## tableb

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---

### Advanced Economies — Labor, Output, and Fiscal Indicators
- Unemployment Rate (Percent):
  - Advanced Economies: 2003–12: 6.9; 2013–22: 6.2; 2013: 7.9; 2014: 7.3; 2015: 6.7; 2016: 6.2; 2017: 5.7; 2018: 5.1; 2019: 4.8; 2020: 6.6; 2021: 6.2; 2022: 5.5
  - United States: 2003–12: 6.8; 2013–22: 5.4; 2013: 7.4; 2014: 6.2; 2015: 5.3; 2016: 4.9; 2017: 4.4; 2018: 3.9; 2019: 3.7; 2020: 8.1; 2021: 5.8; 2022: 4.2
  - Euro Area: 2003–12: 9.2; 2013–22: 9.5; 2013: 12.0; 2014: 11.6; 2015: 10.9; 2016: 10.0; 2017: 9.1; 2018: 8.2; 2019: 7.6; 2020: 7.9; 2021: 8.7; 2022: 8.5
- Growth in Employment (Compound annual rate of change, percent):
  - Advanced Economies: 2003–12: 0.6; 2013–22: 0.9; 2013: 0.5; 2014: 1.2; 2015: 1.3; 2016: 1.5; 2017: 1.3; 2018: 1.5; 2019: 1.2; 2020: –2.6; 2021: 1.5; 2022: 1.9
  - United States: 2003–12: 0.4; 2013–22: 1.2; 2013: 1.0; 2014: 1.7; 2015: 1.7; 2016: 1.7; 2017: 1.3; 2018: 1.6; 2019: 1.1; 2020: –6.2; 2021: 4.0; 2022: 3.9
  - Euro Area: 2003–12: 0.4; 2013–22: 0.6; 2013: –0.5; 2014: 0.7; 2015: 0.9; 2016: 1.4; 2017: 1.6; 2018: 1.2; 2019: –0.1; 2020: –1.6; 2021: 0.0; 2022: 0.7
- Growth in Real per Capita Output (Percent):
  - Advanced Economies: 2003–12: 1.0; 2013–22: 1.3; 2013: 0.9; 2014: 1.6; 2015: 1.9; 2016: 1.2; 2017: 2.0; 2018: 1.9; 2019: 1.2; 2020: –5.1; 2021: 4.8; 2022: 3.3
  - United States: 2003–12: 1.0; 2013–22: 1.7; 2013: 1.2; 2014: 1.8; 2015: 2.3; 2016: 1.0; 2017: 1.7; 2018: 2.4; 2019: 1.7; 2020: –4.0; 2021: 5.8; 2022: 2.9
  - Euro Area (data calculated as sum of individual euro area countries): 2003–12: 0.5; 2013–22: 1.0; 2013: –0.5; 2014: 1.1; 2015: 1.7; 2016: 1.6; 2017: 2.4; 2018: 1.7; 2019: 1.1; 2020: –6.9; 2021: 4.3; 2022: 3.7
- Fiscal and Financial Indicators (Percent):
  - Advanced Economies — Central Government Net Lending/Borrowing (Percent of GDP; projections shown): 2013: –3.2; 2014: –2.8; 2015: –2.4; 2016: –2.5; 2017: –2.4; 2018: –2.4; 2019: –2.9; 2020: –11.5; 2021: –10.3; 2022: –4.3
  - Advanced Economies — General Government Net Lending/Borrowing (Percent of GDP): 2013: –3.7; 2014: –3.1; 2015: –2.6; 2016: –2.7; 2017: –2.4; 2018: –2.5; 2019: –2.9; 2020: –11.7; 2021: –10.4; 2022: –4.6
  - United States — General Government Net Lending/Borrowing (Percent of GDP): 2013: –4.6; 2014: –4.1; 2015: –3.5; 2016: –4.3; 2017: –4.6; 2018: –5.4; 2019: –5.7; 2020: –15.8; 2021: –15.0; 2022: –6.1
  - Advanced Economies — Long-Term Interest Rate (annual averages): 2013: 2.3; 2014: 2.1; 2015: 1.6; 2016: 1.2; 2017: 1.6; 2018: 1.9; 2019: 1.2; 2020: 0.5; 2021: 0.9; 2022: 1.1

### Emerging Market and Developing Economies — Growth, Prices, and Output per Capita
- Real GDP (Annual percent change):
  - Emerging Market and Developing Economies: Average 2003–12: 6.6; 2013: 5.1; 2014: 4.7; 2015: 4.3; 2016: 4.5; 2017: 4.8; 2018: 4.5; 2019: 3.6; 2020: –2.2; 2021: 6.7; 2022: 5.0; 2026: 4.4
  - Emerging and Developing Asia: 2003–12: 8.7; 2013: 6.9; 2014: 6.9; 2015: 6.8; 2016: 6.8; 2017: 6.6; 2018: 6.4; 2019: 5.3; 2020: –1.0; 2021: 8.6; 2022: 6.0; 2026: 5.4
  - Latin America and the Caribbean: 2003–12: 3.9; 2013: 2.9; 2014: 1.3; 2015: 0.4; 2016: –0.6; 2017: 1.3; 2018: 1.2; 2019: 0.2; 2020: –7.0; 2021: 4.6; 2022: 3.1; 2026: 2.4
- Output per Capita (Memorandum):
  - Emerging Market and Developing Economies: 2003–12: 4.8; 2013: 3.5; 2014: 3.1; 2015: 2.8; 2016: 3.0; 2017: 3.4; 2018: 3.2; 2019: 2.3; 2020: –3.5; 2021: 5.3; 2022: 3.8; 2026: 3.3
  - Emerging and Developing Asia: 2003–12: 7.4; 2013: 5.9; 2014: 5.9; 2015: 5.9; 2016: 5.8; 2017: 5.7; 2018: 5.6; 2019: 4.4; 2020: –1.9; 2021: 7.7; 2022: 5.2; 2026: 4.8
- Consumer Prices (Annual percent change):
  - Emerging Market and Developing Economies: 2003–12: 6.4; 2013: 5.4; 2014: 4.7; 2015: 4.7; 2016: 4.3; 2017: 4.4; 2018: 4.9; 2019: 5.1; 2020: 5.1; 2021: 4.9; 2022: 4.4; 2026: 3.8
  - Sub-Saharan Africa: 2003–12: 9.2; 2013: 6.5; 2014: 6.3; 2015: 6.8; 2016: 10.4; 2017: 10.7; 2018: 8.4; 2019: 8.5; 2020: 10.8; 2021: 9.8; 2022: 7.8; 2026: 6.0

### Emerging Market and Developing Economies — Fiscal Balances, Money, and Country Examples
- Central Government Net Lending/Borrowing (Weighted Average, percent of GDP): 2013: –0.5; 2014: –1.2; 2015: –2.2; 2016: –2.4; 2017: –1.8; 2018: –1.2; 2019: –1.5; 2020: –4.1; 2021: –2.9; 2022: –2.3
- General Government Net Lending/Borrowing (Weighted Average, percent of GDP): 2013: –1.7; 2014: –2.5; 2015: –4.3; 2016: –4.7; 2017: –4.1; 2018: –3.7; 2019: –4.7; 2020: –9.5; 2021: –7.5; 2022: –6.5
- Growth of Broad Money (Weighted Average): 2013: 14.1; 2014: 12.2; 2015: 13.2; 2016: 10.8; 2017: 11.5; 2018: 15.9; 2019: 11.8; 2020: 13.6; 2021: 11.4; 2022: 9.9
- Selected country overall fiscal balances / net lending (Emerging Markets, Percent of GDP):
  - Indonesia (overall fiscal balance): 2013 –2.3, 2014 –2.2, 2015 –2.6, 2016 –2.5, 2017 –2.5, 2018 –1.8, 2019 –2.2, 2020 –5.9, 2021 –6.1, 2022 –4.4
  - Brazil (overall fiscal balance): 2013 –3.6, 2014 –7.0, 2015 –10.0, 2016 –7.2, 2017 –7.1, 2018 –5.2, 2019 –4.5, 2020 –14.2, 2021 –7.8, 2022 –7.1
  - India (net lending/borrowing): 2013 –7.0, 2014 –7.1, 2015 –7.2, 2016 –7.1, 2017 –6.4, 2018 –6.3, 2019 –7.4, 2020 –12.3, 2021 –10.0, 2022 –9.1
  - China (net lending/borrowing): 2013 –0.8, 2014 –0.9, 2015 –2.8, 2016 –3.7, 2017 –3.8, 2018 –4.7, 2019 –6.3, 2020 –11.4, 2021 –9.6, 2022 –8.7

### Advanced Economies — Structural Balances and Exclusions
- General Government Structural Balances (Percent of potential GDP):
  - Advanced Economies (composite): 2013 –2.7, 2014 –2.3, 2015 –2.1, 2016 –2.4, 2017 –2.4, 2018 –2.7, 2019 –3.2, 2020 –8.0, 2021 –8.5, 2022 –4.7
  - United States: 2013 –3.0, 2014 –2.6, 2015 –2.6, 2016 –3.7, 2017 –4.3, 2018 –5.4, 2019 –6.1, 2020 –11.7, 2021 –12.9, 2022 –6.8
  - Japan: 2013 –7.4, 2014 –5.6, 2015 –4.4, 2016 –4.3, 2017 –3.5, 2018 –2.7, 2019 –2.6, 2020 –11.3, 2021 –8.5, 2022 –3.6
- General Government Net Lending/Borrowing Excluding Social Security Schemes (selected economies):
  - United States: 2013: –2.2; 2014: –1.9; 2015: –1.3; 2016: –2.1; 2017: –2.5; 2018: –3.3; 2019: –3.4; 2020: –13.4; 2021: –12.3; 2022: –3.2
  - Japan: 2013: –0.5; 2014: 1.0; 2015: 2.7; 2016: 2.6; 2017: 2.9; 2018: 3.3; 2019: 2.9; 2020: –5.3; 2021: –2.1; 2022: 3.3
  - Germany: 2013: 0.3; 2014: 0.7; 2015: 1.1; 2016: 1.1; 2017: 1.2; 2018: 1.4; 2019: 1.2; 2020: –3.4; 2021: –4.5; 2022: –0.4

