## tableb

## Source details

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### Advanced economies — unemployment, employment, productivity, wages, and fiscal balances
- Unemployment rate (selected entries):
  - Advanced Economies: 7.0 5.8 7.3 6.7 6.2 5.7 5.1 4.8 6.6 5.6 4.5 5.0
  - United States: 6.9 5.0 6.2 5.3 4.9 4.4 3.9 3.7 8.1 5.4 3.7 4.6
  - Euro Area: 9.6 8.7 11.7 10.9 10.1 9.1 8.2 7.6 8.0 7.7 6.8 7.0
  - Japan: 4.4 2.8 3.6 3.4 3.1 2.8 2.4 2.4 2.8 2.8 2.6 2.4
  - Spain: 15.8 16.8 24.4 22.1 19.6 17.2 15.3 14.1 15.5 14.8 12.7 12.3
- Growth in Employment (compound annual rates; selected):
  - Advanced Economies: 0.5 0.9 1.2 1.3 1.5 1.3 1.5 1.2 –2.7 1.8 2.3 0.2
  - United States: 0.4 0.9 1.7 1.7 1.7 1.3 1.6 1.1 –6.2 3.2 3.8 –0.2
  - Japan: 0.0 0.7 0.7 0.5 1.0 1.0 2.0 0.9 –0.2 0.2 0.2 0.3
  - Canada: 1.2 1.2 0.5 0.7 0.7 2.1 1.6 2.2 –5.1 4.8 3.9 0.8
- Growth in Real per Capita Output (compound annual rates; selected):
  - Advanced Economies: 1.0 1.3 1.5 1.7 1.3 2.0 1.8 1.3 –4.9 5.1 2.2 0.9
  - United States: 0.9 1.3 1.6 2.0 0.9 1.6 2.4 1.8 –4.2 5.4 1.4 0.7
  - Euro Area: 0.5 1.1 1.2 1.7 1.6 2.4 1.6 1.3 –6.5 5.2 2.9 0.3
  - Japan: 0.7 0.7 0.5 1.7 0.8 1.8 0.8 –0.1 –4.3 1.9 2.0 2.1
- Hourly earnings, productivity, unit labor costs in manufacturing (annual percent change; selected):
  - Hourly Earnings — Advanced Economies: 2.4 2.8 2.4 2.2 1.5 2.5 2.4 2.3 4.1 2.4 4.2 4.2
  - Productivity — Advanced Economies: 1.8 0.7 1.3 –0.5 1.0 1.3 0.3 –0.9 0.0 2.4 0.6 1.7
  - Unit Labor Costs — Advanced Economies: 0.7 2.1 1.1 2.7 0.5 1.2 2.0 3.2 4.2 0.0 3.6 2.5
- Fiscal balances (percent of GDP; central and general government; selected series and projections):
  - Advanced Economies (Central Government Net Lending/Borrowing, aggregate): –2.8 –2.5 –2.5 –2.4 –2.4 –2.9 –10.1 –7.8 –4.0 –3.4
  - Advanced Economies (General Government Net Lending/Borrowing, aggregate): –3.1 –2.6 –2.7 –2.4 –2.4 –2.9 –10.4 –7.2 –3.6 –3.7
  - United States (Central Government): –3.6 –3.2 –3.9 –4.1 –4.9 –5.3 –15.3 –12.7 –5.2 –5.5
  - United States (General Government): –4.0 –3.5 –4.4 –4.6 –5.3 –5.5 –14.5 –10.9 –4.0 –5.7
  - Japan (Central Government): –5.4 –4.4 –4.4 –3.6 –3.1 –3.4 –8.5 –6.4 –7.6 –3.3
  - Long-Term Interest Rate (period averages; Advanced Economies aggregate): 2.1 1.6 1.2 1.6 1.9 1.2 0.5 0.8 2.2 3.0

### Emerging Market and Developing Economies — growth, inflation, money, trade, and fiscal aggregates
- Real GDP (annual percent change; aggregate and projections):
  - Emerging Market and Developing Economies (aggregate): 6.4 4.7 4.3 4.4 4.8 4.6 3.6 –1.9 6.6 3.7 3.7 4.3
  - Emerging and Developing Asia: 8.5 6.9 6.8 6.8 6.6 6.4 5.2 –0.6 7.2 4.4 4.9 5.1
  - Latin America and the Caribbean: 4.0 1.3 0.4 –0.6 1.4 1.2 0.2 –7.0 6.9 3.5 1.7 2.4
  - Sub-Saharan Africa: 5.6 5.0 3.2 1.5 3.0 3.3 3.2 –1.6 4.7 3.6 3.7 4.4
- Output per capita (selected):
  - Emerging Market and Developing Economies: 4.7 3.2 2.8 2.9 3.3 3.3 2.3 –3.2 5.9 2.7 2.6 3.1
  - Emerging and Developing Asia: 7.3 5.8 5.9 5.8 5.7 5.6 4.4 –1.5 6.5 3.7 4.3 4.6
- Consumer prices (annual percent change; selected):
  - Emerging Market and Developing Economies (overall): 6.3 4.7 4.7 4.4 4.5 5.0 5.1 5.1 9.9 9.9 8.1 4.3
  - Latin America and the Caribbean: 4.9 4.9 5.4 5.5 6.3 6.6 7.7 6.4 9.8 14.1 11.4 5.7
  - Middle East and Central Asia: 8.4 5.6 5.6 5.9 7.1 10.0 7.7 10.5 12.9 13.8 13.1 6.8
- Broad money growth (annual percent change; weighted average and median):
  - Weighted Average (Emerging Market and Developing Economies): 12.2 13.3 10.8 10.6 12.5 11.6 14.3 12.0 12.4 12.0
  - Median: 10.4 10.0 8.8 9.0 8.1 8.7 14.0 11.0 9.9 9.2
- Fiscal aggregates (percent of GDP; weighted averages, selected):
  - Central Government Net Lending/Borrowing, Weighted Average: –1.1 –2.1 –2.3 –1.8 –1.2 –1.5 –4.0 –2.2 –2.0 –1.9
  - General Government Net Lending/Borrowing, Weighted Average: –2.4 –4.1 –4.5 –3.8 –3.5 –4.5 –8.6 –5.3 –6.1 –5.4

### Trade, current account, and external sector highlights
- Total trade in goods — Emerging Market and Developing Economies (value, annual percent change; exports and imports):
  - Exports (value in US Dollars): 14.6 3.3 –0.5 –15.8 –5.1 13.7 11.5 –2.5 –6.3 31.0 13.7 1.2
  - Imports (value in US Dollars): 14.7 3.5 –0.2 –12.9 –4.2 13.4 11.4 –1.8 –7.7 30.1 11.7 2.3
- Trade volume (annual percent change):
  - Exports (volume): 7.2 3.0 2.8 1.4 2.7 6.5 3.9 –0.4 –0.9 11.0 1.4 2.4
  - Imports (volume): 9.0 2.7 2.7 –0.1 2.2 7.5 5.3 –0.1 –5.6 12.1 1.4 2.9
- Terms of trade (annual percent change; aggregate): 1.7 –0.4 –0.5 –4.1 –1.5 1.3 1.3 –0.4 –3.0 1.7 1.5 –0.4
- Summary of Current Account Transactions (billions of US dollars; selected lines):
  - Advanced Economies — Current Account Balance (selected series): –187.8 9.2 369.3 489.3 398.6 379.3 179.9 339.4 –370.9 –170.2 161.1
  - United States — Current Account Balance (selected series): –566.0 –437.5 –396.2 –361.0 –439.8 –446.0 –619.7 –846.4 –985.3 –822.9 –709.6
  - Emerging Market and Developing Economies — Current Account Balance (selected series): 396.3 266.0 –99.4 –21.9 –55.4 –3.4 157.8 343.8 598.0 492.3 93.6
  - Emerging Market and Developing Economies — Exports of Goods (billions US$): 5,317.4 6,589.5 6,107.7 6,957.0 7,763.4 7,565.8 7,076.4 9,280.4 10,548.3 10,681.7 11,749.4
  - Emerging Market and Developing Economies — Imports of Goods (billions US$): 4,616.7 5,844.3 5,691.6 6,456.1 7,195.0 7,067.8 6,514.5 8,478.5 9,470.8 9,691.9 11,070.4

