## tablesa

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### Summary of World Output (Table A1)
- World (Real GDP, Annual percent change): 4.1 3.5 3.5 3.5 3.4 3.3 3.8 3.5 2.8 –4.4 5.2 3.5
- Advanced Economies (Real GDP): 1.7 1.2 1.4 2.1 2.4 1.8 2.5 2.2 1.7 –5.8 3.9 1.7
- United States (Real GDP): 1.8 2.2 1.8 2.5 3.1 1.7 2.3 3.0 2.2 –4.3 3.1 1.8
- Euro Area (Real GDP): 1.1 –0.9 –0.2 1.4 2.0 1.9 2.6 1.8 1.3 –8.3 5.2 1.4
- Japan (Real GDP): 0.6 1.5 2.0 0.4 1.2 0.5 2.2 0.3 0.7 –5.3 2.3 0.6
- Emerging Market and Developing Economies (Real GDP): 6.5 5.4 5.1 4.7 4.3 4.5 4.8 4.5 3.7 –3.3 6.0 4.7
- Emerging and Developing Asia (Real GDP): 8.6 7.0 6.9 6.8 6.8 6.8 6.7 6.3 5.5 –1.7 8.0 5.9
- Latin America and the Caribbean (Real GDP): 3.6 2.9 2.9 1.3 0.4 –0.6 1.4 1.1 0.0 –8.1 3.6 2.5
- Low-Income Developing Countries (Real GDP): 6.3 4.8 5.9 6.2 4.7 3.9 4.9 5.1 5.3 –1.2 4.9 5.7
- Output per Capita — Advanced Economies (PPP, international dollars): 1.1 0.6 0.9 1.6 1.8 1.2 2.1 1.8 1.3 –6.2 3.6 1.4
- Output per Capita — Emerging Market and Developing Economies (PPP): 4.7 3.7 3.5 3.1 2.8 3.0 3.4 3.2 2.3 –4.7 4.8 3.6
- Value of World Output — At Market Exchange Rates (billions of US dollars): 53,903 74,805 76,990 79,060 74,829 76,022 80,716 85,690 87,552 83,845 91,031 113,482
- Value of World Output — At Purchasing Power Parities (billions of US dollars): 75,026 100,032 104,954 108,876 111,126 115,336 121,522 128,712 134,557 130,187 139,824 174,434

### Advanced Economies: Real GDP and Demand (Tables A2–A3)
- Real GDP (Q4 over Q4, Advanced Economies): 1.7 1.2 1.4 2.1 2.4 1.8 2.5 2.2 1.7 –5.8 3.9 1.7 1.5 –4.9 3.8
- Real Total Domestic Demand — Advanced Economies: 1.6 0.8 1.1 2.1 2.7 2.0 2.5 2.2 1.8 –5.7 4.0 1.6 1.2 –4.7 4.0
- Major advanced-country highlights (Q4 over Q4 and demand series preserved above):
  - United States (Real GDP Q4/Q4): 1.8 2.2 1.8 2.5 3.1 1.7 2.3 3.0 2.2 –4.3 3.1 1.8 2.3 –4.1 3.2
  - Euro Area (Real GDP Q4/Q4): 1.1 –0.9 –0.2 1.4 2.0 1.9 2.6 1.8 1.3 –8.3 5.2 1.4 1.0 –6.6 4.8
  - Japan (Real GDP Q4/Q4): 0.6 1.5 2.0 0.4 1.2 0.5 2.2 0.3 0.7 –5.3 2.3 0.6 –0.7 –2.3 0.7
- Real GDP components — Advanced Economies (annual percent change):
  - Private Consumer Expenditure: 1.7 1.2 1.0 1.2 1.9 2.6 2.3 2.3 2.0 1.7 –7.1 4.4
  - Public Consumption: 1.8 1.3 0.0 –0.1 0.5 1.7 2.0 1.1 1.7 2.2 2.4 1.8
  - Gross Fixed Capital Formation: 0.8 2.1 2.6 1.8 3.4 3.4 2.3 3.8 2.9 2.4 –6.0 4.6
  - Stock Building (changes as percent of GDP in preceding period): 0.1 –0.1 –0.3 0.0 0.1 0.0 –0.3 0.1 0.1 –0.2 –0.5 0.1
  - Foreign Balance (changes as percent of GDP in preceding period): 0.1 0.0 0.4 0.2 0.0 –0.3 –0.1 0.0 0.0 –0.1 –0.2 0.0

### Emerging Market and Developing Economies: Real GDP (Table A4)
- Emerging and Developing Asia aggregate: 8.6 7.0 6.9 6.8 6.8 6.8 6.7 6.3 5.5 –1.7 8.0 5.9
- Selected country annual percent-change series (preserved exactly):
  - Bangladesh: 5.9 6.5 6.0 6.1 6.6 7.1 7.3 7.9 8.2 3.8 4.4 7.3
  - China: 10.7 7.9 7.8 7.3 6.9 6.8 6.9 6.7 6.1 1.9 8.2 5.5
  - India1: 7.7 5.5 6.4 7.4 8.0 8.3 7.0 6.1 4.2 –10.3 8.8 7.2
  - Indonesia: 5.7 6.0 5.6 5.0 4.9 5.0 5.1 5.2 5.0 –1.5 6.1 5.1
  - Vietnam: 6.8 5.5 5.6 6.4 7.0 6.7 6.9 7.1 7.0 1.6 6.7 6.6
- Emerging and Developing Europe: 4.8 3.1 3.1 1.8 1.0 1.9 4.1 3.3 2.1 –4.6 3.9 2.6
  - Russia: 4.8 4.0 1.8 0.7 –2.0 0.2 1.8 2.5 1.3 –4.1 2.8 1.8
  - Turkey: 5.8 4.8 8.5 4.9 6.1 3.3 7.5 3.0 0.9 –5.0 5.0 3.5
- Latin America and the Caribbean aggregate and selected countries:
  - Aggregate: 3.6 2.9 2.9 1.3 0.4 –0.6 1.4 1.1 0.0 –8.1 3.6 2.5
  - Brazil: 3.9 1.9 3.0 0.5 –3.5 –3.3 1.3 1.3 1.1 –5.8 2.8 2.2
  - Mexico: 1.9 3.6 1.4 2.8 3.3 2.6 2.1 2.2 –0.3 –9.0 3.5 2.1
  - Argentina: 4.5 –1.0 2.4 –2.5 2.7 –2.1 2.8 –2.6 –2.1 –11.8 4.9 1.7
  - Chile: 4.5 5.3 4.0 1.8 2.3 1.7 1.2 4.0 1.1 –6.0 4.5 2.5
- Middle East and Central Asia aggregate: 5.6 5.1 3.1 3.1 2.7 4.5 2.6 2.1 1.4 –4.1 3.0 3.3
  - Saudi Arabia: 4.5 5.4 2.7 3.7 4.1 1.7 –0.7 2.4 0.3 –5.4 3.1 2.6
  - Iran: 4.9 –7.7 –0.3 3.2 –1.6 12.5 3.7 –5.4 –6.5 –5.0 3.2 1.2
- Sub-Saharan Africa aggregate and selected countries:
  - Aggregate: 5.9 4.8 5.1 5.2 3.2 1.5 3.1 3.3 3.2 –3.0 3.1 4.3
  - Nigeria: 8.7 4.3 5.4 6.3 2.7 –1.6 0.8 1.9 2.2 –4.3 1.7 2.5
  - South Africa: 3.5 2.2 2.5 1.8 1.2 0.4 1.4 0.8 0.2 –8.0 3.0 2.3
  - Ethiopia: 8.9 8.7 9.9 10.3 10.4 8.0 10.2 7.7 9.0 1.9 0.0 8.0
- Selected outliers (preserved):
  - Guyana: 2.7 5.0 3.7 1.7 0.7 3.8 3.7 4.4 5.4 26.2 8.1 1.1
  - Venezuela: 3.2 5.6 1.3 –3.9 –6.2 –17.0 –15.7 –19.6 –35.0 –25.0 –10.0 . . .
  - Libya: –8.6 124.7 –36.8 –53.0 –13.0 –7.4 64.0 17.9 9.9 –66.7 76.0 0.3
  - Zimbabwe1: –2.6 16.7 2.0 2.4 1.8 0.7 4.7 3.5 –6.5 –10.4 4.2 2.2

### Inflation and Price Indicators (Table A5; Tables A6–A7 detail country series)
- GDP Deflators — Advanced Economies (average/projections): 1.6 1.3 1.3 1.5 1.2 1.0 1.5 1.7 1.5 1.3 1.4 1.8
- Consumer Prices — Advanced Economies (average/projections): 2.0 2.0 1.4 1.4 0.3 0.7 1.7 2.0 1.4 0.8 1.6 1.9
  - United States (CPI averages/projections): 2.4 2.1 1.5 1.6 0.1 1.3 2.1 2.4 1.8 1.5 2.8 2.2
  - Euro Area (HICP averages/projections): 2.1 2.5 1.3 0.4 0.2 0.2 1.5 1.8 1.2 0.4 0.9 1.7
  - Japan (annual averages/projections): –0.2 –0.1 0.3 2.8 0.8 –0.1 0.5 1.0 0.5 –0.1 0.3 1.0
- Emerging Market and Developing Economies — Consumer Prices (average/projections): 6.4 5.8 5.4 4.7 4.7 4.3 4.4 4.9 5.1 5.0 4.7 4.0
  - Regional consumer-price series preserved:
    - Emerging and Developing Asia: 4.6 4.6 4.6 3.4 2.6 2.8 2.4 2.7 3.3 3.2 2.9 3.1
    - Latin America and the Caribbean: 5.6 4.6 4.6 4.9 5.4 5.5 6.3 6.6 7.7 6.2 6.7 4.3
    - Middle East and Central Asia: 7.6 8.8 8.3 6.4 5.5 5.7 6.9 9.5 7.8 9.3 9.3 6.5
    - Sub-Saharan Africa: 9.4 9.0 6.5 6.3 6.8 10.4 10.7 8.4 8.5 10.6 7.9 6.1
- Median Inflation Rates (analytical memorandum):
  - Advanced Economies: 2.3 2.6 1.4 0.7 0.1 0.6 1.6 1.8 1.5 0.5 1.2 1.9
  - Emerging Market and Developing Economies: 5.2 4.6 3.7 3.1 2.6 2.7 3.3 3.1 2.6 2.9 2.9 3.0