### Exchange Rate and Real Effective Exchange Rate Assumptions
- Nominal exchange rates — US Dollars per National Currency Unit:
  - Euro: 2013 1.328, 2014 1.329, 2015 1.110, 2016 1.107, 2017 1.129, 2018 1.181, 2019 1.120, 2020 1.141, 2021 1.218
  - British Pound: 2013 1.564, 2014 1.646, 2015 1.528, 2016 1.355, 2017 1.288, 2018 1.336, 2019 1.277, 2020 1.283, 2021 1.390
- Nominal exchange rates — National Currency Units per US Dollar:
  - Japanese Yen: 2013 97.596, 2014 105.945, 2015 121.044, 2016 108.793, 2017 112.166, 2018 110.423, 2019 109.010, 2020 106.775, 2021 104.136
  - Korean Won: 2013 1,094.983, 2014 1,052.840, 2015 1,130.953, 2016 1,161.014, 2017 1,131.001, 2018 1,100.163, 2019 1,165.358, 2020 1,180.015, 2021 1,108.583
- Real Effective Exchange Rates (Index, 2010 = 100):
  - United States: 2013 97.9, 2014 103.3, 2015 121.5, 2016 122.8, 2017 126.7, 2018 124.6, 2019 129.0, 2020 132.6, 2021 128.3
  - Euro Area: 2013 96.1, 2014 95.0, 2015 83.8, 2016 84.0, 2017 84.9, 2018 87.8, 2019 85.8, 2020 87.4, 2021 87.2
  - Japan: 2013 85.4, 2014 76.9, 2015 72.5, 2016 72.4, 2017 76.7, 2018 74.9, 2019 76.1, 2020 73.7, 2021 73.1

### Broad Money, Trade Volumes, and Terms of Trade
- Broad Money Aggregates (Annual percent change):
  - Emerging Market and Developing Economies: 14.1 12.2 13.2 10.8 11.5 15.9 11.8 13.6 11.4 9.9
  - China: 13.6 11.0 13.3 11.3 9.0 8.1 8.7 11.0 9.5 8.0
  - Latin America and the Caribbean: 14.4 14.9 16.7 14.9 21.0 52.6 24.4 20.3 17.5 15.0
- Advanced Economies — Export Volume (Annual percent change, averages and projections):
  - Advanced Economies (Export Volume): 4.5 2.6 3.1 3.8 3.7 2.0 4.8 3.6 1.3 –9.5 7.9 6.4
  - United States (Export Volume): 5.5 1.9 3.6 4.2 0.4 0.3 3.9 3.0 –0.1 –13.0 10.5 8.3
- Terms of Trade (Advanced Economies):
  - Advanced Economies (Terms of Trade): –0.4 0.5 1.0 0.3 1.8 1.1 –0.2 –0.4 0.2 0.7 0.3 0.6

### Trade and Current Account — Emerging Market and Developing Economies
- Total Trade in Goods — Value in US Dollars (Emerging Market and Developing Economies):
  - Exports: 16.6 1.4 2.5 –0.5 –15.8 –5.2 13.7 11.5 –2.5 –6.9 17.1 4.4
  - Imports: 16.5 1.9 3.2 –0.1 –12.9 –4.2 13.3 11.1 –2.0 –8.2 17.5 5.6
- Volume (Emerging Market and Developing Economies):
  - Exports (volume): 8.1 3.1 4.5 2.7 1.4 2.7 6.5 3.9 –0.3 –2.6 7.6 5.1
  - Imports (volume): 9.9 3.1 4.7 2.7 –0.4 2.1 7.2 4.9 –0.2 –4.7 9.3 6.5
- By source of export earnings (Fuel vs Nonfuel vs Primary Products):
  - Fuel — Value Exports: 19.6 –4.5 –1.4 –7.6 –34.9 –10.6 17.2 18.2 –9.3 –27.0 27.5 1.3
  - Nonfuel — Value Exports: 15.8 2.8 3.8 1.7 –10.4 –4.1 13.0 10.2 –1.0 –2.9 15.6 4.9
  - Primary Products — Value Exports: 14.5 1.2 –1.3 –3.0 –15.8 –0.9 12.7 7.7 –2.3 –5.5 20.6 4.5
- Summary of Current Account Transactions (Billions of US dollars; selected aggregates):
  - Advanced Economies — Current Account Balance: –229.9 –66.1 285.7 375.3 480.2 389.5 342.1 175.8 124.3 262.6 477.0
  - Advanced Economies — Exports of Goods: 8,350.9 9,887.8 9,780.0 9,652.4 10,516.5 11,380.3 11,023.2 10,169.4 11,952.1 12,727.0 14,158.3
  - Emerging Market and Developing Economies — Current Account Balance: 394.9 352.2 –58.8 –85.3 –10.2 –55.0 52.2 196.2 206.4 101.3 –88.9
  - Emerging Market and Developing Economies — Exports of Goods: 4,739.4 6,373.7 6,445.2 6,107.6 6,950.3 7,758.6 7,566.9 7,034.8 8,252.3 8,612.8 9,714.3

### Current Account by Region and Analytical Group
- Emerging and Developing Asia — Current Account Balance and Trade (Value in US Dollars):
  - Current Account Balance: 213.5; 233.7; 307.9; 223.1; 172.8; –49.9; 130.5; 359.0; 236.0; 178.0; 78.2
  - Exports of Goods: 1,897.6; 2,656.1; 3,239.2; 3,101.2; 3,477.1; 3,791.9; 3,756.8; 3,795.0; 4,327.0; 4,549.6; 5,244.2
- Middle East and Central Asia — Current Account and Trade highlights:
  - Current Account Balance: 229.8; 275.1; –138.5; –143.4; –39.4; 103.7; 21.0; –111.1; 12.9; 2.2; –25.4
  - Exports of Goods: 1,004.9; 1,352.4; 1,045.9; 956.9; 1,112.1; 1,308.5; 1,207.7; 917.7; 1,152.9; 1,181.2; 1,263.6
- Latin America and the Caribbean — Current Account Balance and Exports of Goods:
  - Current Account Balance: –29.9; –97.4; –171.9; –100.9; –87.8; –131.3; –88.8; 8.0; –0.5; –22.0; –64.7
  - Exports of Goods: 758.6; 958.8; 923.8; 892.3; 1,001.9; 1,090.0; 1,064.5; 959.2; 1,139.3; 1,180.4; 1,292.4
- Analytical groups — Fuel exporters vs Nonfuel exporters (selected):
  - Fuel exporters — Current Account Balance: 305.8; 356.9; –141.5; –99.1; 38.8; 190.3; 73.7; –93.2; 51.4; 42.5; 14.7
  - Nonfuel exporters — Current Account Balance: 89.8; –4.1; 82.7; 13.9; –49.1; –245.3; –21.6; 289.4; 155.0; 58.8; –103.6

### External Debt, Debt Service, and Maturity Profiles
- Total External Debt (Emerging Market and Developing Economies): 8,377.5; 8,826.6; 8,364.7; 8,712.1; 9,676.1; 10,139.7; 10,600.5; 11,143.2; 11,812.4; 12,508.1
- Debt-Service Payments (Emerging Market and Developing Economies): 2,976.7; 3,416.1; 3,500.1; 3,037.9; 3,080.0; 3,541.5; 3,808.4; 3,925.7; 4,112.8; 4,343.4
- External Debt by Maturity (Emerging Market and Developing Economies):
  - Short Term: 2,525.1; 2,630.9; 2,122.4; 2,151.2; 2,552.3; 2,778.5; 2,908.6; 3,046.5; 3,257.3; 3,511.8
  - Long Term: 5,852.4; 6,195.7; 6,242.3; 6,560.9; 7,123.8; 7,361.3; 7,692.0; 8,096.6; 8,555.1; 8,996.2
- External Debt Ratios — Debt to GDP (Emerging Market and Developing Economies): 28.6; 30.6; 30.7; 30.2; 30.2; 31.0; 30.5; 32.6; 31.5; 30.9
  - Regional example — Emerging and Developing Europe (debt/GDP): 48.6; 56.5; 58.8; 56.4; 51.1; 50.6; 46.8; 51.7; 47.9; 46.0

### Debt-Service Burden — Interest Payments and Amortization (Percent of exports of goods and services)
- Interest Payments (Emerging Market and Developing Economies): 3.0 3.3 3.8 3.9 3.9 4.2 4.7 5.2 4.6 4.7
  - Latin America and the Caribbean: 5.1 5.4 6.4 6.4 6.8 7.1 7.5 8.1 8.5 6.9 6.7
  - Sub-Saharan Africa: 1.9 2.4 4.0 4.3 4.1 4.5 4.8 6.3 5.4 5.4
- Amortization (Emerging Market and Developing Economies): 30.7 35.3 42.1 37.6 33.3 34.3 37.4 43.0 38.4 38.4
  - Emerging and Developing Asia: 34.2 42.5 49.0 39.0 34.4 38.9 42.8 45.2 43.4 45.3
  - Economies with Arrears and/or Rescheduling during 2015–19 — Amortization: 54.6 56.9 68.6 74.0 69.4 65.8 65.2 74.8 58.3 38.9
- Notes on debt-service estimates:
  - Estimates through 2020 reflect debt-service payments actually made.
  - Estimates for 2021 and 2022 take into account projected exceptional-financing items, including accumulation of arrears and rescheduling arrangements.
  - In some cases, amortization on account of debt-reduction operations is included.
  - Interest payments exclude service payments to the IMF.

