification

The country classification in the WEO divides the world into two major groups: advanced economies and emerging market and developing economies.⁴ This classification is not based on strict criteria, economic or otherwise, and it has evolved over time. The objective is to facilitate analysis by providing a reasonably meaningful method of organizing data. Table A provides an overview of the country classification, showing the number of countries in each group by region and summarizing some key indicators of their relative size (GDP valued by purchasing power parity, total exports of goods and services, and population).

Some countries remain outside the country classification and therefore are not included in the analysis. Anguilla, Cuba, the Democratic People’s Republic of Korea, and Montserrat are examples of countries that are not IMF members, and their economies therefore are not monitored by the IMF. Somalia is omitted from the emerging market and developing economies group composites because of data limitations.

General Features and Composition of Groups in the World Economic Outlook Classification

Advanced Economies

The 37 advanced economies are listed in Table B. The seven largest in terms of GDP based on market exchange rates—the United States, Japan, Germany, France, Italy, the United Kingdom, and Canada—constitute the subgroup of major advanced economies often referred to as the Group of Seven (G7). The members of the euro area are also distinguished as a subgroup. Composite data shown in the tables for the euro area cover the current members for all years, even though the membership has increased over time.

Table C lists the member countries of the European Union, not all of which are classified as advanced economies in the WEO.

Emerging Market and Developing Economies

The group of emerging market and developing economies (152) includes all those that are not classified as advanced economies.

The regional breakdowns of emerging market and developing economies are Commonwealth of Independent States (CIS), emerging and developing Asia, emerging and developing Europe (sometimes also referred to as “central and eastern Europe”), Latin America and the Caribbean (LAC), Middle East, North Africa, Afghanistan, and Pakistan (MENAP), and sub-Saharan Africa (SSA).

Emerging market and developing economies are also classified according to analytical criteria. The analytical criteria reflect the composition of export earnings and a distinction between net creditor and net debtor economies. The detailed composition of emerging market and developing economies in the regional and analytical groups is shown in Tables D and E.

The analytical criterion source of export earnings distinguishes between categories fuel (Standard International Trade Classification [SITC] 3) and nonfuel and then focuses on nonfuel primary products (SITCs 0, 1, 2, 4, and 68). Economies are categorized into one of these groups when their main source of export earnings exceeded 50 percent of total exports on average between 2009 and 2013.

The financial criteria focus on net creditor economies, net debtor economies, heavily indebted poor countries (HIPCs), and low-income developing countries (LIDCs). Economies are categorized as net debtors when their latest net international investment position, where available, was less than zero or their current account balance accumulations from 1972 (or earliest available data) to 2013 were negative. Net debtor economies are further differentiated on the basis of experience with debt servicing.⁵

The HIPC group comprises the countries that are or have been considered by the IMF and the World Bank for participation in their debt initiative known as the HIPC Initiative, which aims to reduce the external debt burdens of all the eligible HIPCs to a “sustainable” level in a reasonably short period of time.⁶ Many of these countries have already benefited from debt relief and have graduated from the initiative.

The LIDCs are countries that were designated as eligible to use the IMF’s concessional financing resources under the Poverty Reduction and Growth Trust (PRGT) in the 2013 PRGT eligibility review and had a level of per capita gross national income less than the PRGT income graduation threshold for non—small states (that is, twice the World Bank International Development Association operational threshold, or US$2,390 in 2011 as measured by the World Bank’s Atlas method) and Zimbabwe.

Box A1.

Economic Policy Assumptions Underlying the Projections for Selected Economies

Fiscal Policy Assumptions

The short-term fiscal policy assumptions used in the World Economic Outlook (WEO) are based on officially announced budgets, adjusted for differences between the national authorities and the IMF staff regarding macroeconomic assumptions and projected fiscal outturns. The medium-term fiscal projections incorporate policy measures that are judged likely to be implemented. For cases in which the IMF staff has insufficient information to assess the authorities’ budget intentions and prospects for policy implementation, an unchanged structural primary balance is assumed unless indicated otherwise. Specific assumptions used in regard to some of the advanced economies follow. (See also Tables B5 to B9 in the online section of the Statistical Appendix for data on fiscal net lending/ borrowing and structural balances.)¹

Argentina: The fiscal forecast is based on the projections for GDP growth, exports, and imports and the nominal exchange rate.

Australia: Fiscal projections are based on Australian Bureau of Statistics data, the 2014–15 budget documents, and the 2014–15 Mid-year Economic and Fiscal Outlook.

Austria: Projections take into account only the tax-related measures for the financing of the recent income tax reform (although the yield from the anti—tax fraud measures is highly uncertain). For 2014, the creation of a defeasance structure for Hypo Alpe Adria is assumed to increase the general-government-debt-to-GDP ratio by 5½ percentage points and the deficit by 1.8 percentage points.

Belgium: Projections reflect the authorities’ 2015 budget, adjusted for differences in the IMF staff’s macroeconomic framework and assumptions about fiscal developments in the federal, regional, and local governments.

Brazil: For 2014, outturn estimates are based on the information available as of February 2015. Projections for 2015 take into account the 2015 budget approved by Congress in March 2015 and recent announcements made by the authorities; any measures still to be identified as of the end of March 2015 to meet the annual fiscal target are assumed to be on the expenditure side. In outer years, projections are consistent with the announced surplus objective.

Canada: Projections use the baseline forecasts in the Economic Action Plan 2014 (the fiscal year 2014/15 budget) and 2014 provincial budgets as available. The IMF staff makes adjustments to this forecast for differences in macroeconomic projections. The IMF staff forecast also incorporates the most recent data releases from Statistics Canada’s Canadian System of National Economic Accounts, including federal, provincial, and territorial budgetary outturns through the end of the fourth quarter of 2014.

Chile: Projections are based on the authorities’ budget projections, adjusted to reflect the IMF staff’s projections for GDP and copper prices. Projections also include the official yield estimate of the tax reform submitted to Congress in April 2014.

China: The pace of fiscal consolidation is likely to be more gradual, reflecting reforms to strengthen social safety nets and the social security system announced as part of the Third Plenum reform agenda.

Denmark: Projections for 2014–15 are aligned with the latest official budget estimates and the underlying economic projections, adjusted where appropriate for the IMF staff’s macroeconomic assumptions. For 2016–20, the projections incorporate key features of the medium-term fiscal plan as embodied in the authorities’ 2014 Convergence Programme submitted to the European Union (EU).

France: Projections for 2015 reflect the budget law. For 2016–17, they are based on the multiyear budget, adjusted for differences in assumptions on macro and financial variables, and revenue projections. Historical fiscal data reflect the September 2014 revision by the statistical institute of the fiscal accounts and its May 2014 revision of the national accounts.

Germany: The IMF staff’s projections for 2015 and beyond reflect the authorities’ adopted core federal government budget plan, adjusted for the differences in the IMF staff’s macroeconomic framework and assumptions about fiscal developments in state and local governments, the social insurance system, and special funds. The estimate of gross debt includes portfolios of impaired assets and noncore business transferred to institutions that are winding up, as well as other financial sector and EU support operations.

Greece: Fiscal projections for 2014 and the medium term are consistent with the policies needed to achieve the fiscal targets underlying the program supported by the Extended Fund Facility, as agreed under the fifth review of the program.

Hong Kong SAR: Projections are based on the authorities’ medium-term fiscal projections on expenditures.

Hungary: Fiscal projections include IMF staff projections of the macroeconomic framework and of the impact of recent legislative measures, as well as fiscal policy plans announced in the 2014 budget.

India: Historical data are based on budgetary execution data. Projections are based on available information on the authorities’ fiscal plans, with adjustments for IMF staff assumptions. Subnational data are incorporated with a lag of up to two years; general government data are thus finalized well after central government data. IMF and Indian presentations differ, particularly regarding divestment and license auction proceeds, net versus gross recording of revenues in certain minor categories, and some public sector lending.

Indonesia: IMF projections are based on moderate tax policy and administration reforms, fuel subsidy pricing reforms introduced in January 2015, and a gradual increase in social and capital spending over the medium term in line with fiscal space.

Ireland: Fiscal projections are based on the 2015 budget, adjusted for differences between the IMF staff’s macroeconomic projections and those of the Irish authorities.

Italy: Fiscal projections incorporate the government’s announced fiscal policy, as outlined in the 2015 Stability Law, adjusted for different growth outlooks and estimated impact of measures. Sovereign yields have fallen significantly since the 2015 Stability Law was passed, and the IMF staff has assumed that the savings from a lower interest bill will be used to pay down debt. Estimates of the cyclically adjusted balance include the expenditures to clear capital arrears in 2013, which are excluded from the structural balance. After 2014, the IMF staff projects convergence to a structural balance in line with Italy’s fiscal rule, which implies corrective measures in some years, as yet unidentified.

Japan: The projections include fiscal measures already announced by the government, including consumption tax increases, earthquake reconstruction spending, and the stimulus package.

Korea: The medium-term forecast incorporates the government’s announced medium-term consolidation path.

Mexico: Fiscal projections for 2014 are broadly in line with the approved budget; projections for 2014 onward assume compliance with rules established in the fiscal responsibility law.

Netherlands: Fiscal projections for the period 2015–20 are based on the authorities’ Bureau for Economic Policy Analysis budget projections, after differences in macroeconomic assumptions are adjusted for. Historical data were revised following the June 2014 Central Bureau of Statistics release of revised macro data because of the adoption of the European System of National and Regional Accounts (ESA 2010) and the revisions of data sources.

New Zealand: Fiscal projections are based on the authorities’ Half Year Economic and Fiscal Update 2014 and on IMF staff estimates.

Portugal: For 2014, the general government fiscal balance projection does not include one-off transactions arising from banking support and other operations related to government-owned enterprises, pending decisions on their statistical classification by the Instituto Nacional de Estatística (INE)/Eurostat. Projections for 2014–15 remain consistent with the authorities’ EU budgetary commitments, subject to additional measures to be approved in the forthcoming 2015 budget; projections thereafter are based on IMF staff estimates, under the assumption of unchanged policies.

Russia: Projections for 2015–20 are based on the oil-price-based fiscal rule introduced in December 2012, with adjustments by the IMF staff.

Saudi Arabia: The authorities base their budget on a conservative assumption for oil prices, with adjustments to expenditure allocations considered in the event that revenues differ from budgeted amounts. IMF staff projections of oil revenues are based on WEO baseline oil prices. On the expenditure side, wage bill estimates incorporate 13th-month pay awards every three years in accordance with the lunar calendar; projections assume that, to adjust to lower oil prices, capital spending falls as a percentage of GDP over the medium term as large-scale projects currently being implemented are completed.

Singapore: For fiscal years 2014/15 and 2015/16, projections are based on budget numbers. For the remainder of the projection period, the IMF staff assumes unchanged policies.

South Africa: Fiscal projections are based on the authorities’ 2015 Budget Review.

Spain: For 2015 and beyond, fiscal projections are based on the measures specified in the Stability Programme Update 2014–17, the 2015 budget plan issued in October 2014, and the 2015 budget approved in December 2014.

Sweden: Fiscal projections take into account the authorities’ projections based on the December 2014 forecasts. The impact of cyclical developments on the fiscal accounts is calculated using the Organisation for Economic Co-operation and Development’s 2005 elasticity to take into account output and employment gaps.

Switzerland: The projections assume that fiscal policy is adjusted as necessary to keep fiscal balances in line with the requirements of Switzerland’s fiscal rules.

Turkey: Fiscal projections assume that both current and capital spending will be in line with the authorities’ 2013–15 Medium Term Programme based on current trends and policies.

United Kingdom: Fiscal projections are based on the U.K. Treasury’s 2015 Budget, published in March 2015. However, on the revenue side, the authorities’ projections are adjusted for differences between IMF staff forecasts of macroeconomic variables (such as GDP growth) and the forecasts of these variables assumed in the authorities’ fiscal projections. On the expenditure side, given uncertainties pertaining to the May elections, a slightly slower pace of consolidation than that in the Budget is assumed for FY2016/17 and beyond, though fiscal projections are fully consistent with the fiscal mandates. In addition, IMF staff data exclude public sector banks and the effect of transferring assets from the Royal Mail Pension Plan to the public sector in April 2012. Real government consumption and investment are part of the real GDP path, which, according to the IMF staff, may or may not be the same as projected by the U.K. Office for Budget Responsibility.

United States: Fiscal projections are based on the January 2015 Congressional Budget Office baseline adjusted for the IMF staff’s policy and macroeconomic assumptions. The baseline incorporates the key provisions of the Bipartisan Budget Act of 2013, including a partial rollback of the sequester spending cuts in fiscal years 2014 and 2015. The rollback is fully offset by savings elsewhere in the budget. In fiscal years 2016 through 2021, the IMF staff assumes that the sequester cuts will continue to be partially replaced, in proportions similar to those agreed upon under the Bipartisan Budget Act for fiscal years 2014 and 2015, with back-loaded measures generating savings in mandatory programs and additional revenues. Over the medium term, the IMF staff assumes that war drawdown will continue and Congress will continue to make regular adjustments to Medicare payments (“doc fix”) and will extend certain traditional programs (such as the research and development tax credit). Fiscal projections are adjusted to reflect the IMF staff’s forecasts of key macroeconomic and financial variables and different accounting treatment of financial sector support and of defined-benefit pension plans and are converted to a general government basis. Historical data start at 2001 for most series because data compiled according to the 2001 Government Finance Statistics Manual (GFSM 2001) may not be available for earlier years.

Monetary Policy Assumptions

Monetary policy assumptions are based on the established policy framework in each country. In most cases, this implies a nonaccommodative stance over the business cycle: official interest rates will increase when economic indicators suggest that inflation will rise above its acceptable rate or range; they will decrease when indicators suggest that inflation will not exceed the acceptable rate or range, that output growth is below its potential rate, and that the margin of slack in the economy is significant. On this basis, the London interbank offered rate (LIBOR) on six-month U.S. dollar deposits is assumed to average 0.7 percent in 2015 and 1.9 percent in 2016 (see Table 1.1). The rate on three-month euro deposits is assumed to average 0.0 percent in 2015 and 2016. The interest rate on six-month Japanese yen deposits is assumed to average 0.1 percent in 2015 and 0.2 percent in 2016.

Australia: Monetary policy assumptions are in line with market expectations.

Brazil: Monetary policy assumptions are consistent with gradual convergence of inflation toward the middle of the target range over the relevant horizon.

Canada: Monetary policy assumptions are in line with market expectations.

China: Monetary policy will remain broadly unchanged from its current status, consistent with the authorities’ announcement of maintaining stable economic growth.

Denmark: The monetary policy is to maintain the peg to the euro.

Euro area: Monetary policy assumptions for euro area member countries are in line with market expectations.

Hong Kong SAR: The IMF staff assumes that the currency board system remains intact.

India: The policy (interest) rate assumption is consistent with an inflation rate within the Reserve Bank of India’s targeted band.

Indonesia: Monetary policy assumptions are in line with a reduction of inflation to within the central bank’s targeted band by the end of 2015.

Japan: The current monetary policy conditions are maintained for the projection period, and no further tightening or loosening is assumed.

Korea: Monetary policy assumptions are in line with market expectations.

Mexico: Monetary assumptions are consistent with attaining the inflation target.

Russia: Monetary projections assume increasing exchange rate flexibility as part of the transition to the new full-fledged inflation-targeting regime, as indicated in recent statements by the Central Bank of Russia. Specifically, policy rates are assumed to remain at the current levels, gradually reducing the number of interventions in the foreign exchange markets.

Saudi Arabia: Monetary policy projections are based on the continuation of the exchange rate peg to the U.S. dollar.

Singapore: Broad money is projected to grow in line with the projected growth in nominal GDP.

South Africa: Monetary projections are consistent with South Africa’s 3–6 percent inflation target range.

Sweden: Monetary projections are in line with Riks-bank projections.

Switzerland: Monetary policy variables reflect historical data from the national authorities and the market.

Turkey: Broad money and the long-term bond yield are based on IMF staff projections. The short-term deposit rate is projected to evolve with a constant spread against the interest rate of a similar U.S. instrument.

United Kingdom: Projections assume no change in monetary policy or the level of asset purchases in 2015.

United States: Given the outlook for sluggish growth and inflation, the IMF staff expects the federal funds target to remain near zero until mid-2015, consistent with the Federal Open Market Committee’s forward guidance and market expectations.

¹ The output gap is actual minus potential output, as a percentage of potential output. Structural balances are expressed as a percentage of potential output. The structural balance is the actual net lending/borrowing minus the effects of cyclical output from potential output, corrected for one-time and other factors, such as asset and commodity prices and output composition effects. Changes in the structural balance consequently include effects of temporary fiscal measures, the impact of fluctuations in interest rates and debt-service costs, and other noncyclical fluctuations in net lending/borrowing. The computations of structural balances are based on IMF staff estimates of potential GDP and revenue and expenditure elasticities. (See Annex I of the October 1993 WEO.) Net debt is calculated as gross debt minus financial assets corresponding to debt instruments. Estimates of the output gap and of the structural balance are subject to significant margins of uncertainty.

List of Tables

Table A1.

Summary of World Output¹

(Annual percent change)

					Average									Projections
					1997–2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2020
World					4.0	5.7	3.1	0.0	5.4	4.2	3.4	3.4	3.4	3.5	3.8	4.0
	Advanced Economies				2.8	2.8	0.2	−3.4	3.1	1.7	1.2	1.4	1.8	2.4	2.4	1.9
	United States				3.3	1.8	−0.3	−2.8	2.5	1.6	2.3	2.2	2.4	3.1	3.1	2.0
	Euro Area²				2.3	3.0	0.5	−4.5	2.0	1.6	−0.8	−0.5	0.9	1.5	1.6	1.5
	Japan				0.9	2.2	−1.0	−5.5	4.7	−0.5	1.8	1.6	−0.1	1.0	1.2	0.7
	Other Advanced Economies³				3.7	4.1	1.2	−2.1	4.6	2.9	1.7	2.1	2.7	2.7	2.8	2.8
	Emerging Market and Developing Economies				5.5	8.7	5.8	3.1	7.4	6.2	5.2	5.0	4.6	4.3	4.7	5.3
		Regional Groups
		Commonwealth of Independent States⁴			5.5	9.0	5.3	−6.3	4.6	4.8	3.4	2.2	1.0	−2.6	0.3	2.4
		Emerging and Developing Asia			7.0	11.2	7.3	7.5	9.6	7.7	6.8	7.0	6.8	6.6	6.4	6.6
		Emerging and Developing Europe			4.1	5.5	3.1	−3.0	4.8	5.4	1.3	2.9	2.8	2.9	3.2	3.4
		Latin America and the Caribbean			3.1	5.7	3.9	−1.3	6.1	4.9	3.1	2.9	1.3	0.9	2.0	3.0
		Middle East, North Africa, Afghanistan, and Pakistan			5.1	6.3	5.2	2.2	4.8	4.4	4.8	2.4	2.6	2.9	3.8	4.1
			Middle East and North Africa		5.2	6.4	5.2	2.3	5.1	4.5	4.9	2.3	2.4	2.7	3.7	4.0
		Sub-Saharan Africa			4.9	7.6	6.0	4.0	6.7	5.0	4.2	5.2	5.0	4.5	5.1	5.4
	Memorandum
	European Union				2.6	3.3	0.7	−4.3	2.0	1.8	−0.4	0.1	1.4	1.8	1.9	1.9
		Analytical Groups
			By Source of Export Earnings
			Fuel		5.2	7.7	5.4	−0.9	5.0	5.0	4.7	2.6	2.3	0.7	2.3	3.3
			Nonfuel		5.5	9.0	6.0	4.2	8.1	6.6	5.3	5.6	5.2	5.2	5.3	5.7
				Of Which, Primary Products	3.8	6.7	3.8	1.0	6.6	5.7	3.1	4.1	2.4	2.4	2.8	3.3
			By External Financing Source
			Net Debtor Economies		4.3	6.7	4.3	1.9	6.7	5.1	4.1	4.5	4.1	4.3	4.8	5.4
			Net Debtor Economies by
				Debt-Servicing Experience
			Economies with Arrears and/or
				Rescheduling during 2009–13	5.4	6.4	6.2	3.8	4.5	2.3	2.8	3.4	3.2	4.0	4.6	5.1
Memorandum
Median Growth Rate
Advanced Economies					3.5	4.2	1.0	−3.8	2.3	2.1	0.9	1.4	2.1	2.5	2.3	2.2
Emerging Market and Developing Economies					4.4	6.1	5.0	1.7	4.5	4.5	4.0	3.9	3.5	3.5	3.9	4.0
Output per Capita
Advanced Economies					2.1	2.0	−0.6	−4.0	2.5	1.2	0.7	0.8	1.3	1.9	1.9	1.5
Emerging Market and Developing Economies					4.1	7.2	4.3	1.9	6.2	5.1	3.9	3.8	3.5	3.1	3.6	4.2
World Growth Rate Based on Market Exchange					3.1	3.9	1.5	−2.0	4.1	3.0	2.4	2.5	2.6	2.9	3.2	3.2
Value of World Output (billions of U.S. dollars)
At Market Exchange Rates					37,521	57,456	62,999	59,711	65,206	72,188	73,475	75,471	77,302	74,551	78,302	98,116
At Purchasing Power Parities					54,309	78,486	82,370	82,739	88,156	93,576	98,191	102,966	107,921	112,552	118,471	149,436

^¹Real GDP.

^²Excludes Lithuania.

^³Excludes the United States, euro area countries, and Japan but includes Lithuania.

^⁴Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.

Table A2.

Advanced Economies: Real GDP and Total Domestic Demand¹

(Annual percent change)

															Fourth Quarter²
			Average									Projections				Projections
			1997–2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2020	2014:Q4	2015:Q4	2016:Q4
Real GDP
	Advanced Economies		2.8	2.8	0.2	−3.4	3.1	1.7	1.2	1.4	1.8	2.4	2.4	1.9	1.7	2.5	2.3
	United States		3.3	1.8	−0.3	−2.8	2.5	1.6	2.3	2.2	2.4	3.1	3.1	2.0	2.4	3.1	2.8
	Euro Area³		2.3	3.0	0.5	−4.5	2.0	1.6	−0.8	−0.5	0.9	1.5	1.6	1.5	0.9	1.7	1.6
		Germany	1.5	3.4	0.8	−5.6	3.9	3.7	0.6	0.2	1.6	1.6	1.7	1.3	1.5	1.7	1.7
		France	2.4	2.4	0.2	−2.9	2.0	2.1	0.3	0.3	0.4	1.2	1.5	1.9	0.2	1.6	1.3
		Italy	1.5	1.5	−1.0	−5.5	1.7	0.6	−2.8	−1.7	−0.4	0.5	1.1	1.0	−0.5	1.0	1.1
		Spain	3.9	3.8	1.1	−3.6	0.0	−0.6	−2.1	−1.2	1.4	2.5	2.0	1.7	2.0	2.4	1.8
		Netherlands	2.7	4.2	2.1	−3.3	1.1	1.7	−1.6	−0.7	0.9	1.6	1.6	1.8	1.4	1.1	1.7
		Belgium	2.4	3.0	1.0	−2.6	2.5	1.6	0.1	0.3	1.0	1.3	1.5	1.6	1.0	1.6	1.6
		Austria	2.5	3.6	1.5	−3.8	1.9	3.1	0.9	0.2	0.3	0.9	1.6	1.1	−0.2	1.6	1.5
		Greece	4.1	3.5	−0.4	−4.4	−5.4	−8.9	−6.6	−3.9	0.8	2.5	3.7	2.6	1.3	4.0	3.5
		Portugal	2.3	2.5	0.2	−3.0	1.9	−1.8	−4.0	−1.6	0.9	1.6	1.5	1.2	0.7	1.4	1.6
		Ireland	6.9	4.9	−2.6	−6.4	−0.3	2.8	−0.3	0.2	4.8	3.9	3.3	2.5	4.1	2.1	1.6
		Finland	3.8	5.2	0.7	−8.3	3.0	2.6	−1.4	−1.3	−0.1	0.8	1.4	1.8	−0.2	1.6	1.3
		Slovak Republic	4.3	10.7	5.4	−5.3	4.8	2.7	1.6	1.4	2.4	2.9	3.3	3.0	2.4	3.3	3.3
		Lithuania	6.4	11.1	2.6	−14.8	1.6	6.1	3.8	3.3	2.9	2.8	3.2	3.7	2.1	3.7	6.1
		Slovenia	4.1	6.9	3.3	−7.8	1.2	0.6	−2.6	−1.0	2.6	2.1	1.9	1.8	2.0	1.3	6.5
		Luxembourg	4.9	6.5	0.5	−5.3	5.1	2.6	−0.2	2.0	2.9	2.5	2.3	2.2	3.9	2.0	2.4
		Latvia	7.6	9.8	−3.2	−14.2	−2.9	5.0	4.8	4.2	2.4	2.3	3.3	4.0	2.1	2.7	3.3
		Estonia	7.4	7.9	−5.3	−14.7	2.5	8.3	4.7	1.6	2.1	2.5	3.4	3.4	3.0	5.1	3.4
		Cyprus⁴	3.9	4.9	3.6	−2.0	1.4	0.3	−2.4	−5.4	−2.3	0.2	1.4	1.8	−2.0	…	…
		Malta	…	4.0	3.3	−2.5	3.5	2.3	2.5	2.7	3.5	3.2	2.7	2.5	4.1	4.4	2.9
	Japan		0.9	2.2	−1.0	−5.5	4.7	−0.5	1.8	1.6	−0.1	1.0	1.2	0.7	−0.7	2.4	0.5
	United Kingdom		3.1	2.6	−0.3	−4.3	1.9	1.6	0.7	1.7	2.6	2.7	2.3	2.1	2.7	2.7	2.2
	Korea		4.9	5.5	2.8	0.7	6.5	3.7	2.3	3.0	3.3	3.3	3.5	3.7	2.8	3.9	3.0
	Canada		3.4	2.0	1.2	−2.7	3.4	3.0	1.9	2.0	2.5	2.2	2.0	1.9	2.6	1.8	2.0
	Australia		3.6	4.5	2.7	1.6	2.3	2.7	3.6	2.1	2.7	2.8	3.2	2.8	2.5	3.6	2.7
	Taiwan Province of China		4.9	6.5	0.7	−1.6	10.6	3.8	2.1	2.2	3.7	3.8	4.1	4.2	3.5	3.4	4.6
	Switzerland		2.2	4.1	2.2	−2.1	2.9	1.9	1.1	1.9	2.0	0.8	1.2	1.9	2.0	0.1	1.7
	Sweden		3.4	3.4	−0.6	−5.2	6.0	2.7	−0.3	1.3	2.1	2.7	2.8	2.3	2.6	2.2	3.1
	Singapore		5.4	9.1	1.8	−0.6	15.2	6.2	3.4	4.4	2.9	3.0	3.0	3.2	2.2	3.2	2.7
	Hong Kong SAR		3.7	6.5	2.1	−2.5	6.8	4.8	1.7	2.9	2.3	2.8	3.1	3.5	2.2	3.0	3.2
	Norway		2.6	2.9	0.4	−1.6	0.6	1.0	2.7	0.7	2.2	1.0	1.5	2.0	3.0	−0.3	2.7
	Czech Republic		3.1	5.5	2.7	−4.8	2.3	2.0	−0.8	−0.7	2.0	2.5	2.7	2.2	1.5	3.1	2.4
	Israel		3.7	6.3	3.5	1.9	5.8	4.2	3.0	3.2	2.8	3.5	3.3	2.9	2.9	3.1	3.7
	Denmark		2.3	0.8	−0.7	−5.1	1.6	1.2	−0.7	−0.5	1.0	1.6	2.0	2.2	1.3	1.5	2.3
	New Zealand		3.4	3.4	−0.5	−1.4	1.6	1.8	2.4	2.2	3.2	2.9	2.7	2.3	3.5	2.3	3.2
	Iceland		4.5	9.7	1.1	−5.1	−3.1	2.1	1.1	3.5	1.8	3.5	3.2	2.6	5.4	2.8	3.3
	San Marino		…	7.1	1.7	−12.8	−4.6	−9.5	−7.5	−4.5	−1.0	1.0	1.1	1.3	…	…	…
	Memorandum
	Major Advanced Economies		2.5	2.1	−0.2	−3.8	2.9	1.6	1.4	1.5	1.7	2.3	2.3	1.7	1.6	2.5	2.1
Real Total Domestic Demand
	Advanced Economies		2.9	2.3	−0.3	−3.7	3.0	1.4	0.8	1.0	1.8	2.3	2.4	2.0	1.6	2.6	2.2
	United States		3.7	1.1	−1.3	−3.8	2.9	1.6	2.2	1.9	2.5	3.4	3.4	2.2	2.9	3.4	3.2
	Euro Area³		2.3	2.8	0.4	−3.9	1.5	0.7	−2.3	−0.9	0.8	1.2	1.5	1.5	0.7	1.4	1.5
		Germany	0.9	1.8	0.9	−3.2	2.9	3.1	−0.8	0.8	1.3	1.5	1.7	1.4	1.0	2.0	1.6
		France	2.5	3.1	0.5	−2.5	2.1	2.0	−0.3	0.2	0.7	0.8	1.4	1.8	0.5	1.0	1.6
		Italy	2.2	1.3	−1.2	−4.1	2.0	−0.6	−5.5	−2.5	−0.7	−0.2	0.7	1.0	−1.1	0.5	0.9
		Spain	4.8	4.1	−0.4	−6.0	−0.5	−2.7	−4.2	−2.7	2.3	3.1	1.7	1.4	2.8	2.8	1.6
	Japan		0.5	1.1	−1.3	−4.0	2.9	0.4	2.6	1.9	0.1	0.1	0.7	0.5	−1.6	2.2	−0.6
	United Kingdom		3.4	2.5	−1.3	−4.4	2.5	0.3	1.4	1.8	2.9	2.7	2.4	2.2	2.1	3.0	2.1
	Canada		3.6	3.4	2.8	−2.7	5.2	3.3	2.2	1.8	1.4	1.2	1.9	1.7	1.4	0.9	2.3
	Other Advanced Economies⁵		3.3	5.0	1.7	−2.8	6.2	3.1	1.8	1.2	2.2	3.2	3.0	3.3	1.7	2.9	3.1
	Memorandum
	Major Advanced Economies		2.7	1.6	−0.7	−3.7	2.9	1.5	1.2	1.4	1.7	2.2	2.4	1.8	1.5	2.6	2.1

^¹In this and other tables, when countries are not listed alphabetically, they are ordered on the basis of economic size.