### External debt, debt service, and debt metrics for Emerging Market and Developing Economies
- Total External Debt (billions of US dollars; selected years):
  - 2014: 8,859.2
  - 2015: 8,393.9
  - 2016: 8,710.0
  - 2017: 9,677.8
  - 2018: 10,128.8
  - 2019: 10,604.6
  - 2020: 11,307.6
  - 2021: 11,958.4
  - 2022: 12,238.8
  - 2023: 12,808.2
- Debt-service payments (billions of US dollars; selected): 3,441.4 3,518.1 3,035.6 3,053.5 3,566.3 3,805.6 3,945.5 4,146.2 4,425.8 4,614.3
- External debt ratio measures (end-year debt as percent of exports of goods and services; Emerging Market and Developing Economies):
  - 2014: 99.7
  - 2015: 109.6
  - 2016: 118.6
  - 2017: 116.5
  - 2018: 109.6
  - 2019: 116.5
  - 2020: 137.1
  - 2021: 111.6
  - 2022: 100.5
  - 2023: 103.0
- Debt-service payment (percent of exports; Emerging Market and Developing Economies): 39.1 46.3 41.6 37.0 38.8 42.0 48.0 38.8 36.5 37.2
- External debt by maturity (billions of US dollars; selected totals):
  - Short Term (2014–2023): 2,647.1 2,133.8 2,144.7 2,551.5 2,762.1 2,886.6 3,028.2 3,311.7 3,452.3 3,626.2
  - Long Term (2014–2023): 6,212.1 6,260.1 6,565.3 7,126.3 7,366.6 7,718.0 8,279.4 8,646.7 8,786.5 9,182.0
- Ratio of External Debt to GDP (Emerging Market and Developing Economies; percent):
  - 2014: 30.5
  - 2015: 30.9
  - 2016: 30.2
  - 2017: 30.0
  - 2018: 30.6
  - 2019: 30.5
  - 2020: 32.6
  - 2021: 30.3
  - 2022: 27.3
  - 2023: 26.6

### Debt-service composition and balance-sheet projections (selected ratios and projections)
- Interest payments (percent of exports of goods and services; Emerging Market and Developing Economies): 3.3 3.8 3.9 3.9 4.2 4.6 5.1 3.9 3.9 4.2
- Amortization (percent of exports of goods and services; Emerging Market and Developing Economies): 35.6 42.4 37.6 33.0 34.6 37.3 42.9 34.9 32.6 33.0
- Balance-sheet and debt-service projections (selected series; percent of exports or percent of GDP as shown):
  - Current Account Balance (series across years shown): 4.3 –0.9 –0.1 2.0 3.1 4.8 3.9 –0.8
  - Total External Debt (series across years shown): 82.8 109.6 116.5 137.1 111.6 100.5 103.0 105.2
  - Debt-Service Payments2 (series across years shown): 27.1 46.3 42.0 48.0 38.8 36.5 37.2 38.8
  - Interest Payments2 (series across years shown): 2.6 3.8 4.6 5.1 3.9 3.9 4.2 4.2
  - Amortization (series across years shown): 24.3 42.4 37.3 42.9 34.9 32.6 33.0 34.6
- Regional debt-service projections (selected):
  - Debt-Service Payments2 (2023 projections by region): Emerging and Developing Asia 2,761.1; Emerging and Developing Europe 699.8; Latin America and the Caribbean 618.7; Middle East and Central Asia 404.6; Sub-Saharan Africa 130.0

*Source: tableb (Statistical Appendix), WORLD ECONOMIC OUTLOOK: COUNTERING THE COST-OF-LIVING CRISIS — International Monetary Fund, October 2022.*

### Section 1

### tableb - Section 1

### Table B1. Advanced Economies: Unemployment, Employment, and Real GDP per Capita (Percent)
- Unemployment rate (selected entries, historical and projections):
  - Advanced Economies: 7.0 5.8 7.3 6.7 6.2 5.7 5.1 4.8 6.6 5.6 4.5 5.0
  - United States: 6.9 5.0 6.2 5.3 4.9 4.4 3.9 3.7 8.1 5.4 3.7 4.6
  - Euro Area: 9.6 8.7 11.7 10.9 10.1 9.1 8.2 7.6 8.0 7.7 6.8 7.0
  - Japan: 4.4 2.8 3.6 3.4 3.1 2.8 2.4 2.4 2.8 2.8 2.6 2.4
  - Spain: 15.8 16.8 24.4 22.1 19.6 17.2 15.3 14.1 15.5 14.8 12.7 12.3
- Growth in Employment (compound annual rates; selected):
  - Advanced Economies: 0.5 0.9 1.2 1.3 1.5 1.3 1.5 1.2 –2.7 1.8 2.3 0.2
  - United States: 0.4 0.9 1.7 1.7 1.7 1.3 1.6 1.1 –6.2 3.2 3.8 –0.2
  - Japan: 0.0 0.7 0.7 0.5 1.0 1.0 2.0 0.9 –0.2 0.2 0.2 0.3
  - Canada: 1.2 1.2 0.5 0.7 0.7 2.1 1.6 2.2 –5.1 4.8 3.9 0.8
- Growth in Real per Capita Output (compound annual rates; selected):
  - Advanced Economies: 1.0 1.3 1.5 1.7 1.3 2.0 1.8 1.3 –4.9 5.1 2.2 0.9
  - United States: 0.9 1.3 1.6 2.0 0.9 1.6 2.4 1.8 –4.2 5.4 1.4 0.7
  - Euro Area: 0.5 1.1 1.2 1.7 1.6 2.4 1.6 1.3 –6.5 5.2 2.9 0.3
  - Japan: 0.7 0.7 0.5 1.7 0.8 1.8 0.8 –0.1 –4.3 1.9 2.0 2.1

### Table B2. Emerging Market and Developing Economies: Real GDP (Annual percent change)
- Emerging Market and Developing Economies (aggregate and projection):
  - Emerging Market and Developing Economies: 6.4 4.7 4.3 4.4 4.8 4.6 3.6 –1.9 6.6 3.7 3.7 4.3
- Regional groups (selected):
  - Emerging and Developing Asia: 8.5 6.9 6.8 6.8 6.6 6.4 5.2 –0.6 7.2 4.4 4.9 5.1
  - Latin America and the Caribbean: 4.0 1.3 0.4 –0.6 1.4 1.2 0.2 –7.0 6.9 3.5 1.7 2.4
  - Sub-Saharan Africa: 5.6 5.0 3.2 1.5 3.0 3.3 3.2 –1.6 4.7 3.6 3.7 4.4
- Analytical groups (selected):
  - Fuel exporters: 5.4 3.1 1.4 1.6 0.5 0.7 –0.1 –4.3 4.1 4.5 3.5 2.8
  - Nonfuel exporters: 6.6 5.0 4.7 4.8 5.3 5.1 4.0 –1.6 6.9 3.6 3.8 4.4
- Output per capita (selected):
  - Emerging Market and Developing Economies: 4.7 3.2 2.8 2.9 3.3 3.3 2.3 –3.2 5.9 2.7 2.6 3.1
  - Emerging and Developing Asia: 7.3 5.8 5.9 5.8 5.7 5.6 4.4 –1.5 6.5 3.7 4.3 4.6

### Table B3. Advanced Economies: Hourly Earnings, Productivity, and Unit Labor Costs in Manufacturing (Annual percent change)
- Hourly Earnings (selected):
  - Advanced Economies: 2.4 2.8 2.4 2.2 1.5 2.5 2.4 2.3 4.1 2.4 4.2 4.2
  - United States: 2.5 3.5 2.8 2.5 0.5 3.2 2.2 2.8 7.1 4.4 4.9 4.4
  - Euro Area: 2.3 2.3 2.0 2.9 1.6 2.0 1.7 2.0 3.9 0.0 3.7 3.4
- Productivity (labor productivity; selected):
  - Advanced Economies: 1.8 0.7 1.3 –0.5 1.0 1.3 0.3 –0.9 0.0 2.4 0.6 1.7
  - United States: 2.2 –0.3 –0.4 –2.1 –0.4 –1.1 0.1 –1.9 0.1 2.6 –0.6 1.0
  - Germany: 1.7 2.1 3.8 1.1 3.8 3.3 0.5 –0.4 1.0 4.7 2.3 1.4
- Unit Labor Costs (selected):
  - Advanced Economies: 0.7 2.1 1.1 2.7 0.5 1.2 2.0 3.2 4.2 0.0 3.6 2.5
  - United States: 0.4 3.8 3.2 4.7 0.8 4.4 2.1 4.9 7.0 1.7 5.6 3.3
  - Euro Area: 0.9 1.1 –0.6 0.2 –0.4 –0.5 1.7 2.2 3.8 –1.8 2.9 3.2