### Medium-Term Baseline Scenario and Additional External Indicators
- Selected Medium-Term Baseline Scenario indicators (Annual percent change and percent of exports of goods and services):
  - Emerging Market and Developing Economies — Real GDP: 6.6 4.1 3.6 –2.2 6.7 5.0 3.2 4.6
  - Emerging Market and Developing Economies — Export Volume: 8.3 3.1 0.5 –5.7 7.6 6.0 2.0 4.6
  - Emerging Market and Developing Economies — Import Volume: 9.8 2.8 –1.0 –8.6 9.0 7.4 1.5 4.8
- Additional debt and external sector indicators (Percent of exports of goods and services; percent of GDP):
  - Current Account Balance: 4.0 2.1 –0.6 0.6 2.4 2.1 1.0 –1.7
  - Total External Debt: 90.5 99.3 109.9 116.6 136.4 123.4 123.7 124.7
  - Debt-Service Payments: 27.6 38.8 38.6 42.1 48.2 43.1 43.1 45.6
  - Interest Payments: 2.8 3.3 4.2 4.7 5.2 4.6 4.7 4.9
  - Amortization: 24.6 35.3 34.3 37.4 43.0 38.4 38.4 40.6
- Regional medium-term projections (selected):
  - Emerging and Developing Asia — Total External Debt: 60.3 79.9 82.3 86.0 95.7 93.4 97.3 111.5
  - Emerging and Developing Europe — Total External Debt: 153.8 135.4 119.3 120.9 141.9 122.6 118.8 102.0
  - Latin America and the Caribbean — Debt-Service Payments: 38.4 44.0 45.7 50.9 59.0 45.6 43.9 39.1
  - Sub-Saharan Africa — Total External Debt: 74.6 94.9 157.2 172.5 228.1 193.8 191.9 180.3

*Source: IMF, World Economic Outlook: Managing Divergent Recoveries — Statistical Appendix (tables and projections as shown).*

### Section 1

### tableb - Section 1

### Advanced Economies — Unemployment Rate (Percent)
- Advanced Economies: 2003–12: 6.9; 2013–22: 6.2; 2013: 7.9; 2014: 7.3; 2015: 6.7; 2016: 6.2; 2017: 5.7; 2018: 5.1; 2019: 4.8; 2020: 6.6; 2021: 6.2; 2022: 5.5
- United States: 2003–12: 6.8; 2013–22: 5.4; 2013: 7.4; 2014: 6.2; 2015: 5.3; 2016: 4.9; 2017: 4.4; 2018: 3.9; 2019: 3.7; 2020: 8.1; 2021: 5.8; 2022: 4.2
- Euro Area: 2003–12: 9.2; 2013–22: 9.5; 2013: 12.0; 2014: 11.6; 2015: 10.9; 2016: 10.0; 2017: 9.1; 2018: 8.2; 2019: 7.6; 2020: 7.9; 2021: 8.7; 2022: 8.5

### Advanced Economies — Growth in Employment (Compound annual rate of change, percent)
- Advanced Economies: 2003–12: 0.6; 2013–22: 0.9; 2013: 0.5; 2014: 1.2; 2015: 1.3; 2016: 1.5; 2017: 1.3; 2018: 1.5; 2019: 1.2; 2020: –2.6; 2021: 1.5; 2022: 1.9
- United States: 2003–12: 0.4; 2013–22: 1.2; 2013: 1.0; 2014: 1.7; 2015: 1.7; 2016: 1.7; 2017: 1.3; 2018: 1.6; 2019: 1.1; 2020: –6.2; 2021: 4.0; 2022: 3.9
- Euro Area: 2003–12: 0.4; 2013–22: 0.6; 2013: –0.5; 2014: 0.7; 2015: 0.9; 2016: 1.4; 2017: 1.6; 2018: 1.2; 2019: –0.1; 2020: –1.6; 2021: 0.0; 2022: 0.7

### Advanced Economies — Growth in Real per Capita Output (Percent)
- Advanced Economies: 2003–12: 1.0; 2013–22: 1.3; 2013: 0.9; 2014: 1.6; 2015: 1.9; 2016: 1.2; 2017: 2.0; 2018: 1.9; 2019: 1.2; 2020: –5.1; 2021: 4.8; 2022: 3.3
- United States: 2003–12: 1.0; 2013–22: 1.7; 2013: 1.2; 2014: 1.8; 2015: 2.3; 2016: 1.0; 2017: 1.7; 2018: 2.4; 2019: 1.7; 2020: –4.0; 2021: 5.8; 2022: 2.9
- Euro Area (data calculated as sum of individual euro area countries): 2003–12: 0.5; 2013–22: 1.0; 2013: –0.5; 2014: 1.1; 2015: 1.7; 2016: 1.6; 2017: 2.4; 2018: 1.7; 2019: 1.1; 2020: –6.9; 2021: 4.3; 2022: 3.7

### Emerging Market and Developing Economies — Real GDP (Annual percent change)
- Emerging Market and Developing Economies: Average 2003–12: 6.6; 2013: 5.1; 2014: 4.7; 2015: 4.3; 2016: 4.5; 2017: 4.8; 2018: 4.5; 2019: 3.6; 2020: –2.2; 2021: 6.7; 2022: 5.0; 2026: 4.4
- Emerging and Developing Asia: 2003–12: 8.7; 2013: 6.9; 2014: 6.9; 2015: 6.8; 2016: 6.8; 2017: 6.6; 2018: 6.4; 2019: 5.3; 2020: –1.0; 2021: 8.6; 2022: 6.0; 2026: 5.4
- Latin America and the Caribbean: 2003–12: 3.9; 2013: 2.9; 2014: 1.3; 2015: 0.4; 2016: –0.6; 2017: 1.3; 2018: 1.2; 2019: 0.2; 2020: –7.0; 2021: 4.6; 2022: 3.1; 2026: 2.4

### Emerging Market and Developing Economies — Output per Capita (Memorandum)
- Emerging Market and Developing Economies: 2003–12: 4.8; 2013: 3.5; 2014: 3.1; 2015: 2.8; 2016: 3.0; 2017: 3.4; 2018: 3.2; 2019: 2.3; 2020: –3.5; 2021: 5.3; 2022: 3.8; 2026: 3.3
- Emerging and Developing Asia: 2003–12: 7.4; 2013: 5.9; 2014: 5.9; 2015: 5.9; 2016: 5.8; 2017: 5.7; 2018: 5.6; 2019: 4.4; 2020: –1.9; 2021: 7.7; 2022: 5.2; 2026: 4.8

### Emerging Market and Developing Economies — Consumer Prices (Annual percent change)
- Emerging Market and Developing Economies: 2003–12: 6.4; 2013: 5.4; 2014: 4.7; 2015: 4.7; 2016: 4.3; 2017: 4.4; 2018: 4.9; 2019: 5.1; 2020: 5.1; 2021: 4.9; 2022: 4.4; 2026: 3.8
- Emerging and Developing Asia: 2003–12: 4.8; 2013: 4.6; 2014: 3.4; 2015: 2.7; 2016: 2.8; 2017: 2.4; 2018: 2.7; 2019: 3.3; 2020: 3.1; 2021: 2.3; 2022: 2.7
- Sub-Saharan Africa: 2003–12: 9.2; 2013: 6.5; 2014: 6.3; 2015: 6.8; 2016: 10.4; 2017: 10.7; 2018: 8.4; 2019: 8.5; 2020: 10.8; 2021: 9.8; 2022: 7.8; 2026: 6.0

### Summary of Fiscal and Financial Indicators (Percent)
- Advanced Economies — Central Government Net Lending/Borrowing (Percent of GDP; projections shown): 2013: –3.2; 2014: –2.8; 2015: –2.4; 2016: –2.5; 2017: –2.4; 2018: –2.4; 2019: –2.9; 2020: –11.5; 2021: –10.3; 2022: –4.3
- Advanced Economies — General Government Net Lending/Borrowing (Percent of GDP): 2013: –3.7; 2014: –3.1; 2015: –2.6; 2016: –2.7; 2017: –2.4; 2018: –2.5; 2019: –2.9; 2020: –11.7; 2021: –10.4; 2022: –4.6
- United States — General Government Net Lending/Borrowing (Percent of GDP): 2013: –4.6; 2014: –4.1; 2015: –3.5; 2016: –4.3; 2017: –4.6; 2018: –5.4; 2019: –5.7; 2020: –15.8; 2021: –15.0; 2022: –6.1
- Advanced Economies — Long-Term Interest Rate (annual averages): 2013: 2.3; 2014: 2.1; 2015: 1.6; 2016: 1.2; 2017: 1.6; 2018: 1.9; 2019: 1.2; 2020: 0.5; 2021: 0.9; 2022: 1.1
- Emerging Market and Developing Economies — Central Government Net Lending/Borrowing (Weighted Average, percent of GDP): 2013: –0.5; 2014: –1.2; 2015: –2.2; 2016: –2.4; 2017: –1.8; 2018: –1.2; 2019: –1.5; 2020: –4.1; 2021: –2.9; 2022: –2.3
- Emerging Market and Developing Economies — General Government Net Lending/Borrowing (Weighted Average, percent of GDP): 2013: –1.7; 2014: –2.5; 2015: –4.3; 2016: –4.7; 2017: –4.1; 2018: –3.7; 2019: –4.7; 2020: –9.5; 2021: –7.5; 2022: –6.5
- Growth of Broad Money (Emerging Market and Developing Economies, Weighted Average): 2013: 14.1; 2014: 12.2; 2015: 13.2; 2016: 10.8; 2017: 11.5; 2018: 15.9; 2019: 11.8; 2020: 13.6; 2021: 11.4; 2022: 9.9

