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### Assumptions
- Real effective exchange rates for the advanced economies are assumed to remain constant at their average levels measured during July 22, 2022–August 19, 2022.
- For 2022 and 2023 these assumptions imply average US dollar–special drawing right conversion rates of 1.346 and 1.330, US dollar–euro conversion rates of 1.057 and 1.025, and yen–US dollar conversion rates of 128.4 and 129.3, respectively.
- It is assumed that the price of oil will average $98.19 a barrel in 2022 and $85.52 a barrel in 2023.
- National authorities’ established policies are assumed to be maintained.
- Interest rate assumptions:
  - Three-month government bond yield averages:
    - United States: 1.8 percent in 2022 and 4.0 percent in 2023.
    - Euro area: –0.2 percent in 2022 and 0.8 percent in 2023.
    - Japan: –0.1 percent in 2022 and 0.0 percent in 2023.
  - 10-year government bond yield averages:
    - United States: 3.2 percent in 2022 and 4.4 percent in 2023.
    - Euro area: 0.9 percent in 2022 and 1.3 percent in 2023.
    - Japan: 0.2 percent in 2022 and 0.3 percent in 2023.
- Box A1 describes more specific policy assumptions underlying the projections for selected economies.
- Note: “The figures for 2022–23 are shown with the same degree of precision as the historical figures solely for convenience; because they are projections, the same degree of accuracy is not to be inferred.”

### What’s New
- For Algeria, starting with the October 2022 WEO, total government expenditure and net lending/borrowing include net lending by the government, which mostly reflects support to the pension system and other public sector entities.
- Ecuador’s fiscal sector projections, which were previously omitted because of ongoing program review discussions, are now included.
- Tunisia’s forecast data, which were previously omitted because of ongoing technical discussions pending potential program negotiations, are now included.
- Turkey is now referred to as Türkiye.
- For Sri Lanka, certain projections for 2023–27 are excluded from publication owing to ongoing discussions on sovereign debt restructuring, following the recently reached staff-level agreement on an IMF-supported program.
- For Venezuela, following methodological upgrades, historical data have been revised from 2012 onward. Nominal variables that were omitted from publication in the April 2022 WEO are now included.

### Data and Conventions
- Data and projections for 196 economies form the statistical basis of the WEO database. The data are maintained jointly by the IMF’s Research Department and regional departments.
- Most countries’ macroeconomic data as presented in the WEO conform broadly to the 2008 version of the System of National Accounts (SNA 2008).
- IMF sector statistical standards aligned with SNA 2008 include:
  - sixth edition of the Balance of Payments and International Investment Position Manual (BPM6),
  - the Monetary and Financial Statistics Manual and Compilation Guide,
  - the Government Finance Statistics Manual 2014 (GFSM 2014).
- WEO estimates are only partly adapted to these manuals; full concordance depends on national statistical compilers providing revised country data.
- Fiscal gross and net debt data are drawn from official data sources and IMF staff estimates; attempts are made to align with GFSM 2014 definitions but deviations may occur.
- Composite data and aggregation conventions:
  - Composites are either sums or weighted averages of individual countries.
  - Multiyear averages of growth rates are expressed as compound annual rates of change unless noted otherwise.
  - Arithmetically weighted averages are used for all data for the emerging market and developing economies group—except inflation and money growth, for which geometric averages are used.
  - Country group composites for exchange rates, interest rates, and growth rates of monetary aggregates are weighted by GDP converted to US dollars at market exchange rates (averaged over the preceding three years) as a share of group GDP.
  - Composites for other domestic-economy data are weighted by GDP valued at purchasing power parity as a share of total world or group GDP.
  - For aggregation of world and advanced economies (and subgroups) inflation, annual rates are simple percentage changes from the previous years; for emerging market and developing economies (and subgroups) inflation, annual rates are based on logarithmic differences.
  - Composites for real GDP per capita in purchasing-power-parity terms are sums of individual country data after conversion to the international dollar in the years indicated.
  - Euro area sector composites are corrected for reporting discrepancies in intra-area transactions.
  - Unadjusted annual GDP data are used for the euro area and most individual countries, except Cyprus, Ireland, Portugal, and Spain, which report calendar-adjusted data.
  - For data prior to 1999, data aggregations apply 1995 European currency unit exchange rates.
  - Composites for fiscal data are sums of individual country data after conversion to US dollars at the average market exchange rates in the years indicated.
  - Composite unemployment rates and employment growth are weighted by labor force as a share of group labor force.
  - Composites relating to external sector statistics are sums of individual country data after conversion to US dollars at the average market exchange rates in the years indicated for balance of payments data and at end-of-year market exchange rates for debt denominated in currencies other than US dollars.
  - Composites of changes in foreign trade volumes and prices are arithmetic averages of percent changes for individual countries weighted by the US dollar value of exports or imports as a share of total world or group exports or imports (in the preceding year).
  - Group composites are computed if 90 percent or more of the share of group weights is represented.
- Data refer to calendar years, except for a few countries that use fiscal years; Table F lists economies with exceptional reporting periods.
- For some countries, figures for 2021 and earlier are based on estimates rather than actual outturns; Table G lists the latest actual outturns for national accounts, prices, government finance, and balance of payments indicators.