### Table B4. Emerging Market and Developing Economies: Consumer Prices (Annual percent change)
- Overall consumer prices (selected):
  - Emerging Market and Developing Economies: 6.3 4.7 4.7 4.4 4.5 5.0 5.1 5.1 9.9 9.9 8.1 4.3
- Regional groups (selected):
  - Emerging and Developing Asia: 5.0 3.5 2.7 2.8 2.5 2.7 3.3 3.1 2.2 4.1 3.6 2.8
  - Latin America and the Caribbean: 4.9 4.9 5.4 5.5 6.3 6.6 7.7 6.4 9.8 14.1 11.4 5.7
  - Middle East and Central Asia: 8.4 5.6 5.6 5.9 7.1 10.0 7.7 10.5 12.9 13.8 13.1 6.8
  - Sub-Saharan Africa: 8.6 6.4 6.7 10.2 10.7 8.3 8.2 10.2 11.1 14.4 11.9 6.9
- Analytical groups (selected):
  - Fuel exporters: 8.4 5.6 5.6 7.8 6.6 9.0 6.9 9.4 12.0 13.4 11.8 7.6
  - Nonfuel exporters: 5.9 4.6 4.6 3.9 4.2 4.5 4.9 4.7 5.2 9.5 7.6 3.9
- Median (selected):
  - Median Emerging Market and Developing Economies: 5.2 3.1 2.5 2.7 3.3 3.1 2.7 2.8 3.8 8.0 5.7 3.0

### Table B5. Summary of Fiscal and Financial Indicators (Percent)
- Advanced Economies — Central Government Net Lending/Borrowing (percent of GDP; projections included):
  - Advanced Economies (aggregate): –2.8 –2.5 –2.5 –2.4 –2.4 –2.9 –10.1 –7.8 –4.0 –3.4
  - United States: –3.6 –3.2 –3.9 –4.1 –4.9 –5.3 –15.3 –12.7 –5.2 –5.5
  - Euro Area: –2.1 –1.7 –1.5 –1.4 –0.9 –1.0 –5.2 –4.4 –3.2 –2.5
  - Japan: –5.4 –4.4 –4.4 –3.6 –3.1 –3.4 –8.5 –6.4 –7.6 –3.3
- General Government Net Lending/Borrowing (percent of GDP):
  - Advanced Economies (aggregate): –3.1 –2.6 –2.7 –2.4 –2.4 –2.9 –10.4 –7.2 –3.6 –3.7
  - United States: –4.0 –3.5 –4.4 –4.6 –5.3 –5.5 –14.5 –10.9 –4.0 –5.7
  - Euro Area: –2.5 –2.0 –1.5 –0.9 –0.4 –0.7 –7.0 –5.1 –3.8 –3.3
  - Japan: –5.6 –3.7 –3.6 –3.1 –2.5 –3.0 –9.0 –6.7 –7.9 –3.6
- General Government Structural Balance (percent of potential GDP):
  - Advanced Economies (aggregate): –2.2 –1.9 –2.2 –2.3 –2.5 –3.1 –7.3 –6.1 –3.8 –3.6
- Long-Term Interest Rate (period averages; selected):
  - Advanced Economies (aggregate): 2.1 1.6 1.2 1.6 1.9 1.2 0.5 0.8 2.2 3.0
  - United States: 2.5 2.1 1.8 2.3 2.9 2.1 0.9 1.4 3.0 4.1
  - Japan: 0.6 0.4 –0.1 0.1 0.1 –0.1 0.0 0.1 0.2 0.3
- Emerging Market and Developing Economies — Fiscal aggregates (percent of GDP; selected):
  - Central Government Net Lending/Borrowing, Weighted Average: –1.1 –2.1 –2.3 –1.8 –1.2 –1.5 –4.0 –2.2 –2.0 –1.9
  - General Government Net Lending/Borrowing, Weighted Average: –2.4 –4.1 –4.5 –3.8 –3.5 –4.5 –8.6 –5.3 –6.1 –5.4
- Growth of Broad Money (Emerging Market and Developing Economies):
  - Weighted Average: 12.2 13.3 10.8 10.6 12.5 11.6 14.3 12.0 12.4 12.0
  - Median: 10.4 10.0 8.8 9.0 8.1 8.7 14.0 11.0 9.9 9.2

### Table B6. Advanced Economies: General and Central Government Net Lending/Borrowing and General Government Net Lending/Borrowing Excluding Social Security Schemes (Percent of GDP)
- General Government Net Lending/Borrowing (selected countries, projections included):
  - Advanced Economies (aggregate): –3.1 –2.6 –2.7 –2.4 –2.4 –2.9 –10.4 –7.2 –3.6 –3.7
  - United States: –4.0 –3.5 –4.4 –4.6 –5.3 –5.5 –14.5 –10.9 –4.0 –5.7
  - Germany: 0.6 1.0 1.2 1.3 1.9 1.5 –4.3 –3.7 –3.3 –2.5
  - France: –3.9 –3.6 –3.6 –3.0 –2.3 –3.1 –8.9 –6.4 –5.1 –5.6
  - Italy: –3.0 –2.6 –2.4 –2.4 –2.2 –1.5 –9.6 –7.2 –5.4 –3.9
  - Spain: –6.1 –5.3 –4.3 –3.1 –2.6 –3.1 –10.3 –6.9 –4.9 –4.4
- Net Lending/Borrowing Excluding Social Security Schemes (selected):
  - United States: –1.9 –1.3 –2.2 –2.5 –3.2 –3.2 –9.5 –7.6 –2.0 –3.5
  - Japan: 1.3 3.0 2.8 3.1 3.6 3.0 –2.6 –0.1 –1.1 3.2
  - Germany: 0.7 1.1 1.1 1.2 1.6 1.3 –3.4 –3.2 –2.3 –1.5
  - United Kingdom: 0.9 1.6 2.3 2.7 2.7 2.1 –7.5 –3.5 –0.4 1.5
  - Italy (note on definition): 6.7 7.0 7.0 6.8 6.9 7.7 3.8 4.5 5.4 6.5
- Central Government Net Lending/Borrowing (alternate presentation; selected):
  - Advanced Economies (aggregate): –2.8 –2.5 –2.5 –2.4 –2.4 –2.9 –10.1 –7.8 –4.0 –3.4
  - United States: –3.6 –3.2 –3.9 –4.1 –4.9 –5.3 –15.3 –12.7 –5.2 –5.5
  - Euro Area: –2.1 –1.7 –1.5 –1.4 –0.9 –1.0 –5.2 –4.4 –3.2 –2.5
  - Japan: –5.4 –4.4 –4.4 –3.6 –3.1 –3.4 –8.5 –6.4 –7.6 –3.3
- Memorandum:
  - Major Advanced Economies — General Government Net Lending/Borrowing: –3.6 –3.0 –3.3 –3.2 –3.3 –3.6 –11.9 –8.7 –4.4 –4.6
  - Major Advanced Economies — Central Government Net Lending/Borrowing: –3.3 –2.9 –3.1 –3.2 –3.3 –3.8 –12.0 –9.6 –5.0 –4.3

*Source: tableb - Section 1 (Statistical Appendix), IMF, October 2022.*

### Section 2

### tableb - Section 2

### Advanced Economies: General Government Structural Balances (Percent of potential GDP)
- Advanced Economies: –2.2, –1.9, –2.2, –2.3, –2.5, –3.1, –7.3, –6.1, –3.8, –3.6 (2014–2023)
- United States: –2.7, –2.5, –3.6, –4.1, –5.1, –5.7, –10.8, –9.5, –4.0, –5.3 (2014–2023)
- Euro Area: –0.7, –0.5, –0.5, –0.5, –0.3, –0.5, –4.3, –3.8, –3.5, –2.9 (2014–2023)
- Germany: 1.2, 1.2, 1.2, 1.1, 1.6, 1.3, –2.9, –3.0, –3.0, –1.8 (2014–2023)
- France: –2.5, –2.1, –1.9, –1.9, –1.5, –2.1, –5.7, –5.1, –4.5, –4.8 (2014–2023)
- Italy: –1.0, –0.6, –1.2, –1.5, –1.6, –0.9, –6.0, –5.1, –5.7, –3.6 (2014–2023)
- Spain: –1.2, –2.1, –2.5, –2.4, –2.2, –3.1, –5.4, –4.3, –4.5, –4.2 (2014–2023)
- Japan: –5.5, –4.2, –4.0, –3.4, –2.5, –2.6, –8.2, –6.3, –7.3, –3.2 (2014–2023)
- United Kingdom: –3.9, –3.6, –2.8, –2.3, –2.4, –2.7, 0.5, –3.2, –4.3, –1.7 (2014–2023)
- Canada: –0.6, 0.0, 0.1, –0.3, 0.0, –0.2, –8.6, –4.0, –2.7, –1.2 (2014–2023)
- Korea: 0.7, 0.7, 1.8, 2.3, 2.6, 0.5, –1.5, 0.2, –1.6, 0.3 (2014–2023)
- Norway (excludes oil and Government Pension Fund–Global): –6.0, –7.0, –8.0, –8.1, –7.3, –7.3, –12.3, –10.1, –8.6, –8.1 (2014–2023)
- Mem o: Major Advanced Economies: –2.5, –2.2, –2.7, –2.9, –3.2, –3.6, –8.2, –7.2, –4.3, –4.2 (2014–2023)

Notes included in the source:
- Structural balance defined as actual net lending/borrowing minus effects of cyclical output from potential output, corrected for one-time and other factors.
- Figures for some countries adjusted or exclude one-time receipts as specified in footnotes (footnotes 1–6).