### Advanced Economies — General Government Net Lending/Borrowing and Excluding Social Security Schemes (Percent of GDP)
- General Government Net Lending/Borrowing (selected countries, projections 2013–2022):
  - Advanced Economies aggregate: 2013: –3.7; 2014: –3.1; 2015: –2.6; 2016: –2.7; 2017: –2.4; 2018: –2.5; 2019: –2.9; 2020: –11.7; 2021: –10.4; 2022: –4.6
  - Germany: 2013: 0.0; 2014: 0.6; 2015: 1.0; 2016: 1.2; 2017: 1.4; 2018: 1.8; 2019: 1.5; 2020: –4.2; 2021: –5.5; 2022: –0.4
  - France: 2013: –4.1; 2014: –3.9; 2015: –3.6; 2016: –3.6; 2017: –2.9; 2018: –2.3; 2019: –3.0; 2020: –9.9; 2021: –7.2; 2022: –4.4
  - Italy: 2013: –2.9; 2014: –3.0; 2015: –2.6; 2016: –2.4; 2017: –2.4; 2018: –2.2; 2019: –1.6; 2020: –9.5; 2021: –8.8; 2022: –5.5
- Net Lending/Borrowing Excluding Social Security Schemes (selected economies):
  - United States: 2013: –2.2; 2014: –1.9; 2015: –1.3; 2016: –2.1; 2017: –2.5; 2018: –3.3; 2019: –3.4; 2020: –13.4; 2021: –12.3; 2022: –3.2
  - Japan: 2013: –0.5; 2014: 1.0; 2015: 2.7; 2016: 2.6; 2017: 2.9; 2018: 3.3; 2019: 2.9; 2020: –5.3; 2021: –2.1; 2022: 3.3
  - Germany: 2013: 0.3; 2014: 0.7; 2015: 1.1; 2016: 1.1; 2017: 1.2; 2018: 1.4; 2019: 1.2; 2020: –3.4; 2021: –4.5; 2022: –0.4

*Source: IMF, World Economic Outlook: Managing Divergent Recoveries — Statistical Appendix (tables and projections as shown).*

### Section 2

### tableb - Section 2

### Advanced Economies — General Government Structural Balances (Percent of potential GDP)
- Advanced Economies (composite): 2013 –2.7, 2014 –2.3, 2015 –2.1, 2016 –2.4, 2017 –2.4, 2018 –2.7, 2019 –3.2, 2020 –8.0, 2021 –8.5, 2022 –4.7
- United States: 2013 –3.0, 2014 –2.6, 2015 –2.6, 2016 –3.7, 2017 –4.3, 2018 –5.4, 2019 –6.1, 2020 –11.7, 2021 –12.9, 2022 –6.8
- Euro Area: 2013 –1.1, 2014 –0.7, 2015 –0.6, 2016 –0.6, 2017 –0.5, 2018 –0.5, 2019 –0.5, 2020 –4.0, 2021 –4.6, 2022 –2.6
- Japan: 2013 –7.4, 2014 –5.6, 2015 –4.4, 2016 –4.3, 2017 –3.5, 2018 –2.7, 2019 –2.6, 2020 –11.3, 2021 –8.5, 2022 –3.6
- United Kingdom: 2013 –4.2, 2014 –4.9, 2015 –4.4, 2016 –3.3, 2017 –2.5, 2018 –2.3, 2019 –2.3, 2020 0.5, 2021 –5.0, 2022 –4.8
- Canada: 2013 –1.5, 2014 –0.6, 2015 0.0, 2016 0.1, 2017 –0.3, 2018 0.0, 2019 0.3, 2020 –7.8, 2021 –6.7, 2022 –4.2
- Major Advanced Economies (memorandum): 2013 –3.2, 2014 –2.6, 2015 –2.4, 2016 –2.9, 2017 –3.1, 2018 –3.4, 2019 –3.9, 2020 –8.9, 2021 –9.6, 2022 –5.1
- Note: The table defines the structural balance as actual net lending/borrowing minus effects of cyclical output from potential output, corrected for one-time and other factors; interpretations should consider uncertainty in cyclical gap estimates and elasticities.

### Emerging Market and Developing Economies — General Government Net Lending/Borrowing (Percent of GDP)
- Emerging Market and Developing Economies (composite): 2013 –1.7, 2014 –2.5, 2015 –4.3, 2016 –4.7, 2017 –4.1, 2018 –3.7, 2019 –4.7, 2020 –9.5, 2021 –7.5, 2022 –6.5
- Regional groups (net lending/borrowing, selected):
  - Emerging and Developing Asia: 2013 –1.9, 2014 –1.9, 2015 –3.3, 2016 –3.9, 2017 –3.9, 2018 –4.4, 2019 –5.9, 2020 –10.6, 2021 –9.1, 2022 –8.1
  - Emerging and Developing Europe: 2013 –1.9, 2014 –1.8, 2015 –2.5, 2016 –2.7, 2017 –1.6, 2018 0.2, 2019 –0.8, 2020 –5.8, 2021 –3.5, 2022 –2.7
  - Latin America and the Caribbean: 2013 –3.1, 2014 –4.9, 2015 –6.5, 2016 –5.9, 2017 –5.4, 2018 –5.0, 2019 –4.0, 2020 –8.7, 2021 –5.7, 2022 –4.5
  - Middle East and Central Asia: 2013 2.4, 2014 –1.5, 2015 –7.3, 2016 –8.8, 2017 –5.2, 2018 –2.3, 2019 –3.5, 2020 –9.3, 2021 –5.4, 2022 –4.3
  - Sub-Saharan Africa: 2013 –3.1, 2014 –3.7, 2015 –4.3, 2016 –4.5, 2017 –4.5, 2018 –3.5, 2019 –4.1, 2020 –6.9, 2021 –5.6, 2022 –4.7
- Analytical groups (selected):
  - Fuel exporters: 2013 2.9, 2014 –1.5, 2015 –7.2, 2016 –9.1, 2017 –5.8, 2018 –2.2, 2019 –2.8, 2020 –9.1, 2021 –4.5, 2022 –3.7
  - Nonfuel exporters: 2013 –2.4, 2014 –2.7, 2015 –3.9, 2016 –4.2, 2017 –3.9, 2018 –3.9, 2019 –4.9, 2020 –9.6, 2021 –7.8, 2022 –6.8
  - Net Debtor Economies: 2013 –3.4, 2014 –4.1, 2015 –4.9, 2016 –4.7, 2017 –4.2, 2018 –3.9, 2019 –4.3, 2020 –8.1, 2021 –6.5, 2022 –5.3
- Memorandum (median) Emerging Market and Developing Economies: 2013 –2.7, 2014 –3.1, 2015 –3.4, 2016 –3.1, 2017 –2.8, 2018 –2.5, 2019 –2.3, 2020 –6.3, 2021 –5.2, 2022 –3.7

### Selected country overall fiscal balances / net lending (Emerging Markets, Percent of GDP)
- Indonesia (overall fiscal balance): 2013 –2.3, 2014 –2.2, 2015 –2.6, 2016 –2.5, 2017 –2.5, 2018 –1.8, 2019 –2.2, 2020 –5.9, 2021 –6.1, 2022 –4.4
- Brazil (overall fiscal balance): 2013 –3.6, 2014 –7.0, 2015 –10.0, 2016 –7.2, 2017 –7.1, 2018 –5.2, 2019 –4.5, 2020 –14.2, 2021 –7.8, 2022 –7.1
- Vietnam (net lending/borrowing): 2013 –6.0, 2014 –5.0, 2015 –5.0, 2016 –3.2, 2017 –2.0, 2018 –1.0, 2019 –3.3, 2020 –5.4, 2021 –4.7, 2022 –4.4
- India (net lending/borrowing): 2013 –7.0, 2014 –7.1, 2015 –7.2, 2016 –7.1, 2017 –6.4, 2018 –6.3, 2019 –7.4, 2020 –12.3, 2021 –10.0, 2022 –9.1
- China (net lending/borrowing): 2013 –0.8, 2014 –0.9, 2015 –2.8, 2016 –3.7, 2017 –3.8, 2018 –4.7, 2019 –6.3, 2020 –11.4, 2021 –9.6, 2022 –8.7
- Pakistan (Middle East and Central Asia): 2013 –8.4, 2014 –4.9, 2015 –5.3, 2016 –4.4, 2017 –5.8, 2018 –6.4, 2019 –9.0, 2020 –8.0, 2021 –7.1, 2022 –5.5