^²From the fourth quarter of the preceding year.

^³Excludes Lithuania.

^⁴Owing to the unusual macroeconomic uncertainty, quarterly real GDP projections are not available.

^⁵Excludes the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries but includes Lithuania.

Table A3.

Advanced Economies: Components of Real GDP

(Annual percent change)

			Averages										Projections
			1997–2006	2007-16	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016
Private Consumer Expenditure
	Advanced Economies		2.9	1.4	2.4	0.1	−1.1	1.9	1.4	1.0	1.4	1.7	2.5	2.6
	United States		3.8	1.8	2.2	−0.3	−1.6	1.9	2.3	1.8	2.4	2.5	3.5	3.2
	Euro Area¹		2.1	0.4	1.8	0.3	−1.0	0.8	0.2	−1.3	−0.7	1.0	1.7	1.5
		Germany	1.0	1.0	0.0	0.4	0.2	0.5	2.3	0.6	0.9	1.2	2.0	1.5
		France	2.5	0.9	2.5	0.4	0.2	1.8	0.5	−0.4	0.2	0.6	1.0	1.7
		Italy	1.7	−0.5	1.2	−1.0	−1.6	1.3	0.0	−3.9	−2.9	0.3	1.2	1.1
		Spain	3.9	0.0	3.3	−0.7	−3.6	0.3	−2.0	−2.9	−2.3	2.4	3.9	2.5
	Japan		0.9	0.8	0.9	−0.9	−0.7	2.8	0.3	2.3	2.1	−1.2	0.6	2.0
	United Kingdom		4.0	1.0	2.6	−0.5	−3.1	0.4	0.1	1.1	1.7	2.0	3.2	2.9
	Canada		3.5	2.5	4.2	2.9	0.3	3.4	2.3	1.9	2.5	2.7	2.3	2.2
	Other Advanced Economies²		3.5	2.4	4.6	1.2	−0.1	3.6	2.9	2.2	2.2	2.3	2.7	3.0
	Memorandum
	Major Advanced Economies		2.8	1.3	1.9	−0.2	−1.2	1.8	1.5	1.2	1.7	1.6	2.5	2.6
Public Consumption
	Advanced Economies		2.7	1.0	1.9	2.4	3.0	1.0	−0.6	0.4	0.1	0.8	0.8	0.4
	United States		2.1	0.4	1.4	2.5	3.7	0.1	−2.7	−0.6	−1.3	0.4	0.0	0.5
	Euro Area¹		1.8	1.0	2.1	2.5	2.4	0.8	−0.2	−0.1	0.3	0.7	0.7	0.5
		Germany	0.8	1.5	1.5	3.4	3.0	1.3	0.7	1.2	0.7	1.1	1.0	1.0
		France	1.3	1.5	1.8	1.1	2.4	1.3	1.0	1.7	2.0	1.9	1.3	0.4
		Italy	2.8	−0.2	0.4	1.0	0.4	0.6	−1.8	−1.2	−0.3	−0.9	0.1	0.1
		Spain	4.5	1.0	6.2	5.9	4.1	1.5	−0.3	−3.7	−2.9	0.1	0.3	−1.1
	Japan		2.1	0.9	1.1	−0.1	2.3	1.9	1.2	1.7	1.9	0.3	0.4	−1.6
	United Kingdom		2.8	0.8	1.2	2.0	1.2	0.0	0.0	2.3	−0.3	1.5	0.8	−0.7
	Canada		2.1	1.8	2.8	4.6	3.3	2.7	0.8	1.2	0.4	0.3	1.0	1.2
	Other Advanced Economies²		2.9	2.5	3.1	3.0	3.3	2.8	1.6	2.0	2.0	2.4	3.0	1.8
	Memorandum
	Major Advanced Economies		2.0	0.7	1.4	2.1	2.9	0.7	−1.1	0.3	−0.2	0.6	0.4	0.2
Gross Fixed Capital Formation
	Advanced Economies		3.3	0.5	2.4	−2.6	−11.1	1.9	2.9	1.8	1.1	2.7	3.3	3.9
	United States		4.6	0.8	−1.2	−4.8	−13.1	1.1	3.7	5.3	2.7	3.9	5.8	6.2
	Euro Area¹		3.1	−0.8	4.9	−0.6	−11.1	−0.4	1.6	−3.7	−2.5	1.0	1.5	2.4
		Germany	0.9	1.3	4.4	0.5	−9.8	4.6	7.5	0.0	−0.5	3.4	1.4	2.2
		France	3.5	0.0	5.5	0.8	−9.1	2.1	2.1	0.3	−1.0	−1.6	−0.2	2.0
		Italy	3.0	−3.3	1.6	−3.1	−9.9	−0.5	−1.9	−9.3	−5.8	−3.3	−0.3	0.4
		Spain	7.0	−3.1	4.4	−3.9	−16.9	−4.9	−6.3	−8.1	−3.8	3.4	4.5	3.1
	Japan		−1.1	−0.7	0.3	−4.1	−10.6	−0.2	1.4	3.4	3.2	2.5	−1.3	−0.5
	United Kingdom		2.3	1.1	5.3	−4.7	−14.4	5.9	2.3	0.7	3.4	6.8	3.2	4.3
	Canada		5.9	1.4	3.2	1.6	−12.0	11.3	4.8	4.8	0.4	0.4	−0.7	1.7
	Other Advanced Economies²		3.6	2.6	6.8	0.2	−5.1	6.4	4.0	2.5	2.2	1.7	3.8	3.8
	Memorandum
	Major Advanced Economies		3.0	0.4	1.0	−3.3	−11.9	2.1	3.2	2.8	1.6	2.8	3.1	3.9
Final Domestic Demand
	Advanced Economies		2.9	1.1	2.3	−0.1	−2.6	1.7	1.4	1.0	1.1	1.7	2.4	2.5
	United States		3.7	1.4	1.4	−0.9	−3.1	1.5	1.7	2.1	1.9	2.5	3.4	3.4
	Euro Area¹		2.2	0.3	2.6	0.5	−2.7	0.6	0.4	−1.6	−0.8	0.9	1.4	1.5
		Germany	1.0	1.1	1.2	1.0	−1.4	1.5	3.0	0.6	0.6	1.7	1.7	1.5
		France	2.4	0.8	3.0	0.7	−1.5	1.8	0.9	0.3	0.4	0.4	0.8	1.4
		Italy	2.2	−1.0	1.1	−1.1	−3.0	0.8	−0.7	−4.4	−2.9	−0.6	0.7	0.8
		Spain	4.8	−0.6	4.1	−0.5	−5.9	−0.7	−2.6	−4.2	−2.7	2.1	3.3	1.9
	Japan		0.6	0.5	0.8	−1.6	−2.3	2.0	0.7	2.4	2.3	−0.1	0.2	0.8
	United Kingdom		3.4	1.0	2.8	−0.7	−4.1	1.1	0.4	1.3	1.5	2.7	2.7	2.4
	Canada		3.8	2.1	3.7	2.9	−1.9	5.0	2.5	2.5	1.5	1.7	1.3	1.9
	Other Advanced Economies²		3.3	2.5	4.9	1.2	−0.7	4.3	2.9	2.1	2.1	2.1	3.2	3.0
	Memorandum
	Major Advanced Economies		2.7	1.0	1.6	−0.5	−2.7	1.7	1.4	1.4	1.4	1.7	2.3	2.4
Stock Building³
	Advanced Economies		0.0	0.0	0.0	−0.2	−1.2	1.3	0.1	−0.2	−0.1	0.1	0.0	0.0
	United States		0.0	0.0	−0.2	−0.5	−0.8	1.5	−0.1	0.2	0.1	0.1	0.0	0.0
	Euro Area¹		0.0	−0.1	0.2	−0.2	−1.2	0.9	0.3	−0.7	0.0	−0.1	−0.2	0.0
		Germany	0.0	−0.1	0.6	−0.1	−1.7	1.3	0.1	−1.4	0.1	−0.4	−0.2	0.1
		France	0.1	0.0	0.1	−0.2	−1.1	0.3	1.1	−0.6	−0.2	0.3	0.0	0.0
		Italy	0.0	−0.1	0.2	−0.1	−1.2	1.3	0.2	−1.1	0.4	−0.1	−0.9	0.0
		Spain	0.0	0.0	0.0	0.1	−0.2	0.2	0.0	−0.2	−0.1	0.2	−0.2	−0.2
	Japan		0.0	0.0	0.3	0.2	−1.5	0.9	−0.2	0.2	−0.4	0.1	0.0	0.0
	United Kingdom		0.0	0.1	−0.1	−0.5	−0.6	1.5	−0.2	0.1	0.3	0.2	0.1	0.0
	Canada		0.1	0.0	−0.1	0.0	−0.8	0.2	0.8	−0.2	0.4	−0.2	−0.1	0.0
	Other Advanced Economies²		0.0	0.0	0.1	0.4	−2.0	2.0	0.2	−0.3	−0.8	0.1	0.1	0.0
	Memorandum
	Major Advanced Economies		0.0	0.0	0.0	−0.3	−1.0	1.2	0.0	−0.2	0.0	0.0	−0.1	0.0
Foreign Balance³
	Advanced Economies		−0.1	0.2	0.4	0.5	0.3	0.1	0.3	0.4	0.3	0.1	0.0	0.0
	United States		−0.6	0.2	0.6	1.1	1.2	−0.5	0.0	0.0	0.2	−0.2	−0.4	−0.4
	Euro Area¹		0.1	0.4	0.3	0.1	−0.6	0.6	0.9	1.5	0.4	0.1	0.3	0.2
		Germany	0.5	0.2	1.6	−0.1	−2.6	1.1	0.7	1.4	−0.5	0.4	0.2	0.1
		France	−0.1	−0.1	−0.8	−0.3	−0.4	−0.1	0.0	0.7	0.1	−0.3	0.3	0.0
		Italy	−0.4	0.5	0.2	0.2	−1.3	−0.3	1.2	2.8	0.7	0.3	0.7	0.4
		Spain	−0.8	0.9	−0.6	1.6	2.8	0.5	2.1	2.2	1.4	−0.8	−0.6	0.4
	Japan		0.4	0.1	1.0	0.2	−2.0	2.0	−0.8	−0.7	−0.2	0.3	0.5	0.4
	United Kingdom		−0.5	0.0	−0.4	1.1	0.7	−0.9	1.4	−0.8	0.0	−0.5	−0.1	−0.1
	Canada		−0.3	−0.4	−1.5	−1.9	0.0	−2.0	−0.4	−0.4	0.2	1.2	0.9	0.1
	Other Advanced Economies²		0.6	0.5	0.7	0.3	1.6	−0.1	0.4	0.6	0.9	0.5	0.3	0.3
	Memorandum
	Major Advanced Economies		−0.2	0.1	0.5	0.5	0.0	0.0	0.1	0.2	0.1	0.0	0.0	−0.1

^¹Excludes Lithuania.

^²Excludes the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries but includes Lithuania.

^³Changes expressed as percent of GDP in the preceding period.

Table A4.

Emerging Market and Developing Economies: Real GDP

(Annual percent change)

	Average									Projections
	1997–2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2020
Commonwealth of Independent States^1,2	5.5	9.0	5.3	−6.3	4.6	4.8	3.4	2.2	1.0	−2.6	0.3	2.4
Russia	5.0	8.5	5.2	−7.8	4.5	4.3	3.4	1.3	0.6	−3.8	−1.1	1.5
Excluding Russia	6.6	10.4	5.6	−2.5	5.0	6.2	3.6	4.2	1.9	0.4	3.2	4.3
Armenia	9.4	13.7	6.9	−14.1	2.2	4.7	7.1	3.5	3.4	−1.0	0.0	3.5
Azerbaijan	12.5	25.0	10.8	9.3	5.0	0.1	2.2	5.8	2.8	0.6	2.5	3.3
Belarus	7.6	8.7	10.3	0.1	7.7	5.5	1.7	1.0	1.6	−2.3	−0.1	0.5
Georgia	6.4	12.6	2.6	−3.7	6.2	7.2	6.4	3.3	4.7	2.0	3.0	5.0
Kazakhstan	7.4	8.9	3.3	1.2	7.3	7.5	5.0	6.0	4.3	2.0	3.1	4.2
Kyrgyz Republic	4.3	8.5	7.6	2.9	−0.5	6.0	−0.9	10.5	3.6	1.7	3.4	5.3
Moldova	3.3	3.0	7.8	−6.0	7.1	6.8	−0.7	9.4	4.6	−1.0	3.0	4.0
Tajikistan	7.2	7.8	7.9	3.9	6.5	7.4	7.5	7.4	6.7	3.0	4.1	5.0
Turkmenistan	11.9	11.1	14.7	6.1	9.2	14.7	11.1	10.2	10.3	9.0	9.2	6.9
Ukraine³	4.6	8.2	2.2	−15.1	0.3	5.5	0.2	0.0	−6.8	−5.5	2.0	4.0
Uzbekistan	5.2	9.5	9.0	8.1	8.5	8.3	8.2	8.0	8.1	6.2	6.5	6.5
Emerging and Developing Asia	7.0	11.2	7.3	7.5	9.6	7.7	6.8	7.0	6.8	6.6	6.4	6.6
Bangladesh	5.6	6.5	5.5	5.3	6.0	6.5	6.3	6.1	6.1	6.3	6.8	6.7
Bhutan	7.0	12.6	10.8	5.7	9.3	10.1	6.5	5.0	6.4	7.6	8.2	6.9
Brunei Darussalam	1.9	0.2	−1.9	−1.8	2.6	3.4	0.9	−1.8	−0.7	−0.5	2.8	5.0
Cambodia	8.9	10.2	6.7	0.1	6.0	7.1	7.3	7.4	7.0	7.2	7.2	7.3
China	9.4	14.2	9.6	9.2	10.4	9.3	7.8	7.8	7.4	6.8	6.3	6.3
Fiji	2.2	−0.9	1.0	−1.4	3.0	2.7	1.8	4.6	4.1	3.3	3.0	3.0
India	6.6	9.8	3.9	8.5	10.3	6.6	5.1	6.9	7.2	7.5	7.5	7.8
Indonesia	2.5	6.3	7.4	4.7	6.4	6.2	6.0	5.6	5.0	5.2	5.5	6.0
Kiribati	1.9	2.2	−0.8	0.3	−0.9	−0.2	3.4	2.4	3.8	2.9	1.5	2.0
Lao P.D.R.	6.2	7.8	7.8	7.5	8.1	8.0	7.9	8.0	7.4	7.3	7.8	7.3
Malaysia	4.3	6.3	4.8	−1.5	7.4	5.2	5.6	4.7	6.0	4.8	4.9	5.0
Maldives	7.7	10.6	12.2	−3.6	7.1	6.5	1.3	4.7	5.0	5.0	3.9	5.0
Marshall Islands	…	3.8	−2.0	−1.7	6.1	0.0	4.7	3.0	0.5	1.7	2.2	1.6
Micronesia	0.5	−2.2	−2.5	1.0	3.2	1.8	0.1	−4.0	0.1	0.3	1.0	1.1
Mongolia	5.4	8.8	8.1	−2.3	20.9	17.3	12.3	11.6	7.8	4.4	4.2	9.2
Myanmar	…	12.0	3.6	5.1	5.3	5.9	7.3	8.3	7.7	8.3	8.5	7.5
Nepal	4.0	3.4	6.1	4.5	4.8	3.4	4.8	3.9	5.5	5.0	5.0	4.5
Palau	…	1.7	−5.5	−10.7	3.2	5.2	5.5	−0.2	8.0	2.2	2.7	2.0
Papua New Guinea	1.0	7.2	6.6	6.1	7.7	10.7	8.1	5.5	5.8	19.3	3.3	3.5
Philippines	4.0	6.6	4.2	1.1	7.6	3.7	6.8	7.2	6.1	6.7	6.3	6.0
Samoa	3.6	1.1	2.9	−6.4	−2.3	6.2	1.2	−1.1	1.9	2.8	1.4	2.0
Solomon Islands	0.3	6.4	7.1	−4.7	6.9	12.9	4.7	3.0	1.5	3.3	3.0	3.4
Sri Lanka	4.5	6.8	6.0	3.5	8.0	8.2	6.3	7.3	7.4	6.5	6.5	6.5
Thailand	2.7	5.0	2.5	−2.3	7.8	0.1	6.5	2.9	0.7	3.7	4.0	3.8
Timor-Leste⁴	…	11.4	14.2	13.0	9.4	14.7	7.8	5.4	6.6	6.8	6.9	7.0
Tonga	1.0	−1.1	1.8	2.6	3.1	1.3	−1.1	−0.3	2.3	2.7	2.4	0.7
Tuvalu	…	6.4	8.0	−4.4	−2.7	8.5	0.2	1.3	2.2	2.5	2.5	1.7
Vanuatu	2.5	5.2	6.5	3.3	1.6	1.2	1.8	2.0	2.9	−4.0	5.0	2.5
Vietnam	6.9	7.1	5.7	5.4	6.4	6.2	5.2	5.4	6.0	6.0	5.8	6.0
Emerging and Developing Europe	4.1	5.5	3.1	−3.0	4.8	5.4	1.3	2.9	2.8	2.9	3.2	3.4
Albania	5.1	5.9	7.5	3.4	3.7	2.5	1.6	1.4	2.1	3.0	4.0	4.5
Bosnia and Herzegovina	…	6.0	5.6	−2.7	0.8	1.0	−1.2	2.5	0.8	2.3	3.1	4.0
Bulgaria	3.8	6.9	5.8	−5.0	0.7	2.0	0.5	1.1	1.7	1.2	1.5	2.5
Croatia	3.8	5.2	2.1	−7.4	−1.7	−0.3	−2.2	−0.9	−0.4	0.5	1.0	2.0
Hungary	4.0	0.5	0.9	−6.6	0.8	1.8	−1.5	1.5	3.6	2.7	2.3	2.1
Kosovo	…	8.3	4.5	3.6	3.3	4.4	2.8	3.4	2.7	3.3	3.5	3.5
FYR Macedonia	2.7	6.5	5.5	−0.4	3.4	2.3	−0.5	2.7	3.8	3.8	3.9	4.0
Montenegro	…	10.7	6.9	−5.7	2.5	3.2	−2.5	3.3	1.1	4.7	3.5	3.3
Poland	4.2	7.2	3.9	2.6	3.7	4.8	1.8	1.7	3.3	3.5	3.5	3.6
Romania	2.7	6.9	8.5	−7.1	−0.8	1.1	0.6	3.4	2.9	2.7	2.9	3.5
Serbia	…	5.9	5.4	−3.1	0.6	1.4	−1.0	2.6	−1.8	−0.5	1.5	4.0
Turkey	4.3	4.7	0.7	−4.8	9.2	8.8	2.1	4.1	2.9	3.1	3.6	3.5

Latin America and the Caribbean	3.1	5.7	3.9	−1.3	6.1	4.9	3.1	2.9	1.3	0.9	2.0	3.0
Antigua and Barbuda	4.5	7.1	1.5	−10.7	−8.5	−1.9	3.6	1.8	2.4	1.9	2.3	2.7
Argentina⁵	2.6	8.0	3.1	0.1	9.5	8.4	0.8	2.9	0.5	−0.3	0.1	0.5
The Bahamas	3.8	1.4	−2.3	−4.2	1.5	1.1	1.0	0.7	1.3	2.3	2.8	1.5
Barbados	2.2	1.7	0.3	−4.1	0.3	0.8	0.0	0.0	−0.3	0.8	1.4	2.0
Belize	6.0	1.2	3.8	0.3	3.1	2.1	3.3	1.5	3.4	2.0	3.0	2.5
Bolivia	3.3	4.6	6.1	3.4	4.1	5.2	5.2	6.8	5.4	4.3	4.3	4.0
Brazil	2.7	6.0	5.0	−0.2	7.6	3.9	1.8	2.7	0.1	−1.0	1.0	2.5
Chile	4.1	5.2	3.2	−1.0	5.7	5.8	5.5	4.3	1.8	2.7	3.3	3.9
Colombia	2.7	6.9	3.5	1.7	4.0	6.6	4.0	4.9	4.6	3.4	3.7	4.3
Costa Rica	5.3	7.9	2.7	−1.0	5.0	4.5	5.2	3.4	3.5	3.8	4.4	4.3
Dominica	2.5	6.1	7.4	−1.1	1.1	−0.1	−1.4	−0.9	1.1	2.4	2.9	1.9
Dominican Republic	5.5	8.5	3.1	0.9	8.3	2.8	2.6	4.8	7.3	5.1	4.5	4.0
Ecuador	3.2	2.2	6.4	0.6	3.5	7.9	5.2	4.6	3.6	1.9	3.6	4.0
El Salvador	2.9	3.8	1.3	−3.1	1.4	2.2	1.9	1.7	2.0	2.5	2.5	2.0
Grenada	5.0	6.1	0.9	−6.6	−0.5	0.8	−1.2	2.4	1.5	1.5	2.0	2.5
Guatemala	3.5	6.3	3.3	0.5	2.9	4.2	3.0	3.7	4.0	4.0	3.9	3.8
Guyana	1.3	7.0	2.0	3.3	4.4	5.4	4.8	5.2	3.8	3.8	4.4	3.2
Haiti	0.8	3.3	0.8	3.1	−5.5	5.5	2.9	4.2	2.7	3.3	3.8	3.5
Honduras	4.1	6.2	4.2	−2.4	3.7	3.8	4.1	2.8	3.1	3.3	3.4	3.8
Jamaica	1.0	1.4	−0.8	−3.4	−1.5	1.4	−0.5	0.2	0.5	1.7	2.2	2.7
Mexico	3.3	3.1	1.4	−4.7	5.1	4.0	4.0	1.4	2.1	3.0	3.3	3.8
Nicaragua	3.9	5.3	2.9	−2.8	3.2	6.2	5.0	4.4	4.5	4.6	4.3	4.0
Panama	5.0	12.1	10.1	3.9	7.5	10.8	10.7	8.4	6.2	6.1	6.4	6.0
Paraguay	1.5	5.4	6.4	−4.0	13.1	4.3	−1.2	14.2	4.4	4.0	4.0	4.0
Peru	3.9	8.5	9.1	1.0	8.5	6.5	6.0	5.8	2.4	3.8	5.0	4.5
St. Kitts and Nevis	3.7	4.8	3.4	−3.8	−3.8	−1.9	−0.9	3.8	7.0	3.5	3.0	2.5
St. Lucia	2.2	−0.5	3.4	0.6	−0.2	1.3	0.6	−0.5	−1.1	1.8	1.4	2.2
St. Vincent and the Grenadines	4.3	3.0	−0.5	−2.0	−2.3	0.2	1.1	2.4	1.1	2.1	3.1	3.2
Suriname	3.9	5.1	4.1	3.0	4.2	5.3	4.8	4.1	2.9	2.7	3.8	4.2
Trinidad and Tobago	8.5	4.8	3.4	−4.4	−0.1	0.0	1.4	1.7	1.1	1.2	1.5	2.0
Uruguay	1.1	6.5	7.2	2.4	8.4	7.3	3.7	4.4	3.3	2.8	2.9	3.3
Venezuela	2.6	8.8	5.3	−3.2	−1.5	4.2	5.6	1.3	−4.0	−7.0	−4.0	0.0
Middle East, North Africa, Afghanistan, and Pakistan	5.1	6.3	5.2	2.2	4.8	4.4	4.8	2.4	2.6	2.9	3.8	4.1
Afghanistan	…	13.3	3.9	20.6	8.4	6.5	14.0	3.7	1.5	3.5	4.9	5.3
Algeria	4.1	3.4	2.4	1.6	3.6	2.8	3.3	2.8	4.1	2.6	3.9	3.6
Bahrain	5.2	8.3	6.2	2.5	4.3	2.1	3.4	5.3	4.7	2.7	2.4	2.9
Djibouti	2.2	5.1	5.8	5.0	3.5	4.5	4.8	5.0	6.0	6.5	7.0	6.0
Egypt	5.0	7.1	7.2	4.7	5.1	1.8	2.2	2.1	2.2	4.0	4.3	5.0
Iran	4.6	9.1	0.9	2.3	6.6	3.7	−6.6	−1.9	3.0	0.6	1.3	2.1
Iraq	…	1.9	8.2	3.4	6.4	7.5	13.9	6.6	−2.4	1.3	7.6	7.5
Jordan	5.4	8.2	7.2	5.5	2.3	2.6	2.7	2.8	3.1	3.8	4.5	4.5
Kuwait	5.7	6.0	2.5	−7.1	−2.4	9.6	6.6	1.5	1.3	1.7	1.8	3.2
Lebanon	3.2	9.4	9.1	10.3	8.0	0.9	2.8	2.5	2.0	2.5	2.5	4.0
Libya	3.5	6.4	2.7	−0.8	5.0	−62.1	104.5	−13.6	−24.0	4.6	17.7	3.0
Mauritania	4.7	2.8	1.1	−1.0	4.8	4.4	6.0	5.7	6.4	5.5	6.7	5.1
Morocco	4.0	2.7	5.6	4.8	3.6	5.0	2.7	4.4	2.9	4.4	5.0	5.4
Oman	2.5	4.5	8.2	6.1	4.8	4.1	5.8	4.7	2.9	4.6	3.1	1.3
Pakistan	4.5	5.5	5.0	0.4	2.6	3.6	3.8	3.7	4.1	4.3	4.7	5.0
Qatar	11.8	18.0	17.7	12.0	16.7	13.0	6.0	6.3	6.1	7.1	6.5	3.9
Saudi Arabia	3.9	6.0	8.4	1.8	4.8	10.0	5.4	2.7	3.6	3.0	2.7	3.3
Sudan⁶	15.8	8.5	3.0	4.7	3.0	−1.2	−3.5	3.7	3.4	3.3	3.9	5.1
Syria⁷	2.9	5.7	4.5	5.9	3.4	…	…	…	…	…	…	…
Tunisia	4.9	6.3	4.5	3.1	2.6	−1.9	3.7	2.3	2.3	3.0	3.8	4.7
United Arab Emirates	6.2	3.2	3.2	−5.2	1.6	4.9	4.7	5.2	3.6	3.2	3.2	4.1
Yemen	4.5	3.3	3.6	3.9	7.7	−12.7	2.4	4.8	−0.2	−2.2	3.6	5.6
Sub-Saharan Africa	4.9	7.6	6.0	4.0	6.7	5.0	4.2	5.2	5.0	4.5	5.1	5.4
Angola	8.2	22.6	13.8	2.4	3.4	3.9	5.2	6.8	4.2	4.5	3.9	5.8
Benin	4.4	4.6	5.0	2.7	2.6	3.3	5.4	5.6	5.5	5.5	5.4	5.8
Botswana	6.2	8.7	3.9	−7.8	8.6	6.2	4.3	5.9	4.9	4.2	4.0	3.4
Burkina Faso	6.1	4.1	5.8	3.0	8.4	6.6	6.5	6.6	4.0	5.0	6.0	6.4
Burundi	2.3	3.4	4.9	3.8	5.1	4.2	4.0	4.5	4.7	4.8	5.0	5.5
Cabo Verde	7.4	9.2	6.7	−1.3	1.5	4.0	1.2	0.5	1.0	3.0	4.0	4.0
Cameroon	4.0	3.3	2.9	1.9	3.3	4.1	4.6	5.6	5.1	5.0	5.0	5.0
Central African Republic	2.0	4.6	2.1	1.7	3.0	3.3	4.1	−36.0	1.0	5.7	5.7	5.9
Chad	8.4	3.3	3.1	4.2	13.5	0.1	8.9	5.7	6.9	7.6	4.9	2.9
Comoros	2.4	0.5	1.0	1.8	2.1	2.2	3.0	3.5	3.3	3.5	4.0	4.0
Democratic Republic of the Congo	0.5	6.3	6.2	2.9	7.1	6.9	7.2	8.5	9.1	9.2	8.4	5.3
Republic of Congo	3.4	−1.6	5.6	7.5	8.7	3.4	3.8	3.3	6.0	5.2	7.5	2.3
Côte d’Ivoire	0.9	1.8	2.5	3.3	2.0	−4.4	10.7	8.7	7.5	7.7	7.8	5.9
Equatorial Guinea	31.7	13.1	12.3	−8.1	−1.3	5.0	3.2	−4.8	−3.1	−15.4	3.7	−7.2
Eritrea	0.8	1.4	−9.8	3.9	2.2	8.7	7.0	1.3	1.7	0.2	2.2	3.8
Ethiopia	5.3	11.8	11.2	10.0	10.6	11.4	8.7	9.8	10.3	8.6	8.5	7.5
Gabon	−0.1	6.3	1.7	−2.3	6.3	6.9	5.5	5.6	5.1	4.4	5.5	5.9
The Gambia	3.9	3.6	5.7	6.4	6.5	−4.3	5.6	4.8	−0.2	5.1	8.7	5.9
Ghana	5.1	4.5	9.3	5.8	7.9	14.0	8.0	7.3	4.2	3.5	6.4	4.3
Guinea	3.4	1.8	4.9	−0.3	1.9	3.9	3.8	2.3	0.4	−0.3	6.5	8.2
Guinea-Bissau	0.0	3.2	3.2	3.3	4.4	9.0	−2.2	0.3	2.5	4.5	4.0	4.0
Kenya	3.0	6.9	0.2	3.3	8.4	6.1	4.5	5.7	5.3	6.9	7.2	6.6
Lesotho	3.4	5.0	5.1	4.5	6.9	4.5	5.3	3.5	2.2	4.0	4.4	6.4
Liberia	…	12.7	6.0	5.1	6.1	7.4	8.2	8.7	0.5	−1.4	5.0	9.9
Madagascar	3.4	6.4	7.2	−4.7	0.3	1.5	3.0	2.4	3.0	5.0	5.0	5.0
Malawi	2.5	9.5	8.3	9.0	6.5	4.3	1.9	5.2	5.7	5.5	5.7	5.9
Mali	4.9	4.3	5.0	4.5	5.8	2.7	0.0	1.7	6.8	5.6	5.1	5.1
Mauritius	4.5	5.9	5.5	3.0	4.1	3.9	3.2	3.2	3.2	3.5	3.5	3.5
Mozambique	8.7	7.4	5.8	6.5	7.1	7.4	7.1	7.4	7.4	6.5	8.1	14.5
Namibia	4.7	5.4	2.6	0.3	6.0	5.1	5.2	5.1	5.3	5.6	6.5	5.3
Niger	4.4	3.2	9.6	−0.7	8.4	2.2	11.8	4.6	6.9	4.6	5.4	5.1
Nigeria	7.2	9.1	8.0	9.0	10.0	4.9	4.3	5.4	6.3	4.8	5.0	6.0
Rwanda	8.4	7.6	11.2	6.2	6.3	7.5	8.8	4.7	7.0	7.0	7.0	7.5
São Tomé and Príncipe	3.8	0.6	8.1	4.0	4.5	4.8	4.5	4.0	4.5	5.0	5.2	6.0
Senegal	4.4	4.9	3.7	2.4	4.2	1.7	3.4	3.5	4.5	4.6	5.1	7.0
Seychelles	2.8	10.4	−2.1	−1.1	5.9	7.9	6.0	6.6	2.9	3.5	3.8	3.5
Sierra Leone	4.0	8.0	5.3	3.2	5.4	6.0	15.2	20.1	6.0	−12.8	8.4	6.0
South Africa	3.4	5.4	3.2	−1.5	3.0	3.2	2.2	2.2	1.5	2.0	2.1	2.8
South Sudan	…	…	…	…	…	…	−46.8	24.2	5.5	3.4	20.7	3.1
Swaziland	2.5	3.5	2.4	1.2	1.9	−0.6	1.9	2.8	1.7	1.9	1.8	1.6
Tanzania	5.3	8.8	5.6	5.4	6.4	7.9	5.1	7.3	7.2	7.2	7.1	6.9
Togo	1.3	2.3	2.4	3.5	4.1	4.8	5.9	5.4	5.2	6.0	6.0	6.1
Uganda	6.8	8.1	10.4	8.1	7.7	6.8	2.6	3.9	4.9	5.4	5.6	6.3
Zambia	4.6	8.4	7.8	9.2	10.3	6.4	6.8	6.7	5.4	6.7	6.9	6.4
Zimbabwe⁸	…	−3.4	−16.6	7.5	11.4	11.9	10.6	4.5	3.2	2.8	2.7	3.7

^¹Data for some countries refer to real net material product (NMP) or are estimates based on NMP. The figures should be interpreted only as indicative of broad orders of magnitude because reliable, comparable data are not generally available. In particular, the growth of output of new private enterprises of the informal economy is not fully reflected in the recent figures.

