The U.S. Current Account Deficit and the Global Economy

Author/Editor:

International Monetary Fund

Publication Date:

December 21, 2004

Summary:

This paper presents the views of Lawrence H. Summers on the U.S. current account deficit and the global economy. Summers highlights that the U.S. current account deficit is currently running well in excess of US$600 billion at an annual rate, in the range of 5.5 percent of GDP. It represents more than 1 percent of global GDP and absorbs close to two-thirds of the cumulative current account surpluses of all the world’s surplus countries. Summers thinks that such a unique imbalance deserves careful scrutiny.

Series:

Other Periodicals

English

Publication Date:

December 21, 2004

ISBN/ISSN:

9781451980929/0252-3108

Stock No:

PJIEA2004004

Price:

Free

Format:

Paper

Pages:

36

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