### Emerging Market and Developing Economies: General Government Net Lending/Borrowing (Percent of GDP)
- Emerging Market and Developing Economies: –2.4, –4.1, –4.5, –3.8, –3.5, –4.5, –8.6, –5.3, –6.1, –5.4 (2014–2023)
- Regional groups (2014–2023):
  - Emerging and Developing Asia: –1.8, –3.1, –3.7, –3.6, –4.2, –5.7, –9.4, –6.5, –8.5, –7.0
  - Emerging and Developing Europe: –1.8, –2.5, –2.7, –1.7, 0.1, –0.7, –5.4, –1.8, –3.4, –3.1
  - Latin America and the Caribbean: –4.8, –6.3, –5.7, –5.1, –5.0, –4.1, –8.7, –4.5, –4.2, –4.6
  - Middle East and Central Asia: –1.6, –6.8, –7.7, –5.0, –2.0, –3.1, –7.8, –3.2, 0.2, –0.8
  - Sub-Saharan Africa: –3.6, –4.2, –4.4, –4.4, –3.5, –3.9, –6.4, –5.1, –4.5, –4.2
- Analytical groups (2014–2023):
  - Fuel exporters: –1.4, –6.6, –8.0, –5.3, –2.0, –2.4, –7.6, –2.7, 1.0, –0.1
  - Nonfuel exporters: –2.6, –3.8, –4.0, –3.7, –3.7, –4.7, –8.7, –5.6, –7.1, –6.1
  - Net Debtor Economies: –4.2, –5.1, –4.9, –4.3, –4.0, –4.3, –8.2, –5.7, –5.6, –5.4
- Memorandum medians (2014–2023):
  - Median Emerging Market and Developing Economies: –2.9, –3.3, –3.1, –2.7, –2.2, –2.2, –5.7, –4.3, –4.0, –3.1

### Selected country-level Net Lending/Borrowing and Overall Fiscal Balance (Percent of GDP, selected excerpts)
- Indonesia (overall fiscal balance): 2.2, –2.6, –2.5, –2.5, –1.8, –2.2, –6.1, –4.6, –3.9, –2.9 (2014–2023)
- Brazil (overall fiscal balance): –7.0, –10.0, –7.1, –7.1, –5.2, –4.5, –13.3, –3.5, –5.4, –7.3 (2014–2023)
- Thailand (overall fiscal balance): –1.1, –0.2, 0.2, –0.7, –0.2, –1.1, –5.0, –7.3, –5.9, –3.4 (2014–2023)
- Vietnam (overall fiscal balance): –5.7, –5.5, –3.6, –2.3, –1.3, –0.6, –3.0, –3.6, –4.8, –4.8 (2014–2023)
- Philippines (overall fiscal balance): 0.6, 0.3, –0.5, –0.3, –1.6, –1.7, –5.9, –6.6, –5.6, –4.8 (2014–2023)
- Malaysia (overall fiscal balance): –2.6, –2.5, –2.6, –2.4, –2.6, –2.0, –4.6, –5.5, –4.9, –3.8 (2014–2023)
- India (net lending/borrowing): –7.1, –7.2, –7.1, –6.2, –6.4, –7.5, –12.8, –10.0, –9.9, –9.0 (2014–2023)
- China (net lending/borrowing): –0.7, –2.5, –3.4, –3.4, –4.3, –6.1, –9.7, –6.1, –8.9, –7.2 (2014–2023)
- Sri Lanka (net lending/borrowing): –6.0, –6.6, –5.0, –5.1, –5.0, –7.5, –12.1, –11.6, –9.8, . . . (note in source)
- Timor-Leste (net lending/borrowing): –37.5, –33.1, –55.4, –33.1, –26.4, –25.2, –21.5, –30.8, –41.5, –66.2 (2014–2023)
- Selected Latin America (net lending/borrowing or overall fiscal balance, selected countries):
  - Mexico: –4.5, –4.0, –2.8, –1.1, –2.2, –2.3, –4.4, –3.8, –3.8, –4.1 (2014–2023)
  - Argentina: –4.3, –6.0, –6.7, –6.7, –5.4, –4.4, –8.6, –4.3, –3.5, –3.3 (2014–2023)
  - Chile: –1.5, –2.1, –2.7, –2.6, –1.5, –2.7, –7.1, –7.5, 0.9, –1.2 (2014–2023)
  - Peru: –0.2, –2.1, –2.2, –2.9, –2.0, –1.4, –8.3, –2.5, –2.3, –2.3 (2014–2023)
- Selected Middle East and Central Asia (net lending/borrowing, selected entries):
  - Saudi Arabia: –3.5, –15.8, –14.1, –9.2, –5.7, –4.4, –11.2, –2.3, 5.5, 3.9 (2014–2022)
  - Qatar: 15.4, 21.7, –4.8, –2.5, 5.9, 4.9, 1.3, 4.4, 12.5, 16.0 (2014–2023)
  - Algeria: –8.0, –15.7, –13.4, –8.4, –6.8, –9.6, –12.0, –7.2, –12.3, –11.3 (2014–2023)
  - Iraq: –5.6, –12.8, –14.5, –1.5, 7.9, 0.8, –12.8, –0.8, 11.1, 9.2 (2014–2023)

Notes:
- Net lending/borrowing includes policy lending (value of transactions in financial assets deemed to be for public policy purposes).
- Country-specific notes and data coverage caveats are included in the source for several countries.

### Sub-Saharan Africa: Net Lending/Borrowing (Percent of GDP, selected countries)
- Sub-Saharan Africa aggregate: –3.6, –4.2, –4.4, –4.4, –3.5, –3.9, –6.4, –5.1, –4.5, –4.2 (2014–2023)
- Selected country examples (2014–2023):
  - Ghana: –7.8, –4.0, –6.7, –4.0, –6.8, –7.3, –15.3, –11.4, –9.2, –8.6
  - Kenya: –5.8, –6.7, –7.5, –7.4, –6.9, –7.4, –8.1, –8.0, –7.0, –5.3
  - South Africa: –3.9, –4.4, –3.7, –4.0, –3.7, –4.7, –9.7, –6.0, –4.9, –5.4
  - Zambia: –5.8, –9.5, –5.7, –7.5, –8.3, –9.4, –13.8, –8.4, –9.5, –9.1

### Selected Advanced Economies: Exchange Rates (Nominal and Real Effective)
- Nominal exchange rate assumptions (US Dollars per National Currency Unit, selected):
  - Euro: 1.329, 1.110, 1.107, 1.129, 1.181, 1.120, 1.141, 1.184, 1.057 (2014–2022)
  - British Pound: 1.646, 1.528, 1.355, 1.288, 1.336, 1.277, 1.283, 1.376, 1.257 (2014–2022)
  - Japanese Yen (National Currency Units per US Dollar): 105.945, 121.044, 108.793, 112.166, 110.423, 109.010, 106.775, 109.754, 128.421 (2014–2022)
  - Korean Won (National Currency Units per US Dollar): 1,052.840, 1,130.953, 1,161.014, 1,131.001, 1,100.163, 1,165.358, 1,180.005, 1,143.952, 1,270.291 (2014–2022)
  - Canadian Dollar (US$ per unit): 1.105, 1.279, 1.326, 1.298, 1.296, 1.327, 1.341, 1.254, 1.278 (2014–2022)
- Real Effective Exchange Rates (Index, 2010 = 100; selected entries):
  - United States: 103.6, 122.0, 123.5, 128.1, 125.4, 132.9, 137.0, 133.9, 151.2 (2014–2022)
  - Euro Area: 95.3, 83.8, 84.2, 84.9, 87.3, 83.9, 85.5, 84.5, 79.9 (2014–2022)
  - Japan: 76.9, 72.4, 82.3, 76.3, 74.5, 75.1, 74.2, 70.6, 60.8 (2014–2022)
  - Korea: 134.5, 141.9, 138.9, 142.9, 152.9, 147.3, 136.4, 137.4, 137.3 (2014–2022)
  - Switzerland: 110.3, 118.6, 115.3, 113.8, 108.0, 108.8, 111.0, 111.5, 114.4 (2014–2022)

