## statsappendix - 2023. For 2023 and 2024 these assumptions imply ## Source details **Canonical URL:** [statsappendix - 2023. For 2023 and 2024 these assumptions imply](https://www.imf.org/-/media/files/publications/weo/2023/april/english/statsappendix.pdf) ## Other formats - [Markdown version](/-/media/files/publications/weo/2023/april/english/statsappendix.pdf.md) - [Structured JSON version](/-/media/files/publications/weo/2023/april/english/statsappendix.pdf.json) --- ### Global assumptions for 2023 and 2024 - Average US dollar–special drawing right conversion rates: 1.334 (2023) and 1.333 (2024). - US dollar–euro conversion rates: 1.063 (2023) and 1.054 (2024). - Yen–US dollar conversion rates: 135.4 (2023) and 137.4 (2024). - Assumed price of oil: $73.13 a barrel in 2023 and $68.90 a barrel in 2024. - National authorities’ established policies are assumed to be maintained. - Reference: Box A1 describes more specific policy assumptions underlying projections for selected economies. ### Interest rate assumptions - Three-month government bond yields (averages): - United States: 5.1 percent in 2023 and 4.5 percent in 2024. - Euro area: 2.8 percent in 2023 and 3.0 percent in 2024. - Japan: –0.1 percent in 2023 and 0.0 percent in 2024. - 10-year government bond yields (averages): - United States: 3.8 percent in 2023 and 3.6 percent in 2024. - Euro area: 2.5 percent in 2023 and 2.8 percent in 2024. - Japan: 0.6 percent in 2023 and 0.6 percent in 2024. ### Euro irrevocably fixed conversion rates (selected entries shown) - 1 euro = 13.7603 Austrian schillings - 1 euro = 40.3399 Belgian francs - 1 euro = 7.53450 Croatian kuna - 1 euro = 0.585274 Cyprus pound - 1 euro = 1.95583 Deutsche marks - 1 euro = 15.6466 Estonian krooni - 1 euro = 5.94573 Finnish markkaa - 1 euro = 6.55957 French francs - 1 euro = 340.750 Greek drachmas - 1 euro = 0.787564 Irish pound - 1 euro = 1,936.27 Italian lire - 1 euro = 0.702804 Latvian lat - 1 euro = 3.45280 Lithuanian litas - 1 euro = 40.3399 Luxembourg francs - 1 euro = 0.42930 Maltese lira - 1 euro = 2.20371 Netherlands guilders - 1 euro = 200.482 Portuguese escudos - 1 euro = 30.1260 Slovak koruna - 1 euro = 239.640 Slovenian tolars - 1 euro = 166.386 Spanish pesetas - Notes on establishment dates: - Established on January 1, 2023. - Established on January 1, 2008. - Established on January 1, 2011. - Established on January 1, 2001. - Established on January 1, 2014. - Established on January 1, 2015. - Established on January 1, 2009. - Established on January 1, 2007. - Reminder: These fixed conversion rates were decided by the Council of the European Union effective as of January 1, 1999. ### What’s New - Beginning with the April 2023 WEO, ASEAN-5 comprises the five ASEAN founding member nations: Indonesia, Malaysia, the Philippines, Singapore, and Thailand. - On January 1, 2023, Croatia became the 20th country to join the euro area. Data for Croatia are now included in aggregates for the euro area and for advanced economies and relevant subgroups. - For Ecuador, fiscal sector projections are excluded from publication for 2023–28 because of ongoing program discussions. ### Data and conventions (key points) - Data and projections for 196 economies form the statistical basis of the WEO database. - Most countries’ macroeconomic data as presented in the WEO conform broadly to the 2008 version of the System of National Accounts (SNA 2008). - The IMF’s sector statistical standards—the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6), the Monetary and Financial Statistics Manual and Compilation Guide, and the Government Finance Statistics Manual 2014 (GFSM 2014)—have been aligned with the SNA 2008. - WEO estimates are only partly adapted to these manuals; conversion to updated standards will have only a small impact on major balances and aggregates for many countries. - Fiscal gross and net debt data in the WEO are drawn from official data sources and IMF staff estimates; attempts are made to align with GFSM 2014 definitions, but deviations can occur. - Composite data for country groups are either sums or weighted averages of individual country data. - Multiyear averages of growth rates are expressed as compound annual rates of change (unless noted otherwise). - Arithmetically weighted averages are used for all data for the emerging market and developing economies group—except data on inflation 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. - Aggregation rules for inflation: - World and advanced economies: annual rates are simple percentage changes from the previous years. - Emerging market and developing economies: annual rates are based on logarithmic differences. - 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. - Composites for external sector statistics: sums 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. - 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. ### Country notes (selected highlights) - Afghanistan: data and projections for 2021–28 are omitted because the IMF has paused engagement owing to lack of clarity within the international community regarding recognition of a government in Afghanistan. - Algeria: total government expenditure and net lending/borrowing include net lending by the government, mostly 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 a combination of Greater Buenos Aires Area CPI, IPCNu, City of Buenos Aires CPI depending on the period. - WEO does not report average CPI inflation for 