^²Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.

^³Data are based on the 2008 System of National Accounts. The revised national accounts data are available beginning in 2000 and exclude Crimea and Sevastopol from 2010 onward.

^⁴In this table only, the data for Timor-Leste are based on non-oil GDP.

^⁵The data for Argentina are officially reported data as revised in May 2014. On February 1, 2013, the IMF issued a declaration of censure, and in December 2013 called on Argentina to implement specified actions to address the quality of its official GDP data according to a specified timetable. On December 15, 2014, the Executive Board recognized the implementation of the specified actions it had called for by end-September 2014 and the steps taken by the Argentine authorities to remedy the inaccurate provision of data. The Executive Board will review this issue again as per the calendar specified in December 2013 and in line with the procedures set forth in the Fund’s legal framework.

^⁶Data for 2011 exclude South Sudan after July 9. Data for 2012 and onward pertain to the current Sudan.

^⁷Data for Syria are excluded for 2011 onward owing the uncertain political situation.

^⁸The Zimbabwean dollar ceased circulating in early 2009. Data are based on IMF staff estimates of price and exchange rate developments in U.S. dollars. IMF staff estimates of U.S. dollar values may differ from authorities’ estimates. Real GDP is in constant 2009 prices.

Table A5.

Summary of Inflation

(Percent)

					Average									Projections
					1997–2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2020
GDP Deflators
	Advanced Economies				1.7	2.2	1.9	0.8	1.0	1.3	1.2	1.2	1.3	0.9	1.2	1.7
	United States				2.1	2.7	2.0	0.8	1.2	2.1	1.8	1.5	1.5	0.9	1.5	2.0
	Euro Area¹				1.7	2.4	2.0	1.0	0.7	1.1	1.3	1.3	0.9	1.0	0.9	1.5
	Japan				−1.0	−0.9	−1.3	−0.5	−2.2	−1.9	−0.9	−0.5	1.7	1.6	0.5	0.8
	Other Advanced Economies²				2.0	2.8	3.0	1.0	2.4	2.0	1.3	1.3	1.4	0.5	1.4	2.0
Consumer Prices
	Advanced Economies				2.0	2.2	3.4	0.1	1.5	2.7	2.0	1.4	1.4	0.4	1.4	2.0
	United States				2.5	2.9	3.8	−0.3	1.6	3.1	2.1	1.5	1.6	0.1	1.5	2.3
	Euro Area^1,3				2.0	2.2	3.3	0.3	1.6	2.7	2.5	1.3	0.4	0.1	1.0	1.7
	Japan				−0.1	0.1	1.4	−1.3	−0.7	−0.3	0.0	0.4	2.7	1.0	0.9	1.5
	Other Advanced Economies²				1.9	2.1	3.9	1.4	2.4	3.4	2.1	1.7	1.5	0.8	1.8	2.3
	Emerging Market and Developing Economies				8.8	6.6	9.4	5.3	5.9	7.3	6.1	5.9	5.1	5.4	4.8	4.5
		Regional Groups
		Commonwealth of Independent States⁴			20.5	9.7	15.5	11.1	7.1	9.8	6.2	6.4	8.1	16.8	9.4	4.9
		Emerging and Developing Asia			4.2	5.4	7.6	2.8	5.2	6.5	4.7	4.8	3.5	3.0	3.1	3.7
		Emerging and Developing Europe			24.2	6.0	8.0	4.8	5.6	5.4	6.0	4.3	3.8	2.7	3.7	4.0
		Latin America and the Caribbean⁵			…	5.5	8.1	6.1	6.2	6.8	6.1	7.1	…	…	…	…
		Middle East, North Africa, Afghanistan, and
			Pakistan		5.5	10.2	11.7	7.1	6.5	9.2	9.8	9.1	6.7	6.1	6.2	5.6
			Middle East and North Africa		5.5	10.5	11.7	6.0	6.2	8.7	9.7	9.3	6.5	6.2	6.4	5.7
		Sub-Saharan Africa			11.3	5.4	13.0	9.8	8.2	9.5	9.4	6.5	6.3	6.6	7.0	5.7
	Memorandum
	European Union				3.4	2.4	3.7	0.9	2.0	3.1	2.6	1.5	0.5	0.0	1.2	1.9
		Analytical Groups
			By Source of Export Earnings
			Fuel		13.1	10.0	13.4	8.3	7.3	9.1	8.4	9.1	8.2	11.7	9.3	6.9
			Nonfuel		7.5	5.6	8.2	4.4	5.5	6.8	5.5	5.1	4.3	3.8	3.7	3.9
				Of Which, Primary Products⁵	…	7.6	10.7	6.7	7.0	8.1	8.6	8.4	…	…	…	…
			By External Financing Source
			Net Debtor Economies		9.6	5.8	9.3	6.8	6.4	7.4	6.8	6.3	5.6	5.4	5.0	4.5
			Net Debtor Economies by
				Debt-Servicing Experience
			Economies with Arrears and/or
				Rescheduling during 2009-13	9.8	9.1	11.8	13.2	10.3	10.6	9.8	8.5	10.4	8.9	8.3	5.3
Memorandum
Median Inflation Rate
Advanced Economies					2.1	2.2	4.0	0.8	1.8	3.3	2.6	1.3	0.7	0.2	1.5	2.0
Emerging Market and Developing Economies					5.1	6.1	10.2	4.1	4.3	5.5	4.9	4.0	3.2	3.0	3.4	3.7

^¹Excludes Lithuania.

^²Excludes the United States, euro area countries, and Japan but includes Lithuania.

^³Based on Eurostat’s harmonized index of consumer prices.

^⁴Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.

^⁵See note 5 to Table A7.

Table A6.

Advanced Economies: Consumer Prices¹

(Annual percent change)

														End of Period²
		Average									Projections				Projections
		1997–2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2020	2014	2015	2016
Advanced Economies		2.0	2.2	3.4	0.1	1.5	2.7	2.0	1.4	1.4	0.4	1.4	2.0	0.8	0.7	1.7
United States		2.5	2.9	3.8	−0.3	1.6	3.1	2.1	1.5	1.6	0.1	1.5	2.3	0.9	0.5	2.1
Euro Area^3,4		2.0	2.2	3.3	0.3	1.6	2.7	2.5	1.3	0.4	0.1	1.0	1.7	−0.2	0.2	1.2
	Germany	1.4	2.3	2.7	0.2	1.2	2.5	2.1	1.6	0.8	0.2	1.3	1.9	0.2	0.2	1.3
	France	1.6	1.6	3.2	0.1	1.7	2.3	2.2	1.0	0.6	0.1	0.8	1.7	0.3	0.1	0.8
	Italy	2.3	2.0	3.5	0.8	1.6	2.9	3.3	1.3	0.2	0.0	0.8	1.3	−0.1	0.0	1.2
	Spain	2.9	2.8	4.1	−0.2	2.0	3.1	2.4	1.5	−0.2	−0.7	0.7	1.5	−1.0	0.4	0.4
	Netherlands	2.4	1.6	2.2	1.0	0.9	2.5	2.8	2.6	0.3	−0.1	0.9	1.6	0.1	0.4	1.0
	Belgium	1.8	1.8	4.5	0.0	2.3	3.4	2.6	1.2	0.5	0.1	0.9	1.7	−0.4	0.5	1.2
	Austria	1.5	2.2	3.2	0.4	1.7	3.6	2.6	2.1	1.5	1.1	1.5	1.9	1.5	1.1	1.5
	Greece	3.6	2.9	4.2	1.2	4.7	3.3	1.5	−1.0	−1.4	−0.3	0.3	1.8	−2.6	0.1	0.6
	Portugal	2.8	2.4	2.7	−0.9	1.4	3.6	2.8	0.4	−0.2	0.6	1.3	1.7	−0.3	−1.6	5.9
	Ireland	3.1	2.9	3.1	−1.7	−1.6	1.2	1.9	0.5	0.3	0.2	1.5	2.0	0.2	0.3	0.8
	Finland	1.5	1.6	3.9	1.6	1.7	3.3	3.2	2.2	1.2	0.6	1.6	2.0	0.6	1.2	1.6
	Slovak Republic	6.9	1.9	3.9	0.9	0.7	4.1	3.7	1.5	−0.1	0.0	1.4	2.0	−0.1	0.7	1.4
	Lithuania	…	5.8	11.1	4.2	1.2	4.1	3.2	1.2	0.2	−0.3	2.0	2.3	−0.2	0.5	2.0
	Slovenia	6.1	3.6	5.7	0.9	1.8	1.8	2.6	1.8	0.2	−0.4	0.7	1.7	0.2	−0.2	1.9
	Luxembourg	2.4	2.7	4.1	0.0	2.8	3.7	2.9	1.7	0.7	0.5	1.6	2.2	−0.9	2.0	1.5
	Latvia	4.4	10.1	15.3	3.3	−1.2	4.2	2.3	0.0	0.7	0.5	1.7	2.0	0.3	1.6	1.7
	Estonia	4.9	6.7	10.6	0.2	2.7	5.1	4.2	3.2	0.5	0.4	1.7	2.2	0.0	0.8	2.1
	Cyprus³	2.7	2.2	4.4	0.2	2.6	3.5	3.1	0.4	−0.3	−1.0	0.9	1.9	−1.0	−1.0	0.9
	Malta	2.8	0.7	4.7	1.8	2.0	2.5	3.2	1.0	0.8	1.1	1.4	1.7	0.4	1.1	1.4
Japan		−0.1	0.1	1.4	−1.3	−0.7	−0.3	0.0	0.4	2.7	1.0	0.9	1.5	2.6	0.9	0.5
United Kingdom³		1.5	2.3	3.6	2.2	3.3	4.5	2.8	2.6	1.5	0.1	1.7	2.0	0.9	0.5	1.9
Korea		3.4	2.5	4.7	2.8	2.9	4.0	2.2	1.3	1.3	1.5	2.5	3.0	0.8	2.6	2.5
Canada		2.1	2.1	2.4	0.3	1.8	2.9	1.5	1.0	1.9	0.9	2.0	2.0	1.9	1.0	2.4
Australia		2.6	2.3	4.4	1.8	2.9	3.3	1.8	2.4	2.5	2.0	2.3	2.5	1.7	2.6	1.9
Taiwan Province of China		0.8	1.8	3.5	−0.9	1.0	1.4	1.9	0.8	1.2	0.7	1.3	2.0	0.6	1.3	1.4
Switzerland		0.8	0.7	2.4	−0.5	0.7	0.2	−0.7	−0.2	0.0	−1.2	−0.4	1.0	−0.3	−1.5	0.3
Sweden		1.0	2.2	3.4	−0.5	1.2	3.0	0.9	0.0	−0.2	0.2	1.1	2.2	−0.3	0.4	1.5
Singapore		0.7	2.1	6.6	0.6	2.8	5.2	4.6	2.4	1.0	0.0	1.7	1.8	0.0	0.8	2.1
Hong Kong SAR		−0.4	2.0	4.3	0.6	2.3	5.3	4.1	4.3	4.4	3.2	3.4	3.5	4.8	3.2	3.4
Norway		2.1	0.7	3.8	2.2	2.4	1.3	0.7	2.1	2.0	2.3	2.2	2.5	2.1	2.3	2.3
Czech Republic		3.9	2.9	6.3	1.0	1.5	1.9	3.3	1.4	0.4	−0.1	1.3	2.0	0.1	0.8	1.8
Israel		3.1	0.5	4.6	3.3	2.7	3.5	1.7	1.5	0.5	−0.2	2.1	2.0	−0.2	0.7	2.2
Denmark		2.1	1.7	3.4	1.3	2.3	2.8	2.4	0.8	0.6	0.8	1.6	2.0	0.3	0.8	1.6
New Zealand		2.1	2.4	4.0	2.1	2.3	4.0	1.1	1.1	1.2	0.8	2.1	2.0	0.8	1.6	1.8
Iceland		3.9	5.1	12.7	12.0	5.4	4.0	5.2	3.9	2.0	0.9	2.1	2.5	0.8	0.8	2.3
San Marino		…	2.5	4.1	2.4	2.6	2.0	2.8	1.3	1.1	0.4	0.9	1.4	1.1	0.4	0.9
Memorandum
Major Advanced Economies		1.8	2.2	3.2	−0.1	1.4	2.6	1.9	1.3	1.5	0.3	1.3	2.0	1.0	0.5	1.7

^¹Movements in consumer prices are shown as annual averages.

^²Monthly year-over-year changes and, for several countries, on a quarterly basis.

^³Based on Eurostat’s harmonized index of consumer prices.

^⁴Excludes Lithuania.

Table A7.

Emerging Market and Developing Economies: Consumer Prices¹

(Annual percent change)

													End of Period²
	Average									Projections				Projections
	1997–2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2020	2014	2015	2016
Commonwealth of Independent States³, ⁴	20.5	9.7	15.5	11.1	7.1	9.8	6.2	6.4	8.1	16.8	9.4	4.9	11.4	12.3	8.0
Russia	21.8	9.0	14.1	11.7	6.9	8.4	5.1	6.8	7.8	17.9	9.8	4.0	11.4	12.0	8.0
Excluding Russia	16.8	11.7	19.3	9.7	7.8	13.2	9.1	5.6	8.7	14.3	8.6	6.7	11.5	12.8	7.9
Armenia	4.1	4.6	9.0	3.5	7.3	7.7	2.5	5.8	3.1	6.4	4.0	4.0	4.6	5.4	4.0
Azerbaijan	2.6	16.6	20.8	1.6	5.7	7.9	1.0	2.4	1.4	7.9	6.2	4.0	−0.1	8.9	3.5
Belarus	61.8	8.4	14.8	13.0	7.7	53.2	59.2	18.3	18.1	22.1	17.4	16.5	16.2	22.0	18.1
Georgia	7.1	9.2	10.0	1.7	7.1	8.5	−0.9	−0.5	3.1	3.0	5.0	4.0	2.0	5.0	5.0
Kazakhstan	9.0	10.8	17.1	7.3	7.1	8.3	5.1	5.8	6.7	5.2	5.5	5.7	7.4	4.9	5.5
Kyrgyz Republic	11.0	10.2	24.5	6.8	7.8	16.6	2.8	6.6	7.5	10.7	8.6	2.5	10.5	10.1	7.8
Moldova	14.9	12.4	12.7	0.0	7.4	7.6	4.6	4.6	5.1	7.5	6.3	5.0	4.7	8.6	5.4
Tajikistan	26.4	13.2	20.4	6.4	6.5	12.4	5.8	5.0	6.1	12.8	6.3	6.0	7.4	11.7	6.5
Turkmenistan	16.6	6.3	14.5	−2.7	4.4	5.3	5.3	6.8	6.0	7.7	6.6	4.7	4.2	6.2	7.0
Ukraine⁵	12.4	12.8	25.2	15.9	9.4	8.0	0.6	−0.3	12.1	33.5	10.6	5.0	24.9	26.7	8.7
Uzbekistan	24.0	12.3	12.7	14.1	9.4	12.8	12.1	11.2	8.4	9.5	9.8	10.0	9.8	9.4	9.5
Emerging and Developing Asia	4.2	5.4	7.6	2.8	5.2	6.5	4.7	4.8	3.5	3.0	3.1	3.7	3.3	2.8	3.1
Bangladesh	5.3	9.1	8.9	4.9	9.4	11.5	6.2	7.5	7.0	6.4	6.4	5.9	6.1	6.4	6.5
Bhutan	5.3	5.2	6.3	7.1	4.8	8.6	10.1	8.7	7.7	6.3	6.1	5.6	9.6	8.4	7.6
Brunei Darussalam	0.3	1.0	2.1	1.0	0.2	0.1	0.1	0.4	−0.2	0.0	0.1	0.1	−0.2	0.0	0.1
Cambodia	4.1	7.7	25.0	−0.7	4.0	5.5	2.9	3.0	3.9	−0.3	2.5	3.2	1.0	1.2	2.9
China	0.9	4.8	5.9	−0.7	3.3	5.4	2.6	2.6	2.0	1.2	1.5	3.0	1.5	1.2	1.5
Fiji	2.9	4.8	7.7	3.7	3.7	7.3	3.4	2.9	0.5	1.5	3.0	2.9	0.1	3.0	3.0
India	5.4	5.9	9.2	10.6	9.5	9.4	10.2	10.0	6.0	6.1	5.7	5.0	6.0	5.8	5.9
Indonesia	14.0	6.7	9.8	5.0	5.1	5.3	4.0	6.4	6.4	6.8	5.8	4.8	8.4	4.6	4.8
Kiribati	1.7	3.6	13.7	9.8	−3.9	1.5	−3.0	−1.5	2.1	1.4	0.3	2.1	3.1	1.4	0.3
Lao P.D.R.	27.3	4.5	7.6	0.0	6.0	7.6	4.3	6.4	4.1	4.0	5.0	5.5	2.4	4.6	5.4
Malaysia	2.5	2.0	5.4	0.6	1.7	3.2	1.7	2.1	3.1	2.7	3.0	3.0	2.7	2.7	3.0
Maldives	1.9	6.8	12.0	4.5	6.1	11.3	10.9	4.0	2.5	0.3	2.1	4.0	1.2	0.4	2.8
Marshall Islands	…	2.6	14.7	0.5	1.8	5.4	4.3	1.9	1.1	−0.6	1.0	2.3	0.5	−0.6	1.0
Micronesia	1.9	3.6	6.6	7.7	3.7	4.3	6.3	2.1	0.7	−1.0	1.9	2.0	0.7	−1.0	1.9
Mongolia	9.9	8.2	26.8	6.3	10.2	7.7	15.0	8.6	12.9	9.2	7.6	6.5	10.7	8.0	7.4
Myanmar	…	30.9	11.5	2.2	8.2	2.8	2.8	5.7	5.9	8.4	7.6	5.1	7.5	9.3	5.9
Nepal	5.7	6.2	6.7	12.6	9.5	9.6	8.3	9.9	9.0	7.1	6.3	5.7	8.1	6.5	6.2
Palau	…	3.0	10.0	4.7	1.1	2.6	5.4	2.8	4.0	1.8	2.0	2.0	1.8	2.0	2.0
Papua New Guinea	8.9	0.9	10.8	6.9	5.1	4.4	4.5	5.0	5.3	4.8	5.0	5.0	6.3	4.8	5.0
Philippines	5.5	2.9	8.2	4.2	3.8	4.7	3.2	2.9	4.2	2.1	2.8	3.6	2.7	2.4	3.4
Samoa	4.5	4.7	6.3	14.6	−0.2	2.9	6.2	−0.2	−1.2	3.0	2.2	3.0	0.2	2.3	2.1
Solomon Islands	8.8	7.7	17.3	7.1	0.9	7.4	5.9	5.4	5.1	3.8	3.4	4.5	4.0	0.2	6.7
Sri Lanka	9.2	15.8	22.4	3.5	6.2	6.7	7.5	6.9	3.3	1.7	3.4	5.0	2.1	3.2	3.6
Thailand	3.1	2.2	5.5	−0.9	3.3	3.8	3.0	2.2	1.9	0.3	2.4	2.2	0.6	2.1	1.8
Timor-Leste	…	8.6	7.4	−0.2	5.2	13.2	10.9	9.5	2.5	1.8	3.3	4.0	1.0	2.7	3.8
Tonga	7.0	7.4	7.5	3.5	3.9	4.6	2.0	1.5	1.3	0.8	1.5	3.3	1.0	1.2	1.9
Tuvalu	…	2.3	10.4	−0.3	−1.9	0.5	1.4	2.0	3.3	3.1	3.0	2.6	3.3	3.1	3.0
Vanuatu	2.4	3.8	4.2	5.2	2.7	0.7	1.4	1.3	1.0	2.0	2.2	3.0	1.1	2.2	2.5
Vietnam	4.4	8.3	23.1	6.7	9.2	18.7	9.1	6.6	4.1	2.5	3.2	3.8	1.9	3.1	3.4
Emerging and Developing Europe	24.2	6.0	8.0	4.8	5.6	5.4	6.0	4.3	3.8	2.7	3.7	4.0	3.1	3.6	3.6
Albania	6.8	2.9	3.4	2.3	3.6	3.4	2.0	1.9	1.6	1.8	2.5	3.0	0.7	2.1	2.8
Bosnia and Herzegovina	…	1.5	7.4	−0.4	2.1	3.7	2.0	−0.1	−0.9	0.6	1.1	2.0	−0.5	1.2	1.7
Bulgaria	36.2	7.6	12.0	2.5	3.0	3.4	2.4	0.4	−1.6	−1.0	0.6	2.1	−2.0	0.3	0.9
Croatia	3.5	2.9	6.1	2.4	1.0	2.3	3.4	2.2	−0.2	−0.9	0.9	2.2	0.2	−0.6	1.2
Hungary	8.5	7.9	6.1	4.2	4.9	4.0	5.7	1.7	−0.3	0.0	2.3	3.0	−0.9	1.7	2.4
Kosovo	…	4.4	9.4	−2.4	3.5	7.3	2.5	1.8	0.4	0.3	1.4	1.8	−0.4	1.5	1.5
FYR Macedonia	2.0	2.8	7.2	−0.6	1.7	3.9	3.3	2.8	−0.1	0.1	1.3	2.0	−0.5	0.8	1.8
Montenegro	…	3.4	9.0	3.6	0.7	3.1	3.6	2.2	−0.7	0.5	1.0	1.5	−0.3	0.9	1.2
Poland	5.8	2.5	4.2	3.4	2.6	4.3	3.7	0.9	0.0	−0.8	1.2	2.5	−1.0	0.4	1.5
Romania	35.7	4.8	7.8	5.6	6.1	5.8	3.3	4.0	1.1	1.0	2.4	2.5	0.8	2.2	2.2
Serbia	26.7	6.0	12.4	8.1	6.1	11.1	7.3	7.7	2.1	2.7	4.0	4.0	1.8	4.2	4.0
Turkey	41.3	8.8	10.4	6.3	8.6	6.5	8.9	7.5	8.9	6.6	6.5	6.0	8.2	7.0	6.0
Latin America and the Caribbean⁶	…	5.5	8.1	6.1	6.2	6.8	6.1	7.1	…	…	…	…	…	…	…
Antigua and Barbuda	1.7	1.4	5.3	−0.6	3.4	3.5	3.4	1.1	1.1	1.2	1.3	2.5	1.3	1.0	1.6
Argentina⁶	…	8.8	8.6	6.3	10.5	9.8	10.0	10.6	…	18.6	23.2	19.1	23.9	20.5	20.5
The Bahamas	1.7	2.5	4.7	1.9	1.3	3.2	2.0	0.4	1.2	2.3	1.6	1.4	0.2	2.3	1.6
Barbados	2.8	4.0	8.1	3.7	5.7	9.4	4.5	1.8	1.9	1.3	1.4	2.3	2.3	0.9	1.9
Belize	1.6	2.3	6.4	−1.1	0.9	1.7	1.2	0.5	0.9	0.5	1.9	2.0	−0.4	1.5	2.3
Bolivia	3.9	6.7	14.0	3.3	2.5	9.9	4.5	5.7	5.8	5.1	5.0	5.0	5.2	5.0	5.0
Brazil	6.9	3.6	5.7	4.9	5.0	6.6	5.4	6.2	6.3	7.8	5.9	4.5	6.4	8.0	5.4
Chile	3.5	4.4	8.7	1.5	1.4	3.3	3.0	1.9	4.4	3.0	3.0	3.0	4.6	2.9	3.0
Colombia	9.3	5.5	7.0	4.2	2.3	3.4	3.2	2.0	2.9	3.4	3.0	3.0	3.7	3.6	3.2
Costa Rica	11.3	9.4	13.4	7.8	5.7	4.9	4.5	5.2	3.2	4.6	4.0	4.0	5.1	4.0	4.0
Dominica	1.5	3.2	6.4	0.0	2.8	1.1	1.4	0.0	0.7	−0.8	1.1	2.1	−0.1	0.9	0.6
Dominican Republic	12.4	6.1	10.6	1.4	6.3	8.5	3.7	4.8	3.0	1.6	3.5	4.0	1.6	3.0	4.0
Ecuador	25.4	2.3	8.4	5.2	3.6	4.5	5.1	2.7	3.6	3.2	3.0	3.0	3.7	3.0	3.0
El Salvador	3.1	4.6	7.3	0.5	1.2	5.1	1.7	0.8	1.1	−0.8	1.7	2.0	0.5	0.6	1.7
Grenada	1.9	3.9	8.0	−0.3	3.4	3.0	2.4	0.0	−0.9	−1.5	1.8	1.9	−0.7	−1.0	2.3
Guatemala	7.1	6.8	11.4	1.9	3.9	6.2	3.8	4.3	3.4	3.0	3.0	4.0	2.9	3.0	3.4
Guyana	5.4	12.2	8.1	3.0	4.3	4.4	2.4	2.2	1.0	1.2	2.6	3.9	1.2	1.2	3.9
Haiti	15.9	9.0	14.4	3.4	4.1	7.4	6.8	6.8	3.9	6.4	5.3	5.0	5.3	6.1	5.0
Honduras	10.3	6.9	11.4	5.5	4.7	6.8	5.2	5.2	6.1	4.1	5.1	5.4	5.8	4.7	5.2
Jamaica	9.3	9.2	22.0	9.6	12.6	7.5	6.9	9.4	7.1	5.9	7.1	6.0	4.7	7.0	7.2
Mexico	8.9	4.0	5.1	5.3	4.2	3.4	4.1	3.8	4.0	3.2	3.0	3.0	4.1	3.1	3.0
Nicaragua	8.8	11.1	19.8	3.7	5.5	8.1	7.2	7.1	6.0	5.4	7.0	7.0	6.5	6.0	7.0
Panama	1.2	4.2	8.8	2.4	3.5	5.9	5.7	4.0	2.6	0.9	2.0	2.0	1.0	2.4	2.0
Paraguay	8.7	8.1	10.2	2.6	4.7	8.3	3.7	2.7	5.0	3.6	4.5	4.5	4.2	4.5	4.5
Peru	3.4	1.8	5.8	2.9	1.5	3.4	3.7	2.8	3.2	2.5	2.0	2.0	3.2	2.2	2.0
St. Kitts and Nevis	3.8	4.5	5.3	2.1	0.6	7.1	1.4	0.7	1.0	2.0	2.0	2.0	2.0	2.0	2.0
St. Lucia	2.5	2.8	5.5	−0.2	3.3	2.8	4.2	1.5	2.5	2.4	2.4	2.4	1.7	3.1	3.1
St. Vincent and the Grenadines	1.5	7.0	10.1	0.4	0.8	3.2	2.6	0.8	0.2	0.2	0.9	1.8	0.6	0.1	1.6
Suriname	26.7	6.6	14.9	−0.4	6.8	17.7	5.0	1.9	3.4	1.9	2.6	3.2	3.9	2.1	3.0
Trinidad and Tobago	4.8	7.9	12.0	7.6	10.5	5.1	9.3	5.2	7.0	7.3	5.7	4.0	8.5	6.0	5.3
Uruguay	9.8	8.1	7.9	7.1	6.7	8.1	8.1	8.6	8.9	7.9	7.5	6.4	8.3	7.4	7.3
Venezuela	23.8	18.7	30.4	27.1	28.2	26.1	21.1	40.6	62.2	96.8	83.7	75.3	68.5	94.9	78.4
Middle East, North Africa, Afghanistan, and Pakistan	5.5	10.2	11.7	7.1	6.5	9.2	9.8	9.1	6.7	6.1	6.2	5.6	6.4	6.0	6.3
Afghanistan	…	8.7	26.4	−6.8	2.2	11.8	6.4	7.4	4.6	3.7	5.5	5.0	1.4	5.0	5.0
Algeria	3.1	3.7	4.9	5.7	3.9	4.5	8.9	3.3	2.9	4.0	4.0	4.0	5.3	4.0	4.0
Bahrain	0.9	3.3	3.5	2.8	2.0	−0.4	2.8	3.3	2.5	2.1	1.5	1.7	2.5	1.5	1.5
Djibouti	2.0	5.0	12.0	1.7	4.0	5.1	3.7	2.4	2.9	3.0	3.5	3.0	2.8	3.0	3.0
Egypt	4.4	11.0	11.7	16.2	11.7	11.1	8.6	6.9	10.1	10.3	10.5	6.3	8.2	11.0	10.7
Iran	14.8	18.4	25.3	10.8	12.4	21.5	30.5	34.7	15.5	16.5	17.0	17.0	16.0	17.0	17.0
Iraq	…	30.8	2.7	−2.2	2.4	5.6	6.1	1.9	2.2	3.0	3.0	3.0	1.6	3.0	3.0
Jordan	2.6	4.7	14.0	−0.7	4.8	4.2	4.5	4.8	2.9	1.2	2.5	2.0	1.7	2.3	2.5
Kuwait	1.8	5.5	6.3	4.6	4.5	4.9	3.2	2.7	2.9	3.3	3.6	4.0	2.9	3.3	3.6
Lebanon	2.1	4.1	10.8	1.2	4.0	5.0	6.6	4.8	1.9	1.1	2.8	2.9	−0.7	3.0	2.5
Libya	−1.0	6.2	10.4	2.4	2.5	15.9	6.1	2.6	2.8	2.2	4.4	2.5	3.7	0.9	7.4
Mauritania	6.2	7.3	7.5	2.1	6.3	5.7	4.9	4.1	3.5	4.5	4.6	5.1	4.0	3.7	4.2
Morocco	1.7	2.0	3.9	1.0	1.0	0.9	1.3	1.9	0.4	1.5	2.0	2.0	1.6	1.5	2.0
Oman	0.4	5.9	12.6	3.5	3.3	4.0	2.9	1.2	1.0	1.0	2.6	2.7	1.0	1.0	2.6
Pakistan	6.0	7.8	10.8	17.6	10.1	13.7	11.0	7.4	8.6	4.7	4.5	5.0	8.2	4.0	5.0
Qatar	4.0	13.6	15.2	−4.9	−2.4	1.9	1.9	3.1	3.0	1.8	2.7	2.3	2.9	1.8	2.7
Saudi Arabia	−0.2	5.0	6.1	4.1	3.8	3.7	2.9	3.5	2.7	2.0	2.5	2.9	2.4	2.0	2.5
Sudan⁷	12.8	8.0	14.3	11.3	13.0	18.1	35.5	36.5	36.9	19.0	10.5	5.2	25.7	12.4	8.6
Syria⁸	2.3	4.7	15.2	2.8	4.4	…	…	…	…	…	…	…	…	…	…
Tunisia	2.5	3.0	4.3	3.7	3.3	3.5	5.1	5.8	4.9	5.0	4.1	4.0	4.8	4.4	4.0
United Arab Emirates	3.8	11.1	12.3	1.6	0.9	0.9	0.7	1.1	2.3	2.1	2.3	3.0	2.2	2.2	2.3
Yemen	10.3	7.9	19.0	3.7	11.2	19.5	9.9	11.0	8.2	8.1	7.5	6.0	10.0	8.0	7.0
Sub-Saharan Africa	11.3	5.4	13.0	9.8	8.2	9.5	9.4	6.5	6.3	6.6	7.0	5.7	6.1	7.4	6.6
Angola	114.5	12.2	12.5	13.7	14.5	13.5	10.3	8.8	7.3	8.4	8.5	6.5	7.5	9.0	8.0
Benin	3.2	1.3	7.4	0.9	2.2	2.7	6.7	1.0	−1.0	0.7	2.0	2.6	0.3	1.1	2.3
Botswana	8.3	7.1	12.6	8.1	6.9	8.5	7.5	5.8	3.9	3.7	3.8	3.9	3.7	3.6	3.9
Burkina Faso	2.4	−0.2	10.7	0.9	−0.6	2.8	3.8	0.5	−0.3	0.7	1.8	2.0	−0.1	1.6	1.8
Burundi	10.9	8.4	24.4	10.6	6.5	9.6	18.2	7.9	4.4	5.0	5.3	5.1	3.8	7.9	5.8
Cabo Verde	2.5	4.4	6.8	1.0	2.1	4.5	2.5	1.5	−0.2	1.5	2.5	2.5	−0.4	2.0	2.5
Cameroon	2.7	1.1	5.3	3.0	1.3	2.9	2.4	2.1	1.9	2.0	2.1	2.2	2.6	2.0	2.1
Central African Republic	1.9	0.9	9.3	3.5	1.5	1.2	5.5	7.0	15.0	5.2	6.3	2.4	10.5	9.5	3.6
Chad	2.6	−7.4	8.3	10.1	−2.1	1.9	7.7	0.2	1.7	3.2	2.9	3.0	3.7	2.0	3.0
Comoros	3.3	4.5	4.8	4.8	3.9	2.2	5.9	1.6	2.8	2.5	2.5	2.5	2.8	1.8	2.5
Democratic Republic of the Congo	97.3	16.7	18.0	46.2	23.5	15.5	2.1	0.8	1.0	2.4	3.5	3.5	1.2	3.5	3.5
Republic of Congo	3.4	2.6	6.0	4.3	5.0	1.8	5.0	4.6	0.9	3.0	2.9	2.5	0.5	3.0	2.6
Côte d’Ivoire	3.0	1.9	6.3	1.0	1.4	4.9	1.3	2.6	0.4	1.2	1.5	2.0	0.9	0.9	1.8
Equatorial Guinea	5.4	2.8	4.7	5.7	5.3	4.8	3.4	3.2	3.0	3.0	3.0	3.0	3.0	3.0	3.0
Eritrea	14.7	9.3	19.9	33.0	12.7	13.3	12.3	12.3	12.3	12.3	12.3	12.3	12.3	12.3	12.3
Ethiopia	4.5	17.2	44.4	8.5	8.1	33.2	24.1	8.1	7.4	6.8	8.2	8.5	7.1	8.1	8.5
Gabon	0.8	−1.0	5.3	1.9	1.4	1.3	2.7	0.5	4.5	2.5	2.5	2.5	1.7	2.5	2.5
The Gambia	5.9	5.4	4.5	4.6	5.0	4.8	4.6	5.2	6.3	6.2	5.2	5.0	7.0	5.3	5.0
Ghana	19.3	10.7	16.5	13.1	6.7	7.7	7.1	11.7	15.5	12.2	10.2	7.4	17.0	12.0	8.6
Guinea	11.6	22.9	18.4	4.7	15.5	21.4	15.2	11.9	9.7	9.1	9.6	7.1	9.1	9.7	9.5
Guinea-Bissau	6.3	4.6	10.4	−1.6	1.1	5.1	2.1	0.8	−1.0	1.3	2.3	2.5	−0.1	2.0	2.5
Kenya	7.0	4.3	15.1	10.6	4.3	14.0	9.4	5.7	6.9	5.1	5.0	5.0	6.0	5.2	5.0
Lesotho	7.2	9.2	10.7	5.9	3.4	6.0	5.6	5.0	3.9	4.0	4.6	5.0	2.6	4.3	5.0
Liberia	…	11.4	17.5	7.4	7.3	8.5	6.8	7.6	9.9	7.9	7.8	6.4	7.7	8.0	7.5
Madagascar	9.4	10.3	9.3	9.0	9.2	9.5	5.7	5.8	6.1	7.6	6.9	5.5	6.0	7.9	6.5
Malawi	19.6	8.0	8.7	8.4	7.4	7.6	21.3	28.3	23.8	17.3	10.0	7.3	24.2	12.0	8.0
Mali	1.5	1.5	9.1	2.2	1.3	3.1	5.3	−0.6	0.9	2.2	1.9	2.6	1.2	1.3	2.6
Mauritius	5.9	8.8	9.7	2.5	2.9	6.5	3.9	3.5	3.0	1.7	3.0	3.0	0.2	3.0	3.0
Mozambique	9.5	8.2	10.3	3.3	12.7	10.4	2.1	4.2	2.3	5.0	5.6	5.6	1.1	5.5	5.6
Namibia	7.4	6.5	9.1	9.5	4.9	5.0	6.7	5.6	5.3	5.1	5.8	6.0	4.6	5.6	6.0
Niger	2.1	0.1	11.3	4.3	−2.8	2.9	0.5	2.3	−0.9	1.4	1.8	1.8	−0.6	2.4	1.5
Nigeria	11.8	5.4	11.6	12.5	13.7	10.8	12.2	8.5	8.1	9.6	10.7	7.0	7.9	12.0	9.5
Rwanda	6.2	9.1	15.4	10.3	2.0	5.7	6.3	4.2	1.8	2.9	4.4	5.0	2.1	3.7	5.0
São Tomé and Príncipe	20.4	18.6	32.0	17.0	13.3	14.3	10.6	8.1	7.0	5.6	4.6	3.0	6.4	5.2	4.0
Senegal	1.4	5.9	6.3	−2.2	1.2	3.4	1.4	0.7	−0.5	1.5	1.4	1.4	1.4	1.5	1.4
Seychelles	2.8	−8.6	37.0	31.7	−2.4	2.6	7.1	4.3	1.4	4.0	3.2	3.0	0.5	5.0	3.1
Sierra Leone	11.9	11.6	14.8	9.2	17.8	18.5	13.8	9.8	8.3	13.1	11.8	5.4	10.0	14.0	10.0
South Africa	5.6	7.1	11.5	7.1	4.3	5.0	5.7	5.8	6.1	4.5	5.6	5.5	5.3	5.0	5.5
South Sudan	…	…	…	…	…	…	45.1	0.0	−0.7	29.0	5.0	5.0	5.0	5.0	5.0
Swaziland	6.4	8.1	12.7	7.4	4.5	6.1	8.9	5.6	5.8	4.6	5.4	5.2	6.2	4.5	5.4
Tanzania	7.1	7.0	10.3	12.1	7.2	12.7	16.0	7.9	6.1	4.2	4.5	4.5	4.8	4.5	4.5
Togo	2.3	0.9	8.7	3.7	1.4	3.6	2.6	1.8	0.1	1.9	2.1	2.5	0.5	2.2	2.3
Uganda	4.7	6.1	12.0	13.1	4.0	18.7	14.0	4.8	4.7	4.9	4.8	5.0	5.0	4.8	4.8
Zambia	21.1	10.7	12.4	13.4	8.5	8.7	6.6	7.0	7.9	7.7	6.5	5.0	8.2	7.0	6.0
Zimbabwe⁹	…	−72.7	157.0	6.2	3.0	3.5	3.7	1.6	−0.2	−1.0	0.0	1.9	−0.8	−0.5	0.5