*Source: tableb - Section 2 (WORLD ECONOMIC OUTLOOK: COUNTERING THE COST-OF-LIVING CRISIS), International Monetary Fund, October 2022.*

### Section 3

### tableb - Section 3

### Emerging Market and Developing Economies: Broad Money Aggregates (Annual percent change)
- Years covered: 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
- Emerging Market and Developing Economies: 12.2 13.3 10.8 10.6 12.5 11.6 14.3 12.0 12.4 12.0
- Regional Groups
  - Emerging and Developing Asia: 11.0 12.1 11.0 9.1 8.4 8.6 10.6 9.2 8.3 8.4
  - China: 11.0 13.3 11.3 9.0 8.1 8.7 10.1 9.0 8.0 8.0
  - India: 10.9 10.1 10.1 9.2 10.5 8.9 12.2 8.8 8.9 9.0
  - Emerging and Developing Europe: 11.9 15.8 6.0 9.5 12.7 11.3 20.0 18.6 22.1 17.5
  - Russia: 14.8 19.7 –0.9 7.4 12.3 5.1 16.7 11.3 17.3 11.5
  - Latin America and the Caribbean: 14.9 16.8 14.5 15.6 29.4 23.3 22.8 16.6 15.0 16.0
  - Brazil: 13.5 9.7 12.4 4.6 8.1 8.6 18.6 8.7 14.1 10.1
  - Mexico: 12.2 12.2 12.3 11.2 4.5 4.7 13.4 9.5 10.0 6.9
  - Middle East and Central Asia: 11.7 9.5 8.6 11.9 9.1 10.2 14.6 14.7 21.6 20.8
  - Sub-Saharan Africa: 14.5 12.8 13.3 9.2 12.6 13.0 18.1 12.3 15.1 15.1
- Analytical Groups
  - By Source of Export Earnings
    - Fuel: 14.9 14.4 11.3 17.5 37.2 29.7 21.7 18.3 24.0 22.5
    - Nonfuel: 11.8 13.1 10.7 9.7 9.8 9.5 13.4 11.2 11.0 10.7
    - Of Which, Primary Products: 14.2 19.5 15.3 15.1 21.1 18.8 23.7 21.3 16.7 27.2
  - By External Financing Source
    - Net Debtor Economies: 12.2 11.7 12.2 9.9 10.2 10.2 16.1 12.9 13.8 12.5
  - Net Debtor Economies by Debt-Servicing Experience
    - Economies with Arrears and/or Rescheduling during 2017–21: 13.6 12.4 15.9 21.8 18.6 19.3 25.9 18.9 19.2 21.1
- Other Groups
  - Middle East and North Africa: 11.7 7.5 7.4 11.9 9.2 10.2 14.3 14.5 22.4 22.1
  - Emerging Market and Middle-Income Economies: 11.9 13.1 10.3 10.3 12.3 11.4 14.0 11.7 12.1 11.8
  - Low-Income Developing Countries: 17.3 15.3 17.5 15.4 15.5 14.8 18.8 16.6 16.5 16.5
  - Heavily Indebted Poor Countries: 16.7 15.7 10.9 16.7 18.1 16.9 22.4 20.9 16.0 16.6
- Memorandum: Median (by region)
  - Emerging Market and Developing Economies: 10.4 10.0 8.8 9.0 8.1 8.7 14.0 11.0 9.9 9.2
  - Emerging and Developing Asia: 11.9 13.3 12.8 9.2 9.0 8.2 12.2 11.1 9.3 9.9
  - Emerging and Developing Europe: 7.3 7.8 8.0 7.8 8.8 8.5 15.9 11.3 9.5 8.5
  - Latin America and the Caribbean: 8.9 9.0 7.0 7.0 6.7 5.9 8.0 10.5 10.7 9.5 7.3
  - Middle East and Central Asia: 7.9 9.1 8.4 12.0 5.6 9.4 12.1 8.5 13.0 12.0
  - Middle East and North Africa: 7.5 5.4 7.1 9.9 3.9 8.2 8.9 6.7 11.3 8.4
  - Sub-Saharan Africa: 12.9 11.7 8.8 8.8 10.1 8.8 17.1 11.3 9.6 10.8

### Table B13 — Emerging Market and Developing Economies by Region: Total Trade in Goods (Annual percent change)
- Header sequence: Averages 2004–13, 2014–23, then annual 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Projections)
- Emerging Market and Developing Economies — Value in US Dollars
  - Exports: 14.6 3.3 –0.5 –15.8 –5.1 13.7 11.5 –2.5 –6.3 31.0 13.7 1.2
  - Imports: 14.7 3.5 –0.2 –12.9 –4.2 13.4 11.4 –1.8 –7.7 30.1 11.7 2.3
- Emerging Market and Developing Economies — Volume
  - Exports: 7.2 3.0 2.8 1.4 2.7 6.5 3.9 –0.4 –0.9 11.0 1.4 2.4
  - Imports: 9.0 2.7 2.7 –0.1 2.2 7.5 5.3 –0.1 –5.6 12.1 1.4 2.9
- Emerging Market and Developing Economies — Unit Value in US Dollars
  - Exports: 7.0 0.5 –3.3 –16.3 –7.6 6.8 7.1 –2.2 –5.0 18.5 12.6 –0.8
  - Imports: 5.3 0.9 –2.9 –12.7 –6.2 5.4 5.8 –1.8 –2.1 16.5 10.9 –0.5
  - Terms of Trade: 1.7 –0.4 –0.5 –4.1 –1.5 1.3 1.3 –0.4 –3.0 1.7 1.5 –0.4
- Regional highlights (selected)
  - Emerging and Developing Asia — Value in US Dollars Exports: 15.7 5.1 3.8 –6.5 –4.2 12.1 9.1 –1.2 1.9 28.2 8.8 2.8
  - Emerging and Developing Europe — Value in US Dollars Exports: 13.4 2.9 –0.6 –20.4 –5.7 17.7 15.4 –1.5 –8.8 34.0 5.4 3.0
  - Latin America and the Caribbean — Value in US Dollars Exports: 11.3 2.4 –2.8 –14.7 –3.4 12.2 8.6 –2.3 –9.8 28.1 14.1 0.7
  - Middle East and Central Asia — Value in US Dollars Exports: 16.4 0.7 –6.4 –31.1 –8.2 15.7 16.8 –7.4 –23.5 40.5 39.9 –3.8
  - Sub-Saharan Africa — Value in US Dollars Exports: 13.7 0.6 –6.1 –28.1 –8.3 17.2 15.5 –3.7 –15.3 34.8 17.8 –2.1

### Table B14 — Emerging Market and Developing Economies by Source of Export Earnings: Total Trade in Goods (Annual percent change)
- Header sequence: Averages 2004–13, 2014–23, then annual 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Projections)
- Fuel exporters — Value in US Dollars
  - Exports: 16.9 –0.6 –7.7 –35.0 –10.5 17.4 17.7 –9.0 –27.4 44.1 41.1 –5.3
  - Imports: 16.3 0.6 0.8 –11.3 –10.6 3.7 0.8 2.8 –12.5 13.3 21.1 2.7
  - Unit Value in US Dollars — Exports: 11.3 –1.0 –7.9 –35.5 –11.2 15.3 16.3 –5.7 –21.4 42.0 29.8 –6.7
  - Terms of Trade: 5.8 –2.2 –5.5 –28.2 –7.3 11.7 12.5 –5.9 –21.4 24.9 18.5 –7.8
- Nonfuel exporters — Value in US Dollars
  - Exports: 14.0 4.3 1.7 –10.4 –4.1 13.0 10.2 –1.2 –2.1 29.1 9.2 2.6
  - Imports: 14.5 4.0 –0.4 –13.2 –3.1 15.0 12.9 –2.4 –7.1 32.2 10.7 2.3
  - Unit Value in US Dollars — Exports: 5.9 1.0 –1.9 –11.2 –6.9 5.3 5.4 –1.5 –2.1 15.3 10.0 0.3
  - Terms of Trade: 0.6 0.1 1.0 2.2 –0.4 –0.4 –0.6 0.5 0.3 –1.3 –1.0 1.0
- Primary products — Value in US Dollars
  - Exports: 12.5 3.6 –2.6 –16.2 –0.3 12.4 7.8 –1.9 –3.9 34.6 11.9 1.9
  - Imports: 15.7 2.2 –6.1 –11.6 –7.3 10.5 10.3 –6.2 –13.7 33.6 18.6 3.2
  - Unit Value in US Dollars — Exports: 8.9 1.6 –4.1 –15.8 –3.3 9.9 4.4 –3.2 4.0 24.7 7.8 –2.9
  - Terms of Trade: 4.0 1.0 –1.5 –1.7 3.0 3.8 –1.6 –0.1 10.8 6.3 –4.5 –3.9