### Sub-Saharan Africa — selected net lending/borrowing (Percent of GDP)
- Sub-Saharan Africa (composite): 2013 –3.1, 2014 –3.7, 2015 –4.3, 2016 –4.5, 2017 –4.5, 2018 –3.5, 2019 –4.1, 2020 –6.9, 2021 –5.6, 2022 –4.7
- South Africa: 2013 –4.3, 2014 –4.3, 2015 –4.8, 2016 –4.1, 2017 –4.4, 2018 –4.1, 2019 –5.3, 2020 –12.2, 2021 –10.6, 2022 –8.3
- Nigeria: 2013 –2.7, 2014 –2.4, 2015 –3.8, 2016 –4.6, 2017 –5.4, 2018 –4.3, 2019 –4.8, 2020 –5.8, 2021 –4.2, 2022 –4.6
- Kenya: 2013 –5.7, 2014 –7.4, 2015 –8.1, 2016 –8.5, 2017 –7.8, 2018 –7.4, 2019 –7.7, 2020 –8.4, 2021 –8.1, 2022 –6.6

### Exchange Rate Assumptions (Selected)
- Nominal exchange rates — US Dollars per National Currency Unit:
  - Euro: 2013 1.328, 2014 1.329, 2015 1.110, 2016 1.107, 2017 1.129, 2018 1.181, 2019 1.120, 2020 1.141, 2021 1.218
  - British Pound: 2013 1.564, 2014 1.646, 2015 1.528, 2016 1.355, 2017 1.288, 2018 1.336, 2019 1.277, 2020 1.283, 2021 1.390
- Nominal exchange rates — National Currency Units per US Dollar:
  - Japanese Yen: 2013 97.596, 2014 105.945, 2015 121.044, 2016 108.793, 2017 112.166, 2018 110.423, 2019 109.010, 2020 106.775, 2021 104.136
  - Korean Won: 2013 1,094.983, 2014 1,052.840, 2015 1,130.953, 2016 1,161.014, 2017 1,131.001, 2018 1,100.163, 2019 1,165.358, 2020 1,180.015, 2021 1,108.583
- Real Effective Exchange Rates (Index, 2010 = 100), selected economies (annual):
  - United States: 2013 97.9, 2014 103.3, 2015 121.5, 2016 122.8, 2017 126.7, 2018 124.6, 2019 129.0, 2020 132.6, 2021 128.3
  - Euro Area: 2013 96.1, 2014 95.0, 2015 83.8, 2016 84.0, 2017 84.9, 2018 87.8, 2019 85.8, 2020 87.4, 2021 87.2
  - Japan: 2013 85.4, 2014 76.9, 2015 72.5, 2016 72.4, 2017 76.7, 2018 74.9, 2019 76.1, 2020 73.7, 2021 73.1

*Source: tableb - Section 2, WORLD ECONOMIC OUTLOOK: MANAGING DIVERGENT RECOVERIES — Statistical Appendix (April 2021).*

### Section 3

### tableb - Section 3

### Emerging Market and Developing Economies: Broad Money Aggregates (Annual percent change)
- Emerging Market and Developing Economies: 14.1 12.2 13.2 10.8 11.5 15.9 11.8 13.6 11.4 9.9
- Emerging and Developing Asia: 13.6 11.0 12.1 11.0 9.1 8.4 8.5 10.7 9.1 8.2
- China: 13.6 11.0 13.3 11.3 9.0 8.1 8.7 11.0 9.5 8.0
- India: 13.4 10.9 10.1 10.1 9.2 10.5 8.9 8.5 8.0 8.3
- Emerging and Developing Europe: 14.7 11.9 15.8 6.0 9.5 12.7 11.3 18.8 10.2 10.0
- Russia: 16.0 14.8 19.7 –0.9 7.4 12.3 5.1 16.7 8.8 9.4
- Latin America and the Caribbean: 14.4 14.9 16.7 14.9 21.0 52.6 24.4 20.3 17.5 15.0
- Brazil: 8.9 13.5 9.7 12.4 4.6 8.1 8.6 18.9 7.0 8.8
- Mexico: 8.3 12.2 12.2 12.3 11.2 5.3 6.8 8.9 6.7 5.8
- Middle East and Central Asia: 17.3 11.2 9.3 8.3 11.7 9.3 10.4 14.4 15.1 12.2
- Sub-Saharan Africa: 8.0 14.7 12.9 13.4 9.3 12.7 12.6 14.0 15.8 11.9

Analytical groups (selected rows)
- Fuel exporters: 20.7 14.6 14.1 11.8 25.9 77.6 31.2 21.3 24.4 18.8
- Nonfuel exporters: 13.1 11.8 13.1 10.7 9.7 9.7 9.6 12.8 10.0 8.9
- Of which, Primary Products: 15.0 13.8 19.5 15.2 15.2 21.2 19.3 20.9 21.7 16.3

Memorandum (median)
- Median, Emerging Market and Developing Economies: 11.4 10.4 10.2 8.8 8.8 8.1 8.7 10.8 8.8 8.6
- Median, Emerging and Developing Asia: 16.3 11.9 12.4 12.8 9.2 9.0 8.7 12.5 9.5 10.2

### Advanced Economies: Export Volumes, Import Volumes, and Terms of Trade in Goods and Services (Annual percent change)
Export Volume (Averages, Projections; selected row entries)
- Advanced Economies (Export Volume): 4.5 2.6 3.1 3.8 3.7 2.0 4.8 3.6 1.3 –9.5 7.9 6.4

Export Volume (selected countries, same series)
- United States: 5.5 1.9 3.6 4.2 0.4 0.3 3.9 3.0 –0.1 –13.0 10.5 8.3
- Euro Area (aggregate note): 3.6 3.1 2.3 4.5 6.2 2.7 5.4 3.7 2.5 –9.7 7.9 6.5
- Japan: 4.6 3.1 0.8 9.3 3.2 1.6 6.6 3.8 –1.4 –12.3 15.0 6.2
- United Kingdom: 3.0 0.4 0.9 0.2 2.8 2.7 5.4 3.0 2.7 –16.7 –2.6 8.3

Import Volume (Advanced Economies, selected row entries)
- Advanced Economies (Import Volume): 3.9 2.9 2.5 3.9 4.7 2.6 4.8 3.7 1.7 –9.1 9.1 6.4
- United States: 3.6 3.5 1.5 5.0 5.2 1.7 4.7 4.1 1.1 –9.3 18.9 4.6
- Euro Area: 3.0 3.3 1.7 4.6 7.4 4.1 4.9 3.7 3.8 –9.4 5.7 7.1
- Japan: 3.0 3.0 3.2 8.1 0.4 –1.2 3.3 3.8 –0.4 –6.8 12.6 8.7

Terms of Trade (Advanced Economies, selected row entries)
- Advanced Economies (Terms of Trade): –0.4 0.5 1.0 0.3 1.8 1.1 –0.2 –0.4 0.2 0.7 0.3 0.6
- United States: –0.7 1.2 1.6 0.9 3.2 1.5 0.4 0.5 1.1 –0.6 1.1 2.9
- Euro Area: –0.5 0.5 1.0 0.7 2.3 1.3 –1.0 –0.8 0.7 1.4 –0.9 0.2

Trade in Goods (Advanced Economies, memorandum)
- Export Volume (Trade in Goods): 4.5 2.7 2.6 3.1 3.1 1.6 4.8 3.1 0.8 –6.3 9.4 5.6
- Import Volume (Trade in Goods): 4.0 3.0 2.3 3.3 3.7 2.3 4.8 3.7 0.6 –5.9 10.9 5.5
- Terms of Trade (Trade in Goods): –0.5 0.5 1.0 0.2 1.8 1.4 –0.2 –0.7 0.0 1.0 0.4 0.6

Notes
- Euro area calculations are the average of individual euro area countries.
- "Other Advanced Economies" excludes the Group of Seven and euro area countries.

### Emerging Market and Developing Economies by Region: Total Trade in Goods (Annual percent change)
Emerging Market and Developing Economies — Value in US Dollars
- Exports: 16.6 1.4 2.5 –0.5 –15.8 –5.2 13.7 11.5 –2.5 –6.9 17.1 4.4
- Imports: 16.5 1.9 3.2 –0.1 –12.9 –4.2 13.3 11.1 –2.0 –8.2 17.5 5.6

Volume (Emerging Market and Developing Economies)
- Exports (volume): 8.1 3.1 4.5 2.7 1.4 2.7 6.5 3.9 –0.3 –2.6 7.6 5.1
- Imports (volume): 9.9 3.1 4.7 2.7 –0.4 2.1 7.2 4.9 –0.2 –4.7 9.3 6.5

Unit Value in US Dollars (Emerging Market and Developing Economies)
- Exports (unit value): 8.0 –1.5 –1.8 –3.2 –16.2 –7.7 6.8 7.2 –2.2 –4.0 9.0 –0.6
- Imports (unit value): 6.1 –1.2 –1.4 –2.8 –12.5 –6.1 5.6 5.9 –1.9 –3.5 7.7 –0.8
- Terms of Trade: 1.8 –0.4 –0.5 –0.4 –4.3 –1.6 1.1 1.2 –0.3 –0.5 1.2 0.2