^¹Movements in consumer prices are shown as annual averages.

^²Monthly year-over-year changes and, for several countries, on a quarterly basis.

^³For many countries, inflation for the earlier years is measured on the basis of a retail price index. Consumer price index (CPI) inflation data with broader and more up-to-date coverage are typically used for more recent years.

^⁴Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.

^⁵Starting in 2014 data exclude Crimea and Sevastopol.

^⁶Consumer price data from December 2013 onwards reflect the new national CPI (IPCNu), which differs substantively from the preceding CPI (the CPI for the Greater Buenos Aires Area, CPI-GBA). Because of the differences in geographical coverage, weights, sampling, and methodology, the IPCNu data cannot be directly compared to the earlier CPI-GBA data. Because of this structural break in the data, the average CPI inflation for 2014 is not reported in the April 2015 World Economic Outlook. Following a declaration of censure by the IMF on February 1, 2013, the public release of a new national CPI by end-March 2014 was one of the specified actions in the IMF Executive Board’s December 2013 decision calling on Argentina to address the quality of its official CPI data. On December 15, 2014, the Executive Board recognized the implementation of the specified actions it had called for by end-September 2014 and the steps taken by the Argentine authorities to remedy the inaccurate provision of data. The Executive Board will review this issue again as per the calendar specified in December 2013 and in line with the procedures set forth in the Fund’s legal framework.

^⁷Data for 2011 exclude South Sudan after July 9. Data for 2012 and onward pertain to the current Sudan.

^⁸Data for Syria are excluded for 2011 onward owing the uncertain political situation.

^⁹The Zimbabwean dollar ceased circulating in early 2009. Data are based on IMF staff estimates of price and exchange rate developments in U.S. dollars. IMF staff estimates of U.S. dollar values may differ from authorities’ estimates.

Table A8.

Major Advanced Economies: General Government Fiscal Balances and Debt¹

(Percent of GDP unless noted otherwise)

			Average							Projections
			1997–2006	2009	2010	2011	2012	2013	2014	2015	2016	2020
Major Advanced Economies
Net Lending/Borrowing			−3.6	−10.2	−8.9	−7.6	−6.8	−5.0	−4.6	−3.8	−3.3	−2.6
Output Gap²			0.8	−4.7	−2.9	−2.5	−2.3	−2.2	−1.9	−1.2	−0.5	−0.1
Structural Balance²			−4.0	−6.5	−7.5	−6.5	−5.4	−4.2	−3.7	−3.3	−2.9	−2.6
	United States
	Net Lending/Borrowing³		−3.4	−13.5	−11.3	−9.9	−8.6	−5.8	−5.3	−4.2	−3.9	−3.9
	Output Gap²		1.6	−5.1	−3.9	−3.6	−2.9	−2.5	−2.0	−1.0	−0.1	0.0
	Structural Balance²		−3.9	−7.9	−9.7	−8.3	−6.8	−5.2	−4.4	−3.8	−3.8	−3.9
	Net Debt		41.3	62.1	69.5	76.1	79.2	79.5	79.7	80.4	80.7	82.1
	Gross Debt		60.2	86.0	94.8	99.1	102.4	103.4	104.8	105.1	104.9	104.3
	Euro Area⁴
	Net Lending/Borrowing		−2.1	−6.2	−6.1	−4.1	−3.6	−2.9	−2.7	−2.3	−1.7	−0.3
	Output Gap²		0.0	−2.9	−1.5	−0.6	−1.9	−2.9	−2.8	−2.3	−1.7	−0.2
	Structural Balance²		−2.3	−4.5	−4.5	−3.6	−2.1	−1.0	−0.9	−0.8	−0.6	0.0
	Net Debt		48.9	52.8	56.4	58.5	66.7	69.0	69.8	69.8	69.2	63.0
	Gross Debt		68.7	78.4	83.9	86.5	91.1	93.4	94.0	93.5	92.4	84.2
		Germany
		Net Lending/Borrowing	−2.5	−3.0	−4.0	−0.8	0.1	0.1	0.6	0.3	0.4	0.6
		Output Gap²	−0.4	−3.9	−1.0	1.2	0.5	−0.6	−0.3	0.0	0.4	0.5
		Structural Balance²	−2.2	−0.7	−2.2	−1.1	0.0	0.5	0.7	0.3	0.2	0.3
		Net Debt	44.8	55.0	56.8	55.0	54.3	52.7	49.7	46.9	44.7	37.1
		Gross Debt	61.3	72.4	80.3	77.6	79.0	76.9	73.1	69.5	66.6	56.9
		France
		Net Lending/Borrowing	−2.6	−7.2	−6.8	−5.1	−4.9	−4.1	−4.2	−3.9	−3.5	−0.4
		Output Gap²	1.1	−3.1	−2.1	−0.9	−1.5	−2.2	−2.8	−2.8	−2.5	−0.5
		Structural Balance²	−3.4	−5.3	−5.5	−4.5	−3.7	−2.6	−2.3	−2.0	−1.7	0.0
		Net Debt	53.1	70.1	73.7	76.4	81.5	84.7	87.4	89.3	90.4	84.4
		Gross Debt	61.9	78.8	81.5	85.0	89.2	92.4	95.1	97.0	98.1	92.1
		Italy
		Net Lending/Borrowing	−3.0	−5.3	−4.2	−3.5	−3.0	−2.9	−3.0	−2.6	−1.7	0.3
		Output Gap²	−0.7	−3.1	−1.3	−0.6	−2.9	−4.3	−4.6	−4.2	−3.5	−1.1
		Structural Balance^2,5	−3.4	−4.2	−3.7	−3.8	−1.5	−0.3	−0.9	−0.3	0.2	0.9
		Net Debt	90.1	94.2	96.3	98.4	103.0	107.5	110.4	111.8	111.1	102.3
		Gross Debt	105.0	112.5	115.3	116.4	123.2	128.6	132.1	133.8	132.9	122.4
	Japan
	Net Lending/Borrowing		−6.0	−10.4	−9.3	−9.8	−8.8	−8.5	−7.7	−6.2	−5.0	−4.4
	Output Gap²		−1.0	−7.1	−3.1	−3.8	−2.5	−1.2	−1.7	−1.0	−0.2	0.0
	Structural Balance²		−5.7	−7.4	−7.8	−8.3	−7.8	−8.2	−7.2	−6.0	−4.9	−4.4
	Net Debt		65.3	106.2	113.1	127.3	129.1	122.9	127.3	129.6	131.9	138.7
	Gross Debt⁶		155.0	210.2	216.0	229.8	236.8	242.6	246.4	246.1	247.0	251.6
	United Kingdom
	Net Lending/Borrowing		−1.5	−10.8	−9.7	−7.6	−7.8	−5.7	−5.7	−4.8	−3.1	−0.3
	Output Gap²		1.5	−2.2	−1.9	−2.5	−3.0	−2.8	−1.8	−0.9	−0.5	0.0
	Structural Balance²		−2.6	−9.9	−8.1	−5.8	−5.6	−3.6	−4.2	−4.0	−2.6	−0.5
	Net Debt		36.2	58.8	69.1	73.4	77.1	78.7	81.0	82.6	83.1	74.7
	Gross Debt		40.6	65.8	76.4	81.8	85.8	87.3	89.5	91.1	91.7	83.2
	Canada
	Net Lending/Borrowing		1.1	−4.5	−4.9	−3.7	−3.1	−2.8	−1.8	−1.7	−1.3	−0.2
	Output Gap²		1.0	−3.6	−2.2	−1.2	−1.3	−1.2	−0.6	−0.3	−0.2	−0.1
	Structural Balance²		0.6	−2.4	−3.7	−3.0	−2.4	−2.2	−1.7	−1.5	−1.2	−0.2
	Net Debt		46.0	29.9	32.9	34.6	36.4	37.1	37.3	38.3	37.9	34.3
	Gross Debt		81.3	83.0	84.6	85.3	87.9	87.7	86.5	87.0	85.0	78.7

Note: The methodology and specific assumptions for each country are discussed in Box A1. The country group composites for fiscal data are calculated as the sum of the U.S. dollar values for the relevant individual countries.

^¹Debt data refer to the end of the year and are not always comparable across countries. Gross and net debt levels reported by national statistical agencies for countries that have adopted the System of National Accounts (SNA) 2008 (Australia, Canada, Hong Kong SAR, United States) are adjusted to exclude unfunded pension liabilities of government employees’ defined-benefit pension plans. Fiscal data for the aggregated Major Advanced Economies and the United States start in 2001, and the average for the aggregate and the United States is therefore for the period 2001–07.

^²Percent of potential GDP.

^³Figures reported by the national statistical agency are adjusted to exclude items related to the accrual-basis accounting of government employees’ defined-benefit pension plans.

^⁴Excludes Lithuania.

^⁵Excludes one-time measures based on the authorities’ data and, in the absence of the latter, receipts from the sale of assets.

^⁶Includes equity shares; nonconsolidated basis.

Table A9.

Summary of World Trade Volumes and Prices

(Annual percent change)

			Averages										Projections
			1997–2006	2007–16	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016
Trade in Goods and Services
	World Trade¹
	Volume		6.8	3.7	8.3	3.0	−10.6	12.6	6.8	2.8	3.5	3.4	3.7	4.7
	Price Deflator
		In U.S. Dollars	1.5	1.0	7.6	11.4	−10.2	5.7	11.0	−1.6	−0.7	−1.6	−10.2	1.3
		In SDRs	1.4	1.4	3.4	7.9	−8.0	6.8	7.3	1.5	0.1	−1.6	−3.3	1.0
	Volume of Trade
	Exports
		Advanced Economies	6.1	3.0	7.5	2.2	−11.8	12.3	6.3	2.0	3.1	3.3	3.2	4.1
		Emerging Market and Developing Economies	8.3	5.0	9.7	4.4	−7.7	13.6	7.4	4.4	4.6	3.4	5.3	5.7
	Imports
		Advanced Economies	6.6	2.3	5.7	0.5	−12.2	11.7	5.5	0.9	2.1	3.3	3.3	4.3
		Emerging Market and Developing Economies	8.1	6.3	15.6	9.1	−7.9	14.1	9.8	6.0	5.5	3.7	3.5	5.5
	Terms of Trade
	Advanced Economies		−0.2	−0.1	0.1	−2.3	2.8	−0.9	−1.7	−0.6	0.7	0.3	1.0	−0.4
	Emerging Market and Developing Economies		1.6	0.2	1.9	3.7	−5.3	2.0	3.6	0.7	−0.3	−0.6	−3.7	0.1
Trade in Goods
	World Trade¹
	Volume		7.0	3.4	7.7	2.5	−12.0	14.3	6.9	2.5	3.1	3.0	3.5	4.7
	Price Deflator
		In U.S. Dollars	1.4	1.0	7.8	12.4	−11.3	6.5	12.5	−1.6	−1.1	−2.1	−11.0	1.4
		In SDRs	1.2	1.4	3.7	8.8	−9.1	7.6	8.7	1.4	−0.3	−2.1	−4.2	1.2
	World Trade Prices in U.S. Dollars²
	Manufactures		0.3	0.9	5.4	6.3	−6.4	2.6	6.1	0.6	−1.4	−0.8	−3.3	0.5
	Oil		12.2	0.2	10.7	36.4	−36.3	27.9	31.6	1.0	−0.9	−7.5	−39.6	12.9
	Nonfuel Primary Commodities		2.2	1.1	13.9	7.9	−15.8	26.5	17.9	−10.0	−1.2	−4.0	−14.1	−1.0
		Food	−0.1	2.4	14.8	24.5	−14.8	11.9	19.9	−2.4	1.1	−4.2	−15.8	−2.6
		Beverages	0.2	4.0	13.8	23.3	1.6	14.1	16.6	−18.6	−11.9	20.7	−9.7	−0.5
		Agricultural Raw Materials	−0.6	1.9	5.0	−0.7	−17.1	33.2	22.7	−12.7	1.6	1.9	−6.8	1.7
		Metal	8.9	−1.4	17.4	−7.8	−19.2	48.2	13.5	−16.8	−4.3	−10.3	−16.6	−0.4
	World Trade Prices in SDRs²
	Manufactures		0.1	1.3	1.3	3.0	−4.0	3.7	2.5	3.7	−0.7	−0.8	4.2	0.3
	Oil		12.0	0.6	6.4	32.1	−34.8	29.3	27.2	4.1	−0.1	−7.5	−35.0	12.7
	Nonfuel Primary Commodities		2.1	1.5	9.5	4.5	−13.7	27.9	13.9	−7.3	−0.4	−4.0	−7.5	−1.2
		Food	−0.2	2.8	10.3	20.5	−12.7	13.1	15.8	0.6	1.9	−4.2	−9.4	−2.8
		Beverages	0.1	4.4	9.4	19.4	4.1	15.4	12.7	−16.1	−11.2	20.8	−2.8	−0.7
		Agricultural Raw Materials	−0.8	2.3	0.9	−3.8	−15.1	34.6	18.6	−10.0	2.4	1.9	0.4	1.5
		Metal	8.8	−1.0	12.8	−10.7	−17.2	49.8	9.7	−14.3	−3.5	−10.3	−10.2	−0.6
	World Trade Prices in Euros²
	Manufactures		0.4	1.9	−3.4	−1.0	−1.1	7.7	1.1	8.9	−4.6	−0.9	13.6	0.4
	Oil		12.3	1.2	1.4	27.1	−32.7	34.3	25.5	9.3	−4.1	−7.6	−29.1	12.8
	Nonfuel Primary Commodities		2.3	2.2	4.3	0.5	−11.0	32.8	12.4	−2.6	−4.3	−4.1	0.8	−1.1
		Food	0.0	3.4	5.1	15.9	−9.9	17.4	14.3	5.6	−2.1	−4.3	−1.2	−2.7
		Beverages	0.3	5.0	4.2	14.8	7.3	19.8	11.2	−11.9	−14.7	20.7	6.0	−0.6
		Agricultural Raw Materials	−0.5	3.0	−3.8	−7.5	−12.5	39.8	17.0	−5.5	−1.6	1.8	9.4	1.6
		Metal	9.1	−0.3	7.5	−14.1	−14.6	55.5	8.3	−10.0	−7.3	−10.3	−2.1	−0.5

Trade in Goods
	Volume of Trade
	Exports
		Advanced Economies			6.1	2.7	6.6	1.4	−13.7	14.8	6.2	1.4	2.6	2.9	3.1	4.0
		Emerging Market and Developing Economies			8.6	4.9	9.2	3.9	−8.2	14.4	7.5	4.9	4.5	3.5	4.9	5.7
			Fuel Exporters		5.1	2.3	4.6	3.5	−7.4	4.5	5.5	5.4	1.4	0.2	2.9	3.4
			Nonfuel Exporters		10.0	5.9	11.3	4.1	−8.6	18.5	8.4	4.6	5.9	5.0	5.7	6.4
	Imports
		Advanced Economies			6.8	2.0	5.1	0.1	−13.7	13.5	5.4	0.1	1.7	2.5	3.0	4.2
		Emerging Market and Developing Economies			8.4	6.2	15.3	9.0	−9.3	14.9	10.4	6.0	4.9	3.6	3.7	5.4
			Fuel Exporters		8.6	5.5	23.4	14.3	−12.0	7.2	8.9	10.5	5.7	2.0	−5.7	5.1
			Nonfuel Exporters		8.4	6.3	13.4	7.6	−8.6	16.9	10.8	4.9	4.8	4.0	5.9	5.4
	Price Deflators in SDRs
	Exports
		Advanced Economies			0.5	0.9	3.1	5.9	−6.4	4.2	6.2	0.4	0.5	−1.4	−3.1	0.6
		Emerging Market and Developing Economies			4.0	2.4	6.0	14.9	−13.4	13.7	12.8	2.6	−0.9	−3.1	−6.8	2.0
			Fuel Exporters		8.6	1.7	7.6	25.2	−25.5	23.3	23.6	3.4	−1.8	−6.2	−23.6	6.4
			Nonfuel Exporters		2.1	2.5	5.2	10.1	−7.2	9.6	8.3	2.2	−0.5	−1.7	0.0	0.6
	Imports
		Advanced Economies			0.7	1.1	3.0	8.2	−9.7	5.9	8.7	1.3	−0.3	−1.4	−4.1	1.0
		Emerging Market and Developing Economies			2.2	2.0	4.1	9.8	−8.4	11.2	8.6	2.1	−0.8	−3.2	−2.9	1.5
			Fuel Exporters		1.6	2.1	4.0	8.2	−5.9	8.4	7.4	2.0	−1.0	−2.2	1.0	0.4
			Nonfuel Exporters		2.4	2.0	4.1	10.2	−9.1	11.9	8.9	2.1	−0.8	−3.5	−3.9	1.7
	Terms of Trade
	Advanced Economies				−0.2	−0.2	0.1	−2.1	3.6	−1.6	−2.3	−0.9	0.8	0.1	1.0	−0.4
	Emerging Market and Developing Economies				1.7	0.4	1.8	4.6	−5.5	2.2	3.8	0.5	−0.1	0.2	−4.0	0.5
		Regional Groups
			Commonwealth of Independent States³		5.4	0.1	1.9	16.3	−17.9	13.2	11.5	0.7	−0.9	−2.7	−19.5	4.8
			Emerging and Developing Asia		−1.5	0.5	0.4	−1.2	3.1	−6.1	−2.3	1.2	1.1	3.8	6.6	−1.0
			Emerging and Developing Europe		−0.4	0.2	2.6	−0.6	3.0	−3.6	−2.1	−1.0	1.6	1.1	2.3	−1.5
			Latin America and the Caribbean		2.5	0.4	3.1	4.8	−4.8	8.6	5.6	−1.0	−1.8	−2.4	−6.5	−0.7
			Middle East, North Africa, Afghanistan, and Pakistan		6.1	−0.5	2.8	12.2	−17.9	9.8	14.2	0.2	−0.6	−3.7	−20.7	5.3
				Middle East and North Africa	6.4	−0.5	2.8	12.9	−18.3	9.7	14.5	0.8	−0.7	−3.7	−21.2	5.1
			Sub-Saharan Africa		…	0.0	4.8	9.1	−12.7	13.1	10.5	−1.5	−2.6	−4.2	−14.1	2.1
		Analytical Groups
			By Source of Export Earnings
				Fuel Exporters	6.9	−0.4	3.5	15.7	−20.8	13.7	15.1	1.4	−0.8	−4.1	−24.3	6.0
				Nonfuel Exporters	−0.2	0.5	1.1	−0.1	2.1	−2.1	−0.6	0.0	0.2	1.9	4.0	−1.1
Memorandum
World Exports in Billions of U.S. Dollars
Goods and Services					9,151	20,724	17,103	19,587	15,711	18,700	22,162	22,436	23,117	23,476	21,818	23,129
Goods					7,318	16,612	13,707	15,789	12,327	15,009	18,012	18,192	18,632	18,817	17,285	18,352
Average Oil Price⁴					12.2	0.2	10.7	36.4	−36.3	27.9	31.6	1.0	−0.9	−7.5	−39.6	12.9
	In U.S. Dollars a Barrel				31.21	84.21	71.13	97.04	61.78	79.03	104.01	105.01	104.07	96.25	58.14	65.65
Export Unit Value of Manufactures⁵					0.3	0.9	5.4	6.3	−6.4	2.6	6.1	0.6	−1.4	−0.8	−3.3	0.5

^¹Average of annual percent change for world exports and imports.