### Table B15 — Summary of Current Account Transactions (Billions of US dollars, Averages and Projections)
- Header sequence: Averages 2004–13, 2008–15, then annual 2016 2017 2018 2019 2020 2021 2022 2023 2024–27 (Projections)
- Advanced Economies — Current Account Balance: –187.8 9.2 369.3 489.3 398.6 379.3 179.9 339.4 –370.9 –170.2 161.1
  - Trade Balance: –103.2 68.9 407.9 433.1 351.3 287.1 236.1 326.8 –251.5 –60.2 309.9
  - Exports of Goods (Advanced Economies): 8,912.4 9,995.9 9,652.6 10,520.8 11,370.7 11,006.3 10,149.1 12,549.7 13,528.1 13,732.0 15,217.0
  - Imports of Goods (Advanced Economies): 9,316.1 10,358.3 9,764.7 10,658.9 11,694.4 11,301.9 10,420.4 12,894.4 14,558.1 14,713.6 16,083.1
- United States — Current Account Balance: –566.0 –437.5 –396.2 –361.0 –439.8 –446.0 –619.7 –846.4 –985.3 –822.9 –709.6
  - Trade Balance: –593.9 –514.0 –479.5 –510.3 –578.6 –559.7 –654.0 –845.0 –1,030.7 –889.6 –779.5
  - Exports of Goods: 1,226.7 1,433.9 1,457.4 1,557.0 1,676.9 1,655.1 1,432.2 1,761.4 2,043.1 2,004.9 2,148.7
  - Imports of Goods: 1,954.7 2,144.6 2,207.2 2,356.3 2,555.7 2,512.4 2,346.1 2,851.7 3,378.3 3,307.3 3,436.3
- Emerging Market and Developing Economies — Current Account Balance: 396.3 266.0 –99.4 –21.9 –55.4 –3.4 157.8 343.8 598.0 492.3 93.6
  - Trade Balance: 499.5 450.3 104.4 154.4 193.7 195.4 338.5 612.2 896.1 697.2 391.2
  - Goods Balance: 700.7 745.3 416.2 500.8 568.4 498.0 561.9 802.0 1,077.5 989.8 679.0
  - Exports of Goods: 5,317.4 6,589.5 6,107.7 6,957.0 7,763.4 7,565.8 7,076.4 9,280.4 10,548.3 10,681.7 11,749.4
  - Imports of Goods: 4,616.7 5,844.3 5,691.6 6,456.1 7,195.0 7,067.8 6,514.5 8,478.5 9,470.8 9,691.9 11,070.4
  - Services Balance: –178.4 –280.4 –313.7 –338.1 –358.5 –291.1 –221.2 –178.2 –168.6 –277.8 –278.4
  - Primary Income Balance: –351.4 –437.6 –415.0 –432.0 –543.7 –522.6 –501.6 –657.1 –677.6 –605.4 –755.0
  - Secondary Income Balance: 229.2 243.2 212.3 247.4 279.1 314.2 321.2 376.1 366.7 382.9 442.5

*Source: tableb - Section 3 (WORLD ECONOMIC OUTLOOK: COUNTERING THE COST-OF-LIVING CRISIS, International Monetary Fund | October 2022).*

### Section 4

### Table B (Section 4)

### Summary of Current Account Transactions — Regional Groups (selected series and projections)
- Emerging and Developing Asia
  - Current Account Balance: 214.7 (Average 2004–13), 221.2 (Average 2008–15), 212.3 (2016), 166.4 (2017), –51.3 (2018), 93.2 (2019), 319.8 (2020), 250.2 (2021), 191.6 (2022), 166.9 (2023), 53.9 (2024–27)
  - Trade Balance: 173.0, 190.6, 250.1, 169.3, –20.6, 77.0, 372.4, 344.3, 289.5, 201.1, 147.2
  - Exports of Goods: 2,153.6, 2,828.9, 3,101.6, 3,477.2, 3,792.1, 3,746.0, 3,816.5, 4,894.1, 5,325.1, 5,476.7, 6,268.6
  - Imports of Goods: 1,975.0, 2,597.2, 2,699.8, 3,144.8, 3,623.1, 3,519.4, 3,344.0, 4,481.9, 4,945.3, 5,050.6, 5,865.0
  - Services Balance: –5.6, –41.1, –151.8, –163.1, –189.6, –149.6, –100.0, –68.0, –90.3, –225.0, –256.4
  - Primary Income Balance: –74.8, –103.6, –157.5, –128.7, –179.4, –152.7, –222.0, –287.1, –289.2, –238.0, –327.5
  - Secondary Income Balance: 116.5, 134.3, 119.6, 125.8, 148.7, 168.9, 169.4, 193.0, 191.4, 203.7, 234.2

- Emerging and Developing Europe
  - Current Account Balance: –26.0, –27.4, –8.4, –19.9, 66.1, 50.1, 0.4, 71.0, 131.9, 131.5, 36.6
  - Trade Balance: 33.1, 52.0, 56.8, 54.6, 143.7, 139.4, 61.9, 165.0, 219.2, 211.0, 137.7
  - Exports of Goods: 883.5, 1,055.3, 894.8, 1,052.7, 1,214.7, 1,196.6, 1,090.6, 1,461.6, 1,541.0, 1,587.9, 1,727.5
  - Services Balance: 23.7, 25.4, 48.3, 55.8, 72.2, 71.6, 58.9, 89.2, 119.5, 129.2, 144.6
  - Primary Income Balance: –77.5, –95.1, –76.6, –88.4, –91.2, –103.3, –75.6, –109.8, –87.7, –81.7, –104.4
  - Secondary Income Balance: 18.4, 15.7, 11.4, 13.8, 13.5, 14.1, 14.0, 15.8, 0.4, 2.1, 3.2

- Middle East and Central Asia
  - Current Account Balance: 259.1, 227.7, –146.4, –39.0, 111.8, 17.3, –105.7, 121.8, 406.5, 333.0, 156.7
  - Trade Balance: 276.2, 272.3, –91.7, –5.1, 161.5, 79.0, –51.4, 172.5, 473.5, 378.8, 191.4
  - Exports of Goods: 1,137.2, 1,362.7, 957.0, 1,118.0, 1,313.1, 1,217.9, 919.5, 1,304.6, 1,818.5, 1,753.7, 1,726.5
  - Services Balance: –104.5, –138.4, –122.5, –131.0, –130.1, –108.3, –80.2, –91.3, –86.4, –77.4, –66.2
  - Primary Income Balance: –31.5, –36.8, –11.5, –15.9, –36.8, –43.7, –30.4, –37.9, –52.0, –33.4, –27.4
  - Secondary Income Balance: –4.9, –18.1, –42.0, –26.3, –28.4, –27.4, –23.7, –25.4, –27.8, –29.9, –22.2

- Latin America and the Caribbean
  - Current Account Balance: –48.8, –122.0, –102.3, –94.7, –142.1, –106.6, –8.7, –79.3, –97.6, –83.7, –91.8
  - Trade Balance: 13.3, –38.8, –43.5, –23.5, –48.5, –30.1, 23.6, –40.6, –52.3, –35.4, –19.3
  - Exports of Goods: 832.2, 977.6, 892.3, 1,001.9, 1,088.6, 1,063.6, 960.4, 1,229.9, 1,403.8, 1,413.1, 1,535.3
  - Services Balance: –42.7, –61.7, –45.8, –51.6, –51.3, –41.5, –46.4, –54.3, –57.7, –49.3, –44.4
  - Primary Income Balance: –122.5, –147.3, –134.7, –153.3, –183.2, –174.2, –138.0, –171.9, –187.2, –193.4, –230.6
  - Secondary Income Balance: 60.8, 64.3, 75.9, 82.1, 89.7, 87.5, 105.7, 133.2, 142.0, 145.1, 158.1

- Sub-Saharan Africa
  - Current Account Balance: –2.7, –33.5, –54.6, –34.6, –40.0, –57.4, –48.0, –19.9, –34.6, –55.4, –61.8
  - Trade Balance: 3.9, –25.8, –67.2, –40.9, –42.4, –69.8, –68.0, –28.9, –33.8, –58.3, –65.8
  - Exports of Goods: 311.0, 365.0, 262.0, 307.1, 354.9, 341.7, 289.5, 390.2, 460.0, 450.4, 491.6
  - Imports of Goods: 257.7, 326.1, 287.4, 299.9, 337.5, 348.3, 304.2, 365.4, 440.1, 453.1, 501.4
  - Services Balance: –49.4, –64.7, –41.9, –48.1, –59.7, –63.2, –53.4, –53.8, –53.7, –55.5, –56.0
  - Secondary Income Balance: 38.5, 47.1, 47.4, 52.0, 55.6, 61.1, 55.7, 59.5, 60.7, 61.9, 69.1

