## statsappendixintro - 2020. The figures for 2020–21 are shown with the same degree of precision as the historical

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### Assumptions
- Real effective exchange rates for the advanced economies are assumed to remain constant at their average levels measured during February 17–March 16, 2020.
- For 2020 and 2021 these assumptions imply average US dollar–special drawing right (SDR) conversion rates of 1.381 and 1.388, US dollar–euro conversion rates of 1.115 and 1.126, and yen–US dollar conversion rates of 106.7 and 104.1, respectively.
- It is assumed that the price of oil will average $35.61 a barrel in 2020 and $37.87 a barrel in 2021.
- National authorities’ established policies are assumed to be maintained.
- With regard to interest rates:
  - LIBOR on six-month US dollar deposits will average 0.7 percent in 2020 and 0.6 percent in 2021.
  - LIBOR on three-month euro deposits will average –0.4 percent in 2020 and 2021.
  - LIBOR on six-month yen deposits will average –0.1 percent in 2020 and 2021.
- Euro introduction reminder: 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 described in Box 5.4 of the October 1998 WEO.

### Currency conversion examples (euro legacy rates provided in source)
- 1 euro = 13.7603 Austrian schillings
- 1 euro = 40.3399 Belgian francs
- 1 euro = 0.585274 Cyprus pound
- 1 euro = 1.95583 Deutsche marks
- 1 euro = 15.6466 Estonian krooni
- 1 euro = 5.94573 Finnish markkaa
- 1 euro = 6.55957 French francs
- 1 euro = 340.750 Greek drachmas
- 1 euro = 0.787564 Irish pound
- 1 euro = 1,936.27 Italian lire
- 1 euro = 0.702804 Latvian lat
- 1 euro = 3.45280 Lithuanian litas
- 1 euro = 40.3399 Luxembourg francs
- 1 euro = 0.42930 Maltese lira
- 1 euro = 2.20371 Netherlands guilders
- 1 euro = 200.482 Portuguese escudos
- 1 euro = 30.1260 Slovak koruna
- 1 euro = 239.640 Slovenian tolars
- 1 euro = 166.386 Spanish pesetas
- Notes on establishment dates:
  - 1 Established on January 1, 2008.
  - 2 Established on January 1, 2011.
  - 3 Established on January 1, 2001.
  - 4 Established on January 1, 2014.
  - 5 Established on January 1, 2015.
  - 6 Established on January 1, 2009.
  - 7 Established on January 1, 2007.

### What’s New
- Due to the high level of uncertainty in current global economic conditions, the April 2020 WEO database and statistical tables contain only these indicators: real GDP growth, consumer price index, current account balance, unemployment, per capita GDP growth, and fiscal balance.
- Projections for these indicators are provided only through 2021.
- The Timorese authorities have revised the compilation methodology of GDP; under the new classification, oil and gas revenue before September 2019, previously classified as export in national accounts, is now classified as primary income.
- As of February 1, 2020 the United Kingdom is no longer part of the European Union. Data for the United Kingdom are no longer included in the European Union composites.

### Data and Conventions
- Data and projections for 194 economies form the statistical basis of the WEO database.
- The data are maintained jointly by the IMF’s Research Department and regional departments, with regional departments regularly updating country projections based on consistent global assumptions.
- Most countries’ macroeconomic data as presented in the WEO conform broadly to the 2008 version of the System of National Accounts (2008 SNA).
- The IMF’s sector statistical standards referenced: sixth edition of the Balance of Payments and International Investment Position Manual (BPM6), the Monetary and Financial Statistics Manual and Compilation Guide (MFSMCG), and the Government Finance Statistics Manual 2014 (GFSM 2014).
- The WEO database is only partly adapted to these manuals pending provision of revised country data by national statistical compilers.
- Composite data for country groups in the WEO are either sums or weighted averages of data for individual countries.
- Multiyear averages of growth rates are expressed as compound annual rates of change unless noted otherwise.
- Arithmetically weighted averages are used for all data for the emerging market and developing economies group—except data on inflation, for which geometric averages are used.
- Conventions:
  - Composites for domestic economy data are weighted by GDP valued at purchasing power parity as a share of total world or group GDP.
  - Annual inflation rates are simple percentage changes from the previous years, except for emerging market and developing economies, where rates are based on logarithmic differences.
  - Composites for real GDP per capita in purchasing power parity terms are sums after conversion to the international dollar in the years indicated.
  - Unless noted otherwise, euro area composites are corrected for reporting discrepancies in intra-area transactions.
  - Unadjusted annual GDP data are used for the euro area and most countries, except for Cyprus, Ireland, Portugal, and Spain, which report calendar-adjusted data.
  - 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 US dollars at the average market exchange rates in the years indicated.
  - Composite unemployment rates are weighted by labor force as a share of group labor force.
  - Composites relating to external sector statistics are sums after conversion to US dollars at the average market exchange rates in the years indicated for balance of payments data.
  - Composites of changes in foreign trade volumes and prices are arithmetic averages of percent changes for individual countries weighted by the US 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 for a few countries that use fiscal years; Table F lists economies with exceptional reporting periods for national accounts and government finance data.
- Notes and references:
  - 1 Many countries are implementing the SNA 2008 or European System of National and Regional Accounts (ESA) 2010, and a few countries use versions of the SNA older than that from 1993.
  - 2 Averages for real GDP, inflation, GDP per capita, and commodity prices are calculated based on the compound annual rate of change, except the unemployment rate, which is based on the simple arithmetic average.
  - 3 See “Revised Purchasing Power Parity Weights” in the July 2014 WEO Update and other referenced WEO items for details.