^²As represented, respectively, by the export unit value index for manufactures of the advanced economies and accounting for 83 percent of the advanced economies’ trade (export of goods) weights; the average of U.K. Brent, Dubai Fateh, and West Texas Intermediate crude oil prices; and the average of world market prices for nonfuel primary commodities weighted by their 2002-04 shares in world commodity exports.

^³Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.

^⁴Percent change of average of U.K. Brent, Dubai Fateh, and West Texas Intermediate crude oil prices.

^⁵Percent change for manufactures exported by the advanced economies.

Table A10.

Summary of Current Account Balances

(Billions of U.S. dollars)

													Projections
					2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2020
Advanced Economies					−354.7	−574.6	−85.7	−6.0	−63.5	−28.4	157.6	169.9	260.1	177.6	76.1
United States					−718.6	−686.6	−380.8	−443.9	−459.3	−460.8	−400.3	−410.6	−410.2	−454.6	−592.3
Euro Area¹					5.1	−233.2	−30.3	−3.7	−9.6	194.2	284.3	313.0	388.3	371.1	347.3
	Germany				237.3	217.5	199.4	194.6	228.1	252.3	251.3	287.5	286.8	276.9	276.5
	France				−25.9	−27.6	−22.5	−22.2	−29.6	−41.4	−40.2	−29.9	−2.7	−7.7	−7.7
	Italy				−31.3	−68.1	−42.3	−73.9	−70.1	−8.9	20.5	38.9	48.4	47.0	12.4
	Spain				−142.9	−152.0	−64.3	−56.2	−47.4	−3.8	20.0	1.6	3.3	4.8	16.6
Japan					212.1	142.6	145.3	217.6	126.5	58.7	33.6	24.3	81.6	85.2	114.2
United Kingdom					−81.3	−104.6	−64.8	−62.7	−43.4	−98.2	−119.9	−162.2	−135.6	−136.9	−122.8
Canada					11.4	1.8	−40.0	−56.7	−47.7	−60.0	−54.6	−39.4	−42.0	−39.1	−36.4
Other Advanced Economies²					181.4	155.8	199.5	267.9	248.3	261.9	338.4	330.9	313.8	285.9	288.2
Emerging Market and Developing Economies					623.1	684.0	247.1	315.7	413.1	383.3	217.0	197.0	40.1	125.4	141.9
	Regional Groups
	Commonwealth of Independent States³				65.3	108.2	42.8	69.1	107.9	67.0	16.3	54.7	43.6	72.8	89.7
		Russia			71.3	103.9	50.4	67.5	97.3	71.3	34.1	57.4	63.3	86.1	89.0
		Excluding Russia			−6.0	4.3	−7.6	1.7	10.6	−4.2	−17.8	−2.7	−19.7	−13.2	0.7
	Emerging and Developing Asia				395.8	425.7	274.6	234.7	99.2	122.2	142.5	195.3	338.1	340.9	370.0
		China			353.2	420.6	243.3	237.8	136.1	215.4	182.8	209.8	356.3	380.2	484.1
		India			−15.7	−27.9	−38.2	−48.1	−78.2	−88.2	−32.4	−29.5	−29.4	−39.8	−89.6
		ASEAN-5⁴			53.3	31.1	65.8	45.3	49.9	8.0	2.0	25.8	23.7	14.6	−6.6
	Emerging and Developing Europe				−124.7	−148.2	−53.5	−86.8	−119.5	−81.2	−72.5	−54.4	−42.4	−55.3	−90.6
	Latin America and the Caribbean				5.8	−39.3	−30.4	−65.3	−82.1	−107.4	−163.7	−164.8	−167.3	−162.8	−180.5
		Brazil			1.6	−28.2	−24.3	−47.3	−52.5	−54.2	−81.2	−91.3	−69.7	−66.3	−76.0
		Mexico			−14.7	−20.2	−8.3	−4.9	−13.3	−15.9	−29.7	−26.5	−26.6	−28.1	−38.1
	Middle East, North Africa, Afghanistan, and
		Pakistan			266.8	336.1	41.4	171.6	417.2	411.4	334.0	221.5	−60.9	−2.3	44.5
	Sub-Saharan Africa				14.1	1.5	−27.9	−7.7	−9.7	−28.7	−39.7	−55.2	−71.1	−67.9	−91.2
		South Africa			−16.1	−15.9	−8.1	−5.6	−9.0	−19.7	−21.1	−19.1	−14.8	−15.7	−17.1
	Analytical Groups
		By Source of Export Earnings
		Fuel			420.3	581.8	135.7	311.2	624.9	591.8	450.9	332.0	−9.5	98.0	183.8
		Nonfuel			202.8	102.2	111.3	4.5	−211.8	−208.5	−234.0	−135.0	49.6	27.4	−41.9
			Of Which, Primary Products		−2.4	−21.2	−4.9	−10.3	−24.3	−57.1	−64.2	−47.9	−45.3	−51.6	−62.5
		By External Financing Source
		Net Debtor Economies			−172.9	−323.7	−152.4	−243.2	−345.9	−434.6	−428.2	−362.4	−335.0	−374.5	−542.1
		Net Debtor Economies by
			Debt-Servicing Experience
		Economies with Arrears and/or
			Rescheduling during 2009–13		−1.0	−2.8	−13.2	−13.1	−12.3	−25.7	−25.8	−19.3	−28.9	−33.7	−50.8
Memorandum
World					268.4	109.5	161.4	309.7	349.6	354.9	374.5	366.9	300.2	303.0	217.9
European Union					−82.3	−234.0	−11.1	14.3	85.7	198.4	305.2	321.5	365.0	341.0	321.3
Low-Income Developing Countries					5.7	−10.5	−24.5	−17.6	−27.1	−39.4	−43.9	−47.4	−56.6	−56.5	−94.4
Middle East and North Africa					270.6	349.7	49.1	174.3	415.9	414.8	335.0	223.4	−58.0	1.5	54.3
Advanced Economies					−0.9	−1.3	−0.2	0.0	−0.1	−0.1	0.3	0.4	0.6	0.4	0.1
United States					−5.0	−4.7	−2.6	−3.0	−3.0	−2.9	−2.4	−2.4	−2.3	−2.4	−2.6
Euro Area¹					0.0	−1.7	−0.2	0.0	−0.1	1.5	2.2	2.3	3.3	3.1	2.5
	Germany				6.9	5.8	5.8	5.7	6.1	7.1	6.7	7.5	8.4	7.9	6.7
	France				−1.0	−0.9	−0.8	−0.8	−1.0	−1.5	−1.4	−1.1	−0.1	−0.3	−0.3
	Italy				−1.4	−2.8	−1.9	−3.5	−3.1	−0.4	1.0	1.8	2.6	2.5	0.6
	Spain				−9.6	−9.3	−4.3	−3.9	−3.2	−0.3	1.4	0.1	0.3	0.4	1.1
Japan					4.9	2.9	2.9	4.0	2.1	1.0	0.7	0.5	1.9	2.0	2.3
United Kingdom					−2.7	−3.7	−2.8	−2.6	−1.7	−3.7	−4.5	−5.5	−4.8	−4.6	−3.3
Canada					0.8	0.1	−2.9	−3.5	−2.7	−3.3	−3.0	−2.2	−2.6	−2.3	−1.8
Other Advanced Economies²					3.5	2.9	4.0	4.7	3.8	4.0	5.0	4.8	4.9	4.3	3.5
Emerging Market and Developing Economies					3.8	3.5	1.3	1.4	1.6	1.4	0.7	0.7	0.1	0.4	0.3
	Regional Groups
	Commonwealth of Independent States³				3.8	5.0	2.6	3.4	4.3	2.5	0.6	2.2	2.5	3.7	3.1
		Russia			5.5	6.3	4.1	4.4	5.1	3.5	1.6	3.1	5.4	6.3	4.3
		Excluding Russia			−1.5	0.8	−1.8	0.3	1.8	−0.7	−2.5	−0.4	−3.5	−2.2	0.1
	Emerging and Developing Asia				6.5	5.8	3.4	2.4	0.9	1.0	1.0	1.3	2.1	2.0	1.6
		China			10.1	9.2	4.8	4.0	1.9	2.6	1.9	2.0	3.2	3.2	3.0
		India			−1.3	−2.3	−2.8	−2.8	−4.2	−4.8	−1.7	−1.4	−1.3	−1.6	−2.5
		ASEAN-5⁴			4.7	2.3	5.0	2.8	2.6	0.4	0.1	1.3	1.1	0.6	−0.2
	Emerging and Developing Europe				−7.9	−8.0	−3.4	−5.1	−6.5	−4.6	−3.8	−2.9	−2.4	−3.0	−3.8
	Latin America and the Caribbean				0.2	−0.9	−0.7	−1.3	−1.4	−1.8	−2.8	−2.8	−3.2	−3.0	−2.7
		Brazil			0.1	−1.7	−1.5	−2.1	−2.0	−2.2	−3.4	−3.9	−3.7	−3.4	−3.2
		Mexico			−1.4	−1.8	−0.9	−0.5	−1.1	−1.3	−2.4	−2.1	−2.2	−2.2	−2.3
	Middle East, North Africa, Afghanistan, and Pakistan				12.6	12.8	1.8	6.2	13.0	12.3	9.8	6.4	−1.9	−0.1	1.0
	Sub-Saharan Africa				1.5	0.1	−2.7	−0.6	−0.7	−1.9	−2.5	−3.3	−4.6	−4.1	−4.2
		South Africa			−5.4	−5.5	−2.7	−1.5	−2.2	−5.0	−5.8	−5.4	−4.6	−4.7	−4.2
	Analytical Groups
		By Source of Export Earnings
		Fuel			10.7	11.7	3.3	6.3	10.4	9.3	7.0	5.3	−0.2	1.8	2.4
		Nonfuel			1.6	0.7	0.8	0.0	−1.0	−1.0	−1.0	−0.6	0.2	0.1	−0.1
			Of Which, Primary Products		−0.2	−1.9	−0.4	−0.8	−1.5	−3.5	−3.8	−3.0	−2.8	−3.1	−3.1
		By External Financing Source
		Net Debtor Economies			−2.0	−3.2	−1.6	−2.1	−2.7	−3.3	−3.2	−2.6	−2.5	−2.6	−2.9
		Net Debtor Economies by
			Debt-Servicing Experience
		Economies with Arrears and/or
			Rescheduling during 2009–13		−0.3	−0.8	−3.4	−3.0	−2.5	−4.9	−4.7	−3.3	−4.6	−5.0	−5.4
Memorandum
World					0.5	0.2	0.3	0.5	0.5	0.5	0.5	0.5	0.4	0.4	0.2
European Union					−0.5	−1.2	−0.1	0.1	0.5	1.1	1.7	1.7	2.2	2.0	1.6
Low-Income Developing Countries					0.6	−0.9	−2.2	−1.3	−1.8	−2.4	−2.5	−2.5	−2.9	−2.7	−3.3
Middle East and North Africa					13.8	14.3	2.2	6.8	14.0	13.4	10.7	7.0	−2.0	0.0	1.3
Advanced Economies					−3.1	−4.5	−0.8	−0.1	−0.5	−0.2	1.1	1.2	1.9	1.2	0.4
United States					−43.5	−37.3	−24.1	−23.9	−21.6	−20.8	−17.6	−17.5	−17.6	−18.9	−20.7
Euro Area¹					0.2	−7.7	−1.2	−0.1	−0.3	6.1	8.4	9.0	…	…	…
	Germany				16.0	13.3	15.4	13.5	13.6	15.6	14.8	16.3	17.6	16.1	12.7
	France				−3.7	−3.3	−3.4	−3.1	−3.6	−5.2	−4.8	−3.5	−0.3	−0.9	−0.7
	Italy				−5.2	−10.5	−8.6	−13.8	−11.4	−1.5	3.3	6.2	8.7	8.1	1.8
	Spain				−37.5	−36.5	−18.9	−15.3	−11.0	−0.9	4.6	0.4	0.8	1.1	2.9
Japan					26.4	16.0	21.7	25.1	13.6	6.4	4.1	2.8	10.2	10.2	11.8
United Kingdom					−10.7	−13.4	−10.3	−9.1	−5.4	−12.4	−14.9	−19.4	−17.1	−16.3	−11.3
Canada					2.3	0.3	−10.3	−12.1	−8.7	−10.8	−9.8	−7.0	−8.6	−7.5	−5.4
Other Advanced Economies²					6.4	4.8	7.5	8.2	6.4	6.7	8.4	8.2	8.4	7.3	6.0
Emerging Market and Developing Economies					11.3	10.1	4.7	4.7	5.0	4.4	2.4	2.2	0.5	1.4	1.2
	Regional Groups
	Commonwealth of Independent States³				11.2	13.7	8.2	10.3	12.2	7.4	1.8	6.5	6.8	10.5	10.3
		Russia			18.3	19.9	14.7	15.3	17.0	12.1	5.8	10.2	15.0	18.8	15.8
		Excluding Russia			−3.1	1.6	−4.2	0.7	3.4	−1.3	−5.8	−1.0	−9.0	−5.6	0.2
	Emerging and Developing Asia				18.1	16.6	12.4	8.2	2.9	3.3	3.7	4.8	8.2	7.7	6.2
		China			28.1	28.2	19.3	14.4	6.8	9.8	7.7	8.5	14.1	14.0	13.4
		India			−6.1	−9.5	−13.7	−12.6	−17.3	−19.5	−6.9	−6.1	−6.0	−7.4	−11.6
		ASEAN-5⁴			8.7	4.4	10.9	6.0	5.5	0.8	0.2	2.7	2.4	1.4	−0.5
	Emerging and Developing Europe				−23.3	−22.7	−10.2	−14.8	−17.2	−11.7	−9.7	−6.9	−5.5	−6.8	−8.7
	Latin America and the Caribbean				0.7	−3.9	−3.9	−6.5	−6.7	−8.6	−13.1	−13.4	−15.0	−13.6	−11.3
		Brazil			0.8	−12.4	−13.5	−20.4	−18.0	−19.4	−29.2	−34.7	−28.2	−25.2	−23.1
		Mexico			−5.1	−6.5	−3.4	−1.6	−3.6	−4.1	−7.4	−6.3	−6.4	−6.2	−5.8
	Middle East, North Africa, Afghanistan, and
		Pakistan			26.0	25.2	4.3	14.5	27.2	25.1	20.4	14.2	−4.9	−0.2	2.4
	Sub-Saharan Africa				4.4	0.4	−9.4	−2.0	−2.0	−6.0	−8.3	−12.0	−18.2	−15.8	−16.5
		South Africa			−17.3	−15.5	−9.8	−5.2	−7.1	−16.7	−18.6	−17.4	−13.9	−14.3	−13.1
	Analytical Groups
		By Source of Export Earnings
			Fuel		25.8	26.9	9.2	16.7	25.0	22.4	17.2	13.4	−0.5	4.8	6.9
			Nonfuel		5.2	2.2	2.9	0.1	−3.7	−3.5	−3.7	−2.1	0.8	0.4	−0.5
				Of Which, Primary Products	−0.8	−6.0	−1.7	−2.7	−5.5	−13.6	−15.3	−11.8	−11.8	−12.8	−12.2
		By External Financing Source
		Net Debtor Economies			−6.4	−10.2	−5.8	−7.5	−9.0	−11.1	−10.7	−8.9	−8.5	−8.8	−9.6
		Net Debtor Economies by
			Debt-Servicing Experience
		Economies with Arrears and/or
			Rescheduling during 2009–13		−1.0	−2.3	−12.9	−11.3	−9.5	−21.1	−19.6	−14.7	−23.9	−26.0	−26.9
Memorandum
World					1.6	0.6	1.0	1.7	1.6	1.6	1.6	1.6	1.4	1.3	0.7
European Union					−1.2	−3.2	−0.2	0.2	1.1	2.7	4.0	4.0	5.0	4.4	3.3
Low-Income Developing Countries					2.0	−2.9	−8.2	−4.6	−5.6	−7.9	−8.3	−8.6	−10.6	−9.6	−11.8
Middle East and North Africa					26.9	26.7	5.2	15.1	27.7	25.8	20.9	14.7	−4.8	0.1	3.0

^¹Excludes Lithuania.

^²Excludes the United States, euro area countries, and Japan but includes Lithuania.

^³Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.

^⁴Indonesia, Malaysia, Philippines, Thailand, Vietnam.

Table A11.

Advanced Economies: Balance on Current Account

(Percent of GDP)

										Projections
		2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2020
Advanced Economies		−0.9	−1.3	−0.2	0.0	−0.1	−0.1	0.3	0.4	0.6	0.4	0.1
United States		−5.0	−4.7	−2.6	−3.0	−3.0	−2.9	−2.4	−2.4	−2.3	−2.4	−2.6
Euro Area¹		0.0	−1.7	−0.2	0.0	−0.1	1.5	2.2	2.3	3.3	3.1	2.5
	Germany	6.9	5.8	5.8	5.7	6.1	7.1	6.7	7.5	8.4	7.9	6.7
	France	−1.0	−0.9	−0.8	−0.8	−1.0	−1.5	−1.4	−1.1	−0.1	−0.3	−0.3
	Italy	−1.4	−2.8	−1.9	−3.5	−3.1	−0.4	1.0	1.8	2.6	2.5	0.6
	Spain	−9.6	−9.3	−4.3	−3.9	−3.2	−0.3	1.4	0.1	0.3	0.4	1.1
	Netherlands	6.3	4.1	4.8	6.9	8.4	8.9	10.2	10.3	10.4	10.1	9.1
	Belgium	4.3	−1.0	−1.1	1.8	−1.1	−0.7	−0.2	1.6	2.3	2.4	2.2
	Austria	3.4	4.7	2.6	3.4	1.5	2.3	1.0	1.8	1.9	1.8	1.7
	Greece	−14.0	−14.5	−10.9	−10.1	−9.9	−2.5	0.6	0.9	1.4	1.1	0.9
	Portugal	−9.7	−12.1	−10.4	−10.1	−6.0	−2.1	1.4	0.6	1.4	1.0	0.1
	Ireland	−5.4	−5.7	−3.0	0.6	0.8	1.6	4.4	6.2	4.9	4.8	4.8
	Finland	5.2	3.1	2.7	2.4	−0.6	−1.2	−0.9	−0.6	−0.3	−0.3	0.0
	Slovak Republic	−4.8	−6.5	−3.5	−4.7	−5.0	0.9	1.5	0.2	0.4	0.4	2.2
	Lithuania	−14.9	−13.0	2.1	−0.3	−3.8	−1.2	1.6	−0.4	0.2	−0.8	−2.3
	Slovenia	−4.2	−5.4	−0.6	−0.1	0.2	2.7	5.6	5.8	7.1	6.5	4.5
	Luxembourg	10.1	7.4	7.6	7.0	5.8	5.7	4.9	5.2	4.7	4.6	4.2
	Latvia	−20.8	−12.4	8.0	2.3	−2.8	−3.3	−2.3	−3.1	−2.2	−3.0	−2.4
	Estonia	−15.0	−8.7	2.5	1.8	1.4	−2.5	−1.1	−0.1	−0.4	−0.7	−0.8
	Cyprus	−10.8	−14.3	−9.8	−9.0	−3.1	−6.3	−1.7	−1.9	−1.9	−1.4	−1.1
	Malta	−3.9	−4.9	−4.8	−5.9	5.0	3.6	3.2	2.7	3.1	3.1	3.4
Japan		4.9	2.9	2.9	4.0	2.1	1.0	0.7	0.5	1.9	2.0	2.3
United Kingdom		−2.7	−3.7	−2.8	−2.6	−1.7	−3.7	−4.5	−5.5	−4.8	−4.6	−3.3
Korea		1.1	0.3	3.7	2.6	1.6	4.2	6.2	6.3	7.1	5.2	3.6
Canada		0.8	0.1	−2.9	−3.5	−2.7	−3.3	−3.0	−2.2	−2.6	−2.3	−1.8
Australia		−6.7	−4.9	−4.6	−3.6	−2.9	−4.3	−3.3	−2.8	−4.0	−3.7	−3.4
Taiwan Province of China		8.6	6.6	10.9	8.9	8.2	9.9	10.8	12.3	12.4	11.7	9.9
Switzerland		10.0	2.2	7.1	14.0	6.8	9.9	10.7	7.0	5.8	5.5	5.3
Sweden		8.9	8.5	5.9	6.0	6.9	6.6	7.3	6.3	6.3	6.3	5.6
Singapore		26.0	14.4	16.8	23.7	22.0	17.2	17.9	19.1	20.7	18.8	14.5
Hong Kong SAR		13.0	15.0	9.9	7.0	5.6	1.6	1.5	1.6	2.0	2.2	3.1
Norway		12.2	15.7	10.6	10.9	12.4	12.4	10.0	8.5	7.6	7.0	4.8
Czech Republic		−4.3	−1.9	−2.4	−3.7	−2.1	−1.6	−0.5	0.6	1.6	0.9	−0.7
Israel		3.1	1.5	3.9	3.4	1.5	0.8	2.4	3.0	4.5	4.4	3.8
Denmark		1.4	2.7	3.3	5.7	5.7	5.6	7.2	6.3	6.1	5.5	4.4
New Zealand		−6.8	−7.7	−2.3	−2.3	−2.8	−4.0	−3.2	−3.5	−4.8	−5.2	−4.6
Iceland		−13.7	−22.8	−9.9	−6.4	−5.2	−4.2	5.5	4.7	6.1	4.7	2.4
San Marino		…	…	…	…	…	…	…	…	…	…	…
Memorandum
Major Advanced Economies		−1.3	−1.6	−0.7	−0.8	−0.9	−1.0	−0.9	−0.8	−0.5	−0.6	−0.8
Euro Area²		0.3	−0.6	0.4	0.6	0.8	2.1	2.7	3.2	3.9	3.6	3.0

^¹Excludes Lithuania; corrected for reporting discrepancies in intra-area transactions.

^²Excludes Lithuania; calculated as the sum of the balances of individual euro area countries.

Table A12.

Emerging Market and Developing Economies: Balance on Current Account

(Percent of GDP)