Regional highlights (selected)
- Emerging and Developing Asia — Exports (Value in US Dollars): 17.6 3.8 6.2 3.8 –6.5 –4.3 12.2 9.1 –0.9 1.0 14.0 5.1
- Emerging and Developing Europe — Volume Exports: 6.0 3.7 2.6 2.5 5.6 5.3 6.9 4.5 2.1 –3.8 6.2 5.7
- Latin America and the Caribbean — Volume Exports: 4.2 1.9 1.0 1.1 3.7 1.8 4.0 3.4 –0.3 –6.1 6.8 4.0
- Middle East and Central Asia — Value Exports: 19.0 –3.2 –0.5 –6.4 –31.1 –8.2 15.6 17.3 –7.7 –23.1 24.5 2.5
- Sub-Saharan Africa — Value Exports: 16.3 –1.7 –0.2 –5.3 –27.9 –8.9 16.8 15.3 –3.7 –17.4 22.0 4.1

### Emerging Market and Developing Economies by Source of Export Earnings: Total Trade in Goods (Annual percent change)
Fuel exporters
- Value Exports: 19.6 –4.5 –1.4 –7.6 –34.9 –10.6 17.2 18.2 –9.3 –27.0 27.5 1.3
- Volume Exports: 6.1 0.2 1.1 –0.8 2.5 0.9 0.6 –0.5 –3.8 –5.3 3.1 4.9
- Unit Value Exports: 12.5 –4.8 –2.5 –7.4 –35.7 –11.4 15.6 17.4 –6.3 –21.4 23.1 –3.3
- Terms of Trade: 6.2 –3.9 –0.2 –4.7 –28.4 –7.4 12.0 13.3 –6.6 –20.3 15.7 –2.8

Nonfuel exporters
- Value Exports: 15.8 2.8 3.8 1.7 –10.4 –4.1 13.0 10.2 –1.0 –2.9 15.6 4.9
- Volume Exports: 8.7 3.7 5.6 3.7 1.1 3.1 7.6 4.7 0.4 –2.1 8.2 5.1
- Unit Value Exports: 6.7 –0.8 –1.6 –1.9 –11.0 –6.9 5.2 5.3 –1.4 –0.9 7.1 –0.2
- Terms of Trade: 0.6 0.4 –0.4 0.9 2.1 –0.6 –0.7 –0.8 0.8 0.8 3.0 –0.8

Primary products
- Value Exports: 14.5 1.2 –1.3 –3.0 –15.8 –0.9 12.7 7.7 –2.3 –5.5 20.6 4.5
- Volume Exports: 3.0 2.1 3.7 1.7 0.5 3.5 2.2 2.7 1.7 –7.3 6.1 6.6
- Unit Value Exports: 11.1 –0.7 –4.8 –4.4 –16.0 –4.1 10.7 4.8 –3.9 2.5 13.6 –1.9
- Terms of Trade: 4.4 1.1 –2.3 –1.9 –1.9 2.8 4.3 –1.3 –0.2 8.8 5.1 –1.7

### Summary of Current Account Transactions (Billions of US dollars; Projections)
Advanced Economies (selected aggregates)
- Current Account Balance (Advanced Economies): –229.9 –66.1 285.7 375.3 480.2 389.5 342.1 175.8 124.3 262.6 477.0
- Trade Balance (Advanced Economies): –135.2 7.3 347.6 410.8 430.3 369.8 318.5 239.6 191.8 326.4 564.8
- Exports of Goods (Advanced Economies): 8,350.9 9,887.8 9,780.0 9,652.4 10,516.5 11,380.3 11,023.2 10,169.4 11,952.1 12,727.0 14,158.3
- Imports of Goods (Advanced Economies): 8,734.4 10,277.0 9,951.6 9,756.0 10,650.0 11,687.3 11,294.3 10,426.4 12,355.2 13,058.0 14,352.5
- Services Balance (Advanced Economies): 248.0 396.5 518.8 516.2 563.8 674.5 588.8 495.8 595.0 657.4 759.0
- Primary Income Balance (Advanced Economies): 213.8 287.1 284.0 320.7 412.2 415.2 421.5 358.4 349.4 379.2 405.7
- Secondary Income Balance (Advanced Economies): –308.5 –360.3 –345.8 –356.0 –362.2 –395.2 –397.8 –422.0 –417.1 –443.1 –493.5

United States (selected)
- Current Account Balance: –584.2 –477.9 –407.4 –394.9 –365.3 –449.7 –480.2 –646.4 –876.4 –733.8 –575.5
- Trade Balance: –598.9 –541.6 –491.3 –481.2 –513.8 –579.9 –576.9 –679.2 –959.4 –830.3 –700.4
- Exports of Goods: 1,140.4 1,390.7 1,511.4 1,457.4 1,557.0 1,677.0 1,652.4 1,437.7 1,722.4 1,899.7 2,164.5
- Imports of Goods: 1,852.5 2,108.7 2,273.2 2,207.2 2,356.3 2,557.3 2,516.8 2,353.8 2,896.0 2,965.7 3,145.5
- Services Balance: 113.2 176.5 270.6 268.6 285.6 300.4 287.5 236.9 214.2 235.7 280.6

Emerging Market and Developing Economies (selected aggregates)
- Current Account Balance: 394.9 352.2 –58.8 –85.3 –10.2 –55.0 52.2 196.2 206.4 101.3 –88.9
- Trade Balance: 465.8 504.6 136.5 105.8 162.0 224.8 247.6 353.6 375.5 282.0 77.7
- Goods Balance: 635.7 772.3 492.8 414.5 501.2 588.7 541.2 588.1 678.8 618.4 468.3
- Exports of Goods: 4,739.4 6,373.7 6,445.2 6,107.6 6,950.3 7,758.6 7,566.9 7,034.8 8,252.3 8,612.8 9,714.3
- Imports of Goods: 4,103.7 5,601.4 5,952.4 5,693.2 6,449.1 7,169.9 7,025.7 6,446.8 7,573.5 7,994.4 9,245.9
- Services Balance: –148.2 –248.5 –362.0 –310.6 –334.0 –357.5 –288.0 –236.1 –298.1 –331.7 –385.7
- Primary Income Balance: –309.0 –415.0 –401.5 –405.0 –427.3 –563.0 –520.0 –483.9 –516.6 –537.1 –573.6
- Secondary Income Balance: 219.3 247.5 212.1 215.0 248.8 278.2 318.8 324.6 342.3 351.6 401.5

*Source: tableb - Section 3 (PDF).*

### Section 4

### tableb - Section 4

### Summary of Current Account Transactions — Regional Groups (selected highlights)
- Emerging and Developing Asia
  - Current Account Balance: 213.5; 233.7; 307.9; 223.1; 172.8; –49.9; 130.5; 359.0; 236.0; 178.0; 78.2
  - Trade Balance: 163.9; 187.7; 327.3; 250.0; 169.3; –5.5; 108.3; 397.7; 218.6; 157.4; 34.1
  - Exports of Goods: 1,897.6; 2,656.1; 3,239.2; 3,101.2; 3,477.1; 3,791.9; 3,756.8; 3,795.0; 4,327.0; 4,549.6; 5,244.2
  - Imports of Goods: 1,732.1; 2,446.7; 2,767.2; 2,699.4; 3,144.7; 3,607.9; 3,499.1; 3,295.6; 3,974.3; 4,205.4; 4,903.6
  - Services Balance: –1.7; –21.7; –144.7; –151.8; –163.1; –189.5; –149.4; –101.7; –134.1; –186.8; –306.5

- Emerging and Developing Europe
  - Current Account Balance: –19.5; –39.5; 34.6; –8.0; –19.1; 66.9; 52.5; 1.0; 24.2; 15.7; –3.2
  - Trade Balance: 29.6; 38.0; 98.2; 57.2; 55.2; 144.6; 141.2; 57.3; 106.0; 104.8; 90.7
  - Exports of Goods: 797.7; 1,041.2; 948.5; 894.8; 1,052.8; 1,214.8; 1,197.4; 1,081.9; 1,290.2; 1,344.6; 1,505.0
  - Imports of Goods: 791.2; 1,027.5; 887.5; 885.9; 1,053.3; 1,141.9; 1,129.3; 1,079.5; 1,233.0; 1,302.6; 1,523.5
  - Primary Income Balance: –68.2; –94.3; –77.4; –77.1; –88.9; –91.7; –103.0; –69.7; –93.7; –102.7; –110.6

- Middle East and Central Asia
  - Current Account Balance: 229.8; 275.1; –138.5; –143.4; –39.4; 103.7; 21.0; –111.1; 12.9; 2.2; –25.4
  - Trade Balance: 241.7; 308.2; –77.3; –91.8; –6.4; 164.5; 81.9; –63.0; 69.8; 55.7; 22.7
  - Exports of Goods: 1,004.9; 1,352.4; 1,045.9; 956.9; 1,112.1; 1,308.5; 1,207.7; 917.7; 1,152.9; 1,181.2; 1,263.6
  - Imports of Goods: 650.2; 893.5; 985.0; 929.3; 983.1; 1,006.0; 1,011.3; 888.3; 975.5; 1,020.4; 1,156.3

- Latin America and the Caribbean
  - Current Account Balance: –29.9; –97.4; –171.9; –100.9; –87.8; –131.3; –88.8; 8.0; –0.5; –22.0; –64.7
  - Trade Balance: 24.7; –18.4; –109.8; –41.6; –15.5; –35.3; –12.0; 37.7; 53.0; 45.5; 16.7
  - Exports of Goods: 758.6; 958.8; 923.8; 892.3; 1,001.9; 1,090.0; 1,064.5; 959.2; 1,139.3; 1,180.4; 1,292.4
  - Imports of Goods: 699.5; 920.7; 977.9; 889.9; 967.4; 1,075.9; 1,037.2; 879.6; 1,036.8; 1,088.4; 1,225.4