### Data quality and estimates
- For some countries, figures for 2019 and earlier are based on estimates rather than actual outturns; Table G lists the latest actual outturns for indicators in national accounts, prices, government finance, and balance of payments for each country.

### Country Notes (selected items)
- Argentina:
  - Fiscal, external debt and financing variables are excluded from publication for 2020-21 as these are to a large extent linked to the ongoing debt restructuring.
  - Historical consumer price data: before December 2013 reflect the consumer price index (CPI) for the Greater Buenos Aires Area (CPI-GBA); from December 2013 to October 2015 reflect the national CPI (IPCNu).
  - The government that took office in December 2015 discontinued the IPCNu and released a new CPI for the Greater Buenos Aires Area on June 15, 2016; a new national CPI has been disseminated starting in June 2017.
  - At its November 9, 2016 meeting, the IMF Executive Board considered the new CPI series to be in line with international standards and lifted the declaration of censure issued in 2013.
  - Given series differences, the average CPI inflation for 2014, 2015, and 2016 and end-of-period inflation for 2015 and 2016 are not reported in the April 2020 WEO.
  - Argentina’s authorities discontinued publication of labor market data in December 2015 and released new series starting in the second quarter of 2016.
- Belarus: Projections are based on preliminary assumptions yet to be formally agreed between Belarus and Russia about parameters of a bilateral agreement on Belarus imports of crude oil.
- Dominican Republic: Fiscal series coverage—public debt, debt service and cyclically-adjusted/structural balances are for the consolidated public sector (central government, rest of the nonfinancial public sector, and central bank); remaining fiscal series are for the central government.
- Ecuador: Fiscal data reflect net lending/borrowing for the nonfinancial public sector. Authorities, in the context of the Extended Fund Facility approved in March of 2019 and with IMF technical support, are undertaking revisions of historical fiscal data to correct identified statistical errors in recording revenues and expenditures of local governments. Fiscal data reported for 2018 and 2019 reflect the corrected series; earlier years remain under revision and will be corrected in subsequent WEO releases.
- India: Real GDP growth rates are calculated as per national accounts: for 1998 to 2011 with base year 2004/05 and thereafter with base year 2011/12.
- Lebanon: Projections for 2021 are omitted due to an unusually high degree of uncertainty.
- Libya: Against the backdrop of a civil war and weak capacity, the reliability of Libya’s data, especially medium-term projections, is low.
- Syria: Data excluded from 2011 onward because of the uncertain political situation.
- Ukraine: Revised national accounts data are available beginning in 2000 and exclude Crimea and Sevastopol from 2010.
- Uruguay: Starting from October 2018 Uruguay’s public pension system has been receiving transfers in the context of a new law that compensates persons affected by the creation of the mixed pension system. These funds are recorded as revenues, consistent with the IMF’s methodology. Therefore, data and projections for 2018–22 are affected by these transfers.