									Projections
	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2020
Commonwealth of Independent States¹	3.8	5.0	2.6	3.4	4.3	2.5	0.6	2.2	2.5	3.7	3.1
Russia	5.5	6.3	4.1	4.4	5.1	3.5	1.6	3.1	5.4	6.3	4.3
Excluding Russia	−1.5	0.8	−1.8	0.3	1.8	−0.7	−2.5	−0.4	−3.5	−2.2	0.1
Armenia	−8.5	−15.0	−17.6	−14.2	−11.1	−11.1	−8.0	−9.2	−8.6	−8.6	−7.3
Azerbaijan	27.3	35.5	23.0	28.0	26.5	21.8	17.0	15.3	5.3	8.2	11.1
Belarus	−6.7	−8.2	−12.6	−15.0	−8.5	−2.9	−10.5	−6.1	−7.0	−4.2	−4.0
Georgia	−19.8	−22.0	−10.5	−10.2	−12.8	−11.7	−5.7	−9.6	−11.5	−12.0	−6.6
Kazakhstan	−8.0	4.7	−3.6	0.9	5.4	0.5	0.5	1.6	−4.1	−3.1	−0.4
Kyrgyz Republic	−6.0	−15.3	−2.2	−6.1	−9.6	−15.6	−15.0	−13.7	−17.0	−15.2	−8.8
Moldova	−15.2	−16.1	−8.2	−7.5	−11.0	−7.4	−5.0	−5.5	−4.5	−5.4	−4.2
Tajikistan	−8.6	−7.6	−5.9	−1.2	−4.8	−2.5	−2.9	−9.1	−7.1	−5.8	−3.4
Turkmenistan	15.5	16.5	−14.7	−10.6	2.0	0.0	−7.3	−5.9	−11.1	−6.7	3.1
Ukraine²	−3.5	−6.8	−1.4	−2.2	−6.3	−8.1	−9.2	−4.0	−1.4	−1.3	−2.3
Uzbekistan	7.3	8.7	2.2	6.2	5.8	1.2	−1.7	0.1	0.2	0.2	0.2
Emerging and Developing Asia	6.5	5.8	3.4	2.4	0.9	1.0	1.0	1.3	2.1	2.0	1.6
Bangladesh	0.7	1.2	2.4	0.4	−1.0	0.7	1.2	−0.1	−0.6	−0.4	−1.2
Bhutan	14.6	−2.2	−2.0	−10.3	−23.7	−17.6	−22.1	−21.9	−26.3	−24.6	−6.4
Brunei Darussalam	47.8	48.9	40.3	45.5	36.4	34.1	34.5	23.6	−9.8	−5.6	12.4
Cambodia	−1.9	−6.6	−6.9	−6.8	−10.2	−11.0	−12.2	−12.0	−10.0	−9.3	−5.3
China	10.1	9.2	4.8	4.0	1.9	2.6	1.9	2.0	3.2	3.2	3.0
Fiji	−10.4	−15.9	−4.2	−4.5	−5.3	−1.8	−20.7	−8.8	−8.0	−8.2	−8.1
India	−1.3	−2.3	−2.8	−2.8	−4.2	−4.8	−1.7	−1.4	−1.3	−1.6	−2.5
Indonesia	1.4	0.0	1.8	0.7	0.2	−2.7	−3.2	−3.0	−3.0	−2.9	−2.6
Kiribati	−18.3	−19.3	−22.5	−16.3	−31.0	−24.5	−21.8	4.1	−24.3	−26.5	−12.8
Lao P.D.R.	−13.6	−19.2	−22.2	−20.0	−17.3	−30.2	−28.9	−24.9	−20.1	−16.3	−14.9
Malaysia	15.4	17.1	15.5	10.9	11.6	5.8	4.0	4.6	2.1	1.4	1.4
Maldives	−15.2	−28.8	−10.4	−8.1	−18.1	−10.6	−6.5	−8.4	−4.6	−5.9	−4.6
Marshall Islands	−0.9	0.9	−14.9	−26.6	−5.3	−8.7	−13.4	−20.9	−1.3	−3.8	−10.0
Micronesia	−9.5	−16.6	−18.9	−15.1	−17.9	−12.6	−10.1	2.5	−0.7	−0.8	−3.4
Mongolia	5.4	−11.1	−7.7	−13.0	−26.5	−27.4	−25.4	−8.2	−11.1	−17.3	−5.7
Myanmar	−0.7	−4.2	−1.3	−1.2	−1.9	−4.3	−5.1	−7.2	−7.0	−5.9	−4.9
Nepal	−0.1	2.7	4.2	−2.4	−1.0	4.8	3.3	4.6	4.1	2.5	−1.9
Palau	−16.7	−16.8	−4.7	−7.2	−4.1	−5.0	−6.5	−10.3	−5.4	−8.4	−3.1
Papua New Guinea	3.9	8.5	−15.2	−21.5	−23.6	−53.6	−30.8	−12.1	10.2	7.1	4.3
Philippines	5.4	0.1	5.0	3.6	2.5	2.8	4.2	4.4	5.5	5.0	3.0
Samoa	−13.5	−5.5	−5.3	−6.8	−3.5	−7.8	0.4	−3.7	−6.8	−5.5	−4.5
Solomon Islands	−15.6	−18.2	−21.9	−33.3	−8.6	1.5	−4.5	−8.5	−8.4	−12.6	−8.0
Sri Lanka	−4.3	−9.5	−0.5	−2.2	−7.8	−6.7	−3.9	−3.7	−2.0	−2.6	−3.0
Thailand	6.3	0.8	8.3	3.1	2.6	−0.4	−0.6	3.8	4.4	2.4	0.7
Timor-Leste	39.4	46.0	38.9	39.8	41.1	47.8	44.8	26.1	11.2	10.9	−3.8
Tonga	−7.0	−7.3	−9.3	−7.4	−11.8	−15.6	−12.6	−8.9	−6.8	−5.8	−0.9
Tuvalu	−13.0	7.1	6.9	−11.9	−36.5	25.3	26.4	27.0	−39.0	−24.5	−4.9
Vanuatu	−7.3	−10.8	−7.9	−5.4	−8.1	−6.5	−3.3	−1.3	−14.4	−13.4	−8.2
Vietnam	−9.0	−11.0	−6.5	−3.8	0.2	6.0	5.6	5.4	4.8	4.9	0.3
Emerging and Developing Europe	−7.9	−8.0	−3.4	−5.1	−6.5	−4.6	−3.8	−2.9	−2.4	−3.0	−3.8
Albania	−10.6	−15.8	−15.9	−11.3	−13.2	−10.2	−10.7	−13.9	−15.7	−15.5	−8.1
Bosnia and Herzegovina	−9.4	−14.1	−6.6	−6.2	−9.6	−9.2	−5.9	−7.1	−9.0	−8.2	−5.3
Bulgaria	−24.3	−22.4	−8.6	−1.5	0.1	−1.1	2.3	0.0	0.2	−0.8	−2.0
Croatia	−7.1	−8.8	−5.1	−1.1	−0.8	−0.1	0.8	0.7	2.2	2.0	−0.9
Hungary	−7.1	−7.2	−0.8	0.3	0.8	1.9	4.1	4.2	4.8	4.1	1.2
Kosovo	−10.2	−16.2	−9.2	−11.7	−13.7	−7.5	−6.4	−7.1	−7.3	−8.0	−7.2
FYR Macedonia	−6.9	−12.7	−6.8	−2.0	−2.5	−2.9	−1.8	−1.3	−2.0	−3.3	−2.5
Montenegro	−39.5	−49.8	−27.9	−22.9	−17.7	−18.7	−14.6	−17.8	−20.6	−25.3	−17.2
Poland	−6.3	−6.6	−4.0	−5.5	−5.2	−3.5	−1.3	−1.2	−1.8	−2.4	−3.5
Romania	−13.5	−11.5	−4.5	−4.6	−4.6	−4.5	−0.8	−0.5	−1.1	−1.5	−3.6
Serbia	−17.2	−21.0	−6.2	−6.4	−8.6	−11.5	−6.1	−6.0	−4.7	−4.7	−3.7
Turkey	−5.8	−5.5	−2.0	−6.2	−9.7	−6.2	−7.9	−5.7	−4.2	−4.8	−5.0
Latin America and the Caribbean	0.2	−0.9	−0.7	−1.3	−1.4	−1.8	−2.8	−2.8	−3.2	−3.0	−2.7
Antigua and Barbuda	−29.9	−26.7	−14.0	−14.7	−10.4	−14.6	−14.6	−14.5	−10.7	−12.4	−14.8
Argentina³	2.0	1.5	2.0	−0.4	−0.7	−0.2	−0.8	−0.9	−1.7	−1.8	−1.5
The Bahamas	−11.5	−10.6	−10.3	−10.1	−15.0	−18.3	−17.7	−21.6	−12.4	−8.2	−7.4
Barbados	−5.4	−10.6	−6.7	−5.8	−12.8	−9.3	−9.3	−9.1	−5.1	−5.9	−5.5
Belize	−4.0	−10.6	−4.9	−2.4	−1.1	−1.2	−4.4	−5.7	−4.5	−6.1	−7.0
Bolivia	11.4	11.9	4.3	3.9	0.3	8.3	3.3	0.7	−2.8	−4.2	−1.0
Brazil	0.1	−1.7	−1.5	−2.1	−2.0	−2.2	−3.4	−3.9	−3.7	−3.4	−3.2
Chile	4.1	−3.2	2.0	1.7	−1.2	−3.6	−3.7	−1.2	−1.2	−2.0	−2.4
Colombia	−3.0	−2.8	−2.2	−3.2	−3.1	−3.2	−3.4	−5.0	−5.8	−4.9	−3.6
Costa Rica	−6.3	−9.3	−2.0	−3.5	−5.4	−5.3	−5.0	−4.5	−3.6	−4.0	−4.9
Dominica	−20.3	−27.7	−22.3	−16.3	−13.4	−17.7	−13.1	−13.0	−13.1	−19.4	−12.8
Dominican Republic	−5.0	−9.4	−4.8	−7.4	−7.5	−6.6	−4.1	−3.1	−2.4	−3.0	−4.2
Ecuador	3.7	2.9	0.5	−2.3	−0.3	−0.2	−1.0	−0.8	−3.3	−3.0	−3.0
El Salvador	−6.1	−7.1	−1.5	−2.5	−4.8	−5.4	−6.5	−5.0	−4.3	−4.9	−5.9
Grenada	−29.7	−28.0	−22.2	−22.1	−21.8	−19.2	−27.0	−23.6	−17.4	−16.1	−16.3
Guatemala	−5.2	−3.6	0.7	−1.4	−3.4	−2.6	−2.5	−2.3	−1.6	−1.8	−2.5
Guyana	−9.5	−13.7	−9.1	−9.6	−13.1	−11.6	−13.3	−15.9	−16.4	−21.9	−10.7
Haiti	−1.5	−3.1	−1.9	−1.5	−4.3	−5.7	−6.7	−5.8	−3.0	−3.7	−3.5
Honduras	−9.1	−15.4	−3.8	−4.3	−8.0	−8.5	−9.5	−7.4	−6.5	−6.4	−5.0
Jamaica	−15.3	−17.7	−11.0	−8.0	−12.1	−10.7	−8.9	−6.4	−5.0	−4.6	−3.4
Mexico	−1.4	−1.8	−0.9	−0.5	−1.1	−1.3	−2.4	−2.1	−2.2	−2.2	−2.3
Nicaragua	−15.7	−17.0	−8.1	−8.1	−10.7	−9.8	−8.9	−6.2	−6.8	−7.5	−6.7
Panama	−8.0	−10.9	−0.7	−11.4	−15.9	−9.8	−12.2	−12.0	−10.4	−10.0	−5.9
Paraguay	5.7	1.0	3.0	−0.3	0.5	−0.9	2.2	0.1	−1.7	−2.2	−1.7
Peru	1.5	−4.3	−0.5	−2.4	−1.9	−2.7	−4.4	−4.1	−4.6	−4.3	−3.0
St. Kitts and Nevis	−17.4	−26.8	−25.7	−20.8	−15.9	−9.8	−6.7	−10.7	−16.2	−16.8	−15.1
St. Lucia	−30.0	−28.9	−11.6	−16.2	−18.7	−13.5	−12.8	−12.4	−13.4	−13.9	−15.0
St. Vincent and the Grenadines	−28.0	−33.1	−29.2	−30.6	−29.4	−27.5	−31.3	−29.4	−27.6	−25.4	−18.4
Suriname	11.1	9.2	2.9	14.9	5.8	3.4	−3.9	−7.3	−7.8	−6.9	−0.3
Trinidad and Tobago	23.9	30.5	8.5	19.8	11.9	3.4	6.7	8.3	5.2	4.4	3.9
Uruguay	−0.9	−5.7	−1.3	−1.9	−2.9	−5.4	−5.2	−4.7	−3.8	−4.1	−3.6
Venezuela	7.2	11.0	1.0	3.2	8.2	3.7	2.4	4.3	−4.7	−0.8	1.4
Middle East, North Africa, Afghanistan, and Pakistan	12.6	12.8	1.8	6.2	13.0	12.3	9.8	6.4	−1.9	−0.1	1.0
Afghanistan	36.8	2.7	13.1	8.3	6.4	6.3	7.5	5.7	3.1	0.5	−1.9
Algeria	22.7	20.1	0.3	7.5	9.9	5.9	0.4	−4.3	−15.7	−13.2	−7.0
Bahrain	13.4	8.8	2.4	3.0	11.2	7.2	7.8	5.3	−2.1	−0.7	−0.8
Djibouti	−21.4	−24.3	−9.3	0.6	−13.7	−20.3	−23.3	−27.4	−28.7	−23.2	−12.6
Egypt	2.1	0.5	−2.3	−2.0	−2.6	−3.9	−2.4	−0.8	−3.3	−4.3	−4.8
Iran	9.7	5.8	2.4	5.9	10.5	6.3	7.4	3.8	0.8	1.2	0.0
Iraq	0.9	15.9	−6.8	3.0	12.0	6.7	1.3	−3.5	−9.6	−3.6	2.5
Jordan	−16.8	−9.4	−5.2	−7.1	−10.2	−15.2	−10.3	−7.0	−7.6	−6.6	−4.7
Kuwait	36.8	40.9	26.7	31.8	42.7	45.2	39.6	35.3	15.7	19.3	14.7
Lebanon	−7.2	−11.1	−12.5	−20.7	−15.1	−24.3	−26.7	−24.9	−22.2	−21.7	−15.3
Libya	44.1	42.5	14.9	19.5	9.1	29.1	13.6	−30.1	−52.8	−30.9	−1.5
Mauritania	−14.6	−13.3	−13.4	−7.7	−6.0	−26.5	−24.8	−27.6	−14.6	−21.9	−24.6
Morocco	−0.1	−5.2	−5.4	−4.1	−8.0	−9.7	−7.6	−5.8	−3.4	−3.3	−2.9
Oman	6.0	8.5	−1.1	8.9	13.2	10.3	6.6	2.2	−15.0	−13.0	−9.3
Pakistan	−4.5	−8.1	−5.5	−2.2	0.1	−2.1	−1.1	−1.2	−1.3	−1.4	−2.5
Qatar	14.4	23.1	6.5	19.1	30.6	32.6	30.8	25.1	8.4	5.0	3.8
Saudi Arabia	22.5	25.5	4.9	12.7	23.7	22.4	17.8	14.1	−1.0	3.7	5.4
Sudan⁴	−6.0	−1.6	−9.6	−2.1	−0.4	−9.3	−8.6	−5.2	−4.2	−3.9	−3.2
Syria⁵	−0.2	−1.3	−2.9	−2.8	…	…	…	…	…	…	…
Tunisia	−2.4	−3.8	−2.8	−4.8	−7.4	−8.2	−8.3	−8.9	−6.4	−5.2	−3.0
United Arab Emirates	12.5	7.1	3.1	2.5	14.7	18.5	16.1	12.1	5.3	7.2	6.6
Yemen	−7.0	−4.6	−10.1	−3.4	−3.0	−1.7	−3.1	−1.6	−2.2	−1.5	−1.2
Sub-Saharan Africa	1.5	0.1	−2.7	−0.6	−0.7	−1.9	−2.5	−3.3	−4.6	−4.1	−4.2
Angola	17.5	8.5	−10.0	9.1	12.6	12.0	6.7	−0.8	−6.3	−4.2	−2.5
Benin	−10.2	−8.1	−8.9	−8.7	−7.8	−8.4	−15.9	−8.5	−11.6	−12.2	−8.7
Botswana	15.1	−1.1	−11.2	−6.0	−0.6	−3.5	10.4	17.1	18.2	16.6	16.0
Burkina Faso	−8.3	−11.5	−4.5	−2.0	−1.5	−4.5	−6.6	−6.1	−8.1	−8.5	−6.8
Burundi	−5.4	−1.0	1.7	−12.2	−13.6	−17.3	−18.4	−17.6	−13.3	−12.9	−12.2
Cabo Verde	−12.9	−13.7	−14.6	−12.4	−16.3	−11.4	−4.0	−9.1	−9.6	−10.6	−4.1
Cameroon	1.4	−1.2	−3.1	−2.8	−2.7	−3.6	−3.8	−4.2	−4.8	−4.8	−4.7
Central African Republic	−6.2	−9.9	−9.1	−10.2	−7.6	−4.6	−3.0	−6.2	−11.1	−9.1	−7.0
Chad	8.2	3.7	−9.2	−9.0	−5.6	−8.7	−9.0	−8.7	−10.5	−8.3	−3.5
Comoros	−10.1	−18.7	−15.4	−15.9	−22.1	−14.7	−14.6	−10.6	−14.1	−13.7	−11.6
Democratic Republic of the Congo	3.2	−0.8	−6.1	−10.6	−5.4	−6.2	−11.1	−9.6	−10.7	−9.5	−10.1
Republic of Congo	−6.5	−0.5	−14.1	7.5	4.7	−2.4	−4.8	−6.2	−11.3	−3.1	1.1
Côte d’Ivoire	−0.7	1.9	6.6	1.9	10.5	−1.2	−4.9	−3.3	−2.3	−1.7	−4.6
Equatorial Guinea	15.9	12.3	−8.0	−9.8	−0.6	−4.5	−12.1	−13.1	−32.5	−18.3	−7.6
Eritrea	−6.1	−5.5	−7.6	−5.6	0.6	2.3	0.3	−0.2	−1.6	−1.9	−3.6
Ethiopia	−4.2	−6.7	−6.7	−1.4	−2.5	−6.9	−6.0	−9.0	−6.6	−6.3	−6.1
Gabon	14.8	21.9	6.5	7.8	13.1	21.3	15.0	11.2	−2.3	0.9	−2.7
The Gambia	−8.3	−12.2	−12.5	−16.3	−12.3	−7.9	−10.7	−12.7	−11.7	−10.0	−8.7
Ghana	−8.7	−11.9	−5.4	−8.6	−9.0	−11.7	−11.7	−9.2	−7.0	−6.2	−4.3
Guinea	−10.8	−9.7	−7.9	−9.7	−18.8	−28.7	−21.4	−18.5	−16.7	−18.3	−37.7
Guinea-Bissau	−4.4	−3.3	−5.8	−8.3	−1.3	−8.7	−14.1	−10.0	−11.3	−14.6	−2.0
Kenya	−3.2	−5.5	−4.6	−5.9	−9.1	−8.4	−8.7	−9.2	−7.7	−7.4	−7.0
Lesotho	22.7	21.8	4.8	−7.9	−9.0	−2.7	−4.2	−6.6	−5.4	−23.3	−23.0
Liberia	−6.2	−46.7	−23.2	−32.0	−27.4	−21.4	−28.2	−31.9	−40.2	−27.8	−29.0
Madagascar	−12.7	−20.6	−21.2	−9.7	−6.9	−6.7	−5.6	−2.3	−3.2	−3.4	−3.9
Malawi	1.0	−9.7	−4.8	−1.3	−5.9	−3.5	−1.8	−5.1	−3.4	−2.7	−1.5
Mali	−8.1	−12.1	−7.3	−12.6	−6.1	−2.6	−5.2	−8.0	−5.6	−5.6	−6.4
Mauritius	−5.4	−10.1	−7.4	−10.3	−13.8	−7.3	−9.9	−7.2	−6.3	−6.2	−6.0
Mozambique	−9.5	−11.6	−11.0	−10.6	−23.1	−42.3	−40.0	−34.7	−41.1	−45.6	−41.0
Namibia	8.6	3.0	−1.5	−3.5	−3.0	−5.8	−4.1	−6.6	−9.9	−12.3	−10.7
Niger	−8.2	−12.0	−24.4	−19.8	−22.3	−15.3	−15.3	−18.0	−27.1	−24.7	−10.6
Nigeria	10.7	9.0	5.1	3.9	3.0	4.4	3.9	2.2	0.7	1.3	0.6
Rwanda	−2.3	−5.0	−7.1	−7.3	−7.5	−11.4	−7.1	−12.0	−10.5	−10.1	−9.9
São Tomé and Príncipe	−29.0	−33.1	−23.2	−21.7	−25.5	−21.3	−16.8	−20.8	−12.4	−12.0	−9.6
Senegal	−11.6	−14.1	−6.7	−4.4	−7.9	−10.8	−10.9	−10.3	−7.6	−7.3	−6.4
Seychelles	−18.8	−27.2	−22.4	−22.1	−28.3	−25.8	−15.2	−22.5	−19.3	−18.1	−14.8
Sierra Leone	−7.4	−9.0	−13.3	−22.7	−65.3	−22.0	−10.4	−7.6	−13.2	−8.6	−6.3
South Africa	−5.4	−5.5	−2.7	−1.5	−2.2	−5.0	−5.8	−5.4	−4.6	−4.7	−4.2
South Sudan	…	…	…	…	18.2	−22.4	−0.5	−0.7	−13.9	−8.3	−8.4
Swaziland	−2.1	−7.6	−13.0	−10.0	−8.2	3.8	6.3	0.9	0.4	−1.4	−3.3
Tanzania	−8.6	−7.8	−7.3	−6.9	−10.4	−11.6	−10.3	−10.2	−10.0	−9.5	−8.3
Togo	−8.6	−7.0	−5.6	−6.3	−8.0	−8.1	−7.2	−6.3	−5.0	−5.8	−8.0
Uganda	−4.6	−7.8	−6.2	−9.4	−10.4	−8.1	−6.4	−7.5	−8.8	−9.0	−8.9
Zambia	−5.4	−5.8	3.8	5.9	3.0	3.2	0.0	−0.2	0.3	0.9	0.4
Zimbabwe⁶	−5.4	−16.5	−47.1	−16.0	−30.9	−24.6	−25.4	−22.3	−21.6	−23.8	−23.5

^¹Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.

^²Starting in 2014 data exclude Crimea and Sevastopol.

^³Calculations are based on Argentina’s official GDP data. See note 5 to Table A4.

^⁴Data for 2011 exclude South Sudan after July 9. Data for 2012 and onward pertain to the current Sudan.

^⁵Data for Syria are excluded for 2011 onward owing the uncertain political situation.

^⁶The Zimbabwean dollar ceased circulating in early 2009. Data are based on IMF staff estimates of price and exchange rate developments in U.S. dollars. IMF staff estimates of U.S. dollar values may differ from authorities’ estimates.

Table A13.

Summary of Financial Account Balances

(Billions of U.S. dollars)

												Projections
				2007	2008	2009	2010	2011	2012	2013	2014	2015	2016
Advanced Economies
Financial Account Balance				−308.3	−721.4	−17.7	−66.4	−217.7	−2.5	267.7	473.0	241.9	172.0
	Direct Investment, Net			611.4	628.1	249.2	355.6	369.3	219.0	171.8	422.8	352.8	381.8
	Portfolio Investment, Net			−1,003.8	−1,186.2	−342.3	−722.4	−898.1	−70.5	−208.5	209.7	−67.1	−147.5
	Financial Derivatives, Net			95.9	352.6	−118.9	−84.5	−0.1	−70.2	28.0	−106.7	−35.1	−39.1
	Other Investment, Net			−57.4	−516.1	−237.8	79.9	49.3	−305.6	166.6	−79.1	−73.4	−34.0
	Change in Reserves			67.1	75.0	473.8	347.6	340.5	270.4	153.8	83.0	96.3	40.7
	United States
	Financial Account Balance			−617.3	−730.6	−231.0	−437.0	−515.8	−423.5	−370.7	−141.6	−408.4	−451.9
		Direct Investment, Net		192.9	19.0	159.9	95.2	183.0	157.8	113.3	260.1	210.8	229.0
		Portfolio Investment, Net		−775.8	−808.0	18.5	−620.8	−226.3	−507.2	−1.1	−145.1	−265.7	−381.7
		Financial Derivatives, Net		−6.2	32.9	−44.8	−14.1	−35.0	7.1	2.2	−53.5	−29.8	−51.7
		Other Investment, Net		−28.2	20.6	−416.9	100.9	−453.4	−85.6	−482.0	−199.5	−323.8	−247.5
		Change in Reserves		0.1	4.8	52.3	1.8	15.9	4.5	−3.1	−3.6	0.0	0.0
	Euro Area¹
	Financial Account Balance			682.0	555.2	688.7	687.6	773.2	688.9	598.4	462.3	…	…
		Direct Investment, Net		331.6	545.6	303.2	305.6	354.3	261.4	36.4	91.2	…	…
		Portfolio Investment, Net		−339.1	−537.6	−518.4	−269.1	−502.6	−258.4	20.2	153.1	…	…
		Financial Derivatives, Net		232.9	276.4	117.1	123.2	151.2	121.8	43.9	57.7	…	…
		Other Investment, Net		449.4	265.6	792.9	513.7	755.8	544.4	491.6	154.3	…	…
		Change in Reserves		7.2	5.1	−6.2	14.1	14.5	19.6	6.4	5.9	…	…
		Germany
		Financial Account Balance		296.7	249.2	211.3	148.9	224.1	274.3	326.9	287.5	286.8	276.9
			Direct Investment, Net	89.8	67.1	43.0	60.6	20.0	65.4	29.7	40.9	36.2	37.2
			Portfolio Investment, Net	−215.4	−44.5	119.2	154.1	−42.6	83.4	218.8	192.4	191.9	185.3
			Financial Derivatives, Net	116.4	44.0	−7.5	17.6	37.1	32.8	24.1	21.2	21.2	20.4
			Other Investment, Net	304.7	179.9	44.3	−85.5	205.7	91.0	53.2	33.0	37.5	33.9
			Change in Reserves	1.2	2.7	12.4	2.1	3.9	1.7	1.2	0.0	0.0	0.0
		France
		Financial Account Balance		−41.5	−45.9	−49.6	2.3	−72.3	−27.0	−18.8	−46.0	0.1	−4.9
			Direct Investment, Net	68.2	66.0	70.3	34.3	19.4	18.1	−6.8	32.5	32.6	37.6
			Portfolio Investment, Net	166.1	−37.8	−328.7	−155.0	−335.1	−34.1	−92.8	−14.7	−12.0	−54.9
			Financial Derivatives, Net	−57.4	40.0	−15.5	−4.1	−19.4	−18.4	−22.3	−63.7	−21.3	11.1
			Other Investment, Net	−219.0	−101.6	216.0	119.4	270.5	2.2	105.0	−1.2	−1.0	−1.0
			Change in Reserves	0.7	−12.5	8.4	7.7	−7.7	5.2	−1.9	1.0	1.7	2.3
		Italy
		Financial Account Balance		−40.0	−49.0	−56.1	−116.4	−97.5	−19.1	15.9	72.0	50.3	48.8
			Direct Investment, Net	52.5	76.2	−0.3	21.3	17.1	6.8	5.8	6.6	3.7	2.3
			Portfolio Investment, Net	−7.6	−110.7	−55.4	56.4	13.5	−33.3	−19.4	−10.7	−14.6	−5.6
			Financial Derivatives, Net	3.8	−0.4	−6.9	6.6	−10.1	7.5	4.0	−4.0	0.0	0.0
			Other Investment, Net	−90.7	−22.3	6.6	−202.1	−119.4	−1.9	23.5	81.1	61.2	52.2
			Change in Reserves	2.1	8.2	−0.1	1.4	1.3	1.9	2.0	−1.0	0.0	0.0
		Spain
		Financial Account Balance		−137.5	−147.6	−70.8	−56.9	−41.4	0.3	53.9	35.9	8.5	10.0
			Direct Investment, Net	72.9	−2.3	2.7	−1.9	12.8	−29.7	−15.9	4.3	2.1	1.7
			Portfolio Investment, Net	−122.3	1.9	−69.6	−46.6	43.1	53.7	−59.8	−3.7	−6.1	−3.6
			Financial Derivatives, Net	5.6	10.4	8.4	−11.4	2.9	−10.7	1.4	1.0	0.0	0.0
			Other Investment, Net	−93.9	−158.6	−18.4	1.9	−114.1	−15.8	127.5	29.1	12.5	11.9
			Change in Reserves	0.2	0.9	6.0	1.1	13.9	2.8	0.7	5.2	0.0	0.0
	Japan
	Financial Account Balance			224.3	187.3	174.8	253.5	165.8	62.9	−16.7	52.0	78.4	82.0
		Direct Investment, Net		51.7	89.1	61.2	72.5	117.8	119.2	132.4	108.8	95.2	101.5
		Portfolio Investment, Net		−68.3	294.7	217.6	154.1	−155.5	38.5	−269.8	−42.4	3.1	9.6
		Financial Derivatives, Net		−2.9	−24.9	−10.5	−11.9	−17.1	6.7	58.1	35.2	4.0	4.6
		Other Investment, Net		207.3	−202.3	−120.9	−5.5	43.4	−63.6	23.9	−58.0	−32.9	−43.1
		Change in Reserves		36.5	30.8	27.2	44.3	177.3	−37.9	38.7	8.5	9.0	9.5
	United Kingdom
	Financial Account Balance			−71.2	−85.0	−49.2	−44.4	−23.6	−77.9	−102.4	−160.9	−134.4	−135.7
		Direct Investment, Net		137.7	96.5	−70.3	−12.3	66.1	−30.5	−62.7	−48.9	−53.7	−50.1
		Portfolio Investment, Net		−216.5	−458.0	−48.9	20.9	11.1	332.0	−49.1	146.6	44.3	91.4
		Financial Derivatives, Net		54.0	225.5	−45.5	−39.4	4.9	−47.6	21.9	−13.2	4.6	−3.9
		Other Investment, Net		−48.9	53.5	106.6	−23.0	−113.6	−343.8	−20.1	−255.8	−138.2	−182.4
		Change in Reserves		2.4	−2.5	9.0	9.4	7.9	12.1	7.8	10.4	8.7	9.3
	Canada
	Financial Account Balance			14.7	−2.6	−41.0	−55.0	−54.6	−59.2	−54.1	−33.2	−46.7	−40.2
		Direct Investment, Net		−52.2	17.7	16.9	6.3	12.5	14.7	−20.0	−1.2	−6.5	−3.0
		Portfolio Investment, Net		73.5	−40.8	−89.7	−96.1	−83.1	−48.4	−13.4	−3.1	−28.9	−27.8
		Financial Derivatives, Net		…	…	…	…	…	…	…	…	…	…
		Other Investment, Net		−10.8	18.9	21.7	30.9	7.8	−27.2	−25.4	−34.1	−11.4	−9.4
		Change in Reserves		4.3	1.6	10.2	3.9	8.1	1.7	4.7	5.3	0.0	0.0
	Other Advanced Economies²
	Financial Account Balance			94.2	−20.3	102.3	237.6	194.1	215.4	324.5	280.2	284.9	258.9
		Direct Investment, Net		9.9	17.0	16.9	96.9	−11.0	−20.6	6.6	−2.8	5.6	6.4
		Portfolio Investment, Net		180.8	180.6	−108.2	−53.7	34.1	139.7	127.0	210.7	167.7	197.4
		Financial Derivatives, Net		−0.6	−12.7	19.9	−17.8	41.3	−26.8	−25.9	−19.3	−7.1	−9.7
		Other Investment, Net		−87.2	−172.9	−114.6	−19.8	91.4	−103.0	159.5	89.3	72.9	75.2
		Change in Reserves		13.0	42.3	330.3	274.6	116.8	271.7	101.4	59.1	77.5	19.5
Emerging Market and Developing Economies
Financial Account Balance				579.7	617.1	73.6	172.0	258.3	158.7	21.2	31.9	16.3	101.5
	Direct Investment, Net			−439.3	−463.7	−330.8	−429.8	−517.6	−471.3	−476.7	−497.4	−442.2	−441.1
	Portfolio Investment, Net			−24.1	136.0	−77.8	−233.1	−134.7	−242.2	−150.4	−104.8	−113.7	−134.7
	Financial Derivatives, Net			…	…	…	…	…	…	…	…	…	…
	Other Investment, Net			−175.9	236.3	−43.7	−4.0	158.1	436.7	76.4	560.9	395.9	302.1
	Change in Reserves			1,216.6	701.9	523.2	835.6	750.3	439.3	570.8	65.8	178.6	379.0
Regional Groups
	Commonwealth of Independent States³
	Financial Account Balance			44.5	98.1	23.2	70.7	95.4	49.0	−5.6	19.1	46.8	75.7
		Direct Investment, Net		−28.3	−49.4	−17.2	−9.4	−16.1	−27.8	−5.1	−27.5	−2.1	−2.5
		Portfolio Investment, Net		3.8	35.8	−6.3	−14.4	17.9	3.5	−0.2	25.6	10.6	0.4
		Financial Derivatives, Net		…	…	…	…	…	…	…	…	…	…
		Other Investment, Net		−98.8	137.2	36.4	40.6	68.5	45.6	24.7	159.7	101.2	66.1
		Change in Reserves		167.8	−26.7	7.2	52.0	23.9	26.3	−25.5	−139.0	−62.6	12.4
	Emerging and Developing Asia
	Financial Account Balance			412.4	448.4	212.4	140.8	59.2	1.9	33.4	105.9	326.6	332.5
		Direct Investment, Net		−172.4	−151.9	−115.6	−223.0	−280.1	−222.1	−243.4	−260.7	−230.9	−201.1
		Portfolio Investment, Net		−56.4	8.1	−68.8	−99.4	−56.8	−119.5	−70.8	−73.7	−46.7	−86.0
		Financial Derivatives, Net		…	…	…	0.5	−0.4	−3.1	3.0	0.2	0.3	0.3
		Other Investment, Net		22.0	114.3	−63.6	−103.5	−36.7	208.7	−105.5	267.0	220.5	187.8
		Change in Reserves		619.0	476.4	462.4	566.5	434.3	135.0	450.7	172.6	383.7	431.1
	Emerging and Developing Europe
	Financial Account Balance			−125.5	−160.6	−51.7	−91.1	−107.9	−64.7	−61.9	−42.6	−33.0	−48.0
		Direct Investment, Net		−69.9	−63.7	−30.6	−29.4	−40.4	−27.2	−23.7	−25.4	−31.4	−35.5
		Portfolio Investment, Net		6.1	14.4	−10.1	−44.5	−53.2	−70.2	−39.8	−27.7	−11.0	−12.3
		Financial Derivatives, Net		1.4	2.5	0.9	0.5	1.5	−2.9	−1.4	4.7	−1.9	−3.8
		Other Investment, Net		−98.7	−119.7	−41.5	−53.6	−30.4	7.6	−15.4	4.3	6.7	3.0
		Change in Reserves		35.6	5.9	29.6	35.7	14.5	28.0	18.4	1.5	4.6	0.6
	Latin America and the Caribbean
	Financial Account Balance			15.7	−37.4	−25.8	−86.5	−95.2	−132.3	−206.5	−178.7	−165.7	−161.8
		Direct Investment, Net		−94.7	−101.1	−71.0	−88.0	−128.3	−134.7	−161.6	−134.1	−123.1	−134.9
		Portfolio Investment, Net		−44.2	−7.2	−19.5	−104.8	−96.7	−85.6	−94.6	−95.4	−70.5	−62.6
		Financial Derivatives, Net		…	…	…	…	…	…	…	…	…	…
		Other Investment, Net		24.6	28.0	9.1	14.7	16.9	28.7	43.6	12.0	43.4	35.9
		Change in Reserves		129.1	41.5	54.7	90.5	110.5	59.4	5.5	35.6	−17.1	−1.7
	Middle East, North Africa, Afghanistan, and Pakistan
	Financial Account Balance			223.9	271.6	−35.3	140.1	320.2	332.9	316.6	185.3	−89.1	−30.9
		Direct Investment, Net		−52.1	−62.4	−66.1	−44.9	−21.4	−27.7	−19.3	−19.4	−21.9	−26.3
		Portfolio Investment, Net		72.8	61.1	35.3	30.0	69.8	55.0	73.4	82.2	15.4	38.7
		Financial Derivatives, Net		…	…	…	…	…	…	…	…	…	…
		Other Investment, Net		−34.0	85.5	18.0	63.1	126.2	134.6	140.2	122.5	43.6	26.6
		Change in Reserves		237.2	187.3	−22.6	91.9	145.5	171.0	122.3	0.1	−126.2	−69.9
	Sub-Saharan Africa
	Financial Account Balance			8.8	−2.9	−49.1	−2.1	−13.4	−27.9	−54.8	−57.1	−69.2	−66.1
		Direct Investment, Net		−21.9	−35.4	−30.2	−35.2	−31.3	−31.9	−23.5	−30.3	−32.8	−40.7
		Portfolio Investment, Net		−6.2	23.9	−8.4	0.0	−15.8	−25.4	−18.5	−15.8	−11.4	−13.0
		Financial Derivatives, Net		…	…	…	…	…	…	…	…	…	…
		Other Investment, Net		9.0	−9.0	−2.2	34.6	13.6	11.6	−11.3	−4.7	−19.6	−17.4
		Change in Reserves		27.9	17.6	−8.2	−1.0	21.7	19.6	−0.6	−5.0	−3.8	6.5
Analytical Groups
	By Source of Export Earnings
		Fuel Exporters
		Financial Account Balance		342.3	465.3	8.7	256.4	497.8	481.0	358.7	238.9	−44.1	63.8
			Direct Investment, Net	−53.7	−83.9	−62.6	−30.4	−29.5	−47.5	−12.0	−45.2	−18.7	−24.7
			Portfolio Investment, Net	86.6	98.3	13.4	22.7	83.0	42.1	79.2	103.3	21.0	35.1
			Financial Derivatives, Net	…	…	…	…	…	…	…	…	…	…
			Other Investment, Net	−84.8	277.5	104.5	148.8	245.9	232.7	192.4	323.9	187.7	136.3
			Change in Reserves	394.2	172.2	−49.8	113.4	197.2	252.3	98.7	−143.4	−233.7	−82.1
		Nonfuel Exporters
		Financial Account Balance		237.4	151.8	64.9	−84.4	−239.5	−322.3	−337.5	−207.0	60.4	37.7
			Direct Investment, Net	−385.6	−379.8	−268.1	−399.5	−488.1	−423.8	−464.6	−452.2	−423.5	−416.4
			Portfolio Investment, Net	−110.7	37.7	−91.2	−255.9	−217.7	−284.3	−229.6	−208.1	−134.7	−169.8
			Financial Derivatives, Net	…	…	…	…	…	…	…	…	…	…
			Other Investment, Net	−91.0	−41.2	−148.3	−152.7	−87.9	204.0	−116.0	237.0	208.2	165.8
			Change in Reserves	822.4	529.7	573.0	722.2	553.1	187.0	472.1	209.2	412.3	461.2
	By External Financing Source
		Net Debtor Economies
		Financial Account Balance		−158.9	−308.7	−160.8	−266.3	−367.1	−467.4	−458.6	−365.1	−328.9	−368.9
			Direct Investment, Net	−259.0	−279.7	−192.6	−196.2	−262.7	−257.6	−285.6	−268.1	−269.7	−297.6
			Portfolio Investment, Net	−85.7	73.0	−66.9	−238.8	−181.7	−223.8	−162.5	−190.6	−151.9	−144.4
			Financial Derivatives, Net	…	…	…	…	…	…	…	…	…	…
			Other Investment, Net	−164.7	−160.4	−70.6	−84.7	−96.1	−78.1	−69.6	0.5	−29.4	−50.6
			Change in Reserves	347.8	53.2	169.8	251.9	172.5	97.0	58.3	85.8	123.8	126.6
	Net Debtor Economies by
		Debt-Servicing Experience
		Economies with Arrears and/or
			Rescheduling during 2009–13
		Financial Account Balance		−3.4	−2.1	−9.1	0.0	−8.3	−31.9	−28.9	−17.9	−28.4	−33.5
			Direct Investment, Net	−18.5	−20.4	−11.7	−14.4	−11.1	−15.0	−14.8	−12.9	−15.4	−18.1
			Portfolio Investment, Net	−1.8	3.5	13.9	−3.7	4.6	6.9	−1.3	−1.2	−3.0	−4.6
			Financial Derivatives, Net	…	…	…	…	…	…	…	…	…	…
			Other Investment, Net	8.8	6.9	−9.0	13.1	4.7	−7.2	−14.4	−6.4	−16.2	−16.5
			Change in Reserves	8.1	7.9	−2.3	5.1	−6.5	−16.6	1.5	2.6	6.2	5.7
Memorandum
World
Financial Account Balance				271.4	−104.2	55.9	105.6	40.6	156.2	288.9	504.9	258.2	273.5