### Country Notes (selected entries)
- Afghanistan: data and projections for 2021–27 are omitted because the IMF has paused its engagement with the country.
- Albania: projections were prepared prior to the 2022 Article IV mission that ended on October 10th and do not reflect updates during the mission.
- Algeria: starting with the October 2022 WEO, total government expenditure and net lending/borrowing include net lending by the government, reflecting support to the pension system and other public sector entities.
- Argentina:
  - Official national consumer price index (CPI) starts in December 2016.
  - For earlier periods CPI data reflect different regional and national series as specified; WEO does not report average CPI inflation for 2014–16 and end-of-period inflation for 2015–16.
  - Argentina discontinued publication of labor market data starting in Q4 2015; new series available starting Q2 2016.
- Bangladesh: data and forecasts are presented on a fiscal year basis; country group aggregates that include Bangladesh use calendar year estimates of real GDP and purchasing-power-parity GDP.
- Costa Rica: central government definition expanded as of January 1, 2021, to include 51 public entities as per Law 9524. Data back to 2019 are adjusted for comparability.
- Dominican Republic: fiscal series coverage specified (consolidated public sector for public debt, debt service, cyclically adjusted/structural balances; remaining fiscal series for central government).
- Ecuador: authorities are undertaking revisions of historical fiscal data with technical support from the IMF.
- Honduras: projections were prepared prior to the 2022 Article IV mission that ended on October 5th and do not reflect updates.
- India: real GDP growth rates calculated as per national accounts: for 1998–2001 with base year 2004/05 and, thereafter, with base year 2011/12.
- Lebanon: data and projections for 2021–27 are omitted owing to an unusually high degree of uncertainty.
- Libya: reliability of data is low given civil war and weak capacity.
- Pakistan: 2022 projections are based on information available as of the end of August and do not include the impact of the recent floods.
- Sierra Leone: redenominated its currency on July 1, 2022; local currency data are expressed in the old leone for the October 2022 WEO.
- Sri Lanka: certain projections for 2023–27 are excluded from publication owing to ongoing discussions on sovereign debt restructuring, following the recently reached staff-level agreement on an IMF-supported program.
- Syria: data are excluded from 2011 onward because of the uncertain political situation.
- Turkmenistan: real GDP data are IMF staff estimates compiled in line with SNA; fiscal balance estimates and projections exclude receipts from domestic bond issuances and privatization operations, in line with GFSM 2014.
- Ukraine: all projections for 2022–27 except real GDP and consumer prices are omitted owing to an unusually high degree of uncertainty. Real GDP and consumer prices are projected through 2022. Revised national accounts data are available beginning in 2000 and exclude Crimea and Sevastopol from 2010 onward.
- United Kingdom: projections are based on information available as of September 12, 2022, and do not fully incorporate the fiscal announcement on September 23, 2022.
- Uruguay:
  - In December 2020 authorities began reporting national accounts data according to SNA 2008 with base year 2016; new series begin in 2016. Data prior to 2016 reflect IMF staff efforts to preserve previously reported data and avoid structural breaks.
  - Since October 2018 Uruguay’s public pension system has been receiving transfers recorded as revenues; data and projections for 2018–22 are affected by these transfers, which amounted to [text truncated in source].

### Short fiscal time series cited
- Revenues and net lending/borrowing: 1.2 percent of GDP in 2018, 1.1 percent of GDP in 2019, 0.6 percent of GDP in 2020, and 0.3 percent of GDP in 2021 and are projected to be 0.1 percent of GDP in 2022 and 0 percent thereafter.
- See IMF Country Report 19/64 for further details on Uruguay’s pension/public accounts treatment.

### Country-specific data coverage and caveats
- Uruguay:
  - Coverage changed from consolidated public sector to nonfinancial public sector with the October 2019 WEO.
  - Nonfinancial public sector includes central government, local government, social security funds, nonfinancial public corporations, and Banco de Seguros del Estado.
  - Historical data were revised accordingly.
  - Under the narrower fiscal perimeter (which excludes the central bank), assets and liabilities held by the nonfinancial public sector for which the counterpart is the central bank are not netted out in debt figures; past capitalization bonds issued by the government to the central bank are now part of nonfinancial public sector debt.
  - Gross and net debt estimates for 2008–11 are preliminary.
- Venezuela:
  - Last Article IV consultation took place in 2004.
  - Projections are difficult because of lack of discussions with the authorities, incomplete metadata, and difficulties reconciling reported indicators with developments.
  - Fiscal accounts include the budgetary central government; social security; FOGADE; and a reduced set of public enterprises including Petróleos de Venezuela, S.A. (PDVSA).
  - Following methodological upgrades to nominal GDP, historical data and indicators expressed as percentage of GDP have been revised from 2012 onward; for most indicators, data for 2018–22 are IMF staff estimates.
  - Hyperinflation and paucity of reported data mean projections need to be interpreted with caution; wide uncertainty surrounds these projections.
  - Venezuela’s consumer prices are excluded from all WEO group composites.
- Zimbabwe:
  - In 2019 authorities introduced the Real Time Gross Settlement dollar, later renamed the Zimbabwe dollar, and are in the process of redenominating national accounts statistics.
  - Current data are subject to revision.
  - The Zimbabwe dollar previously ceased circulating in 2009; during 2009–19 Zimbabwe operated under a multicurrency regime with the US dollar as the unit of account.