### Fiscal and debt projections and data coverage notes
- Public pension disclaimer applies only to the revenues and net lending/borrowing series.
- Uruguay:
  - Coverage changed from consolidated public sector to nonfinancial public sector with the October 2019 WEO.
  - Nonfinancial public sector includes central government, local government, social security funds, nonfinancial public corporations, and Banco de Seguros del Estado.
  - Under the narrower fiscal perimeter (excludes the central bank), assets and liabilities held by the nonfinancial public sector where the counterpart is the central bank are not netted out in debt figures.
  - Capitalization bonds issued in the past by the government to the central bank are now part of the nonfinancial public sector debt.
  - Gross and net debt estimates for 2008–11 are preliminary.
- Venezuela:
  - Projecting the economic outlook is complicated by lack of discussions with the authorities (last Article IV consultation in 2004), incomplete understanding of reported data, and difficulties interpreting certain reported indicators.
  - Fiscal accounts include the budgetary central government; social security; FOGADE (insurance deposit institution); and a sample of public enterprises, including Petróleos de Venezuela, S.A. (PDVSA).
  - Data for 2018–19 are IMF staff estimates.
  - Nominal GDP is estimated assuming the GDP deflator rises in line with the IMF staff’s projection of average inflation.
  - Public external debt in relation to GDP is projected using the IMF staff’s estimate of the average exchange rate for the year.
  - Wide uncertainty surrounds these projections.
  - Venezuela’s consumer prices (CPI) are excluded from all WEO group composites.
- Zimbabwe:
  - In 2019 authorities introduced the RTGS dollar, later renamed the Zimbabwe dollar, and are in the process of redenominating their national accounts statistics.
  - Current data are subject to revision.
  - Between 2009–19 Zimbabwe operated under a multi-currency regime with the US dollar as the unit of account.

### Country classification and group aggregates (Table A highlights)
- WEO divides world into two major groups: advanced economies and emerging market and developing economies.
- Advanced Economies:
  - Advanced Economies count: 39.
  - Advanced Economies share of World GDP: 40.3.
  - Advanced Economies share of World exports of goods and services: 63.0.
  - Advanced Economies share of World population: 14.2.
  - United States: 37.4 (Advanced Economies), 15.1 (World GDP share), 16.2 (Advanced Economies exports), 10.2 (World exports), 30.7 (Advanced Economies population), 4.3 (World population).
  - Euro Area 19: 27.8, 11.2, 41.6, 26.2, 31.7, 4.5.
  - Japan: 10.0, 4.0, 5.9, 3.7, 11.8, 1.7.
  - United Kingdom: 5.5, 2.2, 5.8, 3.6, 6.2, 0.9.
  - Other Advanced Economies subgroup: 16 economies, subgroup shares: 16.0, 6.5, 27.0, 17.0, 16.1, 2.3.
  - Memorandum: Major Advanced Economies 7 — 73.6, 29.7, 53.0, 33.4, 71.6, 10.2.
- Emerging Market and Developing Economies:
  - Count: 155.
  - Emerging Market and Developing Economies share of World GDP: 59.7.
  - Share of World exports: 37.0.
  - Share of World population: 85.8.
  - Regional subgroup highlights (examples preserved exactly):
    - China: 32.2, 19.2, 29.2, 10.8, 21.6, 18.5.
    - India: 13.0, 7.8, 5.7, 2.1, 20.8, 17.9.
    - Brazil: 4.1, 2.5, 2.9, 1.1, 3.2, 2.8.
    - Nigeria: 1.4, 0.9, 0.8, 0.3, 3.1, 2.7.
    - South Africa: 0.9, 0.6, 1.2, 0.4, 0.9, 0.8.
- Analytical groups:
  - By Source of Export Earnings: Fuel economies 27 count with shares 16.4, 9.8, 20.7, 7.7, 11.7, 10.1; Nonfuel 127 economies 83.6, 49.9, 79.3, 29.3, 88.3, 75.8.
  - Primary Products: 35 economies, shares 5.0, 3.0, 5.2, 1.9, 9.1, 7.8.
  - By External Financing Source: Net Debtor Economies 119 with shares 51.6, 30.8, 50.3, 18.6, 68.3, 58.6.
  - Economies with arrears and/or rescheduling during 2014–18: 23 economies; group shares indicated in Table A.
  - Heavily Indebted Poor Countries and Low-Income Developing Countries appear as separate groups with counts and shares presented in Table A.

### Composition and group membership details
- Advanced Economies composition:
  - Table B lists 39 advanced economies and identifies a Major Advanced Economies subgroup (United States, Japan, Germany, France, Italy, United Kingdom, Canada) and euro area members.
- Emerging Market and Developing Economies:
  - Group of 155 includes all economies not classified as advanced.
  - Regional breakdowns and analytical classifications by main export earnings source and by net external position are described.
  - Export-earnings criterion: economy is categorized as fuel or nonfuel (and nonfuel primary products) if main source of export earnings exceeded 50 percent of total exports on average between 2014 and 2018.
  - Net debtor economies: latest net international investment position less than zero or cumulative current account balance accumulations from 1972 to 2018 negative.
  - Net debtor economies are further differentiated by experience with debt servicing (including arrears/rescheduling during 2014–18).