Note: The estimates in this table are based on individual countries’ national accounts and balance of payments statistics. Country group composites are calculated as the sum of the U.S. dollar values for the relevant individual countries. Some group aggregates for the financial derivatives are not shown because of incomplete data. Projections for the euro area are not available because of data constraints.

^¹Excludes Lithuania.

^²Excludes the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries but includes Lithuania.

^³Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.

Table A14.

Summary of Net Lending and Borrowing

(Percent of GDP)

													Projections
					Averages										Average
					1997–2006	2001–08	2009	2010	2011	2012	2013	2014	2015	2016	2017–20
Advanced Economies
Net Lending and Borrowing					−0.6	−0.9	−0.2	0.0	−0.1	0.0	0.4	0.4	0.6	0.4	0.2
	Current Account Balance				−0.6	−0.9	−0.2	0.0	−0.1	−0.1	0.3	0.4	0.6	0.4	0.2
		Savings			22.3	21.7	19.0	20.0	20.5	20.9	21.1	21.1	21.2	21.3	21.8
		Investment			22.9	22.6	19.5	20.4	20.8	20.7	20.5	20.7	20.7	21.1	21.7
	Capital Account Balance				0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0
	United States
	Net Lending and Borrowing				−4.0	−4.8	−2.6	−3.0	−3.0	−2.8	−2.4	−2.4	−2.3	−2.4	−2.6
		Current Account Balance			−4.0	−4.8	−2.6	−3.0	−3.0	−2.9	−2.4	−2.4	−2.3	−2.4	−2.6
			Savings		19.3	17.8	14.4	15.1	15.7	17.5	18.1	17.9	18.1	18.6	19.2
			Investment		22.6	22.2	17.5	18.4	18.5	19.2	19.3	19.8	20.4	21.0	21.8
		Capital Account Balance			0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Euro Area¹
	Net Lending and Borrowing				…	0.1	−0.1	0.0	0.0	1.6	2.4	2.5	…	…	…
		Current Account Balance			0.0	0.0	−0.2	0.0	−0.1	1.5	2.2	2.3	3.3	3.1	2.7
			Savings		22.8	23.0	20.8	21.5	22.2	22.2	22.1	22.5	22.7	22.7	22.8
			Investment		22.4	22.6	20.4	20.9	21.4	20.1	19.4	19.2	18.8	19.0	19.5
		Capital Account Balance			…	0.1	0.1	0.1	0.1	0.1	0.2	0.2	…	…	…
		Germany
		Net Lending and Borrowing			1.3	3.8	5.8	5.7	6.1	7.2	6.8	7.5	8.4	7.9	7.2
			Current Account Balance		1.4	3.8	5.8	5.7	6.1	7.1	6.7	7.5	8.4	7.9	7.2
				Savings	22.6	23.9	24.0	25.2	26.7	26.3	25.7	26.3	26.9	26.7	26.3
				Investment	21.3	20.1	18.1	19.5	20.6	19.2	19.0	18.9	18.5	18.8	19.1
			Capital Account Balance		0.0	0.0	−0.1	0.0	0.1	0.0	0.1	0.0	0.0	0.0	0.0
		France
		Net Lending and Borrowing			1.3	0.1	−0.7	−0.8	−1.0	−1.5	−1.3	−0.9	0.0	−0.2	−0.2
			Current Account Balance		1.3	0.1	−0.8	−0.8	−1.0	−1.5	−1.4	−1.1	−0.1	−0.3	−0.3
				Savings	22.8	22.6	20.5	21.1	22.2	21.2	20.6	20.9	21.3	21.2	21.8
				Investment	21.5	22.5	21.3	21.9	23.2	22.7	22.0	22.0	21.4	21.5	22.1
			Capital Account Balance		0.0	0.0	0.1	0.1	0.1	0.0	0.1	0.1	0.1	0.1	0.1
		Italy
		Net Lending and Borrowing			0.2	−1.0	−1.9	−3.5	−3.0	−0.2	1.0	2.0	2.7	2.6	1.4
			Current Account Balance		0.1	−1.1	−1.9	−3.5	−3.1	−0.4	1.0	1.8	2.6	2.5	1.3
				Savings	20.7	20.3	17.5	17.1	17.4	17.4	18.3	18.3	17.6	17.4	17.2
				Investment	20.7	21.4	19.4	20.5	20.4	17.8	17.3	16.5	15.0	14.9	15.9
			Capital Account Balance		0.1	0.1	0.0	0.0	0.1	0.2	0.0	0.2	0.1	0.1	0.1
		Spain
		Net Lending and Borrowing			−3.4	−5.9	−4.0	−3.5	−2.8	0.2	2.1	0.5	0.7	0.8	1.2
			Current Account Balance		−4.3	−6.6	−4.3	−3.9	−3.2	−0.3	1.4	0.1	0.3	0.4	0.8
				Savings	22.4	22.4	20.3	19.6	18.7	19.9	20.4	19.6	19.8	20.0	20.4
				Investment	26.9	29.0	24.6	23.5	21.9	20.2	19.0	19.5	19.5	19.6	19.6
			Capital Account Balance		0.9	0.7	0.3	0.5	0.4	0.5	0.7	0.4	0.4	0.4	0.4
	Japan
	Net Lending and Borrowing				2.9	3.3	2.8	3.9	2.1	1.0	0.5	0.5	1.9	1.9	2.1
		Current Account Balance			3.0	3.4	2.9	4.0	2.1	1.0	0.7	0.5	1.9	2.0	2.2
			Savings		27.1	26.3	22.6	23.8	22.3	21.9	21.8	22.4	23.1	22.7	22.7
			Investment		24.1	22.8	19.7	19.8	20.2	20.9	21.1	21.8	21.1	20.7	20.5
		Capital Account Balance			−0.2	−0.1	−0.1	−0.1	0.0	0.0	−0.2	0.0	−0.1	−0.1	−0.1
	United Kingdom
	Net Lending and Borrowing				−1.7	−2.2	−2.7	−2.5	−1.6	−3.7	−4.4	−5.5	−4.7	−4.6	−3.6
		Current Account Balance			−1.7	−2.2	−2.8	−2.6	−1.7	−3.7	−4.5	−5.5	−4.8	−4.6	−3.6
			Savings		17.4	16.4	12.3	13.7	14.6	12.6	12.5	12.2	13.1	13.8	15.9
			Investment		19.1	18.6	15.0	16.3	16.3	16.3	17.0	17.7	17.8	18.4	19.6
		Capital Account Balance			0.0	0.0	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0
	Canada
	Net Lending and Borrowing				1.0	1.4	−3.0	−3.5	−2.7	−3.3	−3.0	−2.2	−2.6	−2.3	−2.1
		Current Account Balance			1.0	1.4	−2.9	−3.5	−2.7	−3.3	−3.0	−2.2	−2.6	−2.3	−2.1
			Savings		22.3	23.5	18.9	19.8	21.5	21.6	21.5	21.9	21.3	21.4	21.8
			Investment		21.3	22.1	21.8	23.3	24.1	24.9	24.5	24.1	23.9	23.7	23.9
		Capital Account Balance			0.0	0.0	−0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Other Advanced Economies²
	Net Lending and Borrowing				3.5	3.8	4.0	4.7	3.9	4.0	5.1	4.8	4.9	4.3	3.8
		Current Account Balance			3.5	3.9	4.0	4.7	3.8	4.0	5.0	4.8	4.9	4.3	3.8
			Savings		28.7	29.1	28.2	29.8	30.0	30.0	30.1	30.2	30.3	30.1	30.0
			Investment		25.9	25.9	24.6	25.9	26.6	26.4	25.3	25.3	25.2	25.6	26.1
		Capital Account Balance			−0.1	−0.1	0.0	0.0	0.1	0.0	0.1	0.0	0.0	0.0	0.0
Emerging Market and Developing
	Economies
Net Lending and Borrowing					1.7	3.0	1.4	1.7	1.7	1.5	0.8	0.6	0.3	0.5	0.5
	Current Account Balance				1.5	2.9	1.3	1.4	1.6	1.4	0.7	0.7	0.1	0.4	0.5
		Savings			26.4	29.7	31.7	32.6	33.4	33.1	32.5	32.3	32.3	32.5	32.4
		Investment			25.3	27.1	30.6	31.3	31.9	31.9	31.8	31.6	32.2	32.1	32.1
	Capital Account Balance				0.2	0.1	0.1	0.3	0.1	0.1	0.1	0.0	0.1	0.1	0.1
Regional Groups
	Commonwealth of Independent States³
	Net Lending and Borrowing				6.1	5.8	1.9	3.9	4.3	2.3	0.6	0.5	2.5	3.7	3.5
		Current Account Balance			6.3	6.7	2.6	3.4	4.3	2.5	0.6	2.2	2.5	3.7	3.5
			Savings		26.8	29.4	22.0	26.3	29.0	26.6	23.3	23.4	23.1	24.3	24.5
			Investment		20.6	22.8	19.2	22.7	24.6	24.1	22.6	21.0	20.3	20.4	21.1
		Capital Account Balance			−0.4	−0.9	−0.7	0.4	0.0	−0.2	0.0	−1.6	0.0	0.0	0.0
	Emerging and Developing Asia
	Net Lending and Borrowing				2.7	3.9	3.5	2.5	0.9	1.0	1.1	1.3	2.1	2.0	1.7
		Current Account Balance			2.6	3.9	3.4	2.4	0.9	1.0	1.0	1.3	2.1	2.0	1.7
			Savings		35.1	39.0	44.6	44.5	43.9	43.7	43.5	43.0	42.9	42.5	41.4
			Investment		33.0	35.5	41.1	42.0	42.9	42.7	42.4	41.6	40.8	40.5	39.7
		Capital Account Balance			0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0
	Emerging and Developing Europe
	Net Lending and Borrowing				−3.7	−4.9	−2.7	−4.4	−5.7	−3.6	−2.7	−1.6	−1.4	−2.2	−2.8
		Current Account Balance			−3.9	−5.1	−3.4	−5.1	−6.5	−4.6	−3.8	−2.9	−2.4	−3.0	−3.6
			Savings		17.9	17.1	16.0	15.9	16.7	16.5	16.6	17.3	17.0	16.9	17.0
			Investment		21.6	22.1	19.4	21.0	23.1	21.0	20.4	20.1	19.3	19.8	20.5
		Capital Account Balance			0.2	0.3	0.7	0.7	0.8	1.0	1.2	1.2	1.0	0.8	0.8
	Latin America and the Caribbean
	Net Lending and Borrowing				−1.1	0.1	−0.7	−1.1	−1.4	−1.8	−2.8	−2.8	−3.2	−3.0	−2.7
		Current Account Balance			−1.1	0.0	−0.7	−1.3	−1.4	−1.8	−2.8	−2.8	−3.2	−3.0	−2.7
			Savings		18.7	20.6	19.6	20.4	20.7	19.8	18.8	18.2	17.0	17.2	17.9
			Investment		19.9	20.6	20.4	21.7	22.1	21.7	21.6	21.1	20.1	20.1	20.7
		Capital Account Balance			0.1	0.1	0.0	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Middle East, North Africa, Afghanistan, and Pakistan
	Net Lending and Borrowing				7.2	10.5	1.6	6.4	13.0	12.2	9.8	6.5	−1.7	0.0	1.3
		Current Account Balance			6.9	10.2	1.8	6.2	13.0	12.3	9.8	6.4	−1.9	−0.1	1.3
			Savings		29.9	35.1	31.2	34.4	38.6	37.2	35.1	31.7	25.0	27.1	28.4
			Investment		23.9	25.8	31.2	29.1	26.1	25.7	25.0	25.4	27.1	27.3	27.4
		Capital Account Balance			0.3	0.3	−0.1	0.1	0.0	−0.1	−0.1	0.1	0.2	0.1	0.1
	Sub-Saharan Africa
	Net Lending and Borrowing				1.1	2.2	−1.9	1.2	−0.2	−1.5	−2.1	−3.0	−4.2	−3.8	−3.7
		Current Account Balance			−0.2	0.8	−2.7	−0.6	−0.7	−1.9	−2.5	−3.3	−4.6	−4.1	−4.0
			Savings		17.6	19.9	19.2	20.1	19.6	18.8	17.6	16.7	15.9	17.0	17.5
			Investment		18.6	19.5	21.6	20.5	20.2	20.7	20.1	19.9	20.4	21.0	21.4
		Capital Account Balance			1.3	1.4	0.8	1.8	0.5	0.4	0.4	0.3	0.3	0.4	0.3
Analytical Groups
	By Source of Export Earnings
		Fuel Exporters
		Net Lending and Borrowing			7.9	10.1	3.0	6.6	10.4	9.2	6.9	4.6	−0.1	1.8	2.8
			Current Account Balance		7.9	10.3	3.3	6.3	10.4	9.3	7.0	5.3	−0.2	1.8	2.8
				Savings	29.8	33.8	28.5	31.4	34.9	33.5	30.7	28.4	24.2	25.9	26.7
				Investment	22.8	24.3	26.0	25.6	24.9	24.6	23.5	23.2	24.1	24.0	24.0
			Capital Account Balance		0.0	−0.2	−0.3	0.3	0.0	−0.1	0.0	−0.6	0.1	0.0	0.0
		Nonfuel Exporters
		Net Lending and Borrowing			0.1	0.9	0.9	0.3	−0.9	−0.8	−0.9	−0.4	0.3	0.2	0.1
			Current Account Balance		−0.1	0.7	0.8	0.0	−1.0	−1.0	−1.0	−0.6	0.2	0.1	−0.1
				Savings	25.5	28.6	32.6	33.0	32.9	33.0	33.0	33.2	34.0	33.9	33.7
				Investment	25.9	28.0	31.8	32.9	33.9	34.0	34.0	33.8	33.8	33.8	33.7
			Capital Account Balance		0.2	0.2	0.2	0.3	0.2	0.1	0.1	0.2	0.1	0.1	0.1
	By External Financing Source
		Net Debtor Economies
		Net Lending and Borrowing			−1.1	−1.0	−1.4	−1.7	−2.5	−3.1	−3.0	−2.4	−2.3	−2.5	−2.6
			Current Account Balance		−1.4	−1.3	−1.6	−2.1	−2.7	−3.3	−3.2	−2.6	−2.5	−2.6	−2.8
				Savings	20.4	21.9	22.4	23.2	23.3	22.1	21.5	21.3	21.7	22.1	22.7
				Investment	22.1	23.4	23.9	25.2	25.8	25.4	24.6	23.9	24.2	24.7	25.5
			Capital Account Balance		0.3	0.3	0.2	0.4	0.2	0.2	0.2	0.3	0.2	0.2	0.2
	Net Debtor Economies by
		Debt-Servicing Experience
		Economies with Arrears and/or
			Rescheduling during 2009–13
		Net Lending and Borrowing			−0.6	0.0	−3.9	−0.9	−1.9	−5.2	−5.2	−3.4	−4.3	−4.8	−5.2
			Current Account Balance		−1.1	−0.5	−3.4	−3.0	−2.5	−4.9	−4.7	−3.3	−4.6	−5.0	−5.3
				Savings	17.2	19.2	16.9	18.4	17.4	15.0	14.3	15.0	13.8	13.7	13.8
				Investment	19.4	19.9	20.4	21.1	19.9	20.0	19.0	18.3	18.4	18.7	19.3
			Capital Account Balance		0.5	0.5	−0.5	2.1	0.7	−0.3	−0.5	−0.1	0.3	0.2	0.2
Memorandum
World
Net Lending and Borrowing					−0.1	0.1	0.3	0.6	0.6	0.5	0.6	0.5	0.5	0.5	0.4
	Current Account Balance				−0.1	0.0	0.3	0.5	0.5	0.5	0.5	0.5	0.4	0.4	0.3
		Savings			23.3	23.7	23.0	24.4	25.2	25.5	25.6	25.5	25.6	25.9	26.3
		Investment			23.4	23.7	23.0	24.1	24.8	24.9	24.9	24.9	25.2	25.5	26.0
	Capital Account Balance				0.1	0.1	0.0	0.1	0.1	0.1	0.1	0.0	0.1	0.1	0.1

Note: The estimates in this table are based on individual countries’ national accounts and balance of payments statistics. Country group composites are calculated as the sum of the U.S. dollar values for the relevant individual countries. This differs from the calculations in the April 2005 and earlier issues of the WEO, in which the composites were weighted by GDP valued at purchasing power parities as a share of total world GDP. The estimates of gross national savings and investment (or gross capital formation) are from individual countries’ national accounts statistics. The estimates of the current account balance, the capital account balance, and the financial account balance (or net lending/net borrowing) are from the balance of payments statistics. The link between domestic transactions and transactions with the rest of the world can be expressed as accounting identities. Savings (S) minus investment (I) is equal to the current account balance (CAB) (S − I = CAB). Also, net lending/net borrowing (NLB) is the sum of the current account balance and the capital account balance (KAB) (NLB = CAB+ KAB). In practice, these identities do not hold exactly; imbalances result from imperfections in source data and compilation as well as from asymmetries in group composition due to data availability.

^¹Excludes Lithuania.

^²Excludes the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries but includes Lithuania.

^³Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.

Table A15.

Summary of World Medium-Term Baseline Scenario

						Projections
		Averages						Averages
		1997–2006	2007–16	2013	2014	2015	2016	2013–16	2017–20
			Annual Percent Change
World Real GDP		4.0	3.6	3.4	3.4	3.5	3.8	3.5	3.9
Advanced Economies		2.8	1.3	1.4	1.8	2.4	2.4	2.0	2.0
Emerging Market and Developing Economies		5.5	5.5	5.0	4.6	4.3	4.7	4.6	5.2
Memorandum
Potential Output
	Major Advanced Economies	2.3	1.4	1.3	1.4	1.5	1.6	1.5	1.7
World Trade, Volume¹		6.8	3.7	3.5	3.4	3.7	4.7	3.8	5.1
Imports
	Advanced Economies	6.6	2.3	2.1	3.3	3.3	4.3	3.2	4.6
	Emerging Market and Developing Economies	8.1	6.3	5.5	3.7	3.5	5.5	4.5	6.2
Exports
	Advanced Economies	6.1	3.0	3.1	3.3	3.2	4.1	3.4	4.4
	Emerging Market and Developing Economies	8.3	5.0	4.6	3.4	5.3	5.7	4.7	6.0
Terms of Trade
	Advanced Economies	−0.2	−0.1	0.7	0.3	1.0	−0.4	0.4	0.0
	Emerging Market and Developing Economies	1.6	0.2	−0.3	−0.6	−3.7	0.1	−1.2	−0.2
World Prices in U.S. Dollars
Manufactures		0.3	0.9	−1.4	−0.8	−3.3	0.5	−1.3	0.6
Oil		12.2	0.2	−0.9	−7.5	−39.6	12.9	−11.1	3.0
Nonfuel Primary Commodities		2.2	1.1	−1.2	−4.0	−14.1	−1.0	−5.2	−0.6
Consumer Prices
Advanced Economies		2.0	1.6	1.4	1.4	0.4	1.4	1.1	2.0
Emerging Market and Developing Economies		8.8	6.2	5.9	5.1	5.4	4.8	5.3	4.5
Interest Rates				Percent
Real Six-Month LIBOR²		2.0	−0.2	−1.1	−1.1	−0.5	0.3	−0.6	1.7
World Real Long-Term Interest Rate³		2.5	1.1	0.8	0.5	1.6	1.1	1.0	1.4
Current Account Balances				Percent of GDP
Advanced Economies		−0.6	−0.1	0.3	0.4	0.6	0.4	0.4	0.2
Emerging Market and Developing Economies		1.5	1.5	0.7	0.7	0.1	0.4	0.5	0.5
Total External Debt
Emerging Market and Developing Economies		34.2	25.7	25.4	25.8	27.5	27.2	26.5	26.2
Debt Service
Emerging Market and Developing Economies		9.5	8.7	8.9	9.3	9.8	9.5	9.4	9.7

^¹Data refer to trade in goods and services.

^²London interbank offered rate on U.S. dollar deposits minus percent change in U.S. GDP deflator.

^³GDP-weighted average of 10-year (or nearest-maturity) government bond rates for Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.