### Major Advanced Economies: Fiscal Balances and Debt (Table A8)
- Major Advanced Economies — Net Lending/Borrowing (percent of GDP, average/projections): –5.2 –6.5 –4.3 –3.6 –3.0 –3.3 –3.2 –3.7 –4.2 –16.2 –7.6 –4.0
- Output Gap (percent): –1.8 –3.8 –3.5 –2.7 –1.8 –1.5 –0.5 0.2 0.4 –3.6 –2.2 –0.1
- Structural Balance (percent of GDP): –4.3 –4.6 –3.2 –2.6 –2.4 –2.9 –3.0 –3.6 –4.3 –12.5 –6.2 –3.9
- United States (selected fiscal and debt indicators):
  - Net Lending/Borrowing: –6.1 –8.0 –4.6 –4.1 –3.6 –4.4 –4.6 –5.8 –6.3 –18.7 –8.7 –5.5
  - Structural Balance: –4.4 –4.9 –3.0 –2.6 –2.6 –3.7 –4.3 –5.7 –6.8 –15.0 –7.6 –5.4
  - Net Debt (percent of GDP): 52.3 80.8 81.5 81.2 80.8 81.8 81.9 83.2 84.0 106.8 107.3 113.8
  - Gross Debt (percent of GDP): 73.0 103.3 104.9 104.5 104.6 106.6 105.7 106.9 108.7 131.2 133.6 136.9
- Euro Area (aggregate):
  - Net Lending/Borrowing: –3.2 –3.7 –3.0 –2.5 –2.0 –1.5 –1.0 –0.5 –0.6 –10.1 –5.0 –1.8
  - Net Debt: 58.8 73.2 75.7 75.9 74.7 74.3 72.1 70.4 69.2 85.1 84.7 80.9
  - Gross Debt: 73.5 90.7 92.6 92.8 90.9 90.0 87.6 85.7 84.0 101.1 100.0 94.3
- Selected country net-debt highlights (percent of GDP):
  - Germany — Net Debt: 55.7 59.6 58.6 55.0 52.2 49.3 45.7 42.7 41.1 54.1 54.2 43.8
  - France — Net Debt: 61.8 80.0 83.0 85.5 86.3 89.2 89.4 89.3 89.4 110.0 109.8 114.6
  - Italy — Net Debt: 101.0 114.6 120.0 122.3 123.1 122.4 122.0 122.9 123.0 148.8 146.1 141.5
  - Japan — Net Debt: 105.8 145.3 144.7 146.6 146.4 152.0 149.8 153.5 154.9 177.1 178.9 179.7
  - Japan — Gross Debt: 183.3 228.7 232.2 235.8 231.3 236.4 234.5 236.6 238.0 266.2 264.0 264.0

### World Trade Volumes and Prices (Table A9)
- Trade in Goods and Services — World Trade (Volume):
  - Averages 2002–11: 5.7; Averages 2012–21: 2.3; 2012: 3.0; 2013: 3.6; 2014: 3.9; 2015: 2.9; 2016: 2.2; 2017: 5.6; 2018: 3.9; 2019: 1.0; 2020: –10.4; 2021 (Projection): 8.3
- Trade Price Deflators — In US Dollars (selected): 5.4 –1.5 –1.8 –0.7 –1.7 –13.3 –4.1 4.3 5.4 –2.7 –2.8 3.3
- Volume of Trade — Exports (selected):
  - Advanced Economies exports volume series (preserved): 4.5 1.9 2.9 3.1 3.9 3.7 2.0 4.8 3.5 1.3 –11.6 7.0
  - Emerging Market and Developing Economies exports volume series: 8.7 2.9 3.4 4.7 3.3 1.7 2.7 6.6 4.1 0.9 –7.7 9.5
- Volume of Trade — Imports (selected):
  - Advanced Economies imports: 4.1 2.0 1.7 2.6 3.9 4.8 2.6 4.8 3.6 1.7 –11.5 7.3
  - Emerging Market and Developing Economies imports: 9.9 2.8 5.4 5.1 4.3 –0.8 1.7 7.4 5.0 –0.6 –9.4 11.0
- Terms of Trade (selected):
  - Advanced Economies: –0.2 0.4 –0.6 1.0 0.3 1.8 1.2 –0.2 –0.5 0.1 0.6 0.3
  - Emerging Market and Developing Economies: 1.6 –0.7 0.6 –0.5 –0.6 –4.3 –1.4 1.4 1.2 –1.1 –2.6 0.3
- World Trade — Goods volume series (selected): 5.8 2.3 2.8 3.3 3.0 2.3 2.1 5.6 3.8 0.2 –8.1 8.4
- World Trade Prices — Oil (annual percent change): 15.6 –7.7 0.9 –0.9 –7.5 –47.2 –15.7 23.3 29.4 –10.2 –32.1 12.0
  - Average Oil Price (US$ per barrel series): 62.22 66.99 105.01 104.07 96.25 50.79 42.84 52.81 68.33 61.39 41.69 46.70
- Memorandum — World Exports in Billions of US Dollars (Goods and Services): 2002: 14,972; 2011: 22,916; 2012: 22,631; 2013: 23,363; 2014: 23,798; 2015: 21,127; 2016: 20,743; 2017: 22,854; 2018: 25,006; 2019: 24,555; 2020: 21,302; 2021 (projection): 23,778

### Current Account Balances (Table A10–A12)
- Advanced Economies — Current Account Balances (billions of US dollars): 2012: 50.7; 2013: 244.1; 2014: 248.1; 2015: 297.2; 2016: 391.1; 2017: 480.5; 2018: 392.6; 2019: 339.3; 2020: 242.2; 2021 (projection): 314.1; 2025 (projection): 435.0
- United States — Current Account (billions of US dollars): 2012: –418.1; 2013: –336.9; 2014: –367.8; 2015: –407.4; 2016: –394.9; 2017: –365.3; 2018: –449.7; 2019: –480.2; 2020: –441.7; 2021: –463.0; 2025 (projection): –518.5
- Emerging Market and Developing Economies — Current Account (billions of US dollars): 2012: 334.5; 2013: 165.9; 2014: 173.9; 2015: –57.9; 2016: –82.3; 2017: 7.4; 2018: –46.2; 2019: 62.8; 2020: –39.5; 2021: –144.7; 2025 (projection): –208.7
- Selected regional/current-account percent-of-GDP series:
  - Advanced Economies (percent of GDP): 2012: 0.4; 2013: 1.7; 2014: 1.7; 2015: 2.2; 2016: 2.9; 2017: 3.3; 2018: 2.5; 2019: 2.2; 2020: 1.8; 2021: 2.1; 2025 (projection): 2.3
  - United States (percent of GDP): 2012: –18.6; 2013: –14.6; 2014: –15.4; 2015: –17.9; 2016: –17.6; 2017: –15.3; 2018: –17.7; 2019: –19.0; 2020: –20.8; 2021: –20.2; 2025 (projection): –18.4
  - Emerging Market and Developing Economies (percent of GDP): 2012: 3.6; 2013: 1.9; 2014: 2.2; 2015: –0.6; 2016: –1.1; 2017: 0.1; 2018: –0.5; 2019: 0.7; 2020: –0.3; 2021: –1.6; 2025 (projection): –1.8
- Country-level current-account percent-of-GDP examples (selected):
  - Germany (percent of GDP): 7.1 6.6 7.2 8.6 8.5 7.8 7.4 7.1 5.8 6.8 6.7 (2012–2025 series preserved above)
  - China (percent of GDP): 2.5 1.5 2.2 2.7 1.8 1.6 0.2 1.0 1.3 0.7 0.5
  - India (percent of GDP): –4.8 –1.7 –1.3 –1.0 –0.6 –1.8 –2.1 –0.9 0.3 –0.9 –2.5

### Financial Account Balances and Financial Flows (Table A13)
- World (memorandum) — Financial Account Balance (billions of US dollars): –42.5 221.0 346.4 41.5 35.6 214.4 108.4 135.1 163.3 244.1
- Advanced Economies — Financial Account Balance: –129.8 245.6 334.4 347.6 441.3 456.5 329.1 298.2 137.3 326.0
- United States — Financial Account Balance and key components (billions of US dollars):
  - Financial Account Balance: –448.0 –400.1 –297.1 –333.1 –363.6 –334.1 –419.7 –395.5 –539.3 –463.7
  - Direct Investment, Net: 126.9 104.7 135.7 –209.4 –174.6 38.4 –412.8 –163.2 –214.8 –221.8
  - Portfolio Investment, Net: –498.3 –30.7 –114.9 –53.5 –195.0 –221.4 32.2 –133.4 219.6 355.7
  - Change in Reserves: 4.5 –3.1 –3.6 –6.3 2.1 –1.7 5.0 4.7 –0.2 0.0
- Emerging Market and Developing Economies — Financial Account Balance and components (billions of US dollars):
  - Financial Account Balance: 87.3 –24.6 12.0 –306.1 –405.8 –242.1 –220.7 –163.1 26.1 –81.9
  - Direct Investment, Net: –495.2 –483.7 –428.8 –346.4 –260.3 –303.2 –371.8 –356.3 –276.6 –301.2
  - Portfolio Investment, Net: –243.7 –147.6 –89.7 127.7 –53.5 –208.4 –94.2 –98.3 53.1 –165.4
  - Other Investment, Net: 424.2 64.7 406.3 468.8 381.8 97.5 125.5 116.7 55.1 154.7
  - Change in Reserves: 407.9 541.4 111.7 –562.6 –467.1 168.2 116.4 175.1 195.4 228.7
- Regional financial-account highlights (selected, 2012–2021 as shown):
  - Emerging and Developing Asia: 13.0 28.5 153.2 72.4 –24.8 –53.6 –256.5 –84.0 199.7 63.1
  - Latin America and the Caribbean: –155.4 –196.8 –194.0 –192.6 –105.4 –101.1 –148.3 –108.6 –11.6 –33.6
  - Middle East and Central Asia: 278.8 263.8 159.8 –184.1 –218.5 –31.8 110.9 21.0 –107.0 –80.0

### Net Lending and Borrowing, Savings, Investment (Table A14)
- Advanced Economies — Net Lending and Borrowing (percent of GDP, averages and recent values): –0.7 –0.4 0.5 0.6 0.8 1.0 0.7 0.6 0.5 0.6 0.7
  - Advanced Economies — Current Account Balance (percent of GDP): –0.7 –0.4 0.5 0.7 0.8 1.0 0.8 0.7 0.5 0.6 0.6
  - Advanced Economies — Savings (percent of GDP): 21.6 21.5 22.6 22.8 22.4 23.0 22.9 22.7 21.7 22.0 22.5
  - Advanced Economies — Investment (percent of GDP): 22.2 21.8 21.5 21.6 21.4 21.8 22.0 22.1 21.4 21.6 22.1
- United States (percent of GDP series preserved):
  - Net Lending and Borrowing / Current Account Balance: –4.4 –3.6 –2.1 –2.3 –2.1 –1.8 –2.2 –2.3 –2.1 –2.1 –2.1
  - Savings: 17.0 17.0 20.4 20.1 18.7 19.2 19.1 18.6 17.7 17.8 18.5
  - Investment: 21.2 20.4 20.8 21.2 20.4 20.5 21.0 21.0 20.3 20.6 21.1
- Regional/net-group percent-of-GDP snapshots (selected, series preserved):
  - Emerging Market and Developing Economies — Net Lending and Borrowing: 2.6 2.3 0.6 0.0 –0.2 0.1 0.0 0.3 0.0 –0.3 –0.3
  - Middle East and Central Asia — Net Lending and Borrowing: 8.2 9.1 5.8 –3.6 –4.0 –0.7 3.0 0.8 –3.2 –2.5 –1.2
  - Sub-Saharan Africa — Net Lending and Borrowing: 1.8 1.0 –3.1 –5.4 –3.4 –1.9 –2.3 –3.3 –4.3 –3.6 –2.6
- Memorandum — World (percent of GDP): Net Lending and Borrowing: 0.2 0.4 0.5 0.4 0.4 0.6 0.4 0.4 0.3 0.3 0.3; Savings: 24.3 25.2 26.5 26.3 25.8 26.4 26.7 26.7 26.3 26.2 26.4; Investment: 24.1 24.8 25.7 25.7 25.2 25.7 26.3 26.3 26.1 26.1 26.4

### Country-Level Net Lending/Borrowing — Selected Advanced Economies (Table A14 continued)
- Germany (percent of GDP):
  - Net Lending and Borrowing: 4.8 6.2 7.3 8.6 8.6 7.7 7.4 7.1 5.8 6.8 6.9
  - Current Account Balance: 4.9 6.2 7.2 8.6 8.5 7.8 7.4 7.1 5.8 6.8 6.9
  - Savings: 25.3 26.7 27.6 28.3 28.5 28.6 29.0 28.5 27.1 28.7 29.6
  - Investment: 20.4 20.4 20.4 19.7 20.0 20.8 21.6 21.4 21.4 21.9 22.7
- France (percent of GDP):
  - Net Lending and Borrowing: 0.0 –0.5 –1.0 –0.4 –0.4 –0.8 –0.5 –0.6 –1.8 –1.7 –1.1
  - Savings: 22.5 22.4 21.8 22.3 22.1 22.7 23.3 23.5 20.8 21.4 22.6
  - Investment: 22.5 22.9 22.7 22.7 22.6 23.4 23.9 24.2 22.7 23.2 23.8
- Italy, Spain, Japan, United Kingdom, Canada — net-lending, current-account, savings, investment series preserved in Section 5 (see table rows for exact sequences).