### Tables of country composition and indicators (Tables D–F highlights)
- Table D: Lists emerging market and developing economies by region and main source of export earnings (fuel vs nonfuel primary products), with countries assigned to each category.
- Table E: Emerging market and developing economies by region, net external position (dot/star notation), and status as Heavily Indebted Poor Countries and Low-Income Developing Countries; includes extensive country-level listings and annotations.
- Table F: Economies with exceptional reporting periods (national accounts and government finance reporting periods), listing countries and their reporting years (examples: The Bahamas Jul/Jun; Barbados Apr/Mar; India Apr/Mar).

### Data documentation and country metadata (Table G highlights)
- Table G provides key data documentation fields for each country, including:
  - Currency.
  - Historical data source and latest actual annual data year.
  - National accounts base year.
  - System of National Accounts in use (examples: SNA 1993, SNA 2008, ESA 2010).
  - Use of chain-weighted methodology (where applicable).
  - Historical data source for government finance and balance of payments (CB = central bank; MoF = Ministry of Finance; NSO = National Statistics Office; MEP = Ministry of Economy and Planning; etc.).
  - Subsector coverage and accounting practice notes (A = accrual, C = cash, CB = commitments basis, Mixed).
  - Numerous country-specific entries preserved exactly (examples include base years, latest actual annual data, and source institutions for many countries such as Afghanistan, Albania, Algeria, Angola, Argentina, Australia, etc.).
- Note definitions and methodological footnotes:
  - BPM = Balance of Payments Manual; CPI = consumer price index; ESA = European System of National and Regional Accounts; SNA = System of National Accounts.
  - Footnotes clarify data source abbreviations and other documentation conventions (for example, dot vs star in Table E, omissions for Syria and South Sudan in some composites).

### Economic policy assumptions underlying projections (Box A1)
- Fiscal policy assumptions:
  - Short-term fiscal policy assumptions are normally based on officially announced budgets, adjusted for differences between national authorities and IMF staff regarding macroeconomic assumptions and projected fiscal outturns.
  - When no official budget announced, projections incorporate policy measures judged likely to be implemented.
  - Medium-term fiscal projections are similarly based on a judgment about policies’ most likely path.
  - If IMF staff has insufficient information to assess authorities’ budget intentions and prospects for policy implementation, an unchanged structural primary balance is assumed unless indicated otherwise.
  - Specific country assumptions (examples preserved exactly):
    - Australia: based on Australian Bureau of Statistics, fiscal year 2019/20 mid-year reviews, and IMF staff estimates.
    - Brazil: fiscal projections for 2020 take into account deficit target proposed in budget guidance law and reflect policy announcements as of March 31.
    - China: Fiscal expansion expected for 2019 and projected for 2020 owing to a series of tax reforms and expenditure measures in response to the economic slowdown.
    - Italy: Fiscal plans in government’s 2020 budget and announced COVID-19 measures inform IMF staff estimates and projections; assumption that automatic VAT hikes will be canceled.
    - Japan: Projections incorporate a stimulus package to be released in early April, whose size and composition are estimated by Staff.
    - United States: Fiscal projections are based on January 2020 Congressional Budget Office baseline adjusted for IMF staff policy and macroeconomic assumptions; projections incorporate the effects of the Coronavirus Preparedness and Response Supplemental Appropriations Act; the Families First Coronavirus Response Act; and the Coronavirus Aid; Relief, and Economic Security Act; all signed in March 2020.
- Monetary policy assumptions:
  - Generally based on established policy frameworks; typically assume a nonaccommodative stance over the business cycle.
  - London interbank offered rate on six-month US dollar deposits is assumed to average 0.0 percent in 2020 and –1.3 percent in 2021.
  - Rate on three-month euro deposits is assumed to average –1.5 percent in 2020 and –1.8 percent in 2021.
  - Rate on six-month Japanese yen deposits is assumed to average –0.7 percent in 2020 and –0.1 percent in 2021.
  - Country-specific monetary assumptions include:
    - Argentina: consistent with current framework targeting zero-based money growth in seasonally adjusted terms.
    - China: Monetary policy is expected to be loosened.
    - Denmark: Maintain the peg to the euro.
    - Saudi Arabia: Monetary policy projections based on continuation of exchange rate peg to the US dollar.
    - Turkey: Outlook assumes further monetary policy easing in 2020.
    - United Kingdom and United States: short-term interest rate paths based on market interest rate expectations and IMF staff expectations for Federal Open Market Committee adjustments, respectively.