- Sub-Saharan Africa
  - Current Account Balance: 0.9; –19.6; –90.8; –56.0; –36.8; –44.4; –63.0; –60.7; –66.2; –72.6; –73.7
  - Trade Balance: 6.0; –10.8; –101.9; –68.0; –40.6; –43.5; –71.8; –76.1; –71.8; –81.4; –86.5
  - Exports of Goods: 280.7; 365.3; 287.9; 262.4; 306.5; 353.4; 340.4; 281.2; 342.9; 357.0; 409.2
  - Imports of Goods: 230.8; 313.0; 335.0; 288.6; 300.6; 338.2; 348.8; 303.8; 353.8; 377.6; 437.2

### Summary of Current Account Transactions — Analytical Groups (by source of export earnings)
- Fuel exporters
  - Current Account Balance: 305.8; 356.9; –141.5; –99.1; 38.8; 190.3; 73.7; –93.2; 51.4; 42.5; 14.7
  - Trade Balance: 369.3; 465.4; –0.8; 21.8; 152.1; 337.5; 206.9; 27.2; 186.3; 169.6; 139.4
  - Exports of Goods: 1,137.5; 1,528.3; 1,104.4; 984.6; 1,159.7; 1,374.8; 1,247.9; 900.9; 1,158.7; 1,173.8; 1,234.2
  - Services Balance: –154.6; –218.0; –218.6; –173.3; –182.8; –201.0; –185.8; –134.2; –147.7; –151.2; –152.8

- Nonfuel exporters
  - Current Account Balance: 89.8; –4.1; 82.7; 13.9; –49.1; –245.3; –21.6; 289.4; 155.0; 58.8; –103.6
  - Trade Balance: 97.1; 39.7; 137.3; 84.0; 10.0; –112.7; 40.7; 326.4; 189.2; 112.4; –61.6
  - Exports of Goods: 3,593.6; 4,839.0; 5,340.9; 5,123.0; 5,790.6; 6,383.8; 6,319.0; 6,134.0; 7,093.7; 7,439.0; 8,480.1
  - Imports of Goods: 3,502.3; 4,768.2; 5,060.3; 4,901.7; 5,629.4; 6,339.9; 6,176.0; 5,705.6; 6,754.0; 7,146.1; 8,308.8

### By External Financing Source — Net Debtor Economies (selected)
- Current Account Balance: –158.2; –283.5; –315.2; –222.4; –247.9; –337.4; –232.3; –77.9; –206.4; –249.8; –334.1
- Trade Balance: –160.7; –266.1; –334.5; –232.6; –244.5; –308.9; –236.3; –146.9; –226.5; –246.7; –327.7
- Exports of Goods: 2,188.6; 2,850.2; 2,885.7; 2,845.4; 3,242.1; 3,581.2; 3,551.4; 3,301.2; 3,824.1; 4,053.3; 4,688.8
- Imports of Goods: 2,351.0; 3,126.5; 3,287.3; 3,171.4; 3,596.5; 4,014.0; 3,933.0; 3,483.6; 4,081.4; 4,374.6; 5,198.9

### Emerging Market and Developing Economies — Summary of External Debt and Debt Service
- Total External Debt (Emerging Market and Developing Economies): 8,377.5; 8,826.6; 8,364.7; 8,712.1; 9,676.1; 10,139.7; 10,600.5; 11,143.2; 11,812.4; 12,508.1
- Regional totals (External Debt, selected)
  - Emerging and Developing Asia: 2,883.2; 3,202.9; 2,817.9; 2,870.9; 3,375.7; 3,671.3; 3,831.7; 4,174.6; 4,623.3; 5,105.9
  - Emerging and Developing Europe: 2,178.6; 1,990.5; 1,797.3; 1,785.6; 1,918.4; 1,829.1; 1,846.8; 1,876.5; 1,956.7; 2,007.9
  - Latin America and the Caribbean: 1,870.9; 2,070.1; 2,062.6; 2,156.2; 2,251.7; 2,340.8; 2,401.9; 2,431.7; 2,499.8; 2,561.1
  - Middle East and Central Asia: 1,071.4; 1,135.2; 1,236.7; 1,394.6; 1,520.6; 1,642.6; 1,820.0; 1,921.8; 1,970.4; 2,034.4
  - Sub-Saharan Africa: 373.5; 427.8; 450.1; 504.7; 609.6; 656.0; 700.1; 738.6; 762.2; 798.7

- Debt-Service Payments (Emerging Market and Developing Economies): 2,976.7; 3,416.1; 3,500.1; 3,037.9; 3,080.0; 3,541.5; 3,808.4; 3,925.7; 4,112.8; 4,343.4
  - By region (Debt-Service Payments, selected)
    - Emerging and Developing Asia: 1,427.0; 1,829.3; 1,978.7; 1,545.4; 1,548.3; 1,905.0; 2,100.9; 2,181.4; 2,383.0; 2,633.0
    - Emerging and Developing Europe: 782.7; 797.9; 649.9; 596.1; 618.3; 659.1; 647.8; 658.0; 654.6; 667.9
    - Latin America and the Caribbean: 479.0; 513.4; 572.1; 564.9; 561.7; 563.9; 623.5; 626.9; 580.9; 586.7

### External Debt by Maturity (Emerging Market and Developing Economies)
- Total Debt: 8,377.5; 8,826.6; 8,364.7; 8,712.1; 9,676.1; 10,139.7; 10,600.5; 11,143.2; 11,812.4; 12,508.1
- By maturity (Emerging Market and Developing Economies)
  - Short Term: 2,525.1; 2,630.9; 2,122.4; 2,151.2; 2,552.3; 2,778.5; 2,908.6; 3,046.5; 3,257.3; 3,511.8
  - Long Term: 5,852.4; 6,195.7; 6,242.3; 6,560.9; 7,123.8; 7,361.3; 7,692.0; 8,096.6; 8,555.1; 8,996.2

- Region example — Emerging and Developing Asia (by maturity)
  - Short Term: 1,536.8; 1,638.9; 1,183.7; 1,174.3; 1,498.5; 1,645.3; 1,682.5; 1,832.5; 2,042.4; 2,253.1
  - Long Term: 1,346.3; 1,564.0; 1,634.3; 1,696.7; 1,877.2; 2,026.0; 2,149.2; 2,342.1; 2,580.9; 2,852.8

### External Debt Ratios — Debt to GDP (Emerging Market and Developing Economies)
- Emerging Market and Developing Economies (debt/GDP): 28.6; 30.6; 30.7; 30.2; 30.2; 31.0; 30.5; 32.6; 31.5; 30.9
- Regional ratios (debt/GDP, selected)
  - Emerging and Developing Asia: 21.0; 21.4; 18.6; 18.2; 18.6; 19.2; 18.8; 19.5; 20.0; 20.4
  - Emerging and Developing Europe: 48.6; 56.5; 58.8; 56.4; 51.1; 50.6; 46.8; 51.7; 47.9; 46.0
  - Latin America and the Caribbean: 32.9; 37.6; 44.1; 42.7; 42.3; 47.6; 47.9; 56.3; 54.4; 52.1
  - Sub-Saharan Africa: 23.0; 25.8; 31.7; 35.2; 38.0; 41.6; 42.6; 46.1; 43.0; 41.4

*Source: tableb - Section 4 (WORLD ECONOMIC OUTLOOK: MANAGING DIVERGENT RECOVERIES — Statistical Appendix, April 2021).*

### Section 5

### tableb - Section 5

### Interest Payments (Percent of exports of goods and services)
- Emerging Market and Developing Economies: 3.0 3.3 3.8 3.9 3.9 4.2 4.7 5.2 4.6 4.7
- Regional Groups:
  - Emerging and Developing Asia: 2.8 3.2 3.3 3.2 3.5 3.8 4.4 4.9 4.7 4.9
  - Emerging and Developing Europe: 4.3 4.1 4.1 4.0 3.0 3.0 3.1 3.3 2.9 2.8
  - Latin America and the Caribbean: 5.1 5.4 6.4 6.4 6.8 7.1 7.5 8.1 8.5 6.9 6.7
  - Middle East and Central Asia: 1.4 1.6 2.6 3.6 3.5 3.7 4.3 5.0 3.8 4.0
  - Sub-Saharan Africa: 1.9 2.4 4.0 4.3 4.1 4.5 4.8 6.3 5.4 5.4
- Analytical Groups — By Source of Export Earnings:
  - Fuel: 1.2 1.3 2.3 3.3 3.4 3.6 4.1 5.1 3.7 3.8
  - Nonfuel: 3.5 3.8 4.0 4.0 4.0 4.3 4.8 5.2 4.8 4.8
  - Of Which, Primary Products: 3.9 4.5 6.1 6.1 6.7 7.9 8.3 8.1 6.1 5.9
- Analytical Groups — By External Financing Source:
  - Net Debtor Economies: 3.2 3.3 3.8 4.0 4.2 4.4 4.9 5.6 5.0 4.8
- Net Debtor Economies by Debt-Servicing Experience:
  - Economies with Arrears and/or Rescheduling during 2015–19: 2.6 3.4 4.6 5.9 6.5 7.1 8.2 8.1 8.3 7.8
- Other Groups:
  - Middle East and North Africa: 1.1 1.3 2.1 3.0 3.0 3.2 3.7 4.3 3.3 3.4
  - Emerging Market and Middle-Income Economies: 3.1 3.4 3.9 4.0 4.0 4.3 4.8 5.3 4.7 4.8
  - Low-Income Developing Countries: 1.4 1.6 2.2 2.5 2.5 2.7 2.7 3.3 3.0 3.0
  - Heavily Indebted Poor Countries: 1.7 2.1 3.2 4.1 3.9 4.1 4.5 6.1 5.2 5.4

Notes:
- Excludes service payments to the IMF.
- Interest payments and amortization on total debt. Estimates through 2020 reflect debt-service payments actually made. Estimates for 2021 and 2022 take into account projected exceptional-financing items, including accumulation of arrears and rescheduling arrangements. In some cases, amortization on account of debt-reduction operations is included.