### Medium-Term Baseline Scenario (Table A15)
- World Real GDP (annual percent change, baseline/medium-term): World: 4.1 2.8 3.5 2.8 –4.4 5.2 1.7 3.8
  - Advanced Economies: 1.7 1.3 2.2 1.7 –5.8 3.9 0.4 2.2
  - Emerging Market and Developing Economies: 6.5 3.9 4.5 3.7 –3.3 6.0 2.7 4.9
- Potential Output — Major Advanced Economies (percent): 1.8 1.0 1.3 1.3 –2.0 2.3 0.7 1.5
- World Trade, Volume (annual percent change; goods and services): 5.7 2.3 3.9 1.0 –10.4 8.3 0.4 4.3
  - Imports — Advanced Economies: 4.1 2.0 3.6 1.7 –11.5 7.3 0.0 3.8
  - Imports — Emerging Market and Developing Economies: 9.9 2.8 5.0 –0.6 –9.4 11.0 1.2 5.2
- World Prices in US Dollars (annual percent change):
  - Manufactures: 2.7 –1.1 1.9 0.4 –3.1 –1.3 –0.5 1.5
  - Oil: 15.6 –7.7 29.4 –10.2 –32.1 12.0 –3.0 2.3
  - Nonfuel Primary Commodities: 11.6 –2.0 1.3 0.8 5.6 5.1 3.2 0.4
- Consumer Prices (annual percent change):
  - Advanced Economies: 2.0 1.3 2.0 1.4 0.8 1.6 1.4 1.7
  - Emerging Market and Developing Economies: 6.4 4.9 4.9 5.1 5.0 4.7 4.9 4.1
- Interest Rates (selected):
  - Real Six-Month LIBOR: 0.3 –0.7 0.1 0.6 –0.5 –1.6 –0.4 –1.5
  - World Real Long-Term Interest Rate: 1.7 0.1 –0.1 –0.2 –0.4 –1.2 –0.5 –0.4
- Current Account Balances (percent of GDP, baseline):
  - Advanced Economies: –0.7 0.6 0.8 0.7 0.5 0.6 0.6 0.6
  - Emerging Market and Developing Economies: 2.5 0.1 –0.1 0.2 –0.1 –0.4 –0.1 –0.4
- External Debt and Debt-Service (Emerging Market and Developing Economies):
  - Total External Debt (percent of GDP): 29.3 30.2 31.0 30.0 32.7 30.8 31.1 28.3
  - Debt Service (percent): 8.9 10.9 10.9 10.8 11.6 10.8 11.0 9.8

*Source: https://www.imf.org/-/media/files/publications/weo/2020/october/english/tablesa.pdf — Statistical Appendix, WORLD ECONOMIC OUTLOOK: A LONG AND DIFFICULT ASCENT (October 2020).*

### Section 1

### tablesa - Section 1

### Summary of World Output (Table A1)
- World (Real GDP, Annual percent change): 4.1 3.5 3.5 3.5 3.4 3.3 3.8 3.5 2.8 –4.4 5.2 3.5
- Advanced Economies: 1.7 1.2 1.4 2.1 2.4 1.8 2.5 2.2 1.7 –5.8 3.9 1.7
- United States: 1.8 2.2 1.8 2.5 3.1 1.7 2.3 3.0 2.2 –4.3 3.1 1.8
- Euro Area: 1.1 –0.9 –0.2 1.4 2.0 1.9 2.6 1.8 1.3 –8.3 5.2 1.4
- Japan: 0.6 1.5 2.0 0.4 1.2 0.5 2.2 0.3 0.7 –5.3 2.3 0.6
- Other Advanced Economies (Excludes the United States, euro area countries, and Japan): 2.9 2.0 2.4 2.9 2.1 2.2 2.8 2.3 1.7 –5.5 4.3 2.1
- Emerging Market and Developing Economies: 6.5 5.4 5.1 4.7 4.3 4.5 4.8 4.5 3.7 –3.3 6.0 4.7
- Emerging and Developing Asia: 8.6 7.0 6.9 6.8 6.8 6.8 6.7 6.3 5.5 –1.7 8.0 5.9
- Emerging and Developing Europe: 4.8 3.1 3.1 1.8 1.0 1.9 4.1 3.3 2.1 –4.6 3.9 2.6
- Latin America and the Caribbean: 3.6 2.9 2.9 1.3 0.4 –0.6 1.4 1.1 0.0 –8.1 3.6 2.5
- Middle East and Central Asia: 5.6 5.1 3.1 3.1 2.7 4.5 2.6 2.1 1.4 –4.1 3.0 3.3
- Sub-Saharan Africa: 5.9 4.8 5.1 5.2 3.2 1.5 3.1 3.3 3.2 –3.0 3.1 4.3
- By Source of Export Earnings — Fuel: 5.6 5.3 2.6 2.2 0.3 1.5 1.0 0.9 0.2 –5.4 2.8 2.1
- By Source of Export Earnings — Nonfuel: 6.7 5.4 5.7 5.3 5.1 5.1 5.6 5.2 4.3 –2.9 6.6 5.1
- Of Which, Primary Products: 4.5 2.5 4.1 2.2 2.9 1.7 2.8 1.7 1.0 –7.1 4.5 3.3
- Net Debtor Economies: 5.3 4.4 4.7 4.4 4.1 4.1 4.8 4.4 3.4 –5.6 5.5 4.9
- Economies with Arrears and/or Rescheduling during 2015–19: 4.5 1.8 2.9 1.6 0.3 2.7 3.0 3.6 3.2 –2.4 2.6 4.9
- European Union: 1.5 –0.7 0.0 1.7 2.5 2.1 3.0 2.3 1.7 –7.6 5.0 1.6
- Low-Income Developing Countries: 6.3 4.8 5.9 6.2 4.7 3.9 4.9 5.1 5.3 –1.2 4.9 5.7
- Middle East and North Africa: 5.3 5.1 2.6 2.8 2.5 4.9 2.0 1.2 0.8 –5.0 3.2 2.9
- Memorandum — Median Growth Rate, Advanced Economies: 2.2 1.0 1.3 2.3 2.2 2.2 3.0 2.7 1.9 –6.1 4.6 1.8
- Memorandum — Median Growth Rate, Emerging Market and Developing Economies: 4.7 4.3 4.0 3.8 3.3 3.4 3.7 3.5 3.0 –4.8 4.0 3.5
- Output per Capita (in international dollars at purchasing power parity) — Advanced Economies: 1.1 0.6 0.9 1.6 1.8 1.2 2.1 1.8 1.3 –6.2 3.6 1.4
- Output per Capita — Emerging Market and Developing Economies: 4.7 3.7 3.5 3.1 2.8 3.0 3.4 3.2 2.3 –4.7 4.8 3.6
- World Growth Rate Based on Market Exchange Rates: 2.7 2.5 2.6 2.8 2.9 2.6 3.3 3.1 2.4 –4.7 4.8 2.9
- Value of World Output (billions of US dollars) — At Market Exchange Rates: 53,903 74,805 76,990 79,060 74,829 76,022 80,716 85,690 87,552 83,845 91,031 113,482
- Value of World Output (billions of US dollars) — At Purchasing Power Parities: 75,026 100,032 104,954 108,876 111,126 115,336 121,522 128,712 134,557 130,187 139,824 174,434

### Advanced Economies: Real GDP and Total Domestic Demand (Tables A2–A3)
- Real GDP (Q4 over Q4, Annual percent change) — Advanced Economies: 1.7 1.2 1.4 2.1 2.4 1.8 2.5 2.2 1.7 –5.8 3.9 1.7 1.5 –4.9 3.8
- United States (Real GDP, Q4 over Q4): 1.8 2.2 1.8 2.5 3.1 1.7 2.3 3.0 2.2 –4.3 3.1 1.8 2.3 –4.1 3.2
- Euro Area (Real GDP, Q4 over Q4): 1.1 –0.9 –0.2 1.4 2.0 1.9 2.6 1.8 1.3 –8.3 5.2 1.4 1.0 –6.6 4.8
- Germany (Real GDP, Q4 over Q4): 1.1 0.4 0.4 2.2 1.5 2.2 2.6 1.3 0.6 –6.0 4.2 1.2 0.4 –5.2 4.6
- Japan (Real GDP, Q4 over Q4): 0.6 1.5 2.0 0.4 1.2 0.5 2.2 0.3 0.7 –5.3 2.3 0.6 –0.7 –2.3 0.7
- Major Advanced Economies (Memorandum, Q4 over Q4): 1.4 1.4 1.4 1.9 2.2 1.5 2.3 2.1 1.6 –5.9 3.8 1.5 1.4 –4.6 3.2
- Real Total Domestic Demand — Advanced Economies: 1.6 0.8 1.1 2.1 2.7 2.0 2.5 2.2 1.8 –5.7 4.0 1.6 1.2 –4.7 4.0
- United States (Real Total Domestic Demand): 1.7 2.2 1.6 2.7 3.7 1.9 2.5 3.2 2.3 –4.5 3.2 1.8 1.9 –3.9 3.2
- Euro Area (Real Total Domestic Demand): 1.0 –2.4 –0.5 1.4 2.3 2.4 2.3 1.8 1.9 –7.6 4.9 1.3 1.4 –6.4 4.3
- Real Total Domestic Demand — Other Advanced Economies: 3.2 2.0 1.6 2.8 2.5 2.9 3.6 2.6 1.2 –3.5 3.3 2.4 1.6 –3.3 4.4
- Real GDP Components (Annual percent change, selected aggregates from Table A3):
  - Private Consumer Expenditure — Advanced Economies: 1.7 1.2 1.0 1.2 1.9 2.6 2.3 2.3 2.0 1.7 –7.1 4.4
  - Public Consumption — Advanced Economies: 1.8 1.3 0.0 –0.1 0.5 1.7 2.0 1.1 1.7 2.2 2.4 1.8
  - Gross Fixed Capital Formation — Advanced Economies: 0.8 2.1 2.6 1.8 3.4 3.4 2.3 3.8 2.9 2.4 –6.0 4.6
  - Final Domestic Demand — Advanced Economies: 1.5 1.4 1.1 1.1 2.0 2.6 2.3 2.4 2.1 2.0 –5.2 3.8
  - Stock Building — Advanced Economies (Changes expressed as percent of GDP in the preceding period): 0.1 –0.1 –0.3 0.0 0.1 0.0 –0.3 0.1 0.1 –0.2 –0.5 0.1
  - Foreign Balance — Advanced Economies (Changes expressed as percent of GDP in the preceding period): 0.1 0.0 0.4 0.2 0.0 –0.3 –0.1 0.0 0.0 –0.1 –0.2 0.0