*International Monetary Fund | April 2020*

### 2020. The figures for 2020–21 are shown with the same degree of precision as the historical

### statsappendixintro - 2020. The figures for 2020–21 are shown with the same degree of precision as the historical

### Assumptions
- Real effective exchange rates for the advanced economies are assumed to remain constant at their average levels measured during February 17–March 16, 2020.
- For 2020 and 2021 these assumptions imply average US dollar–special drawing right (SDR) conversion rates of 1.381 and 1.388, US dollar–euro conversion rates of 1.115 and 1.126, and yen–US dollar conversion rates of 106.7 and 104.1, respectively.
- It is assumed that the price of oil will average $35.61 a barrel in 2020 and $37.87 a barrel in 2021.
- National authorities’ established policies are assumed to be maintained.
- With regard to interest rates:
  - LIBOR on six-month US dollar deposits will average 0.7 percent in 2020 and 0.6 percent in 2021.
  - LIBOR on three-month euro deposits will average –0.4 percent in 2020 and 2021.
  - LIBOR on six-month yen deposits will average –0.1 percent in 2020 and 2021.
- As a reminder regarding the euro introduction: 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 described in Box 5.4 of the October 1998 WEO.

### Currency conversion examples (euro legacy rates provided in source)
- 1 euro = 13.7603 Austrian schillings
- 1 euro = 40.3399 Belgian francs
- 1 euro = 0.585274 Cyprus pound
- 1 euro = 1.95583 Deutsche marks
- 1 euro = 15.6466 Estonian krooni
- 1 euro = 5.94573 Finnish markkaa
- 1 euro = 6.55957 French francs
- 1 euro = 340.750 Greek drachmas
- 1 euro = 0.787564 Irish pound
- 1 euro = 1,936.27 Italian lire
- 1 euro = 0.702804 Latvian lat
- 1 euro = 3.45280 Lithuanian litas
- 1 euro = 40.3399 Luxembourg francs
- 1 euro = 0.42930 Maltese lira
- 1 euro = 2.20371 Netherlands guilders
- 1 euro = 200.482 Portuguese escudos
- 1 euro = 30.1260 Slovak koruna
- 1 euro = 239.640 Slovenian tolars
- 1 euro = 166.386 Spanish pesetas

- Notes on establishment dates included in source:
  - 1 Established on January 1, 2008.
  - 2 Established on January 1, 2011.
  - 3 Established on January 1, 2001.
  - 4 Established on January 1, 2014.
  - 5 Established on January 1, 2015.
  - 6 Established on January 1, 2009.
  - 7 Established on January 1, 2007.

### What’s New
- Due to the high level of uncertainty in current global economic conditions, the April 2020 WEO database and statistical tables contain only these indicators: real GDP growth, consumer price index, current account balance, unemployment, per capita GDP growth, and fiscal balance.
- Projections for these indicators are provided only through 2021.
- The Timorese authorities have revised the compilation methodology of GDP; under the new classification, oil and gas revenue before September 2019, previously classified as export in national accounts, is now classified as primary income.
- As of February 1, 2020 the United Kingdom is no longer part of the European Union. Data for the United Kingdom are no longer included in the European Union composites.

### Data and Conventions
- Data and projections for 194 economies form the statistical basis of the WEO database.
- The data are maintained jointly by the IMF’s Research Department and regional departments, with regional departments regularly updating country projections based on consistent global assumptions.
- Most countries’ macroeconomic data as presented in the WEO conform broadly to the 2008 version of the System of National Accounts (2008 SNA).
- The IMF’s sector statistical standards referenced: sixth edition of the Balance of Payments and International Investment Position Manual (BPM6), the Monetary and Financial Statistics Manual and Compilation Guide (MFSMCG), and the Government Finance Statistics Manual 2014 (GFSM 2014).
- The WEO database is only partly adapted to these manuals pending provision of revised country data by national statistical compilers.
- Composite data for country groups in the WEO are either sums or weighted averages of data for individual countries.
- Multiyear averages of growth rates are expressed as compound annual rates of change unless noted otherwise.
- Arithmetically weighted averages are used for all data for the emerging market and developing economies group—except data on inflation, for which geometric averages are used.
- Conventions:
  - Composites for domestic economy data are weighted by GDP valued at purchasing power parity as a share of total world or group GDP.
  - Annual inflation rates are simple percentage changes from the previous years, except for emerging market and developing economies, where rates are based on logarithmic differences.
  - Composites for real GDP per capita in purchasing power parity terms are sums after conversion to the international dollar in the years indicated.
  - Unless noted otherwise, euro area composites are corrected for reporting discrepancies in intra-area transactions.
  - Unadjusted annual GDP data are used for the euro area and most countries, except for Cyprus, Ireland, Portugal, and Spain, which report calendar-adjusted data.
  - 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 US dollars at the average market exchange rates in the years indicated.
  - Composite unemployment rates are weighted by labor force as a share of group labor force.
  - Composites relating to external sector statistics are sums after conversion to US dollars at the average market exchange rates in the years indicated for balance of payments data.
  - Composites of changes in foreign trade volumes and prices are arithmetic averages of percent changes for individual countries weighted by the US 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 for a few countries that use fiscal years; Table F lists economies with exceptional reporting periods for national accounts and government finance data.

