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World Economic and Financial Surveys

World Economic Outlook

Database—WEO Groups and Aggregates Information

October 2010

Country Composition of WEO Groups

The country classification in the World Economic Outlook divides the world into two major groups: advanced economies and emerging and developing economies. Please refer to the introduction to the WEO's Statistical Appendix for details. This classification is not based on strict criteria, economic or otherwise, but instead has evolved over time with the objective of facilitating analysis by providing a reasonably meaningful organization of the data.

The emerging and developing economies’ Western Hemisphere region has been renamed Latin America and the Caribbean (LAC).

Some economies remain outside the country classification and therefore are not included in the analysis. Cuba and the Democratic People's Republic of Korea are not IMF members, and their economies therefore are not monitored by the IMF. San Marino is omitted from the group of advanced economies for lack of a fully developed database. Likewise, Aruba, the Marshall Islands, the Federated States of Micronesia, Palau, and Somalia are omitted from the emerging and developing economies group because of data limitations.

Advanced Economies

   Euro Area
   Major Advanced Economies (G7)
   Newly Industrialized Asian Economies
   Other Advanced Economies (Advanced Economies excluding G7 and Euro Area)

European Union


Emerging and Developing Economies

   Central and Eastern Europe
   Commonwealth of Independent States
   Developing Asia
      ASEAN-5
   Latin America and the Caribbean
   Middle East and North Africa
   Sub-Saharan Africa


Advanced Economies

Australia
Austria
Belgium
Canada
Cyprus
Czech Republic
Denmark
Finland
France
Germany
Greece
Hong Kong SAR

Iceland
Ireland
Israel
Italy
Japan
Korea
Luxembourg
Malta
Netherlands
New Zealand
Norway
Portugal

Singapore
Slovak Republic
Slovenia
Spain
Sweden
Switzerland
Taiwan Province of China
United Kingdom
United States


Euro Area

Austria
Belgium
Cyprus
Finland
France
Germany

Greece
Ireland
Italy
Luxembourg
Malta
Netherlands

Portugal
Slovak Republic
Slovenia
Spain


Major Advanced Economies (G7)

Canada
France
Germany

Italy
Japan
United Kingdom

United States


Newly Industrialized Asian Economies

Hong Kong SAR
Korea

Singapore
Taiwan Province of China


Other Advanced Economies
(Advanced Economies excluding G7 and Euro Area)

Australia
Czech Republic
Denmark
Hong Kong SAR Iceland

Israel
Korea
New Zealand
Norway
Singapore

Sweden
Switzerland
Taiwan Province of China


European Union

Austria
Belgium
Bulgaria
Cyprus
Czech Republic
Denmark
Estonia
Finland
France

Germany
Greece
Hungary
Ireland
Italy
Latvia
Lithuania
Luxembourg
Malta

Netherlands
Poland
Portugal
Romania
Slovak Republic
Slovenia
Spain
Sweden
United Kingdom


Emerging and Developing Economies

Afghanistan, Islamic Republic of
Albania
Algeria
Angola
Antigua and Barbuda
Argentina
Armenia
Azerbaijan
Bahamas, The
Bahrain
Bangladesh
Barbados
Belarus
Belize
Benin
Bhutan
Bolivia
Bosnia and Herzegovina
Botswana
Brazil
Brunei Darussalam
Bulgaria
Burkina Faso
Burundi
Cambodia
Cameroon
Cape Verde
Central African Republic
Chad
Chile
China
Colombia
Comoros
Congo, Democratic Republic of
Congo, Republic of
Costa Rica
Côte d'Ivoire
Croatia
Djibouti
Dominica
Dominican Republic
Ecuador
Egypt
El Salvador
Equatorial Guinea
Eritrea
Estonia
Ethiopia
Fiji
Gabon