### Summary of Current Account Transactions — Analytical Groups (By Source of Export Earnings; selected)
- Fuel-exporting economies
  - Current Account Balance: 342.0 (2004–13), 298.2 (2008–15), –99.4 (2016), 41.0 (2017), 201.3 (2018), 72.9 (2019), –89.8 (2020), 180.8 (2021), 498.3 (2022), 406.6 (2023), 221.5 (2024–27)
  - Exports of Goods: 1,285.1, 1,526.1, 984.6, 1,166.3, 1,380.6, 1,258.6, 903.3, 1,314.1, 1,846.2, 1,753.3, 1,676.0
  - Services Balance: –174.3, –226.0, –173.0, –184.2, –199.3, –186.0, –123.1, –134.7, –143.6, –136.6, –137.8

- Nonfuel-exporting economies
  - Current Account Balance: 56.1, –30.3, 2.2, –60.7, –254.5, –74.5, 249.4, 164.5, 101.6, 87.4, –125.6
  - Exports of Goods: 4,023.6, 5,057.2, 5,121.5, 5,788.8, 6,381.0, 6,305.4, 6,171.4, 7,964.1, 8,699.6, 8,925.8, 10,070.6
  - Primary Income Balance: –294.4, –370.1, –394.8, –402.5, –489.1, –474.6, –475.8, –618.2, –616.7, –569.0, –728.0

- Net Debtor Economies (by external financing source)
  - Current Account Balance: –225.5, –341.1, –271.6, –306.0, –382.1, –299.2, –114.0, –294.5, –459.0, –430.2, –473.3
  - Goods Exports: 2,077.5, 2,543.9, 2,468.3, 2,824.3, 3,126.0, 3,115.3, 2,924.8, 3,752.5, 4,186.4, 4,296.7, 4,910.6
  - Goods Imports: 2,322.7, 2,902.3, 2,851.3, 3,242.4, 3,618.7, 3,566.9, 3,195.2, 4,216.4, 4,827.8, 4,962.5, 5,700.7
  - Primary Income Balance: –240.7, –300.1, –287.2, –330.8, –375.9, –378.6, –326.1, –417.1, –441.3, –437.7, –508.1
  - Secondary Income Balance: 249.7, 297.9, 320.1, 352.1, 380.9, 407.1, 411.2, 474.2, 475.7, 495.1, 566.6

- Memorandum — World Current Account Balance (selected): 208.6 (2004–13), 275.2 (2008–15), 269.8 (2016), 467.4 (2017), 343.2 (2018), 375.9 (2019), 337.7 (2020), 683.3 (2021), 227.1 (2022), 322.2 (2023), 254.6 (2024–27)

### Emerging Market and Developing Economies — External Debt and Debt Service (Billions of US dollars; selected series and projections)
- Total External Debt (Emerging Market and Developing Economies)
  - 2014: 8,859.2
  - 2015: 8,393.9
  - 2016: 8,710.0
  - 2017: 9,677.8
  - 2018: 10,128.8
  - 2019: 10,604.6
  - 2020: 11,307.6
  - 2021: 11,958.4
  - 2022: 12,238.8
  - 2023: 12,808.2

- Regional totals (Total External Debt, selected)
  - Emerging and Developing Asia (2023): 5,239.1
  - Emerging and Developing Europe (2023): 1,911.6
  - Latin America and the Caribbean (2023): 2,673.9
  - Middle East and Central Asia (2023): 2,180.6
  - Sub-Saharan Africa (2023): 803.0

- Debt-Service Payments (Emerging Market and Developing Economies)
  - Total: 3,441.4 (2014), 3,518.1 (2015), 3,035.6 (2016), 3,053.5 (2017), 3,566.3 (2018), 3,805.6 (2019), 3,945.5 (2020), 4,146.2 (2021), 4,425.8 (2022), 4,614.3 (2023)
  - By region (2023 projections): Emerging and Developing Asia 2,761.1; Emerging and Developing Europe 699.8; Latin America and the Caribbean 618.7; Middle East and Central Asia 404.6; Sub-Saharan Africa 130.0

- External Debt (ratio measures; percent of exports of goods and services)
  - Emerging Market and Developing Economies (end-year debt as percent of exports): 99.7 (2014), 109.6 (2015), 118.6 (2016), 116.5 (2017), 109.6 (2018), 116.5 (2019), 137.1 (2020), 111.6 (2021), 100.5 (2022), 103.0 (2023)
  - Debt-Service Payment (percent of exports): Emerging Market and Developing Economies 39.1 (2014), 46.3 (2015), 41.6 (2016), 37.0 (2017), 38.8 (2018), 42.0 (2019), 48.0 (2020), 38.8 (2021), 36.5 (2022), 37.2 (2023)

### External Debt by Maturity (Emerging Market and Developing Economies and regions; Billions of US dollars)
- Total Debt and Maturity (Emerging Market and Developing Economies)
  - Total Debt: 8,859.2 (2014) … 12,808.2 (2023)
  - Short Term: 2,647.1 (2014), 2,133.8 (2015), 2,144.7 (2016), 2,551.5 (2017), 2,762.1 (2018), 2,886.6 (2019), 3,028.2 (2020), 3,311.7 (2021), 3,452.3 (2022), 3,626.2 (2023)
  - Long Term: 6,212.1 (2014), 6,260.1 (2015), 6,565.3 (2016), 7,126.3 (2017), 7,366.6 (2018), 7,718.0 (2019), 8,279.4 (2020), 8,646.7 (2021), 8,786.5 (2022), 9,182.0 (2023)

- Selected regional maturity breakdowns (2023 projections)
  - Emerging and Developing Asia: Short Term 2,254.4; Long Term 2,984.7
  - Emerging and Developing Europe: Short Term 476.5; Long Term 1,435.1
  - Latin America and the Caribbean: Short Term 333.0; Long Term 2,340.9
  - Middle East and Central Asia: Short Term 466.8; Long Term 1,713.8
  - Sub-Saharan Africa: Short Term 95.5; Long Term 707.6

- By source of export earnings (2023 projections)
  - Fuel economies — Total Debt 1,947.7; Short Term 433.0; Long Term 514.7
  - Nonfuel economies — Total Debt 10,858.4; Short Term 3,193.2; Long Term 7,665.2

### Ratio of External Debt to GDP (selected series and projections, percent)
- Emerging Market and Developing Economies (total debt end-year in percent of GDP)
  - 2014: 30.5
  - 2015: 30.9
  - 2016: 30.2
  - 2017: 30.0
  - 2018: 30.6
  - 2019: 30.5
  - 2020: 32.6
  - 2021: 30.3
  - 2022: 27.3
  - 2023: 26.6

- Regional ratios (selected)
  - Emerging and Developing Asia: 21.3, 18.6, 18.2, 18.5, 19.1, 18.9, 19.7, 18.9, 17.8, 17.9
  - Emerging and Developing Europe: 56.8, 59.1, 56.4, 51.0, 50.0, 46.3, 52.2, 51.8, 44.1, 41.4
  - Latin America and the Caribbean: 37.4, 45.4, 44.0, 42.4, 47.4, 47.8, 55.6, 51.7, 46.5, 45.1
  - Middle East and Central Asia: 28.6, 37.3, 39.9, 43.2, 42.7, 46.5, 51.2, 41.6, 35.8, 34.8
  - Sub-Saharan Africa: 26.2, 32.6, 34.7, 36.5, 39.4, 41.0, 43.8, 40.8, 39.8, 37.9

- Analytical groups (selected)
  - Fuel-exporting economies: 24.8, 36.0, 40.2, 40.9, 41.2, 43.2, 48.7, 39.5, 32.9, 32.5
  - Nonfuel economies: 31.4, 30.2, 29.0, 28.7, 29.4, 28.9, 30.6, 29.1, 26.5, 25.8
  - Net Debtor Economies: 39.1, 42.8, 41.3, 40.5, 41.6, 41.4, 45.6, 44.2, 40.5, 38.3
  - Economies with Arrears and/or Rescheduling during 2017–21: 45.9, 48.5, 52.2, 60.7, 60.6, 66.6, 71.2, 60.0, 54.5, 47.2

*Source: Table B (Section 4), WORLD ECONOMIC OUTLOOK: COUNTERING THE COST-OF-LIVING CRISIS — Statistical Appendix (International Monetary Fund | October 2022).*