- Notes and references in source:
  - 1 Many countries are implementing the SNA 2008 or European System of National and Regional Accounts (ESA) 2010, and a few countries use versions of the SNA older than that from 1993.
  - 2 Averages for real GDP, inflation, GDP per capita, and commodity prices are calculated based on the compound annual rate of change, except the unemployment rate, which is based on the simple arithmetic average.
  - 3 See “Revised Purchasing Power Parity Weights” in the July 2014 WEO Update and other referenced WEO items for details.

### Data quality and estimates
- For some countries, figures for 2019 and earlier are based on estimates rather than actual outturns; Table G lists the latest actual outturns for indicators in national accounts, prices, government finance, and balance of payments for each country.

### Country Notes (selected items from source)
- Argentina:
  - Fiscal, external debt and financing variables are excluded from publication for 2020-21 as these are to a large extent linked to the ongoing debt restructuring.
  - Historical consumer price data: before December 2013 reflect the consumer price index (CPI) for the Greater Buenos Aires Area (CPI-GBA); from December 2013 to October 2015 reflect the national CPI (IPCNu).
  - The government that took office in December 2015 discontinued the IPCNu and released a new CPI for the Greater Buenos Aires Area on June 15, 2016; a new national CPI has been disseminated starting in June 2017.
  - At its November 9, 2016 meeting, the IMF Executive Board considered the new CPI series to be in line with international standards and lifted the declaration of censure issued in 2013.
  - Given series differences, the average CPI inflation for 2014, 2015, and 2016 and end-of-period inflation for 2015 and 2016 are not reported in the April 2020 WEO.
  - Argentina’s authorities discontinued publication of labor market data in December 2015 and released new series starting in the second quarter of 2016.
- Belarus: Projections are based on preliminary assumptions yet to be formally agreed between Belarus and Russia about parameters of a bilateral agreement on Belarus imports of crude oil.
- Dominican Republic: Fiscal series coverage—public debt, debt service and cyclically-adjusted/structural balances are for the consolidated public sector (central government, rest of the nonfinancial public sector, and central bank); remaining fiscal series are for the central government.
- Ecuador: Fiscal data reflect net lending/borrowing for the nonfinancial public sector. Authorities, in the context of the Extended Fund Facility approved in March of 2019 and with IMF technical support, are undertaking revisions of historical fiscal data to correct identified statistical errors in recording revenues and expenditures of local governments. Fiscal data reported for 2018 and 2019 reflect the corrected series; earlier years remain under revision and will be corrected in subsequent WEO releases.
- India: Real GDP growth rates are calculated as per national accounts: for 1998 to 2011 with base year 2004/05 and thereafter with base year 2011/12.
- Lebanon: Projections for 2021 are omitted due to an unusually high degree of uncertainty.
- Libya: Against the backdrop of a civil war and weak capacity, the reliability of Libya’s data, especially medium-term projections, is low.
- Syria: Data excluded from 2011 onward because of the uncertain political situation.
- Ukraine: Revised national accounts data are available beginning in 2000 and exclude Crimea and Sevastopol from 2010.
- Uruguay: Starting from October 2018 Uruguay’s public pension system has been receiving transfers in the context of a new law that compensates persons affected by the creation of the mixed pension system. These funds are recorded as revenues, consistent with the IMF’s methodology. Therefore, data and projections for 2018–22 are affected by these transfers.