### Emerging Market and Developing Economies: Real GDP (Table A4)
- Emerging and Developing Asia: 8.6 7.0 6.9 6.8 6.8 6.8 6.7 6.3 5.5 –1.7 8.0 5.9
- Selected countries (Annual percent change):
  - Bangladesh: 5.9 6.5 6.0 6.1 6.6 7.1 7.3 7.9 8.2 3.8 4.4 7.3
  - China: 10.7 7.9 7.8 7.3 6.9 6.8 6.9 6.7 6.1 1.9 8.2 5.5
  - India1: 7.7 5.5 6.4 7.4 8.0 8.3 7.0 6.1 4.2 –10.3 8.8 7.2
  - Indonesia: 5.7 6.0 5.6 5.0 4.9 5.0 5.1 5.2 5.0 –1.5 6.1 5.1
  - Vietnam: 6.8 5.5 5.6 6.4 7.0 6.7 6.9 7.1 7.0 1.6 6.7 6.6
- Emerging and Developing Europe: 4.8 3.1 3.1 1.8 1.0 1.9 4.1 3.3 2.1 –4.6 3.9 2.6
  - Russia: 4.8 4.0 1.8 0.7 –2.0 0.2 1.8 2.5 1.3 –4.1 2.8 1.8
  - Turkey: 5.8 4.8 8.5 4.9 6.1 3.3 7.5 3.0 0.9 –5.0 5.0 3.5
- Latin America and the Caribbean: 3.6 2.9 2.9 1.3 0.4 –0.6 1.4 1.1 0.0 –8.1 3.6 2.5
  - Brazil: 3.9 1.9 3.0 0.5 –3.5 –3.3 1.3 1.3 1.1 –5.8 2.8 2.2
  - Mexico: 1.9 3.6 1.4 2.8 3.3 2.6 2.1 2.2 –0.3 –9.0 3.5 2.1
  - Argentina: 4.5 –1.0 2.4 –2.5 2.7 –2.1 2.8 –2.6 –2.1 –11.8 4.9 1.7
  - Chile: 4.5 5.3 4.0 1.8 2.3 1.7 1.2 4.0 1.1 –6.0 4.5 2.5
- Middle East and Central Asia: 5.6 5.1 3.1 3.1 2.7 4.5 2.6 2.1 1.4 –4.1 3.0 3.3
  - Saudi Arabia: 4.5 5.4 2.7 3.7 4.1 1.7 –0.7 2.4 0.3 –5.4 3.1 2.6
  - Iran: 4.9 –7.7 –0.3 3.2 –1.6 12.5 3.7 –5.4 –6.5 –5.0 3.2 1.2
- Sub-Saharan Africa: 5.9 4.8 5.1 5.2 3.2 1.5 3.1 3.3 3.2 –3.0 3.1 4.3
  - Nigeria: 8.7 4.3 5.4 6.3 2.7 –1.6 0.8 1.9 2.2 –4.3 1.7 2.5
  - South Africa: 3.5 2.2 2.5 1.8 1.2 0.4 1.4 0.8 0.2 –8.0 3.0 2.3
  - Ethiopia: 8.9 8.7 9.9 10.3 10.4 8.0 10.2 7.7 9.0 1.9 0.0 8.0
- Selected outliers and notes:
  - Guyana: 2.7 5.0 3.7 1.7 0.7 3.8 3.7 4.4 5.4 26.2 8.1 1.1
  - Venezuela: 3.2 5.6 1.3 –3.9 –6.2 –17.0 –15.7 –19.6 –35.0 –25.0 –10.0 . . .
  - Libya: –8.6 124.7 –36.8 –53.0 –13.0 –7.4 64.0 17.9 9.9 –66.7 76.0 0.3
  - Zimbabwe1: –2.6 16.7 2.0 2.4 1.8 0.7 4.7 3.5 –6.5 –10.4 4.2 2.2
- Notes included in the source (as presented):
  - 1 See country-specific notes for Albania, Belarus, India, Lebanon, Libya, Ukraine, and Zimbabwe in the “Country Notes” section of the Statistical Appendix.
  - 2 Data for Timor-Leste exclude projections for oil exports from the Joint Petroleum Development Area.
  - 3 Data for 2011 exclude South Sudan after July 9. Data for 2012 and onward pertain to the current Sudan.
  - 4 Data for Syria are excluded for 2011 onward owing to the uncertain political situation.

*Source: https://www.imf.org/-/media/files/publications/weo/2020/october/english/tablesa.pdf*

### Section 2

### Table A4–A8 (Section 2): Selected Tables — Inflation, Consumer Prices, and Fiscal Balances

### Summary of Inflation (Table A5 — GDP Deflators and Consumer Prices)
- GDP Deflators — Advanced Economies (Average/Projections):
  - Advanced Economies: 1.6 1.3 1.3 1.5 1.2 1.0 1.5 1.7 1.5 1.3 1.4 1.8
  - United States: 2.1 1.9 1.8 1.9 1.0 1.0 1.9 2.4 1.8 1.4 2.2 2.0
  - Euro Area: 1.8 1.3 1.2 0.9 1.4 0.9 1.1 1.4 1.7 1.6 1.2 1.8
  - Japan: –1.2 –0.8 –0.3 1.7 2.1 0.3 –0.2 –0.1 0.6 0.3 0.3 0.4
  - Other Advanced Economies: 2.1 1.3 1.5 1.4 1.2 1.3 1.9 1.7 1.3 1.2 0.9 1.9
- Consumer Prices — Advanced Economies (Average/Projections):
  - Advanced Economies: 2.0 2.0 1.4 1.4 0.3 0.7 1.7 2.0 1.4 0.8 1.6 1.9
  - United States: 2.4 2.1 1.5 1.6 0.1 1.3 2.1 2.4 1.8 1.5 2.8 2.2
  - Euro Area (HICP): 2.1 2.5 1.3 0.4 0.2 0.2 1.5 1.8 1.2 0.4 0.9 1.7
  - Japan: –0.2 –0.1 0.3 2.8 0.8 –0.1 0.5 1.0 0.5 –0.1 0.3 1.0
  - Other Advanced Economies: 2.3 2.1 1.7 1.5 0.5 0.9 1.8 1.9 1.4 0.5 1.2 1.9
- Emerging Market and Developing Economies — Consumer Prices (Average/Projections):
  - Emerging Market and Developing Economies: 6.4 5.8 5.4 4.7 4.7 4.3 4.4 4.9 5.1 5.0 4.7 4.0
  - Regional groups (averages/projections):
    - Emerging and Developing Asia: 4.6 4.6 4.6 3.4 2.6 2.8 2.4 2.7 3.3 3.2 2.9 3.1
    - Emerging and Developing Europe: 9.9 6.3 5.5 6.5 10.6 5.5 5.6 6.4 6.6 5.2 5.2 5.3
    - Latin America and the Caribbean: 5.6 4.6 4.6 4.9 5.4 5.5 6.3 6.6 7.7 6.2 6.7 4.3
    - Middle East and Central Asia: 7.6 8.8 8.3 6.4 5.5 5.7 6.9 9.5 7.8 9.3 9.3 6.5
    - Sub-Saharan Africa: 9.4 9.0 6.5 6.3 6.8 10.4 10.7 8.4 8.5 10.6 7.9 6.1
- Analytical / Memorandum:
  - Fuel exporters (consumer prices): 9.1 7.7 7.7 6.3 8.8 7.4 5.4 5.4 6.5 6.2 6.4 5.8
  - Nonfuel exporters: 5.7 5.3 4.8 4.3 3.9 3.7 4.2 4.6 5.0 4.7 4.3 3.7
  - Median Inflation Rate:
    - Advanced Economies: 2.3 2.6 1.4 0.7 0.1 0.6 1.6 1.8 1.5 0.5 1.2 1.9
    - Emerging Market and Developing Economies: 5.2 4.6 3.7 3.1 2.6 2.7 3.3 3.1 2.6 2.9 2.9 3.0

### Advanced Economies: Consumer Prices (Table A6 — Detailed country listing; annual averages and end‑of‑period)
- Aggregate advanced-economy averages and projections (annual averages / end-of-period where noted):
  - Advanced Economies (annual averages): 2.0 2.0 1.4 1.4 0.3 0.7 1.7 2.0 1.4 0.8 1.6 1.9 1.5 0.9 1.5
- Selected country examples (annual averages / projections; end-of-period series indicated in table notes):
  - United States (annual averages): 2.4 2.1 1.5 1.6 0.1 1.3 2.1 2.4 1.8 1.5 2.8 2.2 2.1 2.1 2.2
  - Euro Area (HICP): 2.1 2.5 1.3 0.4 0.2 0.2 1.5 1.8 1.2 0.4 0.9 1.7 1.3 0.1 1.1
  - Japan (annual averages): –0.2 –0.1 0.3 2.8 0.8 –0.1 0.5 1.0 0.5 –0.1 0.3 1.0 0.5 –0.6 0.7
  - United Kingdom (annual averages / projection sequence in table): 2.4 2.8 2.6 1.5 0.0 0.7 2.7 2.5 1.8 0.8 1.2 2.0 1.4 0.3 1.5
  - Japan, Germany, France, Italy, Spain, Netherlands, and many other advanced-economy country series are listed in the table with annual figures for 2002–11, 2012–2019, 2020–2021, and projections to 2025 (see table).

### Emerging Market and Developing Economies: Consumer Prices (Table A7 — Country-level detail)
- Regional averages and projections (selected):
  - Emerging and Developing Asia (annual averages/projections): 4.6 4.6 4.6 3.4 2.6 2.8 2.4 2.7 3.3 3.2 2.9 3.1 4.7 1.9 2.9
  - Emerging and Developing Europe: 9.9 6.3 5.5 6.5 10.6 5.5 5.6 6.4 6.6 5.2 5.2 5.3 5.3 5.3 5.2
  - Latin America and the Caribbean: 5.6 4.6 4.6 4.9 5.4 5.5 6.3 6.6 7.7 6.2 6.7 4.3 7.7 5.6 6.8
  - Middle East and Central Asia: 7.6 8.8 8.3 6.4 5.5 5.7 6.9 9.5 7.8 9.3 9.3 6.5 6.9 10.7 8.9
  - Sub-Saharan Africa: 9.4 9.0 6.5 6.3 6.8 10.4 10.7 8.4 8.5 10.6 7.9 6.1 9.7 10.5 7.3
- Select country highlights (annual averages / projections as provided in table):
  - China: 2.6 2.6 2.6 2.0 1.4 2.0 1.6 2.1 2.9 2.9 2.7 2.6 4.5 1.4 2.5
  - India: 7.0 10.0 9.4 5.8 4.9 4.5 3.6 3.4 4.8 4.9 3.7 4.0 6.7 3.4 4.0
  - Brazil: 6.6 5.4 6.2 6.3 9.0 8.7 3.4 3.7 3.7 2.7 2.9 3.3 4.3 2.0 2.9
  - Russia: 11.2 5.1 6.8 7.8 15.5 7.0 3.7 2.9 4.5 3.2 3.2 4.0 3.0 3.8 3.3
  - Turkey: 13.2 8.9 7.5 8.9 7.7 7.8 11.1 16.3 15.2 11.9 11.9 11.0 11.8 12.0 12.0
  - Argentina, Venezuela, Lebanon, Libya, Sudan, Zimbabwe, and several other countries display extreme high or volatile inflation figures in the table (see country rows for precise annual series and projections).
- Notes:
  - Movements in consumer prices are shown as annual averages.
  - Monthly year-over-year changes and, for several countries, on a quarterly basis are used for end-of-period series.
  - Several country-specific notes apply (Argentina, Venezuela, Albania, Lebanon, Libya, Ukraine, Zimbabwe).