### Country classification (WEO)
- The WEO divides economies into two major groups: Advanced Economies and Emerging Market and Developing Economies.
- Advanced Economies: 40 economies.
- Emerging Market and Developing Economies: 156 economies.
- Emerging and developing regions listed include: emerging and developing Asia; emerging and developing Europe; Latin America and the Caribbean; Middle East and Central Asia; and sub-Saharan Africa.
- Analytical classifications:
  - By source of export earnings: fuel, nonfuel, and nonfuel primary products (economies categorized if main source exceeded 50 percent of total exports on average between 2017 and 2021).
  - By external financing source and debt experience: net creditor, net debtor, heavily indebted poor countries (HIPCs), low-income developing countries (LIDCs), and emerging market and middle-income economies.
- Counts and groups appearing in tables:
  - Net Debtor Economies: 122.
  - Countries with Arrears and/or Rescheduling during 2017–21: 37.
  - Emerging Market and Middle-Income Economies: 96.
  - Low-Income Developing Countries: 59.
  - Heavily Indebted Poor Countries: 39.

### Key tables and exceptional reporting
- Tables A–G document classification, group shares, subgroup lists (Tables B–D), economies with exceptional reporting periods (Table F), and key data documentation (Table G).
- Table F lists economies with non-calendar national accounts or government finance reporting periods (examples include The Bahamas Jul/Jun; Bangladesh Jul/Jun; India Apr/Mar; Thailand Oct/Sep; Trinidad and Tobago Oct/Sep).
- Table G (Key Data Documentation) provides country-by-country metadata including currency, national accounts source, latest actual annual data, base year, system of national accounts, historical data source, government finance historical data source, subsector coverage, accounting practice, and balance of payments historical data source/latest actual annual data.