### Amortization (Percent of exports of goods and services)
- Emerging Market and Developing Economies: 30.7 35.3 42.1 37.6 33.3 34.3 37.4 43.0 38.4 38.4
- Regional Groups:
  - Emerging and Developing Asia: 34.2 42.5 49.0 39.0 34.4 38.9 42.8 45.2 43.4 45.3
  - Emerging and Developing Europe: 48.8 50.2 50.4 48.4 43.4 40.0 39.4 46.5 38.2 36.8
  - Latin America and the Caribbean: 33.5 36.6 47.4 47.7 41.2 37.4 42.4 50.3 38.6 37.1
  - Middle East and Central Asia: 10.6 10.3 14.7 17.4 16.6 15.5 17.9 26.8 21.7 19.0
  - Sub-Saharan Africa: 13.9 13.5 20.3 23.4 19.0 24.2 23.7 29.6 33.5 27.1
- Analytical Groups — By Source of Export Earnings:
  - Fuel: 6.9 6.4 9.6 12.0 11.0 10.7 11.7 19.7 16.6 16.9
  - Nonfuel: 37.3 42.7 48.4 42.2 37.5 39.0 42.1 46.3 41.9 41.6
  - Of Which, Primary Products: 43.2 41.8 49.9 51.1 42.8 43.7 50.2 55.5 44.2 39.1
- Analytical Groups — By External Financing Source:
  - Net Debtor Economies: 33.1 34.9 40.1 39.8 35.6 33.3 34.4 40.1 34.6 31.8
- Net Debtor Economies by Debt-Servicing Experience:
  - Economies with Arrears and/or Rescheduling during 2015–19: 54.6 56.9 68.6 74.0 69.4 65.8 65.2 74.8 58.3 38.9
- Other Groups:
  - Middle East and North Africa: 10.2 9.7 14.3 17.3 16.3 15.3 17.7 26.9 21.5 18.4
  - Emerging Market and Middle-Income Economies: 32.0 36.9 44.3 39.2 34.9 35.8 39.4 45.4 40.3 40.3
  - Low-Income Developing Countries: 8.9 9.2 9.7 14.9 11.5 14.6 11.7 14.0 15.1 14.5
  - Heavily Indebted Poor Countries: 5.5 6.7 8.8 9.0 9.9 10.3 10.7 12.2 11.2 11.6

Note:
- Interest payments and amortization on total debt. Estimates through 2020 reflect debt-service payments actually made. Estimates for 2021 and 2022 take into account projected exceptional-financing items, including accumulation of arrears and rescheduling arrangements. In some cases, amortization on account of debt-reduction operations is included.

### Selected Economic Indicators — Medium-Term Baseline Scenario (Annual percent change and percent of exports of goods and services)
- Averages and Projections (Real GDP, Export Volume, Terms of Trade, Import Volume):
  - Emerging Market and Developing Economies — Real GDP: 6.6 4.1 3.6 –2.2 6.7 5.0 3.2 4.6
  - Emerging Market and Developing Economies — Export Volume: 8.3 3.1 0.5 –5.7 7.6 6.0 2.0 4.6
  - Emerging Market and Developing Economies — Terms of Trade: 1.6 –0.6 –1.2 –1.3 0.6 0.2 –0.4 –0.6
  - Emerging Market and Developing Economies — Import Volume: 9.8 2.8 –1.0 –8.6 9.0 7.4 1.5 4.8
- Regional highlights (Real GDP, Export Volume, Terms of Trade, Import Volume):
  - Emerging and Developing Asia — Real GDP: 8.7 5.9 5.3 –1.0 8.6 6.0 4.6 5.6
  - Emerging and Developing Asia — Export Volume: 12.3 3.7 0.4 –2.1 7.7 5.8 2.9 4.9
  - Emerging and Developing Europe — Real GDP: 4.6 2.4 2.4 –2.0 4.4 3.9 2.2 2.8
  - Latin America and the Caribbean — Real GDP: 3.9 0.7 0.2 –7.0 4.6 3.1 0.1 2.4
  - Middle East and Central Asia — Real GDP: 5.7 2.4 1.4 –2.9 3.7 3.8 1.5 3.6
  - Sub-Saharan Africa — Real GDP: 5.7 3.0 3.2 –1.9 3.4 4.0 2.1 4.1
- Analytical Groups — Net Debtor Economies by Debt-Servicing Experience:
  - Economies with Arrears and/or Rescheduling during 2015–19 — Real GDP: 4.3 2.2 3.1 –1.3 2.4 4.2 2.1 4.8
  - Economies with Arrears and/or Rescheduling during 2015–19 — Export Volume: 3.8 1.4 5.2 –8.9 0.6 10.8 1.7 8.2

### Additional Debt and External Sector Indicators (Percent of exports of goods and services; percent of GDP)
- Projections and levels:
  - Current Account Balance: 4.0 2.1 –0.6 0.6 2.4 2.1 1.0 –1.7
  - Total External Debt: 90.5 99.3 109.9 116.6 136.4 123.4 123.7 124.7
  - Debt-Service Payments: 27.6 38.8 38.6 42.1 48.2 43.1 43.1 45.6
  - Interest Payments: 2.8 3.3 4.2 4.7 5.2 4.6 4.7 4.9
  - Amortization: 24.6 35.3 34.3 37.4 43.0 38.4 38.4 40.6
- Regional breakdowns (selected entries):
  - Emerging and Developing Asia — Current Account Balance: 8.3 5.7 –1.1 2.9 8.2 4.8 3.4 0.0
  - Emerging and Developing Asia — Total External Debt: 60.3 79.9 82.3 86.0 95.7 93.4 97.3 111.5
  - Emerging and Developing Asia — Debt-Service Payments: 22.5 45.7 42.7 47.2 50.1 48.2 50.2 57.8
  - Emerging and Developing Europe — Current Account Balance: –2.9 –0.7 4.4 3.4 0.1 1.5 0.9 –0.7
  - Emerging and Developing Europe — Total External Debt: 153.8 135.4 119.3 120.9 141.9 122.6 118.8 102.0
  - Emerging and Developing Europe — Debt-Service Payments: 51.5 54.3 43.0 42.5 49.8 41.1 39.6 33.1
  - Latin America and the Caribbean — Current Account Balance: –9.9 –14.9 –10.3 –7.1 0.7 0.0 –1.6 –5.5
  - Latin America and the Caribbean — Total External Debt: 132.0 166.2 184.3 192.6 226.7 194.9 190.2 174.9
  - Latin America and the Caribbean — Debt-Service Payments: 38.4 44.0 45.7 50.9 59.0 45.6 43.9 39.1
  - Middle East and Central Asia — Current Account Balance: 13.2 12.8 6.7 1.4 –10.0 0.9 0.2 –2.3
  - Middle East and Central Asia — Total External Debt: 74.6 66.2 106.5 125.0 176.6 145.8 144.1 140.6
  - Middle East and Central Asia — Debt-Service Payments: 14.0 12.0 19.2 22.2 31.8 25.5 23.0 22.8
  - Sub-Saharan Africa — Current Account Balance: –2.7 –13.6 –10.6 –15.4 –18.6 –16.7 –17.3 –14.8
  - Sub-Saharan Africa — Total External Debt: 74.6 94.9 157.2 172.5 228.1 193.8 191.9 180.3
  - Sub-Saharan Africa — Debt-Service Payments: 13.8 15.9 28.8 28.5 35.9 38.9 32.5 31.5
- Analytical Groups — Net Debtor Economies by Debt-Servicing Experience:
  - Economies with Arrears and/or Rescheduling during 2015–19 — Current Account Balance: –11.2 –17.3 –18.8 –18.1 –13.9 –19.9 –20.0 –12.3
  - Economies with Arrears and/or Rescheduling during 2015–19 — Total External Debt: 137.5 163.9 213.7 219.8 261.5 242.9 223.5 166.9
  - Economies with Arrears and/or Rescheduling during 2015–19 — Debt-Service Payments: 42.7 60.3 72.9 73.5 82.9 66.6 46.7 33.4
  - Economies with Arrears and/or Rescheduling during 2015–19 — Interest Payments: 2.4 3.4 7.1 8.2 8.1 8.3 7.8 6.0
  - Economies with Arrears and/or Rescheduling during 2015–19 — Amortization: 40.3 56.9 65.8 65.2 74.8 58.3 38.9 27.4

Note:
- Data refer to trade in goods and services.
- Interest payments and amortization on total debt. The projections incorporate the impact of exceptional-financing items. Excludes service payments to the IMF.

*WORLD ECONOMIC OUTLOOK: MANAGING DIVERGENT RECOVERIES — Table B21 (Section 5)*

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_Source: https://www.imf.org/-/media/files/publications/weo/2021/april/english/tableb.pdf_