### Major Advanced Economies: General Government Fiscal Balances and Debt (Table A8)
- Major Advanced Economies — aggregates (percent of GDP unless noted):
  - Net Lending/Borrowing (average/projections): –5.2 –6.5 –4.3 –3.6 –3.0 –3.3 –3.2 –3.7 –4.2 –16.2 –7.6 –4.0
  - Output Gap: –1.8 –3.8 –3.5 –2.7 –1.8 –1.5 –0.5 0.2 0.4 –3.6 –2.2 –0.1
  - Structural Balance: –4.3 –4.6 –3.2 –2.6 –2.4 –2.9 –3.0 –3.6 –4.3 –12.5 –6.2 –3.9
- United States:
  - Net Lending/Borrowing: –6.1 –8.0 –4.6 –4.1 –3.6 –4.4 –4.6 –5.8 –6.3 –18.7 –8.7 –5.5
  - Output Gap: –3.1 –6.0 –5.4 –4.1 –2.3 –1.9 –1.0 0.4 1.0 –3.2 –1.5 –0.1
  - Structural Balance: –4.4 –4.9 –3.0 –2.6 –2.6 –3.7 –4.3 –5.7 –6.8 –15.0 –7.6 –5.4
  - Net Debt: 52.3 80.8 81.5 81.2 80.8 81.8 81.9 83.2 84.0 106.8 107.3 113.8
  - Gross Debt: 73.0 103.3 104.9 104.5 104.6 106.6 105.7 106.9 108.7 131.2 133.6 136.9
- Euro Area (aggregate):
  - Net Lending/Borrowing: –3.2 –3.7 –3.0 –2.5 –2.0 –1.5 –1.0 –0.5 –0.6 –10.1 –5.0 –1.8
  - Output Gap: 0.1 –2.2 –3.1 –2.8 –2.2 –1.5 –0.4 0.2 0.1 –5.1 –3.2 0.0
  - Structural Balance: –3.3 –2.0 –1.1 –0.7 –0.6 –0.6 –0.6 –0.5 –0.6 –5.3 –3.1 –1.8
  - Net Debt: 58.8 73.2 75.7 75.9 74.7 74.3 72.1 70.4 69.2 85.1 84.7 80.9
  - Gross Debt: 73.5 90.7 92.6 92.8 90.9 90.0 87.6 85.7 84.0 101.1 100.0 94.3
- Selected major-country fiscal and debt indicators (percent of GDP):
  - Germany — Net Debt: 55.7 59.6 58.6 55.0 52.2 49.3 45.7 42.7 41.1 54.1 54.2 43.8
  - France — Net Debt: 61.8 80.0 83.0 85.5 86.3 89.2 89.4 89.3 89.4 110.0 109.8 114.6
  - Italy — Net Debt: 101.0 114.6 120.0 122.3 123.1 122.4 122.0 122.9 123.0 148.8 146.1 141.5
  - Japan — Net Debt: 105.8 145.3 144.7 146.6 146.4 152.0 149.8 153.5 154.9 177.1 178.9 179.7
  - United Kingdom — Net Debt: 44.4 74.8 75.9 78.0 78.4 77.8 76.7 75.9 75.4 98.1 101.6 107.1
  - Canada — Net Debt (note 5): 28.3 28.9 29.7 28.5 28.4 28.7 27.9 26.5 25.9 46.4 48.4 42.9
  - Japan — Gross Debt: 183.3 228.7 232.2 235.8 231.3 236.4 234.5 236.6 238.0 266.2 264.0 264.0
- Fiscal balances (Net Lending/Borrowing) for major economies — selected series:
  - Major Advanced Economies aggregate: –5.2 –6.5 –4.3 –3.6 –3.0 –3.3 –3.2 –3.7 –4.2 –16.2 –7.6 –4.0
  - United States: –6.1 –8.0 –4.6 –4.1 –3.6 –4.4 –4.6 –5.8 –6.3 –18.7 –8.7 –5.5
  - Japan: –6.7 –8.6 –7.9 –5.6 –3.8 –3.7 –3.1 –2.5 –3.3 –14.2 –6.4 –2.7
  - United Kingdom: –4.9 –7.6 –5.5 –5.6 –4.6 –3.3 –2.5 –2.3 –2.2 –16.5 –9.2 –4.4
- Note: The methodology and specific assumptions for each country are discussed in Box A1 (table footnote).

*Source: Tables A4–A8, Statistical Appendix (selected tables) — WORLD ECONOMIC OUTLOOK: A LONG AND DIFFICULT ASCENT, International Monetary Fund | October 2020.*

### Section 3

### tablesa - Section 3

### Notes on fiscal composites and data adjustments
- The country group composites for fiscal data are calculated as the sum of the US dollar values for the relevant individual countries.
- Debt 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 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.
- Footnotes and special treatments:
  - Percent of potential GDP.
  - Figures reported by the national statistical agency are adjusted to exclude items related to the accrual-basis accounting of government employees’ defined-benefit pension plans.
  - Nonconsolidated basis.
  - Includes equity shares.

### Table A9 — Summary of World Trade Volumes and Prices (Annual percent change)
- Trade in Goods and Services — World Trade (Volume):
  - Averages 2002–11: 5.7
  - Averages 2012–21: 2.3
  - 2012: 3.0
  - 2013: 3.6
  - 2014: 3.9
  - 2015: 2.9
  - 2016: 2.2
  - 2017: 5.6
  - 2018: 3.9
  - 2019: 1.0
  - 2020: –10.4
  - 2021 (Projection): 8.3
- Trade in Goods and Services — Price Deflator:
  - In US Dollars:
    - Averages 2002–11: 5.4
    - 2012: –1.5
    - 2013: –1.8
    - 2014: –0.7
    - 2015: –1.7
    - 2016: –13.3
    - 2017: –4.1
    - 2018: 4.3
    - 2019: 5.4
    - 2020: –2.7
    - 2021: –2.8
    - (last value in row): 3.3
  - In SDRs:
    - Averages 2002–11: 3.2
    - 2012: –0.6
    - 2013: 1.3
    - 2014: 0.1
    - 2015: –1.7
    - 2016: –5.8
    - 2017: –3.4
    - 2018: 4.6
    - 2019: 3.2
    - 2020: –0.3
    - 2021: –3.5
    - (last value in row): 0.5
- Volume of Trade — Exports:
  - Advanced Economies:
    - Averages 2002–11: 4.5
    - 2012: 1.9
    - 2013: 2.9
    - 2014: 3.1
    - 2015: 3.9
    - 2016: 3.7
    - 2017: 2.0
    - 2018: 4.8
    - 2019: 3.5
    - 2020: 1.3
    - 2021: –11.6
    - (projection): 7.0
  - Emerging Market and Developing Economies:
    - Averages 2002–11: 8.7
    - 2012: 2.9
    - 2013: 3.4
    - 2014: 4.7
    - 2015: 3.3
    - 2016: 1.7
    - 2017: 2.7
    - 2018: 6.6
    - 2019: 4.1
    - 2020: 0.9
    - 2021: –7.7
    - (projection): 9.5
- Volume of Trade — Imports:
  - Advanced Economies:
    - Averages 2002–11: 4.1
    - 2012: 2.0
    - 2013: 1.7
    - 2014: 2.6
    - 2015: 3.9
    - 2016: 4.8
    - 2017: 2.6
    - 2018: 4.8
    - 2019: 3.6
    - 2020: 1.7
    - 2021: –11.5
    - (projection): 7.3
  - Emerging Market and Developing Economies:
    - Averages 2002–11: 9.9
    - 2012: 2.8
    - 2013: 5.4
    - 2014: 5.1
    - 2015: 4.3
    - 2016: –0.8
    - 2017: 1.7
    - 2018: 7.4
    - 2019: 5.0
    - 2020: –0.6
    - 2021: –9.4
    - (projection): 11.0
- Terms of Trade:
  - Advanced Economies:
    - Averages 2002–11: –0.2
    - 2012: 0.4
    - 2013: –0.6
    - 2014: 1.0
    - 2015: 0.3
    - 2016: 1.8
    - 2017: 1.2
    - 2018: –0.2
    - 2019: –0.5
    - 2020: 0.1
    - 2021: 0.6
    - (last value): 0.3
  - Emerging Market and Developing Economies:
    - Averages 2002–11: 1.6
    - 2012: –0.7
    - 2013: 0.6
    - 2014: –0.5
    - 2015: –0.6
    - 2016: –4.3
    - 2017: –1.4
    - 2018: 1.4
    - 2019: 1.2
    - 2020: –1.1
    - 2021: –2.6
    - (last value): 0.3
- Trade in Goods — World Trade (Volume):
  - Averages 2002–11: 5.8
  - 2012: 2.3
  - 2013: 2.8
  - 2014: 3.3
  - 2015: 3.0
  - 2016: 2.3
  - 2017: 2.1
  - 2018: 5.6
  - 2019: 3.8
  - 2020: 0.2
  - 2021: –8.1
  - (projection): 8.4
- World Trade Prices in US Dollars — Oil:
  - Averages 2002–11: 15.6
  - 2012: –7.7
  - 2013: 0.9
  - 2014: –0.9
  - 2015: –7.5
  - 2016: –47.2
  - 2017: –15.7
  - 2018: 23.3
  - 2019: 29.4
  - 2020: –10.2
  - 2021: –32.1
  - (projection): 12.0
- Memorandum — World Exports in Billions of US Dollars:
  - Goods and Services:
    - 2002: 14,972
    - 2011: 22,916
    - 2012: 22,631
    - 2013: 23,363
    - 2014: 23,798
    - 2015: 21,127
    - 2016: 20,743
    - 2017: 22,854
    - 2018: 25,006
    - 2019: 24,555
    - 2020: 21,302
    - 2021 (projection): 23,778
  - Goods:
    - 2002: 11,859
    - 2011: 17,692
    - 2012: 18,130
    - 2013: 18,552
    - 2014: 18,640
    - 2015: 16,200
    - 2016: 15,734
    - 2017: 17,429
    - 2018: 19,090
    - 2019: 18,538
    - 2020: 16,373
    - 2021 (projection): 18,233
- Average Oil Price (Percent change of average of UK Brent, Dubai Fateh, and West Texas Intermediate crude oil prices):
  - Row repeats the Oil percent change series from world trade prices: 15.6, –7.7, 0.9, –0.9, –7.5, –47.2, –15.7, 23.3, 29.4, –10.2, –32.1, 12.0
  - In US Dollars a Barrel (values listed across years include): 62.22, 66.99, 105.01, 104.07, 96.25, 50.79, 42.84, 52.81, 68.33, 61.39, 41.69, 46.70