### Fiscal policy assumptions (general and selected-economy specifics)
- General approach:
  - Short-term fiscal assumptions normally based on officially announced budgets, adjusted for differences between national authorities and IMF staff macro assumptions and projected fiscal outturns.
  - When no official budget exists, projections incorporate policy measures judged likely to be implemented.
  - Medium-term projections based on judgment about the most likely policy path; where insufficient information exists, an unchanged structural primary balance is assumed unless indicated otherwise.
- Selected country assumptions and sources:
  - Argentina: Based on budget outturn, budget plans, IMF-supported program targets for the federal government, announced fiscal measures, and IMF staff macro projections.
  - Australia: Based on Australian Bureau of Statistics data, FY2022/23 Commonwealth budget (March 2022), state/territory budgets (as of August 30, 2022), and IMF staff estimates and projections.
  - Austria: Based on 2022 budget, Austrian Stability Programme, National Reform Programme, NextGeneration EU recovery funds, and latest announcements.
  - Belgium: Based on Belgian Stability Program 2022–25 and 2022 Budgetary Plan, with IMF staff adjustments.
  - Brazil: Fiscal projections for 2022 reflect the latest policy announcements.
  - Canada: Uses baseline forecasts from Government of Canada’s Budget 2022 and latest provincial budgets, with IMF staff adjustments and updated Statistics Canada releases.
  - Chile: Based on authorities’ budget projections, adjusted for IMF staff projections for GDP, copper prices, depreciation, and inflation.
  - China: After significant fiscal tightening in 2021, fiscal policy is projected to loosen considerably in 2022 based on annual budget (March), additional fiscal support announcements, and fiscal outturn for first seven months of 2022.
  - Ireland: Based on Budget 2022.
  - India: Projections based on authorities’ fiscal plans with IMF staff adjustments; subnational data incorporated with a lag; starting with FY2020/21, expenditure includes off-budget component of food subsidies, with IMF staff adjustments for payments for previous years’ food subsidies included in budget estimates for FY2020/21.
  - Mexico: 2020 public sector borrowing requirements adjusted for statistical discrepancies; 2022–23 informed by Criterios 2023; 2024 onward assume continued compliance with Fiscal Responsibility Law.
  - Portugal: Current year projections based on approved budget, adjusted to IMF staff macro forecasts; thereafter assume unchanged policies.
  - Puerto Rico: Informed by the Certified Fiscal Plan (January 2022).
  - Russia: Fiscal rule suspended in response to sanctions after the invasion of Ukraine; projection assumes increase in discretionary spending by the amount that would otherwise have been saved under the fiscal rule, some borrowing, and a decline in revenues due to projected recession.
  - Saudi Arabia: Baseline fiscal projections primarily based on 2022 budget; export oil revenues based on WEO baseline oil price assumptions and IMF staff understanding of OPEC+ policy.
  - Singapore: FY2020 figures based on budget execution; FY2021 based on revised figures through end-2021; FY2022 based on initial budget (February 18, 2022). IMF staff assumes gradual withdrawal of remaining pandemic-related measures and implementation of revenue measures announced in FY2022 budget, including:
    - Increase in the Goods and Services Tax from 7 percent to 8 percent on January 1, 2023, and to 9 percent on January 1, 2024.
    - Increase in property taxes in 2023 for non–owner-occupied properties (from 10–20 percent to 12–36 percent) and for owner-occupied properties with an annual value in excess of $30,000 (from 4–16 percent to 6–32 percent).
    - Increase of the carbon tax from S$5 per tonne to S$25 per tonne in 2024 and 2025 and S$45 per tonne in 2026 and 2027.
  - Spain: 2022 projections include COVID-19 and energy-related support, legislated pension increase, and legislated revenue measures; projections from 2023 onward assume no policy changes; 2021–24 reflect EU Recovery and Resilience Facility disbursements.
  - Sweden: Estimates for 2021 and 2022 based on Spring Fiscal Policy Bill and Spring Amending Budget for 2022, updated with latest interim forecast; cyclical impacts calculated using 2014 OECD elasticity.
  - Switzerland: Announced discretionary stimulus for 2022 permitted within context of debt brake rule in event of “exceptional circumstances.”
  - Türkiye: Projections use IMF-defined fiscal balance (which excludes some items in authorities’ headline balance).
  - United Kingdom: Based on latest GDP data (Office for National Statistics August 12, 2022) and Office for Budget Responsibility forecasts (March 23, 2022); IMF staff adjusts revenue projections for macro forecast differences and assumes some additional fiscal consolidation starting in FY2023/24 to comply with new fiscal rules announced at Autumn Budget and Spending Review on October 27, 2021.
  - United States: Based on July 2022 Congressional Budget Office baseline, adjusted for IMF staff policy and macro assumptions; projections incorporate effects of the Bipartisan Infrastructure Law and the Inflation Reduction Act; projections converted to a general government basis.

### Monetary policy assumptions (general and selected-economy specifics)
- General approach:
  - Assumptions based on established policy frameworks in each country; commonly assume a nonaccommodative stance over the business cycle (interest rates rise if inflation expected to exceed acceptable range; fall when slack is significant).
  - Interest rate paths referenced to the Assumptions section at beginning of the Statistical Appendix.
- Selected country assumptions:
  - Argentina: Monetary projections consistent with crawling-peg regime, macro framework, fiscal and financing plans, and foreign exchange policies.
  - Australia, New Zealand: Based on IMF staff analysis and expected inflation path.
  - Brazil: Consistent with convergence of inflation toward middle of target range by end of 2024.
  - Canada: Projections reflect monetary policy tightening by the Bank of Canada; expected continued increases in key policy rate during 2022 and 2023.
  - China: Overall monetary stance moderately tight in 2021; expected to be moderately accommodative in 2022.
  - Denmark: Maintain peg to the euro.
  - Euro area: Monetary policy assumptions in line with market expectations.
  - Hong Kong SAR: Assumes currency board system remains intact.
  - India: Consistent with Reserve Bank of India achieving inflation target over medium term despite recent uptick.
  - Indonesia: In line with inflation within central bank’s target band over medium term.
  - Israel: Based on gradual normalization of monetary policy.
  - Japan, Korea: Policy paths in line with market expectations.
  - Russia: Assumes Central Bank of the Russian Federation is adopting a tight monetary policy stance given high inflation.
  - Saudi Arabia: Based on continuation of exchange rate peg to the US dollar.
  - Singapore: Broad money projected to grow in line with projected nominal GDP growth.
  - South Africa: Consistent with maintaining inflation within 3–6 percent target band.
  - Switzerland: Assumes no change in policy rate in 2022–23.
  - United Kingdom: Short-term interest rate path based on market interest rate expectations.
  - United States: IMF staff expects Federal Open Market Committee to continue to adjust federal funds target rate in line with macro outlook.