World Economic Outlook Selected Topics

World Economic Outlook Archives

World Economic Outlook: Building Institutions	September 2005
World Economic Outlook: Globalization and Inflation	April 2006
World Economic Outlook: Financial Systems and Economic Cycles	September 2006
World Economic Outlook: Spillovers and Cycles in the Global Economy	April 2007
World Economic Outlook: Globalization and Inequality	October 2007
World Economic Outlook: Housing and the Business Cycle	April 2008
World Economic Outlook: Financial Stress, Downturns, and Recoveries	October 2008
World Economic Outlook: Crisis and Recovery	April 2009
World Economic Outlook: Sustaining the Recovery	October 2009
World Economic Outlook: Rebalancing Growth	April 2010
World Economic Outlook: Recovery, Risk, and Rebalancing	October 2010
World Economic Outlook: Tensions from the Two-Speed Recovery—Unemployment, Commodities, and Capital Flows	April 2011
World Economic Outlook: Slowing Growth, Rising Risks	September 2011
World Economic Outlook: Growth Resuming, Dangers Remain	April 2012
World Economic Outlook: Coping with High Debt and Sluggish Growth	October 2012
World Economic Outlook: Hopes, Realities, Risks	April 2013
World Economic Outlook: Transitions and Tensions	October 2013
World Economic Outlook: Recovery Strengthens, Remains Uneven	April 2014
World Economic Outlook: Legacies, Clouds, Uncertainties	October 2014
World Economic Outlook: Uneven Growth—Short- and Long-Term Factors	April 2015

I. Methodology—Aggregation, Modeling, and Forecasting

How Accurate Are the Forecasts in the World Economic Outlook?	April 2006, Box 1.3
Drawing the Line between Personal and Corporate Savings	April 2006, Box 4.1
Measuring Inequality: Conceptual, Methodological, and Measurement Issues	October 2007, Box 4.1
New Business Cycle Indices for Latin America: A Historical Reconstruction	October 2007, Box 5.3
Implications of New PPP Estimates for Measuring Global Growth	April 2008, Appendix 1.1
Measuring Output Gaps	October 2008, Box 1.3
Assessing and Communicating Risks to the Global Outlook	October 2008, Appendix 1.1
Fan Chart for Global Growth	April 2009, Appendix 1.2
Indicators for Tracking Growth	October 2010, Appendix 1.2
Inferring Potential Output from Noisy Data: The Global Projection Model View	October 2010, Box 1.3
Uncoordinated Rebalancing	October 2010, Box 1.4
World Economic Outlook Downside Scenarios	April 2011, Box 1.2
Fiscal Balance Sheets: The Significance of Nonfinancial Assets and Their Measurement	October 2014, Box 3.3

II. Historical Surveys

Long-Term Interest Rates from a Historical Perspective	April 2006, Box 1.1
Recycling Petrodollars in the 1970s	April 2006, Box 2.2
Historical Perspective on Growth and the Current Account	October 2008, Box 6.3
A Historical Perspective on International Financial Crises	October 2009, Box 4.1
The Good, the Bad, and the Ugly: 100 Years of Dealing with Public Debt Overhangs	October 2012, Chapter 3

III. Economic Growth—Sources and Patterns

Building Institutions	September 2005, Chapter 3
Return on Investment in Industrial and Developing Countries	September 2005, Box 2.2
The Use of Specific Levers to Reduce Corruption	September 2005, Box 3.2
Examining the Impact of Unrequited Transfers on Institutions	September 2005, Box 3.3
The Impact of Recent Housing Market Adjustments in Industrial Countries	April 2006, Box 1.2
Awash with Cash: Why Are Corporate Savings So High?	April 2006, Chapter 4
The Global Implications of an Avian Flu Pandemic	April 2006, Appendix 1.2
Asia Rising: Patterns of Economic Development and Growth	September 2006, Chapter 3
Japan’s Potential Output and Productivity Growth	September 2006, Box 3.1
The Evolution and Impact of Corporate Governance Quality in Asia	September 2006, Box 3.2
Decoupling the Train? Spillovers and Cycles in the Global Economy	April 2007, Chapter 4
Spillovers and International Business Cycle Synchronization: A Broader Perspective	April 2007, Box 4.3
The Discounting Debate	October 2007, Box 1.7
Taxes versus Quantities under Uncertainty (Weitzman, 1974)	October 2007, Box 1.8
Experience with Emissions Trading in the European Union	October 2007, Box 1.9
Climate Change: Economic Impact and Policy Responses	October 2007, Appendix 1.2
What Risks Do Housing Markets Pose for Global Growth?	October 2007, Box 2.1
The Changing Dynamics of the Global Business Cycle	October 2007, Chapter 5
Major Economies and Fluctuations in Global Growth	October 2007, Box 5.1
Improved Macroeconomic Performance—Good Luck or Good Policies?	October 2007, Box 5.2
House Prices: Corrections and Consequences	October 2008, Box 1.2
Global Business Cycles	April 2009, Box 1.1
How Similar Is the Current Crisis to the Great Depression?	April 2009, Box 3.1
Is Credit a Vital Ingredient for Recovery? Evidence from Industry-Level Data	April 2009, Box 3.2
From Recession to Recovery: How Soon and How Strong?	April 2009, Chapter 3
What’s the Damage? Medium-Term Output Dynamics after Financial Crises	October 2009, Chapter 4
Will the Recovery Be Jobless?	October 2009, Box 1.3
Unemployment Dynamics during Recessions and Recoveries: Okun’s Law and Beyond	April 2010, Chapter 3
Does Slow Growth in Advanced Economies Necessarily Imply Slow Growth in Emerging Economies?	October 2010, Box 1.1
The Global Recovery: Where Do We Stand?	April 2012, Box 1.2
How Does Uncertainty Affect Economic Performance?	October 2012, Box 1.3
Resilience in Emerging Market and Developing Economies: Will It Last?	October 2012, Chapter 4
Jobs and Growth: Can’t Have One without the Other?	October 2012, Box 4.1
Spillovers from Policy Uncertainty in the United States and Europe	April 2013, Chapter 2, Spillover Feature
Breaking through the Frontier: Can Today’s Dynamic Low-Income Countries Make It?	April 2013, Chapter 4
What Explains the Slowdown in the BRICS?	October 2013, Box 1.2
Dancing Together? Spillovers, Common Shocks, and the Role of Financial and Trade Linkages	October 2013, Chapter 3
Output Synchronicity in the Middle East, North Africa, Afghanistan, and Pakistan and in the Caucasus and Central Asia	October 2013, Box 3.1
Spillovers from Changes in U.S. Monetary Policy	October 2013, Box 3.2
Saving and Economic Growth	April 2014, Box 3.1
On the Receiving End? External Conditions and Emerging Market Growth before, during, and after the Global Financial Crisis	April 2014, Chapter 4
The Impact of External Conditions on Medium-Term Growth in Emerging Market Economies	April 2014, Box 4.1
The Origins of IMF Growth Forecast Revisions since 2011	October 2014, Box 1.2
Underlying Drivers of U.S. Yields Matter for Spillovers	October 2014, Chapter 2, Spillover Feature
Is It Time for an Infrastructure Push? The Macroeconomic Effects of Public Investment	October 2014, Chapter 3
The Macroeconomic Effects of Scaling Up Public Investment in Developing Economies	October 2014, Box 3.4
Where Are We Headed? Perspectives on Potential Output	April 2015, Chapter 3
Steady As She Goes—Estimating Sustainable Output	April 2015, Box 3.1

IV. Inflation and Deflation and Commodity Markets

Long-Term Inflation Expectations and Credibility	September 2005, Box 4.2
The Boom in Nonfuel Commodity Prices: Can It Last?	September 2006, Chapter 5
International Oil Companies and National Oil Companies in a Changing Oil Sector Environment	September 2006, Box 1.4
Commodity Price Shocks, Growth, and Financing in Sub-Saharan Africa	September 2006, Box 2.2
Has Speculation Contributed to Higher Commodity Prices?	September 2006, Box 5.1
Agricultural Trade Liberalization and Commodity Prices	September 2006, Box 5.2
Recent Developments in Commodity Markets	September 2006, Appendix 2.1
Who Is Harmed by the Surge in Food Prices?	October 2007, Box 1.1
Refinery Bottlenecks	October 2007, Box 1.5
Making the Most of Biofuels	October 2007, Box 1.6
Commodity Market Developments and Prospects	April 2008, Appendix 1.2
Dollar Depreciation and Commodity Prices	April 2008, Box 1.4
Why Hasn’t Oil Supply Responded to Higher Prices?	April 2008, Box 1.5
Oil Price Benchmarks	April 2008, Box 1.6
Globalization, Commodity Prices, and Developing Countries	April 2008, Chapter 5
The Current Commodity Price Boom in Perspective	April 2008, Box 5.2
Is Inflation Back? Commodity Prices and Inflation	October 2008, Chapter 3
Does Financial Investment Affect Commodity Price Behavior?	October 2008, Box 3.1
Fiscal Responses to Recent Commodity Price Increases: An Assessment	October 2008, Box 3.2
Monetary Policy Regimes and Commodity Prices	October 2008, Box 3.3
Assessing Deflation Risks in the G3 Economies	April 2009, Box 1.3
Will Commodity Prices Rise Again when the Global Economy Recovers?	April 2009, Box 1.5
Commodity Market Developments and Prospects	April 2009, Appendix 1.1
Commodity Market Developments and Prospects	October 2009, Appendix 1.1
What Do Options Markets Tell Us about Commodity Price Prospects?	October 2009, Box 1.6
What Explains the Rise in Food Price Volatility?	October 2009, Box 1.7
How Unusual Is the Current Commodity Price Recovery?	April 2010, Box 1.2
Commodity Futures Price Curves and Cyclical Market Adjustment	April 2010, Box 1.3
Commodity Market Developments and Prospects	October 2010, Appendix 1.1
Dismal Prospects for the Real Estate Sector	October 2010, Box 1.2
Have Metals Become More Scarce and What Does Scarcity Mean for Prices?	October 2010, Box 1.5
Commodity Market Developments and Prospects	April 2011, Appendix 1.2
Oil Scarcity, Growth, and Global Imbalances	April 2011, Chapter 3
Life Cycle Constraints on Global Oil Production	April 2011, Box 3.1
Unconventional Natural Gas: A Game Changer?	April 2011, Box 3.2
Short-Term Effects of Oil Shocks on Economic Activity	April 2011, Box 3.3
Low-Frequency Filtering for Extracting Business Cycle Trends	April 2011, Appendix 3.1
The Energy and Oil Empirical Models	April 2011, Appendix 3.2
Commodity Market Developments and Prospects	September 2011, Appendix 1.1
Financial Investment, Speculation, and Commodity Prices	September 2011, Box 1.4
Target What You Can Hit: Commodity Price Swings and Monetary Policy	September 2011, Chapter 3
Commodity Market Review	April 2012, Chapter 1, Special Feature
Commodity Price Swings and Commodity Exporters	April 2012, Chapter 4
Macroeconomic Effects of Commodity Price Shocks on Low-Income Countries	April 2012, Box 4.1
Volatile Commodity Prices and the Development Challenge in Low-Income Countries	April 2012, Box 4.2
Commodity Market Review	October 2012, Chapter 1, Special Feature
Unconventional Energy in the United States	October 2012, Box 1.4
Food Supply Crunch: Who Is Most Vulnerable?	October 2012, Box 1.5
Commodity Market Review	April 2013, Chapter 1, Special Feature
The Dog That Didn’t Bark: Has Inflation Been Muzzled or Was It Just Sleeping?	April 2013, Chapter 3
Does Inflation Targeting Still Make Sense with a Flatter Phillips Curve?	April 2013, Box 3.1
Commodity Market Review	October 2013, Chapter 1, Special Feature
Energy Booms and the Current Account: Cross-Country Experience	October 2013, Box 1.SF.1
Oil Price Drivers and the Narrowing WTI-Brent Spread	October 2013, Box 1.SF.2
Anchoring Inflation Expectations When Inflation Is Undershooting	April 2014, Box 1.3
Commodity Prices and Forecasts	April 2014, Chapter 1, Special Feature
Commodity Market Developments and Forecasts, with a Focus on Natural Gas	October 2014, Chapter 1,
in the World Economy	Special Feature
Commodity Market Developments and Forecasts, with a Focus on Investment	April 2015, Chapter 1,
in an Era of Low Oil Prices	Special Feature
The Oil Price Collapse: Demand or Supply?	April 2015, Box 1.1

V. Fiscal Policy

Is Public Debt in Emerging Markets Still Too High?	September 2005, Box 1.1
Improved Emerging Market Fiscal Performance: Cyclical or Structural?	September 2006, Box 2.1
When Does Fiscal Stimulus Work?	April 2008, Box 2.1
Fiscal Policy as a Countercyclical Tool	October 2008, Chapter 5
Differences in the Extent of Automatic Stabilizers and Their Relationship with Discretionary Fiscal Policy	October 2008, Box 5.1
Why Is It So Hard to Determine the Effects of Fiscal Stimulus?	October 2008, Box 5.2
Have the U.S. Tax Cuts Been “TTT” [Timely, Temporary, and Targeted]?	October 2008, Box 5.3
Will It Hurt? Macroeconomic Effects of Fiscal Consolidation	October 2010, Chapter 3
Separated at Birth? The Twin Budget and Trade Balances	September 2011, Chapter 4
Are We Underestimating Short-Term Fiscal Multipliers?	October 2012, Box 1.1
The Implications of High Public Debt in Advanced Economies	October 2012, Box 1.2
The Good, the Bad, and the Ugly: 100 Years of Dealing with Public Debt Overhangs	October 2012, Chapter 3
The Great Divergence of Policies	April 2013, Box 1.1
Public Debt Overhang and Private Sector Performance	April 2013, Box 1.2
Is It Time for an Infrastructure Push? The Macroeconomic Effects of Public Investment	October 2014, Chapter 3
Improving the Efficiency of Public Investment	October 2014, Box 3.2
The Macroeconomic Effects of Scaling Up Public Investment in Developing Economies	October 2014, Box 3.4
Fiscal Institutions, Rules, and Public Investment	October 2014, Box 3.5

VI. Monetary Policy, Financial Markets, and Flow of Funds

Does Inflation Targeting Work in Emerging Markets?	September 2005, Chapter 4
A Closer Look at Inflation Targeting Alternatives: Money and Exchange Rate Targets	September 2005, Box 4.1
How Has Globalization Affected Inflation?	April 2006, Chapter 3
The Impact of Petrodollars on U.S. and Emerging Market Bond Yields	April 2006, Box 2.3
Globalization and Inflation in Emerging Markets	April 2006, Box 3.1
Globalization and Low Inflation in a Historical Perspective	April 2006, Box 3.2
Exchange Rate Pass-Through to Import Prices	April 2006, Box 3.3
Trends in the Financial Sector’s Profits and Savings	April 2006, Box 4.2
How Do Financial Systems Affect Economic Cycles?	September 2006, Chapter 4
Financial Leverage and Debt Deflation	September 2006, Box 4.1
Financial Linkages and Spillovers	April 2007, Box 4.1
Macroeconomic Conditions in Industrial Countries and Financial Flows to Emerging Markets	April 2007, Box 4.2
Macroeconomic Implications of Recent Market Turmoil: Patterns from Previous Episodes	October 2007, Box 1.2
What Is Global Liquidity?	October 2007, Box 1.4
The Changing Housing Cycle and the Implications for Monetary Policy	April 2008, Chapter 3
Is There a Credit Crunch?	April 2008, Box 1.1
Assessing Vulnerabilities to Housing Market Corrections	April 2008, Box 3.1
Financial Stress and Economic Downturns	October 2008, Chapter 4
Policies to Resolve Financial System Stress and Restore Sound Financial Intermediation	October 2008, Box 4.1
The Latest Bout of Financial Distress: How Does It Change the Global Outlook?	October 2008, Box 1.1
How Vulnerable Are Nonfinancial Firms?	April 2009, Box 1.2
The Case of Vanishing Household Wealth	April 2009, Box 2.1
Impact of Foreign Bank Ownership during Home-Grown Crises	April 2009, Box 4.1
A Financial Stress Index for Emerging Economies	April 2009, Appendix 4.1
Financial Stress in Emerging Economies: Econometric Analysis	April 2009, Appendix 4.2
How Linkages Fuel the Fire	April 2009, Chapter 4
Lessons for Monetary Policy from Asset Price Fluctuations	October 2009, Chapter 3
Were Financial Markets in Emerging Economies More Resilient than in Past Crises?	October 2009, Box 1.2
Risks from Real Estate Markets	October 2009, Box 1.4
Financial Conditions Indices	April 2011, Appendix 1.1
House Price Busts in Advanced Economies: Repercussions for Global Financial Markets	April 2011, Box 1.1
International Spillovers and Macroeconomic Policymaking	April 2011, Box 1.3
Credit Boom-Bust Cycles: Their Triggers and Policy Implications	September 2011, Box 1.2
Are Equity Price Drops Harbingers of Recession?	September 2011, Box 1.3
Cross-Border Spillovers from Euro Area Bank Deleveraging	April 2012, Chapter 2, Spillover Feature
The Financial Transmission of Stress in the Global Economy	October 2012, Chapter 2, Spillover Feature
The Great Divergence of Policies	April 2013, Box 1.1
Taper Talks: What to Expect When the United States Is Tightening	October 2013, Box 1.1
Credit Supply and Economic Growth	April 2014, Box 1.1
Should Advanced Economies Worry about Growth Shocks in Emerging Market Economies?	April 2014, Chapter 2, Spillover Feature
Perspectives on Global Real Interest Rates	April 2014, Chapter 3
Housing Markets across the Globe: An Update	October 2014, Box 1.1
The Trade Implications of the U.S. Shale Gas Boom	October 2014, Box 1.SF.1

VII. Labor Markets, Poverty, and Inequality

The Globalization of Labor	April 2007, Chapter 5
Emigration and Trade: How Do They Affect Developing Countries?	April 2007, Box 5.1
Labor Market Reforms in the Euro Area and the Wage-Unemployment Trade-Off	October 2007, Box 2.2
Globalization and Inequality	October 2007, Chapter 4
The Dualism between Temporary and Permanent Contracts: Measures, Effects, and Policy Issues	April 2010, Box 3.1
Short-Time Work Programs	April 2010, Box 3.2
Slow Recovery to Nowhere? A Sectoral View of Labor Markets in Advanced Economies	September 2011, Box 1.1
The Labor Share in Europe and the United States during and after the Great Recession	April 2012, Box 1.1
Jobs and Growth: Can’t Have One without the Other?	October 2012, Box 4.1

VIII. Exchange Rate Issues

How Emerging Market Countries May Be Affected by External Shocks	September 2006, Box 1.3
Exchange Rates and the Adjustment of External Imbalances	April 2007, Chapter 3
Exchange Rate Pass-Through to Trade Prices and External Adjustment	April 2007, Box 3.3
Depreciation of the U.S. Dollar: Causes and Consequences	April 2008, Box 1.2
Lessons from the Crisis: On the Choice of Exchange Rate Regime	April 2010, Box 1.1
Exchange Rate Regimes and Crisis Susceptibility in Emerging Markets	April 2014, Box 1.4

IX. External Payments, Trade, Capital Movements, and Foreign Debt

Global Imbalances: A Saving and Investment Perspective	September 2005, Chapter 2
Impact of Demographic Change on Saving, Investment, and Current Account Balances	September 2005, Box 2.3
How Will Global Imbalances Adjust?	September 2005, Appendix 1.2
Oil Prices and Global Imbalances	April 2006, Chapter 2
How Much Progress Has Been Made in Addressing Global Imbalances?	April 2006, Box 1.4
The Doha Round after the Hong Kong SAR Meetings	April 2006, Box 1.5
Capital Flows to Emerging Market Countries: A Long-Term Perspective	September 2006, Box 1.1
How Will Global Imbalances Adjust?	September 2006, Box 2.1
External Sustainability and Financial Integration	April 2007, Box 3.1
Large and Persistent Current Account Imbalances	April 2007, Box 3.2
Multilateral Consultation on Global Imbalances	October 2007, Box 1.3
Managing the Macroeconomic Consequences of Large and Volatile Aid Flows	October 2007, Box 2.3
Managing Large Capital Inflows	October 2007, Chapter 3
Can Capital Controls Work?	October 2007, Box 3.1
Multilateral Consultation on Global Imbalances: Progress Report	April 2008, Box 1.3
How Does the Globalization of Trade and Finance Affect Growth? Theory and Evidence	April 2008, Box 5.1
Divergence of Current Account Balances across Emerging Economies	October 2008, Chapter 6
Current Account Determinants for Oil-Exporting Countries	October 2008, Box 6.1
Sovereign Wealth Funds: Implications for Global Financial Markets	October 2008, Box 6.2
Global Imbalances and the Financial Crisis	April 2009, Box 1.4
Trade Finance and Global Trade: New Evidence from Bank Surveys	October 2009, Box 1.1
From Deficit to Surplus: Recent Shifts in Global Current Accounts	October 2009, Box 1.5
Getting the Balance Right: Transitioning out of Sustained Current Account Surpluses	April 2010, Chapter 4
Emerging Asia: Responding to Capital Inflows	October 2010, Box 2.1
Latin America-5: Riding Another Wave of Capital Inflows	October 2010, Box 2.2
Do Financial Crises Have Lasting Effects on Trade?	October 2010, Chapter 4
Unwinding External Imbalances in the European Union Periphery	April 2011, Box 2.1
International Capital Flows: Reliable or Fickle?	April 2011, Chapter 4
External Liabilities and Crisis Tipping Points	September 2011, Box 1.5
The Evolution of Current Account Deficits in the Euro Area	April 2013, Box 1.3
External Rebalancing in the Euro Area	October 2013, Box 1.3
The Yin and Yang of Capital Flow Management: Balancing Capital Inflows with Capital Outflows	October 2013, Chapter 4
Simulating Vulnerability to International Capital Market Conditions	October 2013, Box 4.1
Are Global Imbalances at a Turning Point?	October 2014, Chapter 4
Switching Gears: The 1986 External Adjustment	October 2014, Box 4.1
A Tale of Two Adjustments: East Asia and the Euro Area	October 2014, Box 4.2
Understanding the Role of Cyclical and Structural Factors in the Global Trade Slowdown	April 2015, Box 1.2

X. Regional Issues

What Explains Divergent External Sector Performance in the Euro Area?	September 2005, Box 1.3
Pressures Mount for African Cotton Producers	September 2005, Box 1.5
Is Investment in Emerging Asia Too Low?	September 2005, Box 2.4
Developing Institutions to Reflect Local Conditions: The Example of Ownership Transformation in China versus Central and Eastern Europe	September 2005, Box 3.1
How Rapidly Are Oil Exporters Spending Their Revenue Gains?	April 2006, Box 2.1
EMU: 10 Years On	October 2008, Box 2.1
Vulnerabilities in Emerging Economies	April 2009, Box 2.2
East-West Linkages and Spillovers in Europe	April 2012, Box 2.1
The Evolution of Current Account Deficits in the Euro Area	April 2013, Box 1.3

XI. Country-Specific Analyses

Why Is the U.S. International Income Account Still in the Black, and Will This Last?	September, 2005, Box 1.2
Is India Becoming an Engine for Global Growth?	September, 2005, Box 1.4
Saving and Investment in China	September, 2005, Box 2.1
China’s GDP Revision: What Does It Mean for China and the Global Economy?	April 2006, Box 1.6
What Do Country Studies of the Impact of Globalization on Inequality Tell Us? Examples from Mexico, China, and India	October 2007, Box 4.2
Japan after the Plaza Accord	April 2010, Box 4.1
Taiwan Province of China in the Late 1980s	April 2010, Box 4.2
Did the Plaza Accord Cause Japan’s Lost Decades?	April 2011, Box 1.4
Where Is China’s External Surplus Headed?	April 2012, Box 1.3
The U.S. Home Owners’ Loan Corporation	April 2012, Box 3.1
Household Debt Restructuring in Iceland	April 2012, Box 3.2
Abenomics: Risks after Early Success?	October 2013, Box 1.4
Is China’s Spending Pattern Shifting (away from Commodities)?	April 2014, Box 1.2
Public Investment in Japan during the Lost Decade	October 2014, Box 3.1

XII. Special Topics

Climate Change and the Global Economy	April 2008, Chapter 4
Rising Car Ownership in Emerging Economies: Implications for Climate Change	April 2008, Box 4.1
South Asia: Illustrative Impact of an Abrupt Climate Shock	April 2008, Box 4.2
Macroeconomic Policies for Smoother Adjustment to Abrupt Climate Shocks	April 2008, Box 4.3
Catastrophe Insurance and Bonds: New Instruments to Hedge Extreme Weather Risks	April 2008, Box 4.4
Recent Emission-Reduction Policy Initiatives	April 2008, Box 4.5
Complexities in Designing Domestic Mitigation Policies	April 2008, Box 4.6

IMF Executive Board Discussion of the Outlook, April 2015

The following remarks were made by the Chair at the conclusion of the Executive Board’s discussion of the World Economic Outlook, Global Financial Stability Report, and Fiscal Monitor on April 3, 2015.

Executive Directors noted that a moderate recovery continues in the global economy, with uneven prospects across countries and regions. Growth in emerging market economies is softening, reflecting an adjustment to weaker medium-term growth expectations, lower commodity prices and exports, and country-specific factors. The outlook for advanced economies shows some signs of improvement on the back of lower oil prices, continued support from accommodative monetary policy stances, and some moderation in the pace of fiscal adjustment. A number of Directors considered that global economic developments might turn out to be more positive than currently expected. A few other Directors emphasized the importance of decisive policy actions to counter the “new mediocre.”

Directors noted that global growth should continue to increase gradually as crisis legacies fade and advanced economies benefit from accommodative macroeconomic policies. Emerging market economies are likely to slow further in 2015, but growth should pick up again in 2016 and beyond, as the current setbacks to activity begin to dissipate. Directors agreed that the near-term distribution of risks to global growth has become more balanced, although most noted that it remains tilted to the downside. The decline in oil prices could boost activity more than expected, but geopolitical tensions continue to pose threats, and risks of abrupt shifts in asset prices—including exchange rates—have increased. In some advanced economies, protracted below-target inflation or deflation could affect activity and public and private debt dynamics. A few Directors considered that this risk has diminished. A few others urged greater focus on global imbalances.

Despite the expected improvement in the outlook, Directors broadly agreed that short-term financial stability risks have increased. Oil- and commodity-exporting countries and firms generally face revenue losses and higher risks. Emerging market corporations that have borrowed heavily in U.S. dollars and are not sufficiently hedged are now faced with potential balance sheet pressures from the appreciating U.S. dollar. A retrenchment of over-invested industries and property price declines—especially in China—could spill over to emerging markets more broadly. In advanced economies, the low-interest-rate environment poses challenges for long-term investors, including weaker life insurance companies in Europe. High debt levels and nonperforming loans in the private sector continue to pose headwinds to growth and financial stability in some advanced economies. Recent declines in liquidity in some markets may amplify financial stability risks.

At the same time, Directors also noted important medium-term risks to the global recovery. In emerging market economies, tighter financial conditions or unaddressed supply-side constraints represent significant risks. Growth prospects in advanced economies are held down by aging populations, weak investment, and lackluster productivity growth while sustained weakness in demand could weigh on potential output.

To address these risks and challenges, Directors underscored that boosting actual and potential growth remains a policy priority. In emerging market economies, macroeconomic policy space to support growth remains limited, but lower oil prices will alleviate inflation pressures and could increase fiscal space in oil importers. In oil exporters, adjusting public spending in view of lower fiscal revenues is a priority, although countries with strong financial buffers may adjust more gradually. Better fiscal frameworks with clear medium-term objectives are needed in many countries to anchor fiscal policy and avoid a procyclical policy stance. Directors also emphasized that lower oil prices provide an opportunity to reform inefficient energy subsidies and provide breathing room for more productive and equitable spending and growth-enhancing tax reforms.

Directors broadly concurred that continued accommodative monetary policy is essential in many advanced economies. To support credit markets, additional measures are needed to restore balance sheet health in the private sector, including in the euro area. At the same time, many Directors noted the limitations and risks of prolonged accommodative monetary policies and divergent monetary stances, and some underscored the need to better understand their implications for emerging market and developing countries. Fiscal policy could be used to support demand and contribute to global rebalancing, for example through infrastructure investment in some advanced economies, while countries constrained by high levels of public debt should pursue growth-friendly reforms affecting the composition of revenues and expenditures. Credible medium-term fiscal consolidation plans are still needed in a number of countries, especially in Japan and the United States.

Directors highlighted the importance of a sound international banking system, and noted that more progress on the implementation of regulatory standards and cross-border resolution is needed. Strengthening microprudential policies and building a macroprudential toolkit remains a priority in many emerging market and developing economies. In advanced economies, the oversight of certain parts of the nonbank financial sector needs to be strengthened, particularly the asset management industry, as well as the life insurance industry in Europe, with better microprudential supervision and stronger emphasis on systemic risk. A number of Directors noted progress in the international regulatory reform agenda and increased efforts to monitor financial risks and build resilience. They cautioned that additional regulation and oversight should be commensurate to the systemic risk posed and take into account both costs and benefits.

Directors emphasized the importance of exchange rate flexibility for emerging markets without currency pegs, while recognizing that measures may be necessary to limit excessive exchange rate volatility. Bolstering resilience to external shocks will also require stronger macroeconomic and macroprudential policy frameworks, and robust prudential regulation and supervision. In China, further progress to gradually shift the composition of demand toward domestic consumption and reduce reliance on credit and investment would help forestall medium-term risks of financial disruption or a sharp slowdown.

Directors called for further structural reforms to raise potential growth. In emerging market and developing economies, the main priorities are removing infrastructure bottlenecks, reforming labor and product markets, strengthening education, easing limits on trade and investment, improving business conditions, and enhancing government services delivery. In advanced economies, strengthening public infrastructure, increasing labor force participation, and enabling innovation and productivity-enhancing investment are key priorities. In the euro area, reforms need to tackle legacy debt overhang, barriers to product market entry, labor market regulations that hamper adjustment, and obstacles to investment activity. In Japan, there is scope to improve service sector productivity and support investment through corporate governance reform.

Directors also stressed that continued strong growth in low income developing countries calls for greater progress in diversification and structural transformation. Key requirements include boosting fiscal positions with stronger revenues and rationalized public spending, strengthening public financial management, achieving greater monetary policy independence, promoting financial deepening, and attracting capital flows. Infrastructure investment, anchored in well-designed debt management strategies, is essential to increase growth potential. Advanced and systemically important emerging economies should play a supportive role in maintaining an enabling external environment for low-income developing countries. Priorities include further trade liberalization, providing development aid and technical assistance, completing the global regulatory reform agenda, and cooperating on international taxation and climate change issues.

Many other countries are implementing the SNA 2008 or ESA 2010 and began releasing national accounts data based on the new standard in 2014. A few countries use versions of the SNA older than 1993. A similar adoption pattern is expected for the BPM6. Please refer to Table G, which lists the statistical standards adhered to by each country.

Averages for real GDP and its components, employment, GDP per capita, inflation, factor productivity, trade, and commodity prices are calculated based on the compound annual rate of change, except in the case of the unemployment rate, which is based on the simple arithmetic average.

See Box A2 in the April 2004 WEO for a summary of the revised purchasing-power-parity-based weights and Annex IV in the May 1993 WEO. See also Anne-Marie Gulde and Marianne Schulze-Ghattas, “Purchasing Power Parity Based Weights for the World Economic Outlook,” in Staff Studies for the World Economic Outlook (Washington: International Monetary Fund, December 1993), pp. 106–23.

As used here, the terms “country” and “economy” do not always refer to a territorial entity that is a state as understood by international law and practice. Some territorial entities included here are not states, although their statistical data are maintained on a separate and independent basis.

During 2009–13, 16 economies incurred external payments arrears or entered into official or commercial bank debt-rescheduling agreements. This group is referred to as economies with arrears and/or rescheduling during 2009–13.

See David Andrews, Anthony R. Boote, Syed S. Rizavi, and Suk-winder Singh, Debt Relief for Low-Income Countries: The Enhanced HIPC Initiative, IMF Pamphlet Series 51 (Washington: International Monetary Fund, November 1999).

Save
Cite
Email this content

Share Link

Copy this link, or click below to email it to a friend
Email this content
or copy the link directly:

https://www.elibrary.imf.org/display/book/9781498378000/back-1.xml
The link was not copied. Your current browser may not support copying via this button.

Link copied successfully