### Table A10 — Summary of Current Account Balances (Billions of US dollars)
- Advanced Economies — Current Account Balances:
  - 2012: 50.7
  - 2013: 244.1
  - 2014: 248.1
  - 2015: 297.2
  - 2016: 391.1
  - 2017: 480.5
  - 2018: 392.6
  - 2019: 339.3
  - 2020: 242.2
  - 2021 (projection): 314.1
  - 2025 (projection): 435.0
- United States:
  - 2012: –418.1
  - 2013: –336.9
  - 2014: –367.8
  - 2015: –407.4
  - 2016: –394.9
  - 2017: –365.3
  - 2018: –449.7
  - 2019: –480.2
  - 2020: –441.7
  - 2021: –463.0
  - 2025 (projection): –518.5
- Euro Area:
  - 2012: 129.5
  - 2013: 278.1
  - 2014: 319.6
  - 2015: 322.9
  - 2016: 390.0
  - 2017: 393.4
  - 2018: 418.7
  - 2019: 354.8
  - 2020: 242.0
  - 2021: 344.5
  - 2025 (projection): 432.4
- Japan:
  - 2012: 59.7
  - 2013: 45.9
  - 2014: 36.8
  - 2015: 136.4
  - 2016: 197.9
  - 2017: 203.5
  - 2018: 176.6
  - 2019: 184.3
  - 2020: 143.5
  - 2021: 165.6
  - 2025 (projection): 187.0
- Other Advanced Economies (sum of individual balances):
  - 2012: 273.9
  - 2013: 342.3
  - 2014: 358.4
  - 2015: 364.7
  - 2016: 345.6
  - 2017: 323.7
  - 2018: 344.2
  - 2019: 392.0
  - 2020: 314.2
  - 2021: 337.5
  - 2025 (projection): 400.5
- Emerging Market and Developing Economies — Current Account Balances:
  - 2012: 334.5
  - 2013: 165.9
  - 2014: 173.9
  - 2015: –57.9
  - 2016: –82.3
  - 2017: 7.4
  - 2018: –46.2
  - 2019: 62.8
  - 2020: –39.5
  - 2021: –144.7
  - 2025 (projection): –208.7
- Regional example — Emerging and Developing Asia:
  - 2012: 119.0
  - 2013: 98.9
  - 2014: 228.3
  - 2015: 308.6
  - 2016: 223.3
  - 2017: 173.1
  - 2018: –49.2
  - 2019: 133.0
  - 2020: 201.2
  - 2021: 64.8
  - 2025 (projection): –7.5
- Analytical groups by source of export earnings:
  - Fuel exporters:
    - 2012: 593.8
    - 2013: 460.6
    - 2014: 311.3
    - 2015: –75.9
    - 2016: –74.9
    - 2017: 83.7
    - 2018: 311.0
    - 2019: 146.3
    - 2020: –95.6
    - 2021: –41.4
    - 2025 (projection): 16.7
  - Nonfuel exporters:
    - 2012: –259.2
    - 2013: –294.7
    - 2014: –137.4
    - 2015: 18.0
    - 2016: –7.4
    - 2017: –76.4
    - 2018: –357.2
    - 2019: –83.6
    - 2020: 56.1
    - 2021: –103.3
    - 2025 (projection): –225.5
- Memorandum — World total current account:
  - 2012: 385.2
  - 2013: 410.0
  - 2014: 422.0
  - 2015: 239.2
  - 2016: 308.9
  - 2017: 487.9
  - 2018: 346.4
  - 2019: 402.0
  - 2020: 202.6
  - 2021: 169.4
  - 2025 (projection): 226.3

### Table A10 — Summary of Current Account Balances (Percent of GDP and projections)
- Advanced Economies (Percent of GDP):
  - 2012: 0.4
  - 2013: 1.7
  - 2014: 1.7
  - 2015: 2.2
  - 2016: 2.9
  - 2017: 3.3
  - 2018: 2.5
  - 2019: 2.2
  - 2020: 1.8
  - 2021: 2.1
  - 2025 (projection): 2.3
- United States (Percent of GDP):
  - 2012: –18.6
  - 2013: –14.6
  - 2014: –15.4
  - 2015: –17.9
  - 2016: –17.6
  - 2017: –15.3
  - 2018: –17.7
  - 2019: –19.0
  - 2020: –20.8
  - 2021: –20.2
  - 2025 (projection): –18.4
- Euro Area (Percent of GDP):
  - 2012: 4.0
  - 2013: 8.2
  - 2014: 9.0
  - 2015: 10.0
  - 2016: 12.0
  - 2017: 11.1
  - 2018: 10.8
  - 2019: 9.3
  - 2020: (series shows formatting gaps)
  - 2021: (series shows formatting gaps)
- Emerging Market and Developing Economies (Percent of GDP):
  - 2012: 3.6
  - 2013: 1.9
  - 2014: 2.2
  - 2015: –0.6
  - 2016: –1.1
  - 2017: 0.1
  - 2018: –0.5
  - 2019: 0.7
  - 2020: –0.3
  - 2021: –1.6
  - 2025 (projection): –1.8
- Selected regional percent-of-GDP examples:
  - Emerging and Developing Asia:
    - 2012: 3.3
    - 2013: 2.6
    - 2014: 5.7
    - 2015: 8.1
    - 2016: 6.1
    - 2017: 4.2
    - 2018: –1.1
    - 2019: 3.0
    - 2020: 4.8
    - 2021: 1.4
    - 2025 (projection): –0.1
  - Middle East and Central Asia:
    - 2012: 22.2
    - 2013: 18.8
    - 2014: 12.9
    - 2015: –10.3
    - 2016: –11.8
    - 2017: –2.2
    - 2018: 7.0
    - 2019: 1.9
    - 2020: –11.3
    - 2021: –8.3
    - 2025 (projection): –3.5

### Table A11 — Advanced Economies: Current Account Balance (Percent of GDP, selected entries and projections)
- Aggregate Advanced Economies:
  - 2012: 0.1
  - 2013: 0.5
  - 2014: 0.5
  - 2015: 0.7
  - 2016: 0.8
  - 2017: 1.0
  - 2018: 0.8
  - 2019: 0.7
  - 2020: 0.5
  - 2021: 0.6
  - 2025 (projection): 0.7
- United States (Percent of GDP):
  - 2012: –2.6
  - 2013: –2.0
  - 2014: –2.1
  - 2015: –2.2
  - 2016: –2.1
  - 2017: –1.9
  - 2018: –2.2
  - 2019: –2.2
  - 2020: –2.1
  - 2021: –2.1
  - 2025 (projection): –2.0
- Germany (Percent of GDP):
  - 2012: 7.1
  - 2013: 6.6
  - 2014: 7.2
  - 2015: 8.6
  - 2016: 8.5
  - 2017: 7.8
  - 2018: 7.4
  - 2019: 7.1
  - 2020: 5.8
  - 2021: 6.8
  - 2025 (projection): 6.7
- Japan (Percent of GDP):
  - 2012: 1.0
  - 2013: 0.9
  - 2014: 0.8
  - 2015: 3.1
  - 2016: 4.0
  - 2017: 4.2
  - 2018: 3.6
  - 2019: 3.6
  - 2020: 2.9
  - 2021: 3.2
  - 2025 (projection): 3.1
- Major Advanced Economies (Memorandum):
  - Series: –0.8, –0.6, –0.6, –0.5, –0.1, 0.0, –0.3, –0.3, –0.4, –0.3, –0.2

### Table A12 — Emerging Market and Developing Economies: Current Account Balance (Percent of GDP, selected country entries and projections)
- Aggregate Emerging and Developing Asia:
  - 2012: 0.9
  - 2013: 0.7
  - 2014: 1.5
  - 2015: 2.0
  - 2016: 1.4
  - 2017: 1.0
  - 2018: –0.3
  - 2019: 0.6
  - 2020: 1.0
  - 2021: 0.3
  - 2025 (projection): 0.0
- China (Percent of GDP):
  - 2012: 2.5
  - 2013: 1.5
  - 2014: 2.2
  - 2015: 2.7
  - 2016: 1.8
  - 2017: 1.6
  - 2018: 0.2
  - 2019: 1.0
  - 2020: 1.3
  - 2021: 0.7
  - 2025 (projection): 0.5
- India (Percent of GDP):
  - 2012: –4.8
  - 2013: –1.7
  - 2014: –1.3
  - 2015: –1.0
  - 2016: –0.6
  - 2017: –1.8
  - 2018: –2.1
  - 2019: –0.9
  - 2020: 0.3
  - 2021: –0.9
  - 2025 (projection): –2.5
- Malaysia (Percent of GDP):
  - 2012: 5.1
  - 2013: 3.4
  - 2014: 4.3
  - 2015: 3.0
  - 2016: 2.4
  - 2017: 2.8
  - 2018: 2.2
  - 2019: 3.4
  - 2020: 0.9
  - 2021: 1.8
  - 2025 (projection): 0.7
- Selected Emerging and Developing Europe entries (Percent of GDP):
  - Aggregate Emerging and Developing Europe:
    - 2012: –0.7
    - 2013: –1.2
    - 2014: –0.2
    - 2015: 1.1
    - 2016: –0.2
    - 2017: –0.4
    - 2018: 1.8
    - 2019: 1.4
    - 2020: –0.3
    - 2021: 0.1
    - 2025 (projection): –0.2
  - Russia:
    - 2012: 3.3
    - 2013: 1.5
    - 2014: 2.8
    - 2015: 5.0
    - 2016: 1.9
    - 2017: 2.0
    - 2018: 6.9
    - 2019: 3.8
    - 2020: 1.2
    - 2021: 1.8
    - 2025 (projection): 1.8

*Source: tablesa - Section 3, WORLD ECONOMIC OUTLOOK: A LONG AND DIFFICULT ASCENT — Statistical Appendix (October 2020).*

### Section 4

### tablesa - Section 4

### Emerging Market and Developing Economies: Current Account Balance (Percent of GDP)
- Table A12 (continued) presents country-level current account balances and projections for 2012–2025.
- Selected country and regional figures (percent of GDP):
  - St. Vincent and the Grenadines: –26.1, –15.3, –13.9, –11.6, –12.0, –10.0, –18.7, –16.9, –7.0
  - Suriname: 3.3, –3.8, –7.9, –16.4, –5.1, 1.9, –3.4, –11.1, –8.0, –6.2, –8.1
  - Trinidad and Tobago: 13.4, 19.3, 13.8, 7.0, –4.4, 5.3, 5.8, 4.8, –3.3, 1.5, 3.6
  - Uruguay: –4.0, –3.6, –3.2, –0.9, 0.6, 0.7, 0.0, 0.6, –1.7, –3.3, –2.2
  - Venezuela: 0.7, 1.8, 2.4, –5.0, –1.4, 6.1, 8.8, 8.4, –4.1, –4.1
  - Middle East and Central Asia (regional): 11.2, 8.6, 5.1, –4.0, –4.2, –0.8, 2.8, 0.7, –3.7, –2.7, –1.2
  - Afghanistan: 10.9, 1.4, 6.6, 3.8, 9.0, 7.6, 12.2, 11.7, 9.5, 7.8, 7.0
  - Algeria: 5.9, 0.4, –4.4, –16.4, –16.5, –13.2, –9.6, –10.1, –10.8, –16.6, –12.2
  - Iran: 5.6, 5.8, 3.2, 0.3, 3.8, 3.5, 6.1, 1.1, –0.5, 0.3, 0.7
  - Saudi Arabia: 22.4, 18.1, 9.8, –8.7, –3.7, 1.5, 9.2, 5.9, –2.5, –1.6, –0.6
  - United Arab Emirates: 19.5, 18.8, 13.5, 4.9, 3.7, 7.1, 9.6, 8.4, 3.6, 7.5, 8.5
  - West Bank and Gaza: –14.9, –14.8, –13.6, –13.9, –13.9, –13.2, –13.1, –10.8, –11.1, –13.7, –12.2
  - Yemen: –1.7, –3.1, –0.7, –6.2, –2.9, –0.2, –2.0, –3.9, –6.5, –8.3, –0.3
- Sub-Saharan Africa regional projections (percent of GDP): –1.7, –2.2, –3.5, –5.8, –3.8, –2.3, –2.7, –3.6, –4.8, –4.1, –2.5
- Selected Sub-Saharan country examples (percent of GDP):
  - Angola: 10.8, 6.1, –2.6, –8.8, –4.8, –0.5, 7.0, 5.7, –1.3, 0.1, 1.1
  - Mozambique: –41.8, –40.5, –36.5, –37.4, –32.2, –19.7, –29.6, –20.4, –60.0, –68.9, –27.7
  - Nigeria: 3.8, 3.7, 0.2, –3.1, 0.7, 2.8, 1.0, –3.8, –3.6, –2.0, –0.5
  - South Africa: –5.1, –5.8, –5.1, –4.6, –2.9, –2.5, –3.5, –3.0, –1.6, –1.8, –2.4
- Country notes: See country-specific notes for Albania, Belarus, Lebanon, Libya, Ukraine, and Zimbabwe in the “Country Notes” section of the Statistical Appendix. Data for Syria are excluded for 2011 onward.