*International Monetary Fund | October 2022 — Statistical Appendix (excerpt)*

### 2022. The figures for 2022–23 are shown with the

### statsappendix - 2022. The figures for 2022–23 are shown with the

### Assumptions
- Real effective exchange rates for the advanced economies are assumed to remain constant at their average levels measured during July 22, 2022–August 19, 2022.
- For 2022 and 2023 these assumptions imply average US dollar–special drawing right conversion rates of 1.346 and 1.330, US dollar–euro conversion rates of 1.057 and 1.025, and yen–US dollar conversion rates of 128.4 and 129.3, respectively.
- It is assumed that the price of oil will average $98.19 a barrel in 2022 and $85.52 a barrel in 2023.
- National authorities’ established policies are assumed to be maintained.
- Interest rate assumptions:
  - Three-month government bond yield averages:
    - United States: 1.8 percent in 2022 and 4.0 percent in 2023.
    - Euro area: –0.2 percent in 2022 and 0.8 percent in 2023.
    - Japan: –0.1 percent in 2022 and 0.0 percent in 2023.
  - 10-year government bond yield averages:
    - United States: 3.2 percent in 2022 and 4.4 percent in 2023.
    - Euro area: 0.9 percent in 2022 and 1.3 percent in 2023.
    - Japan: 0.2 percent in 2022 and 0.3 percent in 2023.
- Box A1 describes more specific policy assumptions underlying the projections for selected economies.
- Note: “The figures for 2022–23 are shown with the same degree of precision as the historical figures solely for convenience; because they are projections, the same degree of accuracy is not to be inferred.”

### What’s New
- For Algeria, starting with the October 2022 WEO, total government expenditure and net lending/borrowing include net lending by the government, which mostly reflects support to the pension system and other public sector entities.
- Ecuador’s fiscal sector projections, which were previously omitted because of ongoing program review discussions, are now included.
- Tunisia’s forecast data, which were previously omitted because of ongoing technical discussions pending potential program negotiations, are now included.
- Turkey is now referred to as Türkiye.
- For Sri Lanka, certain projections for 2023–27 are excluded from publication owing to ongoing discussions on sovereign debt restructuring, following the recently reached staff-level agreement on an IMF-supported program.
- For Venezuela, following methodological upgrades, historical data have been revised from 2012 onward. Nominal variables that were omitted from publication in the April 2022 WEO are now included.

### Data and Conventions
- Data and projections for 196 economies form the statistical basis of the WEO database. The data are maintained jointly by the IMF’s Research Department and regional departments.
- Most countries’ macroeconomic data as presented in the WEO conform broadly to the 2008 version of the System of National Accounts (SNA 2008).
- IMF sector statistical standards aligned with SNA 2008 include:
  - sixth edition of the Balance of Payments and International Investment Position Manual (BPM6),
  - the Monetary and Financial Statistics Manual and Compilation Guide,
  - the Government Finance Statistics Manual 2014 (GFSM 2014).
- WEO estimates are only partly adapted to these manuals; full concordance depends on national statistical compilers providing revised country data.
- Fiscal gross and net debt data are drawn from official data sources and IMF staff estimates; attempts are made to align with GFSM 2014 definitions but deviations may occur.
- Composite data and aggregation conventions:
  - Composites are either sums or weighted averages of individual countries.
  - Multiyear averages of growth rates are expressed as compound annual rates of change unless noted otherwise.
  - Arithmetically weighted averages are used for all data for the emerging market and developing economies group—except inflation and money growth, for which geometric averages are used.
  - Country group composites for exchange rates, interest rates, and growth rates of monetary aggregates are weighted by GDP converted to US dollars at market exchange rates (averaged over the preceding three years) as a share of group GDP.
  - Composites for other domestic-economy data are weighted by GDP valued at purchasing power parity as a share of total world or group GDP.
  - For aggregation of world and advanced economies (and subgroups) inflation, annual rates are simple percentage changes from the previous years; for emerging market and developing economies (and subgroups) inflation, annual rates are based on logarithmic differences.
  - Composites for real GDP per capita in purchasing-power-parity terms are sums of individual country data after conversion to the international dollar in the years indicated.
  - Euro area sector composites are corrected for reporting discrepancies in intra-area transactions.
  - Unadjusted annual GDP data are used for the euro area and most individual countries, except Cyprus, Ireland, Portugal, and Spain, which report calendar-adjusted data.
  - For data prior to 1999, data aggregations apply 1995 European currency unit exchange rates.
  - Composites for fiscal data are sums of individual country data after conversion to US dollars at the average market exchange rates in the years indicated.
  - Composite unemployment rates and employment growth are weighted by labor force as a share of group labor force.
  - Composites relating to external sector statistics are sums of individual country data after conversion to US dollars at the average market exchange rates in the years indicated for balance of payments data and at end-of-year market exchange rates for debt denominated in currencies other than US dollars.
  - Composites of changes in foreign trade volumes and prices are arithmetic averages of percent changes for individual countries weighted by the US dollar value of exports or imports as a share of total world or group exports or imports (in the preceding year).
  - Group composites are computed if 90 percent or more of the share of group weights is represented.
- Data refer to calendar years, except for a few countries that use fiscal years; Table F lists economies with exceptional reporting periods.
- For some countries, figures for 2021 and earlier are based on estimates rather than actual outturns; Table G lists the latest actual outturns for national accounts, prices, government finance, and balance of payments indicators.