Gambia, The
Georgia
Ghana
Grenada
Guatemala
Guinea
Guinea-Bissau
Guyana
Haiti
Honduras
Hungary
India
Indonesia
Iran, Islamic Republic of
Iraq
Jamaica
Jordan
Kazakhstan
Kenya
Kiribati
Kosovo
Kuwait
Kyrgyz Republic
Lao People's Democratic Republic
Latvia
Lebanon
Lesotho
Liberia
Libya
Lithuania
Macedonia, Former Yugoslav Republic of
Madagascar
Malawi
Malaysia
Maldives
Mali
Mauritania
Mauritius
Mexico
Moldova
Mongolia
Montenegro
Morocco
Mozambique
Myanmar
Namibia
Nepal
Nicaragua
Niger
Nigeria

Oman
Pakistan
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Poland
Qatar
Romania
Russia
Rwanda
Samoa
São Tomé and Príncipe
Saudi Arabia
Senegal
Serbia
Seychelles
Sierra Leone
Solomon Islands
South Africa
Sri Lanka
St. Kitts and Nevis
St. Lucia
St. Vincent and the Grenadines
Sudan
Suriname
Swaziland
Syrian Arab Republic
Tajikistan
Tanzania
Thailand
Timor-Leste
Togo
Tonga
Trinidad and Tobago
Tunisia
Turkey
Turkmenistan
Uganda
Ukraine
United Arab Emirates
Uruguay
Uzbekistan
Vanuatu
Venezuela
Vietnam
Yemen, Republic of
Zambia
Zimbabwe


Central and Eastern Europe

Albania
Bosnia and Herzegovina
Bulgaria
Croatia
Estonia
Hungary
Kosovo
Latvia

Lithuania
Macedonia, Former Yugoslav Republic of
Montenegro
Poland
Romania
Serbia
Turkey


Commonwealth of Independent States

Armenia
Azerbaijan
Belarus
Georgia1
Kazakhstan
Kyrgyz Republic
Moldova

Mongolia1
Russia
Tajikistan
Turkmenistan
Ukraine
Uzbekistan

1Georgia and Mongolia, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarities in economic structure.

Developing Asia

Afghanistan, Islamic Republic of
Bangladesh
Bhutan
Brunei Darussalam
Cambodia
China
Fiji
India
Indonesia
Kiribati
Lao People's Democratic Republic
Malaysia

Maldives
Myanmar
Nepal
Pakistan
Papua New Guinea
Philippines
Samoa
Solomon Islands
Sri Lanka
Thailand
Timor-Leste
Tonga
Vanuatu
Vietnam


ASEAN-5

Indonesia, Malaysia, Philippines, Thailand, and Vietnam


Latin America and the Caribbean

Antigua and Barbuda
Argentina
Bahamas, The
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 and North Africa

Algeria
Bahrain
Djibouti
Egypt
Iran, Islamic Republic of
Iraq
Jordan
Kuwait
Lebanon
Libya

Mauritania
Morocco
Oman
Qatar
Saudi Arabia
Sudan
Syrian Arab Rep.
Tunisia
United Arab Emirates
Yemen, Republic of


Sub-Saharan Africa

Angola
Benin
Botswana
Burkina Faso
Burundi
Cameroon
Cape Verde
Central African Republic
Chad
Comoros
Congo, Democratic Republic of
Congo, Republic of
Côte d'Ivoire
Equatorial Guinea

Eritrea
Ethiopia
Gabon
Gambia, The
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
Swaziland
Tanzania
Togo
Uganda
Zambia
Zimbabwe



WEO Aggregates

Composite data for country groups in the World Economic Outlook 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.1 Arithmetically weighted averages are used for all data for the emerging and developing economies group except inflation and money growth, for which geometric averages are used. The following conventions apply, (see the FAQ for more details).

  • 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 PPP as a share of total world or group GDP.2
  • Composites for data relating to the domestic economy for the euro area (16 member countries throughout the entire period unless noted otherwise) are aggregates of national source data using GDP weights. Annual data are not adjusted for calendar-day effects. For data prior to 1999, data aggregations apply 1995 European currency unit exchange rates.
  • Composite unemployment rates and employment growth are weighted by labor force as a share of group labor force.
  • Composites relating to the external economy 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.


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

2 See Box A2 of the April 2004 World Economic Outlook for a summary of the revised PPP-based weights and Annex IV of the May 1993 World Economic Outlook. 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 (International Monetary Fund, December 1993), pp. 106–23.