### Summary of Financial Account Balances (Billions of US dollars)
- Table A13 provides aggregates and component breakdowns (Direct Investment, Portfolio Investment, Financial Derivatives, Other Investment, Change in Reserves) for 2012–2021 (projections).
- World (memorandum): Financial Account Balance –42.5, 221.0, 346.4, 41.5, 35.6, 214.4, 108.4, 135.1, 163.3, 244.1
- Advanced Economies (selected totals and components):
  - Financial Account Balance (Advanced Economies): –129.8, 245.6, 334.4, 347.6, 441.3, 456.5, 329.1, 298.2, 137.3, 326.0
  - United States: Financial Account Balance –448.0, –400.1, –297.1, –333.1, –363.6, –334.1, –419.7, –395.5, –539.3, –463.7
    - Direct Investment, Net: 126.9, 104.7, 135.7, –209.4, –174.6, 38.4, –412.8, –163.2, –214.8, –221.8
    - Portfolio Investment, Net: –498.3, –30.7, –114.9, –53.5, –195.0, –221.4, 32.2, –133.4, 219.6, 355.7
    - Change in Reserves: 4.5, –3.1, –3.6, –6.3, 2.1, –1.7, 5.0, 4.7, –0.2, 0.0
  - Japan: Financial Account Balance 53.9, –4.3, 58.9, 180.9, 266.8, 168.3, 182.7, 223.2, 140.1, 161.7
    - Direct Investment, Net: 117.5, 144.7, 118.6, 133.3, 137.5, 154.9, 133.4, 212.0, 156.4, 163.9
    - Portfolio Investment, Net: 28.8, –280.6, –42.2, 131.5, 276.5, –50.6, 92.2, 87.1, 99.1, 110.7
    - Change in Reserves: –37.9, 38.7, 8.5, 5.1, –5.7, 23.6, 24.0, 25.5, 11.5, 11.5
- Emerging Market and Developing Economies (aggregates and components):
  - Financial Account Balance: 87.3, –24.6, 12.0, –306.1, –405.8, –242.1, –220.7, –163.1, 26.1, –81.9
  - Direct Investment, Net: –495.2, –483.7, –428.8, –346.4, –260.3, –303.2, –371.8, –356.3, –276.6, –301.2
  - Portfolio Investment, Net: –243.7, –147.6, –89.7, 127.7, –53.5, –208.4, –94.2, –98.3, 53.1, –165.4
  - Other Investment, Net: 424.2, 64.7, 406.3, 468.8, 381.8, 97.5, 125.5, 116.7, 55.1, 154.7
  - Change in Reserves: 407.9, 541.4, 111.7, –562.6, –467.1, 168.2, 116.4, 175.1, 195.4, 228.7
- Regional group highlights (Financial Account Balance, 2012–2021 as shown):
  - Emerging and Developing Asia: 13.0, 28.5, 153.2, 72.4, –24.8, –53.6, –256.5, –84.0, 199.7, 63.1
  - Latin America and the Caribbean: –155.4, –196.8, –194.0, –192.6, –105.4, –101.1, –148.3, –108.6, –11.6, –33.6
  - Middle East and Central Asia: 278.8, 263.8, 159.8, –184.1, –218.5, –31.8, 110.9, 21.0, –107.0, –80.0
  - Sub-Saharan Africa: –24.2, –53.6, –78.1, –67.5, –60.8, –36.5, –26.7, –52.2, –61.3, –57.3
- Analytical groups:
  - By Source of Export Earnings — Fuel: Financial Account Balance 426.3, 332.8, 210.4, –110.7, –161.1, 65.0, 312.0, 140.5, –75.5, –27.9
  - By Source of Export Earnings — Nonfuel: Financial Account Balance –339.0, –357.4, –198.4, –195.5, –244.6, –307.1, –532.7, –303.6, 101.6, –54.0
  - By External Financing Source — Net Debtor Economies: Financial Account Balance –409.8, –409.4, –352.7, –288.5, –231.0, –266.6, –319.0, –243.5, –119.9, –178.4

### Summary of Net Lending and Borrowing (Percent of GDP)
- Table A14 provides averages and time series for net lending and borrowing, current account balance, savings, investment, and capital account balance for Advanced Economies and selected subgroups.
- Advanced Economies (averages and recent values):
  - Net Lending and Borrowing: –0.7, –0.4, 0.5, 0.6, 0.8, 1.0, 0.7, 0.6, 0.5, 0.6, 0.7 (Averages: 2002–11, 2006–13, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022–25)
  - Current Account Balance: –0.7, –0.4, 0.5, 0.7, 0.8, 1.0, 0.8, 0.7, 0.5, 0.6, 0.6
  - Savings: 21.6, 21.5, 22.6, 22.8, 22.4, 23.0, 22.9, 22.7, 21.7, 22.0, 22.5
  - Investment: 22.2, 21.8, 21.5, 21.6, 21.4, 21.8, 22.0, 22.1, 21.4, 21.6, 22.1
  - Capital Account Balance: 0.0, 0.0, 0.0, –0.1, 0.0, 0.0, –0.1, –0.1, 0.0, 0.0, 0.0
- United States (percent of GDP):
  - Net Lending and Borrowing and Current Account Balance: –4.4, –3.6, –2.1, –2.3, –2.1, –1.8, –2.2, –2.3, –2.1, –2.1, –2.1
  - Savings: 17.0, 17.0, 20.4, 20.1, 18.7, 19.2, 19.1, 18.6, 17.7, 17.8, 18.5
  - Investment: 21.2, 20.4, 20.8, 21.2, 20.4, 20.5, 21.0, 21.0, 20.3, 20.6, 21.1
- Euro Area (selected values shown):
  - Net Lending and Borrowing: 0.0, 0.1, 2.5, 2.9, 3.3, 2.9, 2.8, 2.5, (projections not available for some years)
  - Current Account Balance: –0.1, 0.0, 2.4, 2.8, 3.3, 3.1, 3.1, 2.7, 1.9, 2.4, 2.5
  - Savings: 22.8, 22.7, 23.0, 23.8, 24.2, 24.9, 25.2, 25.2, 23.7, 24.8, 25.8

*Italic: Source — tablesa - Section 4 (Table A12–A14), Statistical Appendix, WORLD ECONOMIC OUTLOOK: A LONG AND DIFFICULT ASCENT, International Monetary Fund | October 2020*

### Section 5

### tablesa - Section 5

### Selected Advanced Economies — Net Lending and Borrowing and Related Accounts (Percent of GDP)
- Germany
  - Net Lending and Borrowing: 4.8 6.2 7.3 8.6 8.6 7.7 7.4 7.1 5.8 6.8 6.9
  - Current Account Balance: 4.9 6.2 7.2 8.6 8.5 7.8 7.4 7.1 5.8 6.8 6.9
  - Savings: 25.3 26.7 27.6 28.3 28.5 28.6 29.0 28.5 27.1 28.7 29.6
  - Investment: 20.4 20.4 20.4 19.7 20.0 20.8 21.6 21.4 21.4 21.9 22.7
  - Capital Account Balance: 0.0 0.0 0.1 0.0 0.1 –0.1 0.0 0.0 0.0 0.0 0.0

- France
  - Net Lending and Borrowing: 0.0 –0.5 –1.0 –0.4 –0.4 –0.8 –0.5 –0.6 –1.8 –1.7 –1.1
  - Current Account Balance: 0.0 –0.5 –1.0 –0.4 –0.5 –0.8 –0.6 –0.7 –1.9 –1.8 –1.1
  - Savings: 22.5 22.4 21.8 22.3 22.1 22.7 23.3 23.5 20.8 21.4 22.6
  - Investment: 22.5 22.9 22.7 22.7 22.6 23.4 23.9 24.2 22.7 23.2 23.8
  - Capital Account Balance: 0.0 0.0 –0.1 0.0 0.1 0.0 0.1 0.1 0.1 0.1 0.1

- Italy
  - Net Lending and Borrowing: –1.6 –1.5 2.1 1.8 2.4 2.6 2.5 2.9 3.3 3.1 3.1
  - Current Account Balance: –1.6 –1.6 1.9 1.4 2.6 2.6 2.5 3.0 3.2 3.0 3.0
  - Savings: 19.5 18.6 18.9 18.5 20.2 20.6 20.8 20.9 19.5 21.2 22.3
  - Investment: 21.2 20.2 17.0 17.1 17.6 18.1 18.3 18.0 16.3 18.2 19.3
  - Capital Account Balance: 0.1 0.1 0.2 0.4 –0.2 0.1 0.0 –0.1 0.1 0.1 0.1

- Spain
  - Net Lending and Borrowing: –5.2 –4.0 2.1 2.7 3.4 2.9 2.4 2.3 0.9 2.3 2.8
  - Current Account Balance: –5.8 –4.4 1.7 2.0 3.2 2.7 1.9 2.0 0.5 0.9 1.8
  - Savings: 20.9 19.5 19.6 21.0 21.9 22.1 22.3 22.8 20.8 21.7 23.0
  - Investment: 26.8 23.9 17.9 19.0 18.8 19.4 20.4 20.8 20.3 20.8 21.2
  - Capital Account Balance: 0.6 0.4 0.4 0.6 0.2 0.2 0.5 0.3 0.3 1.4 1.0

- Japan
  - Net Lending and Borrowing: 3.2 2.7 0.7 3.1 3.9 4.1 3.5 3.6 2.9 3.2 3.0
  - Current Account Balance: 3.3 2.7 0.8 3.1 4.0 4.2 3.6 3.6 2.9 3.2 3.0
  - Savings: 27.0 25.8 24.7 27.1 27.4 28.2 27.9 28.2 27.8 27.6 26.9
  - Investment: 23.7 23.0 23.9 24.0 23.4 24.0 24.3 24.6 24.9 24.3 23.9
  - Capital Account Balance: –0.1 –0.1 0.0 –0.1 –0.1 –0.1 0.0 –0.1 –0.1 –0.1 –0.1

- United Kingdom
  - Net Lending and Borrowing: –2.7 –3.3 –4.8 –5.0 –5.3 –3.6 –4.0 –4.0 –2.1 –3.8 –3.5
  - Current Account Balance: –2.6 –3.3 –4.7 –4.9 –5.2 –3.5 –3.9 –4.0 –2.0 –3.8 –3.5
  - Savings: 14.5 13.2 12.4 12.5 12.2 14.0 13.2 13.3 13.7 12.6 13.4
  - Investment: 17.1 16.5 17.1 17.4 17.4 17.5 17.1 17.3 15.7 16.3 16.9
  - Capital Account Balance: 0.0 0.0 –0.1 –0.1 –0.1 –0.1 –0.1 0.0 –0.1 –0.1 –0.1

- Canada
  - Net Lending and Borrowing: 0.1 –1.7 –2.3 –3.5 –3.1 –2.8 –2.5 –2.0 –2.0 –2.4 –2.4
  - Current Account Balance: 0.0 –1.7 –2.3 –3.5 –3.1 –2.8 –2.5 –2.0 –2.0 –2.4 –2.3
  - Savings: 22.6 22.2 22.6 20.3 19.7 20.7 20.6 20.7 19.4 19.1 19.8
  - Investment: 22.5 23.9 24.9 23.8 22.8 23.5 23.1 22.7 21.4 21.6 22.1
  - 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