### Country Notes (selected entries)
- Afghanistan: data and projections for 2021–27 are omitted because the IMF has paused its engagement with the country.
- Albania: projections were prepared prior to the 2022 Article IV mission that ended on October 10th and do not reflect updates during the mission.
- Algeria: starting with the October 2022 WEO, total government expenditure and net lending/borrowing include net lending by the government, reflecting support to the pension system and other public sector entities.
- Argentina:
  - Official national consumer price index (CPI) starts in December 2016.
  - For earlier periods CPI data reflect different regional and national series as specified; WEO does not report average CPI inflation for 2014–16 and end-of-period inflation for 2015–16.
  - Argentina discontinued publication of labor market data starting in Q4 2015; new series available starting Q2 2016.
- Bangladesh: data and forecasts are presented on a fiscal year basis; country group aggregates that include Bangladesh use calendar year estimates of real GDP and purchasing-power-parity GDP.
- Costa Rica: central government definition expanded as of January 1, 2021, to include 51 public entities as per Law 9524. Data back to 2019 are adjusted for comparability.
- Dominican Republic: fiscal series coverage specified (consolidated public sector for public debt, debt service, cyclically adjusted/structural balances; remaining fiscal series for central government).
- Ecuador: authorities are undertaking revisions of historical fiscal data with technical support from the IMF.
- Honduras: projections were prepared prior to the 2022 Article IV mission that ended on October 5th and do not reflect updates.
- India: real GDP growth rates calculated as per national accounts: for 1998–2001 with base year 2004/05 and, thereafter, with base year 2011/12.
- Lebanon: data and projections for 2021–27 are omitted owing to an unusually high degree of uncertainty.
- Libya: reliability of data is low given civil war and weak capacity.
- Pakistan: 2022 projections are based on information available as of the end of August and do not include the impact of the recent floods.
- Sierra Leone: redenominated its currency on July 1, 2022; local currency data are expressed in the old leone for the October 2022 WEO.
- Sri Lanka: certain projections for 2023–27 are excluded from publication owing to ongoing discussions on sovereign debt restructuring, following the recently reached staff-level agreement on an IMF-supported program.
- Syria: data are excluded from 2011 onward because of the uncertain political situation.
- Turkmenistan: real GDP data are IMF staff estimates compiled in line with SNA; fiscal balance estimates and projections exclude receipts from domestic bond issuances and privatization operations, in line with GFSM 2014.
- Ukraine: all projections for 2022–27 except real GDP and consumer prices are omitted owing to an unusually high degree of uncertainty. Real GDP and consumer prices are projected through 2022. Revised national accounts data are available beginning in 2000 and exclude Crimea and Sevastopol from 2010 onward.
- United Kingdom: projections are based on information available as of September 12, 2022, and do not fully incorporate the fiscal announcement on September 23, 2022.
- Uruguay:
  - In December 2020 authorities began reporting national accounts data according to SNA 2008 with base year 2016; new series begin in 2016. Data prior to 2016 reflect IMF staff efforts to preserve previously reported data and avoid structural breaks.
  - Since October 2018 Uruguay’s public pension system has been receiving transfers recorded as revenues; data and projections for 2018–22 are affected by these transfers, which amounted to [text truncated in source].

*Source: STATISTICAL APPENDIX, WORLD ECONOMIC OUTLOOK: COUNTERING THE COST-OF-LIVING CRISIS, October 2022*

### 1.2 percent of GDP in 2018, 1.1 percent of GDP in

### statsappendix - 1.2 percent of GDP in 2018, 1.1 percent of GDP in

### Short fiscal time series cited
- Revenues and net lending/borrowing: 1.2 percent of GDP in 2018, 1.1 percent of GDP in 2019, 0.6 percent of GDP in 2020, and 0.3 percent of GDP in 2021 and are projected to be 0.1 percent of GDP in 2022 and 0 percent thereafter.
- See IMF Country Report 19/64 for further details on Uruguay’s pension/public accounts treatment.