*International Monetary Fund | April 2020*

### 1.3 percent of GDP in 2018 and are projected to be 1.2 percent of GDP in 2019, 0.9 percent of

### statsappendixintro - 1.3 percent of GDP in 2018 and are projected to be 1.2 percent of GDP in 2019, 0.9 percent of

### Fiscal and debt projections and data coverage notes
- Public pension disclaimer applies only to the revenues and net lending/borrowing series.
- Uruguay:
  - Coverage changed from consolidated public sector to nonfinancial public sector with the October 2019 WEO.
  - Nonfinancial public sector includes central government, local government, social security funds, nonfinancial public corporations, and Banco de Seguros del Estado.
  - Under the narrower fiscal perimeter (excludes the central bank), assets and liabilities held by the nonfinancial public sector where the counterpart is the central bank are not netted out in debt figures.
  - Capitalization bonds issued in the past by the government to the central bank are now part of the nonfinancial public sector debt.
  - Gross and net debt estimates for 2008–11 are preliminary.
- Venezuela:
  - Projecting the economic outlook is complicated by lack of discussions with the authorities (last Article IV consultation in 2004), incomplete understanding of reported data, and difficulties interpreting certain reported indicators.
  - Fiscal accounts include the budgetary central government; social security; FOGADE (insurance deposit institution); and a sample of public enterprises, including Petróleos de Venezuela, S.A. (PDVSA).
  - Data for 2018–19 are IMF staff estimates.
  - Nominal GDP is estimated assuming the GDP deflator rises in line with the IMF staff’s projection of average inflation.
  - Public external debt in relation to GDP is projected using the IMF staff’s estimate of the average exchange rate for the year.
  - Wide uncertainty surrounds these projections.
  - Venezuela’s consumer prices (CPI) are excluded from all WEO group composites.
- Zimbabwe:
  - In 2019 authorities introduced the RTGS dollar, later renamed the Zimbabwe dollar, and are in the process of redenominating their national accounts statistics.
  - Current data are subject to revision.
  - Between 2009–19 Zimbabwe operated under a multi-currency regime with the US dollar as the unit of account.

### Country classification and group aggregates (Table A highlights)
- WEO divides world into two major groups: advanced economies and emerging market and developing economies.
- Advanced Economies:
  - Advanced Economies count: 39.
  - Advanced Economies share of World GDP: 40.3.
  - Advanced Economies share of World exports of goods and services: 63.0.
  - Advanced Economies share of World population: 14.2.
  - United States: 37.4 (Advanced Economies), 15.1 (World GDP share), 16.2 (Advanced Economies exports), 10.2 (World exports), 30.7 (Advanced Economies population), 4.3 (World population).
  - Euro Area 19: 27.8, 11.2, 41.6, 26.2, 31.7, 4.5.
  - Japan: 10.0, 4.0, 5.9, 3.7, 11.8, 1.7.
  - United Kingdom: 5.5, 2.2, 5.8, 3.6, 6.2, 0.9.
  - Other Advanced Economies subgroup: 16 economies, with subgroup shares listed as 16.0, 6.5, 27.0, 17.0, 16.1, 2.3.
  - Memorandum: Major Advanced Economies 7 — 73.6, 29.7, 53.0, 33.4, 71.6, 10.2.
- Emerging Market and Developing Economies:
  - Count: 155.
  - Emerging Market and Developing Economies share of World GDP: 59.7.
  - Share of World exports: 37.0.
  - Share of World population: 85.8.
  - Regional subgroup highlights (Emerging and Developing Asia, Emerging and Developing Europe, Latin America and the Caribbean, Middle East and Central Asia, Sub-Saharan Africa) with selected country shares preserved in Table A (examples):
    - China: 32.2, 19.2, 29.2, 10.8, 21.6, 18.5.
    - India: 13.0, 7.8, 5.7, 2.1, 20.8, 17.9.
    - Brazil: 4.1, 2.5, 2.9, 1.1, 3.2, 2.8.
    - Nigeria: 1.4, 0.9, 0.8, 0.3, 3.1, 2.7.
    - South Africa: 0.9, 0.6, 1.2, 0.4, 0.9, 0.8.
- Analytical groups:
  - By Source of Export Earnings: Fuel economies 27 count with shares 16.4, 9.8, 20.7, 7.7, 11.7, 10.1; Nonfuel 127 economies 83.6, 49.9, 79.3, 29.3, 88.3, 75.8.
  - Of which, Primary Products: 35 economies, shares 5.0, 3.0, 5.2, 1.9, 9.1, 7.8.
  - By External Financing Source: Net Debtor Economies 119 with shares 51.6, 30.8, 50.3, 18.6, 68.3, 58.6.
  - Economies with arrears and/or rescheduling during 2014–18: 23 economies; group shares indicated in Table A.
  - Heavily Indebted Poor Countries and Low-Income Developing Countries appear as separate groups with counts and shares presented in Table A.

### Composition and group membership details
- Advanced Economies composition:
  - Table B lists 39 advanced economies and identifies a Major Advanced Economies subgroup (United States, Japan, Germany, France, Italy, United Kingdom, Canada) and euro area members.
- Emerging Market and Developing Economies:
  - Group of 155 includes all economies not classified as advanced.
  - Regional breakdowns and analytical classifications by main export earnings source and by net external position are described.
  - The export-earnings criterion: an economy is categorized as fuel or nonfuel (and nonfuel primary products) if main source of export earnings exceeded 50 percent of total exports on average between 2014 and 2018.
  - Net debtor economies are those with latest net international investment position less than zero or cumulative current account balance accumulations from 1972 to 2018 negative.
  - Net debtor economies are further differentiated by experience with debt servicing (including arrears/rescheduling during 2014–18).