### Country Groups, Regional Groups, and Analytical Groups (Percent of GDP)
- Other Advanced Economies (ex G7 and euro area)
  - Net Lending and Borrowing: 4.0 4.1 5.0 5.2 5.4 4.6 4.7 5.3 4.4 4.3 4.3
  - Current Account Balance: 4.0 4.1 5.1 5.7 5.2 4.6 4.6 5.4 4.5 4.4 4.3
  - Savings: 30.0 30.4 30.6 30.9 30.4 30.4 30.2 30.4 29.4 29.0 28.9
  - Investment: 25.8 26.1 25.4 25.0 25.0 25.6 25.5 24.9 24.5 24.1 24.2
  - Capital Account Balance: 0.0 0.0 –0.1 –0.4 0.1 0.1 0.1 –0.1 0.0 0.0 0.0

- Emerging Market and Developing Economies
  - Net Lending and Borrowing: 2.6 2.3 0.6 0.0 –0.2 0.1 0.0 0.3 0.0 –0.3 –0.3
  - Current Account Balance: 2.5 2.2 0.6 –0.2 –0.3 0.0 –0.1 0.2 –0.1 –0.4 –0.4
  - Savings: 30.9 32.6 32.6 31.6 31.2 31.7 32.5 32.5 32.9 32.3 31.8
  - Investment: 28.6 30.6 32.2 32.1 31.4 31.8 32.8 32.5 33.1 32.8 32.3
  - Capital Account Balance: 0.2 0.2 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1

- Emerging and Developing Asia
  - Net Lending and Borrowing: 3.6 3.3 1.5 2.0 1.4 1.0 –0.2 0.6 1.0 0.3 0.1
  - Current Account Balance: 3.5 3.3 1.5 2.0 1.4 1.0 –0.3 0.6 1.0 0.3 0.1
  - Savings: 40.3 42.9 42.7 41.1 39.9 40.0 39.8 39.8 40.4 39.0 37.4
  - Investment: 37.1 39.7 41.2 39.2 38.6 39.1 40.0 39.0 39.4 38.7 37.3
  - Capital Account Balance: 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

- Emerging and Developing Europe
  - Net Lending and Borrowing: –0.2 –0.7 –0.6 1.8 0.1 –0.1 2.3 1.9 0.3 0.7 0.4
  - Current Account Balance: –0.2 –0.9 –0.2 1.1 –0.2 –0.4 1.8 1.4 –0.3 0.1 –0.1
  - Savings: 23.0 23.2 23.4 24.7 23.5 24.1 25.6 24.2 22.3 22.6 23.1
  - Investment: 22.8 24.0 23.5 23.5 23.7 24.5 23.5 22.7 22.6 22.6 23.4
  - Capital Account Balance: 0.0 0.2 –0.4 0.7 0.3 0.3 0.5 0.5 0.6 0.6 0.5

- Latin America and the Caribbean
  - Net Lending and Borrowing: –0.1 –1.0 –3.1 –3.2 –1.9 –1.5 –2.4 –1.7 –0.4 –0.8 –1.1
  - Current Account Balance: –0.2 –1.1 –3.1 –3.3 –2.0 –1.6 –2.5 –1.7 –0.5 –0.8 –1.1
  - Savings: 20.8 20.8 17.8 16.4 16.7 16.4 16.9 17.2 17.1 17.7 18.1
  - Investment: 20.9 21.9 21.5 21.1 18.3 18.3 18.3 19.4 19.0 17.7 18.6 19.3
  - Capital Account Balance: 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0

- Middle East and Central Asia
  - Net Lending and Borrowing: 8.2 9.1 5.8 –3.6 –4.0 –0.7 3.0 0.8 –3.2 –2.5 –1.2
  - Current Account Balance: 8.4 9.4 5.1 –4.0 –4.2 –0.8 2.8 0.7 –3.7 –2.7 –1.4
  - Savings: 35.2 36.8 32.5 24.7 24.1 27.0 29.6 28.2 24.4 24.6 26.0
  - Investment: 27.5 28.1 26.8 28.3 27.6 27.7 26.8 27.8 28.3 27.8 27.7
  - Capital Account Balance: 0.2 0.2 0.1 0.1 0.1 0.0 0.0 0.0 0.1 0.1 0.1

- Sub-Saharan Africa
  - Net Lending and Borrowing: 1.8 1.0 –3.1 –5.4 –3.4 –1.9 –2.3 –3.3 –4.3 –3.6 –2.6
  - Current Account Balance: 0.5 –0.3 –3.5 –5.8 –3.8 –2.3 –2.7 –3.6 –4.8 –4.1 –3.0
  - Savings: 21.3 21.5 19.3 17.5 18.4 19.0 19.6 20.2 18.1 18.8 20.5
  - Investment: 21.1 22.0 22.7 23.0 21.8 21.3 22.3 24.1 23.0 22.9 23.6
  - Capital Account Balance: 1.3 1.3 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.4

- Analytical Groups — By Source of Export Earnings (Fuel vs Nonfuel)
  - Fuel economies
    - Net Lending and Borrowing: 9.2 9.1 4.7 –1.5 –1.6 1.6 5.9 2.7 –1.7 –0.7 0.3
    - Current Account Balance: 9.6 9.3 5.1 –1.5 –1.6 1.7 5.9 2.7 –2.0 –0.8 0.2
    - Savings: 33.9 34.4 30.5 24.9 24.8 27.2 31.2 29.5 25.3 25.8 26.6
    - Investment: 24.7 25.5 25.5 27.6 25.3 25.6 25.2 26.9 27.4 26.9 26.6
    - Capital Account Balance: –0.1 0.0 –0.7 –0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0

  - Nonfuel economies
    - Net Lending and Borrowing: 0.8 0.3 –0.4 0.2 0.1 –0.2 –1.1 –0.2 0.3 –0.2 –0.4
    - Current Account Balance: 0.6 0.1 –0.5 0.1 0.0 –0.3 –1.2 –0.3 0.2 –0.3 –0.5
    - Savings: 30.1 32.1 33.2 33.0 32.4 32.5 32.5 32.8 33.0 34.1 33.3 32.5
    - Investment: 29.6 30.2 33.8 33.0 32.4 28.3 34.1 33.4 34.0 33.4 33.7 33.1
    - Capital Account Balance: 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1

- By External Financing Source — Net Debtor Economies
  - Net Lending and Borrowing: –0.8 –1.6 –2.1 –2.0 –1.4 –1.5 –2.0 –1.3 –0.9 –1.3 –1.4
  - Current Account Balance: –1.1 –2.0 –2.4 –2.3 –1.6 –1.7 –2.2 –1.5 –1.2 –1.5 –1.7
  - Savings: 23.3 23.8 22.7 22.4 22.4 22.6 22.7 22.7 22.1 22.3 23.2
  - Investment: 24.6 25.8 25.1 24.8 24.1 24.4 25.0 24.3 23.4 24.0 25.0
  - Capital Account Balance: 0.3 0.3 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2

- Net Debtor Economies by Debt-Servicing Experience — Economies with Arrears and/or Rescheduling during 2015–19
  - Net Lending and Borrowing: –1.3 –3.3 –4.2 –5.4 –6.1 –5.4 –5.1 –5.0 –4.4 –5.1 –3.9
  - Current Account Balance: –2.3 –4.4 –4.8 –5.9 –6.5 –5.9 –5.6 –5.3 –4.8 –5.4 –4.2
  - Savings: 19.9 18.4 14.7 12.9 12.6 13.7 14.8 13.7 13.2 13.6 16.2
  - Investment: 22.6 22.9 19.4 19.0 19.5 20.0 20.7 19.5 18.5 19.6 20.9
  - Capital Account Balance: 1.0 1.0 0.6 0.5 0.3 0.6 0.4 0.3 0.4 0.4 0.4

- Memorandum — World (Percent of GDP)
  - Net Lending and Borrowing: 0.2 0.4 0.5 0.4 0.4 0.6 0.4 0.4 0.3 0.3 0.3
  - Current Account Balance: 0.2 0.4 0.5 0.3 0.4 0.6 0.4 0.5 0.2 0.2 0.2
  - Savings: 24.3 25.2 26.5 26.3 25.8 26.4 26.7 26.7 26.3 26.2 26.4
  - Investment: 24.1 24.8 25.7 25.7 25.2 25.7 26.3 26.3 26.1 26.1 26.4
  - Capital Account Balance: 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0

### Table A15 — Summary of World Medium-Term Baseline Scenario (Annual percent change / Percent / Percent of GDP)
- World Real GDP (Annual percent change)
  - World: 4.1 2.8 3.5 2.8 –4.4 5.2 1.7 3.8
  - Advanced Economies: 1.7 1.3 2.2 1.7 –5.8 3.9 0.4 2.2
  - Emerging Market and Developing Economies: 6.5 3.9 4.5 3.7 –3.3 6.0 2.7 4.9

- Memorandum — Potential Output (Major Advanced Economies, percent)
  - Major Advanced Economies: 1.8 1.0 1.3 1.3 –2.0 2.3 0.7 1.5

- World Trade, Volume (Annual percent change; trade in goods and services)
  - World Trade, Volume: 5.7 2.3 3.9 1.0 –10.4 8.3 0.4 4.3
  - Imports — Advanced Economies: 4.1 2.0 3.6 1.7 –11.5 7.3 0.0 3.8
  - Imports — Emerging Market and Developing Economies: 9.9 2.8 5.0 –0.6 –9.4 11.0 1.2 5.2
  - Exports — Advanced Economies: 4.5 1.9 3.5 1.3 –11.6 7.0 –0.2 3.9
  - Exports — Emerging Market and Developing Economies: 8.7 2.9 4.1 0.9 –7.7 9.5 1.5 4.9

- Terms of Trade (Percent)
  - Advanced Economies: –0.2 0.4 –0.5 0.1 0.6 0.3 0.2 0.0
  - Emerging Market and Developing Economies: 1.6 –0.7 1.2 –1.1 –2.6 0.3 –0.6 0.0

- World Prices in US Dollars (Annual percent change)
  - Manufactures: 2.7 –1.1 1.9 0.4 –3.1 –1.3 –0.5 1.5
  - Oil: 15.6 –7.7 29.4 –10.2 –32.1 12.0 –3.0 2.3
  - Nonfuel Primary Commodities: 11.6 –2.0 1.3 0.8 5.6 5.1 3.2 0.4

- Consumer Prices (Annual percent change)
  - Advanced Economies: 2.0 1.3 2.0 1.4 0.8 1.6 1.4 1.7
  - Emerging Market and Developing Economies: 6.4 4.9 4.9 5.1 5.0 4.7 4.9 4.1

- Interest Rates
  - Real Six-Month LIBOR: 0.3 –0.7 0.1 0.6 –0.5 –1.6 –0.4 –1.5
  - World Real Long-Term Interest Rate: 1.7 0.1 –0.1 –0.2 –0.4 –1.2 –0.5 –0.4

- Current Account Balances (Percent of GDP)
  - Advanced Economies: –0.7 0.6 0.8 0.7 0.5 0.6 0.6 0.6
  - Emerging Market and Developing Economies: 2.5 0.1 –0.1 0.2 –0.1 –0.4 –0.1 –0.4

- Total External Debt (Percent of GDP)
  - Emerging Market and Developing Economies: 29.3 30.2 31.0 30.0 32.7 30.8 31.1 28.3

- Debt Service (Percent)
  - Emerging Market and Developing Economies: 8.9 10.9 10.9 10.8 11.6 10.8 11.0 9.8

*Source: tablesa - Section 5 (Table A14 and Table A15), WORLD ECONOMIC OUTLOOK: A LONG AND DIFFICULT ASCENT — Statistical Appendix.*

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