### Country-specific data coverage and caveats
- Uruguay:
  - Coverage changed from consolidated public sector to nonfinancial public sector with the October 2019 WEO.
  - Nonfinancial public sector includes central government, local government, social security funds, nonfinancial public corporations, and Banco de Seguros del Estado.
  - Historical data were revised accordingly.
  - Under the narrower fiscal perimeter (which excludes the central bank), assets and liabilities held by the nonfinancial public sector for which the counterpart is the central bank are not netted out in debt figures; past capitalization bonds issued by the government to the central bank are now part of nonfinancial public sector debt.
  - Gross and net debt estimates for 2008–11 are preliminary.
- Venezuela:
  - Last Article IV consultation took place in 2004.
  - Projections are difficult because of lack of discussions with the authorities, incomplete metadata, and difficulties reconciling reported indicators with developments.
  - Fiscal accounts include the budgetary central government; social security; FOGADE; and a reduced set of public enterprises including Petróleos de Venezuela, S.A. (PDVSA).
  - Following methodological upgrades to nominal GDP, historical data and indicators expressed as percentage of GDP have been revised from 2012 onward; for most indicators, data for 2018–22 are IMF staff estimates.
  - Hyperinflation and paucity of reported data mean projections need to be interpreted with caution; wide uncertainty surrounds these projections.
  - Venezuela’s consumer prices are excluded from all WEO group composites.
- Zimbabwe:
  - In 2019 authorities introduced the Real Time Gross Settlement dollar, later renamed the Zimbabwe dollar, and are in the process of redenominating national accounts statistics.
  - Current data are subject to revision.
  - The Zimbabwe dollar previously ceased circulating in 2009; during 2009–19 Zimbabwe operated under a multicurrency regime with the US dollar as the unit of account.

### Country classification (WEO)
- The WEO divides economies into two major groups: Advanced Economies and Emerging Market and Developing Economies.
- Advanced Economies: 40 economies.
- Emerging Market and Developing Economies: 156 economies.
- Emerging and developing regions listed include: emerging and developing Asia; emerging and developing Europe; Latin America and the Caribbean; Middle East and Central Asia; and sub-Saharan Africa.
- Analytical classifications:
  - By source of export earnings: fuel, nonfuel, and nonfuel primary products (economies categorized if main source exceeded 50 percent of total exports on average between 2017 and 2021).
  - By external financing source and debt experience: net creditor, net debtor, heavily indebted poor countries (HIPCs), low-income developing countries (LIDCs), and emerging market and middle-income economies.
- Counts and groups appearing in tables:
  - Net Debtor Economies: 122.
  - Countries with Arrears and/or Rescheduling during 2017–21: 37.
  - Emerging Market and Middle-Income Economies: 96.
  - Low-Income Developing Countries: 59.
  - Heavily Indebted Poor Countries: 39.

### Key tables and exceptional reporting
- Tables A–G document classification, group shares, subgroup lists (Tables B–D), economies with exceptional reporting periods (Table F), and key data documentation (Table G).
- Table F lists economies with non-calendar national accounts or government finance reporting periods (examples include The Bahamas Jul/Jun; Bangladesh Jul/Jun; India Apr/Mar; Thailand Oct/Sep; Trinidad and Tobago Oct/Sep).
- Table G (Key Data Documentation) provides country-by-country metadata including currency, national accounts source, latest actual annual data, base year, system of national accounts, historical data source, government finance historical data source, subsector coverage, accounting practice, and balance of payments historical data source/latest actual annual data.