### Tables of country composition and indicators (Tables D–F highlights)
- Table D: Lists emerging market and developing economies by region and main source of export earnings (fuel vs nonfuel primary products), with countries assigned to each category.
- Table E: Emerging market and developing economies by region, net external position (dot/star notation), and status as Heavily Indebted Poor Countries and Low-Income Developing Countries; includes extensive country-level listings and annotations.
- Table F: Economies with exceptional reporting periods (national accounts and government finance reporting periods), listing countries and their reporting years (examples: The Bahamas Jul/Jun; Barbados Apr/Mar; India Apr/Mar).

### Data documentation and country metadata (Table G highlights)
- Table G provides key data documentation fields for each country, including:
  - Currency.
  - Historical data source and latest actual annual data year.
  - National accounts base year.
  - System of National Accounts in use (examples: SNA 1993, SNA 2008, ESA 2010).
  - Use of chain-weighted methodology (where applicable).
  - Historical data source for government finance and balance of payments (CB = central bank; MoF = Ministry of Finance; NSO = National Statistics Office; MEP = Ministry of Economy and Planning; etc.).
  - Subsector coverage and accounting practice notes (A = accrual, C = cash, CB = commitments basis, Mixed).
  - Numerous country-specific entries preserved exactly (examples include base years, latest actual annual data, and source institutions for many countries such as Afghanistan, Albania, Algeria, Angola, Argentina, Australia, etc.).
- Note definitions and methodological footnotes:
  - BPM = Balance of Payments Manual; CPI = consumer price index; ESA = European System of National and Regional Accounts; SNA = System of National Accounts.
  - Footnotes clarify data source abbreviations and other documentation conventions (for example, dot vs star in Table E, omissions for Syria and South Sudan in some composites).

### Economic policy assumptions underlying projections (Box A1)
- Fiscal policy assumptions:
  - Short-term fiscal policy assumptions are normally based on officially announced budgets, adjusted for differences between national authorities and IMF staff regarding macroeconomic assumptions and projected fiscal outturns.
  - When no official budget announced, projections incorporate policy measures judged likely to be implemented.
  - Medium-term fiscal projections are similarly based on a judgment about policies’ most likely path.
  - If IMF staff has insufficient information to assess authorities’ budget intentions and prospects for policy implementation, an unchanged structural primary balance is assumed unless indicated otherwise.
  - Specific country assumptions are listed for many economies, with sources and adjustments noted (examples preserved exactly where given):
    - Australia: based on Australian Bureau of Statistics, fiscal year 2019/20 mid-year reviews, and IMF staff estimates.
    - Brazil: fiscal projections for 2020 take into account deficit target proposed in budget guidance law and reflect policy announcements as of March 31.
    - China: Fiscal expansion expected for 2019 and projected for 2020 owing to a series of tax reforms and expenditure measures in response to the economic slowdown.
    - Italy: Fiscal plans in government’s 2020 budget and announced COVID-19 measures inform IMF staff estimates and projections; assumption that automatic VAT hikes will be canceled.
    - Japan: Projections incorporate a stimulus package to be released in early April, whose size and composition are estimated by Staff.
    - United States: Fiscal projections are based on January 2020 Congressional Budget Office baseline adjusted for IMF staff policy and macroeconomic assumptions; projections incorporate the effects of the Coronavirus Preparedness and Response Supplemental Appropriations Act; the Families First Coronavirus Response Act; and the Coronavirus Aid; Relief, and Economic Security Act; all signed in March 2020.
- Monetary policy assumptions:
  - Generally based on established policy frameworks; typically assume a nonaccommodative stance over the business cycle.
  - London interbank offered rate on six-month US dollar deposits is assumed to average 0.0 percent in 2020 and –1.3 percent in 2021.
  - Rate on three-month euro deposits is assumed to average –1.5 percent in 2020 and –1.8 percent in 2021.
  - Rate on six-month Japanese yen deposits is assumed to average –0.7 percent in 2020 and –0.1 percent in 2021.
  - Country-specific monetary assumptions include:
    - Argentina: consistent with current framework targeting zero-based money growth in seasonally adjusted terms.
    - China: Monetary policy is expected to be loosened.
    - Denmark: Maintain the peg to the euro.
    - Saudi Arabia: Monetary policy projections based on continuation of exchange rate peg to the US dollar.
    - Turkey: Outlook assumes further monetary policy easing in 2020.
    - United Kingdom and United States: short-term interest rate paths based on market interest rate expectations and IMF staff expectations for Federal Open Market Committee adjustments, respectively.

*International Monetary Fund | April 2020 — Statistical Appendix introductory material*

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_Source: https://www.imf.org/-/media/files/publications/weo/2020/april/english/statsappendixintro.pdf_