### Section 5

### tableb - Section 5

### Interest Payments (Percent of exports of goods and services)
- Emerging Market and Developing Economies: 3.3 3.8 3.9 3.9 4.2 4.6 5.1 3.9 3.9 4.2
- Regional Groups:
  - Emerging and Developing Asia: 3.2 3.3 3.2 3.5 3.8 4.4 5.1 4.3 4.2 4.2
  - Emerging and Developing Europe: 4.1 4.1 4.0 3.0 2.9 3.0 3.1 2.2 2.2 2.6
  - Latin America and the Caribbean: 5.4 6.4 6.8 7.0 7.4 8.0 8.1 5.7 5.6 6.3
  - Middle East and Central Asia: 1.6 2.6 3.5 3.5 3.7 4.3 4.7 2.8 3.0 4.1
  - Sub-Saharan Africa: 2.5 3.9 4.3 3.9 4.3 4.6 5.5 4.2 3.6 4.0
- Analytical Groups — By Source of Export Earnings:
  - Fuel: 1.3 2.3 3.3 3.3 3.6 4.1 4.6 2.7 2.9 4.0
  - Nonfuel: 3.8 4.0 4.0 4.0 4.3 4.7 5.2 4.1 4.0 4.2
  - Of Which, Primary Products: 4.5 6.1 6.1 6.5 7.7 8.0 7.5 4.8 5.0 5.0
- Analytical Groups — By External Financing Source:
  - Net Debtor Economies: 3.7 4.1 4.5 4.6 4.7 5.3 6.0 4.5 4.4 4.5
- Net Debtor Economies by Debt-Servicing Experience:
  - Economies with Arrears and/or Rescheduling during 2017–21: 3.2 4.4 6.0 6.5 7.1 8.5 9.1 5.9 5.8 6.8
- Other Groups:
  - Middle East and North Africa: 1.3 2.1 3.0 2.9 3.2 3.7 3.9 2.3 2.6 3.9
  - Emerging Market and Middle-Income Economies: 3.4 3.9 4.0 4.0 4.3 4.8 5.3 4.0 4.0 4.3
  - Low-Income Developing Countries: 1.6 2.0 2.4 2.3 2.6 2.6 2.9 2.6 2.6 2.7
  - Heavily Indebted Poor Countries: 1.9 3.0 3.8 3.4 3.7 4.2 4.7 4.2 3.6 3.4

### Amortization (Percent of exports of goods and services)
- Emerging Market and Developing Economies: 35.6 42.4 37.6 33.0 34.6 37.3 42.9 34.9 32.6 33.0
- Regional Groups:
  - Emerging and Developing Asia: 42.5 49.1 39.0 34.4 39.0 43.0 45.1 39.3 39.0 39.6
  - Emerging and Developing Europe: 51.5 51.4 49.0 42.1 41.1 38.8 46.1 35.4 31.7 33.0
  - Latin America and the Caribbean: 37.2 47.7 47.3 41.3 38.8 43.4 52.5 37.7 32.1 32.8
  - Middle East and Central Asia: 10.3 14.8 17.3 16.0 15.1 17.4 25.4 18.2 16.4 15.8
  - Sub-Saharan Africa: 13.5 20.7 22.2 19.3 23.2 23.4 27.7 25.2 25.6 21.5
- Analytical Groups — By Source of Export Earnings:
  - Fuel: 6.6 9.9 12.4 10.8 10.3 11.3 18.3 14.6 12.3 12.4
  - Nonfuel: 43.0 48.6 42.2 37.2 39.4 42.1 46.4 38.1 36.6 36.9
  - Of Which, Primary Products: 41.3 48.3 47.1 40.3 44.8 50.3 55.3 40.8 40.5 35.3
- Analytical Groups — By External Financing Source:
  - Net Debtor Economies: 34.6 39.7 39.8 35.3 33.9 34.1 40.0 31.2 28.0 28.2
- Net Debtor Economies by Debt-Servicing Experience:
  - Economies with Arrears and/or Rescheduling during 2017–21: 45.1 57.1 62.8 59.7 56.6 58.2 66.5 46.2 43.1 40.1
- Other Groups:
  - Middle East and North Africa: 9.7 14.3 17.2 15.7 14.9 17.1 25.0 17.5 15.9 15.1
  - Emerging Market and Middle-Income Economies: 37.3 44.5 39.3 34.6 36.1 39.4 45.2 36.3 33.9 34.4
  - Low-Income Developing Countries: 8.3 9.5 13.2 10.8 14.0 11.4 14.4 15.2 15.1 15.1
  - Heavily Indebted Poor Countries: 6.5 8.5 8.6 10.0 10.2 11.0 11.2 11.6 10.7 10.4

Notes:
- Excludes service payments to the IMF.
- Interest payments and amortization on total debt. Estimates through 2021 reflect debt-service payments actually made. Estimates for 2022 and 2023 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 — Table B21 (Annual percent change; averages and projections)
- Averages / Projections (2004–13, 2014–23, 2020, 2021, 2022, 2023, 2020–23, 2024–27)
  - Real GDP: 6.4 3.8 –1.9 6.6 3.7 3.7 3.0 4.3
  - Export Volume: 1: 7.4 3.2 –4.8 11.8 3.3 2.9 3.1 4.4
  - Terms of Trade: 1: 1.5 –0.6 –1.1 1.7 0.8 –1.7 –0.1 –0.6
  - Import Volume: 1: 9.1 2.5 –7.8 11.8 2.4 3.0 2.1 4.8
- Regional Groups (selected lines shown):
  - Emerging and Developing Asia — Real GDP: 8.5 5.4 –0.6 7.2 4.4 4.9 3.9 5.2
  - Emerging and Developing Europe — Real GDP: 4.3 2.0 –1.7 6.8 0.0 0.6 1.4 2.3
  - Latin America and the Caribbean — Real GDP: 4.0 0.8 –7.0 6.9 3.5 1.7 1.1 2.5
  - Middle East and Central Asia — Real GDP: 5.0 2.8 –2.7 4.5 5.0 3.6 2.5 3.6
  - Sub-Saharan Africa — Real GDP: 5.6 2.9 –1.6 4.7 3.6 3.7 2.6 4.2
- Analytical Groups — Net Debtor Economies by Debt-Servicing Experience:
  - Economies with Arrears and/or Rescheduling during 2017–21 — Real GDP: 4.6 2.7 –0.8 3.4 0.9 4.2 1.9 5.3

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

### Balance-Sheet and Debt-Service Projections (Percent of exports of goods and services and percent of GDP where shown)
- Projections (selected series, years vary as shown):
  - Current Account Balance (series across years): 4.3 –0.9 –0.1 2.0 3.1 4.8 3.9 –0.8
  - Total External Debt (series across years): 82.8 109.6 116.5 137.1 111.6 100.5 103.0 105.2
  - Debt-Service Payments2 (series across years): 27.1 46.3 42.0 48.0 38.8 36.5 37.2 38.8
  - Interest Payments2 (series across years): 2.6 3.8 4.6 5.1 3.9 3.9 4.2 4.2
  - Amortization (series across years): 24.3 42.4 37.3 42.9 34.9 32.6 33.0 34.6
- Regional detail (selected entries):
  - Emerging and Developing Asia — Current Account Balance: 2.8 7.8 2.1 7.3 4.5 3.1 2.6 –0.3
  - Emerging and Developing Europe — Total External Debt: 131.9 151.6 120.2 142.3 110.0 98.0 96.9 93.7
  - Latin America and the Caribbean — Total External Debt: 120.5 189.7 192.5 224.9 182.4 164.2 167.3 166.9
  - Middle East and Central Asia — Debt-Service Payments2: 10.5 17.4 21.7 30.1 21.0 19.4 19.9 17.8
  - Sub-Saharan Africa — Debt-Service Payments2: 11.3 24.7 28.1 33.2 29.5 29.2 25.5 25.9
- Net Debtor Economies by Debt-Servicing Experience:
  - Economies with Arrears and/or Rescheduling during 2017–21 — Total External Debt: 111.6 200.9 227.7 280.4 228.9 208.6 201.3 168.7
  - Economies with Arrears and/or Rescheduling during 2017–21 — Debt-Service Payments2: 33.1 61.4 66.7 75.6 52.1 49.0 46.9 28.6
  - Economies with Arrears and/or Rescheduling during 2017–21 — Interest Payments: 1.9 4.4 8.5 9.1 5.9 5.8 6.8 5.5
  - Economies with Arrears and/or Rescheduling during 2017–21 — Amortization: 31.1 57.1 58.2 66.5 46.2 43.1 40.1 23.2

*International Monetary Fund | World Economic Outlook: Countering the Cost-of-Living Crisis — Table data from tableb - Section 5*

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