### Fiscal policy assumptions (general and selected-economy specifics)
- General approach:
  - Short-term fiscal assumptions normally based on officially announced budgets, adjusted for differences between national authorities and IMF staff macro assumptions and projected fiscal outturns.
  - When no official budget exists, projections incorporate policy measures judged likely to be implemented.
  - Medium-term projections based on judgment about the most likely policy path; where insufficient information exists, an unchanged structural primary balance is assumed unless indicated otherwise.
- Selected country assumptions and sources:
  - Argentina: Based on budget outturn, budget plans, IMF-supported program targets for the federal government, announced fiscal measures, and IMF staff macro projections.
  - Australia: Based on Australian Bureau of Statistics data, FY2022/23 Commonwealth budget (March 2022), state/territory budgets (as of August 30, 2022), and IMF staff estimates and projections.
  - Austria: Based on 2022 budget, Austrian Stability Programme, National Reform Programme, NextGeneration EU recovery funds, and latest announcements.
  - Belgium: Based on Belgian Stability Program 2022–25 and 2022 Budgetary Plan, with IMF staff adjustments.
  - Brazil: Fiscal projections for 2022 reflect the latest policy announcements.
  - Canada: Uses baseline forecasts from Government of Canada’s Budget 2022 and latest provincial budgets, with IMF staff adjustments and updated Statistics Canada releases.
  - Chile: Based on authorities’ budget projections, adjusted for IMF staff projections for GDP, copper prices, depreciation, and inflation.
  - China: After significant fiscal tightening in 2021, fiscal policy is projected to loosen considerably in 2022 based on annual budget (March), additional fiscal support announcements, and fiscal outturn for first seven months of 2022.
  - Ireland: Based on Budget 2022.
  - India: Projections based on authorities’ fiscal plans with IMF staff adjustments; subnational data incorporated with a lag; starting with FY2020/21, expenditure includes off-budget component of food subsidies, with IMF staff adjustments for payments for previous years’ food subsidies included in budget estimates for FY2020/21.
  - Mexico: 2020 public sector borrowing requirements adjusted for statistical discrepancies; 2022–23 informed by Criterios 2023; 2024 onward assume continued compliance with Fiscal Responsibility Law.
  - Portugal: Current year projections based on approved budget, adjusted to IMF staff macro forecasts; thereafter assume unchanged policies.
  - Puerto Rico: Informed by the Certified Fiscal Plan (January 2022).
  - Russia: Fiscal rule suspended in response to sanctions after the invasion of Ukraine; projection assumes increase in discretionary spending by the amount that would otherwise have been saved under the fiscal rule, some borrowing, and a decline in revenues due to projected recession.
  - Saudi Arabia: Baseline fiscal projections primarily based on 2022 budget; export oil revenues based on WEO baseline oil price assumptions and IMF staff understanding of OPEC+ policy.
  - Singapore: FY2020 figures based on budget execution; FY2021 based on revised figures through end-2021; FY2022 based on initial budget (February 18, 2022). IMF staff assumes gradual withdrawal of remaining pandemic-related measures and implementation of revenue measures announced in FY2022 budget, including:
    - Increase in the Goods and Services Tax from 7 percent to 8 percent on January 1, 2023, and to 9 percent on January 1, 2024.
    - Increase in property taxes in 2023 for non–owner-occupied properties (from 10–20 percent to 12–36 percent) and for owner-occupied properties with an annual value in excess of $30,000 (from 4–16 percent to 6–32 percent).
    - Increase of the carbon tax from S$5 per tonne to S$25 per tonne in 2024 and 2025 and S$45 per tonne in 2026 and 2027.
  - Spain: 2022 projections include COVID-19 and energy-related support, legislated pension increase, and legislated revenue measures; projections from 2023 onward assume no policy changes; 2021–24 reflect EU Recovery and Resilience Facility disbursements.
  - Sweden: Estimates for 2021 and 2022 based on Spring Fiscal Policy Bill and Spring Amending Budget for 2022, updated with latest interim forecast; cyclical impacts calculated using 2014 OECD elasticity.
  - Switzerland: Announced discretionary stimulus for 2022 permitted within context of debt brake rule in event of “exceptional circumstances.”
  - Türkiye: Projections use IMF-defined fiscal balance (which excludes some items in authorities’ headline balance).
  - United Kingdom: Based on latest GDP data (Office for National Statistics August 12, 2022) and Office for Budget Responsibility forecasts (March 23, 2022); IMF staff adjusts revenue projections for macro forecast differences and assumes some additional fiscal consolidation starting in FY2023/24 to comply with new fiscal rules announced at Autumn Budget and Spending Review on October 27, 2021.
  - United States: Based on July 2022 Congressional Budget Office baseline, adjusted for IMF staff policy and macro assumptions; projections incorporate effects of the Bipartisan Infrastructure Law and the Inflation Reduction Act; projections converted to a general government basis.

### Monetary policy assumptions (general and selected-economy specifics)
- General approach:
  - Assumptions based on established policy frameworks in each country; commonly assume a nonaccommodative stance over the business cycle (interest rates rise if inflation expected to exceed acceptable range; fall when slack is significant).
  - Interest rate paths referenced to the Assumptions section at beginning of the Statistical Appendix.
- Selected country assumptions:
  - Argentina: Monetary projections consistent with crawling-peg regime, macro framework, fiscal and financing plans, and foreign exchange policies.
  - Australia, New Zealand: Based on IMF staff analysis and expected inflation path.
  - Brazil: Consistent with convergence of inflation toward middle of target range by end of 2024.
  - Canada: Projections reflect monetary policy tightening by the Bank of Canada; expected continued increases in key policy rate during 2022 and 2023.
  - China: Overall monetary stance moderately tight in 2021; expected to be moderately accommodative in 2022.
  - Denmark: Maintain peg to the euro.
  - Euro area: Monetary policy assumptions in line with market expectations.
  - Hong Kong SAR: Assumes currency board system remains intact.
  - India: Consistent with Reserve Bank of India achieving inflation target over medium term despite recent uptick.
  - Indonesia: In line with inflation within central bank’s target band over medium term.
  - Israel: Based on gradual normalization of monetary policy.
  - Japan, Korea: Policy paths in line with market expectations.
  - Russia: Assumes Central Bank of the Russian Federation is adopting a tight monetary policy stance given high inflation.
  - Saudi Arabia: Based on continuation of exchange rate peg to the US dollar.
  - Singapore: Broad money projected to grow in line with projected nominal GDP growth.
  - South Africa: Consistent with maintaining inflation within 3–6 percent target band.
  - Switzerland: Assumes no change in policy rate in 2022–23.
  - United Kingdom: Short-term interest rate path based on market interest rate expectations.
  - United States: IMF staff expects Federal Open Market Committee to continue to adjust federal funds target rate in line with macro outlook.

*International Monetary Fund | October 2022 — Statistical Appendix (excerpt)*

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_Source: https://www.imf.org/-/media/files/publications/weo/2022/october/english/statsappendix.pdf_