2014–16 and end-of-period inflation for 2015–16 due to limited comparability. - Argentina discontinued publication of labor market data starting in Q4 2015; new series available starting in 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; data back to 2019 are adjusted for comparability. - Dominican Republic: fiscal coverage details—Public debt, debt service, and cyclically adjusted/structural balances are for the consolidated public sector; remaining fiscal series are for the central government. - Ecuador: authorities undertaking revisions of historical fiscal data with IMF technical support; fiscal sector projections excluded from publication for 2023–28 because of ongoing program discussions. - India: real GDP growth rates calculated as per national accounts—1998–2011 with base year 2004/05 and thereafter with base year 2011/12. - Lebanon: data and projections for 2021–28 are omitted owing to an unusually high degree of uncertainty. - Sierra Leone: redenominated its currency on July 1, 2022; local currency data are expressed in the old leone for the April 2023 WEO. - Sri Lanka: certain projections for 2023–28 are excluded from publication owing to ongoing discussions on sovereign debt restructuring. - Syria: data excluded from 2011 onward because of the uncertain political situation. - Turkmenistan: real GDP data are IMF staff estimates compiled in line with SNA; estimates and projections for the fiscal balance exclude receipts from domestic bond issuances and privatization operations, in line with the GFSM 2014. - Ukraine: all projections for 2024–28 are omitted owing to an unusually high degree of uncertainty; revised national accounts data are available beginning in 2000 and exclude Crimea and Sevastopol from 2010 onward. - Uruguay: - In December 2020 Uruguay began reporting national accounts data according to the SNA 2008 with base year 2016; new series begin in 2016. - Since October 2018 Uruguay’s public pension system has been receiving transfers recorded as revenues; these transfers amounted to 1.2 percent of GDP in 2018 and affect data and projections for 2018–22. *Source: STATISTICAL APPENDIX, World Economic Outlook: A Rocky Recovery, International Monetary Fund, April 2023.* ### statsappendix - 1.1 percent of GDP in 2019, 0.6 percent of GDP ### Fiscal data points and short-term projections - Fiscal series reported as: 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. - The disclaimer about the public pension system applies only to the revenues and net lending/borrowing series. ### Country-specific fiscal coverage and data revisions (selected) - Uruguay: - Coverage of fiscal data changed from consolidated public sector to nonfinancial public sector with the October 2019 WEO. - Nonfinancial public sector coverage includes the central government, local government, social security funds, nonfinancial public corporations, and Banco de Seguros del Estado. - Historical data were revised accordingly. - Under this 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. - Capitalization bonds issued in the past by the government to the central bank are now part of the nonfinancial public sector debt. - Gross and net debt estimates for 2008–11 are preliminary. - Venezuela: - Projecting the economic outlook is rendered difficult by the lack of discussions with the authorities (the most recent Article IV consultation took place in 2004), incomplete metadata of limited reported statistics, and difficulties in reconciling reported indicators with economic developments. - Fiscal accounts include the budgetary central government; social security; FOGADE (insurance deposit institution); and a reduced set of public enterprises, including Petróleos de Venezuela, S.A. (PDVSA). - Following methodological upgrades to achieve a more robust nominal GDP, historical data and indicators expressed as a percentage of GDP have been revised from 2012 onward. - For most indicators, data for 2018–22 are IMF staff estimates. - The effects of hyperinflation and the paucity of reported data mean that the IMF staff’s projected macroeconomic indicators should be interpreted with caution. Broad 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 their national accounts statistics. - Current data are subject to revision. - The Zimbabwe dollar previously ceased circulating in 2009, and during 2009–19 Zimbabwe operated under a multicurrency regime with the US dollar as the unit of account. ### Country classification framework (WEO) - The WEO divides the world into two major groups: advanced economies and emerging market and developing economies; this classification is not based on strict criteria and has evolved over time. - Counts and groupings cited: - Advanced Economies: 41 - Emerging Market and Developing Economies: 155 - Some economies are excluded from WEO monitoring (examples given: Cuba and the Democratic People’s Republic of Korea). - Subgroup notes: - The seven largest advanced economies by GDP based on market exchange rates (the Group of Seven) are the United States, Japan, Germany, France, Italy, the United Kingdom, and Canada. - The euro area members are distinguished as a subgroup; composite data for the euro area cover current members for all years. - Regional breakdowns of emerging market and developing economies 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: - Source of export earnings distinguishes fuel (SITC 3) versus nonfuel and nonfuel primary products (SITCs 0, 1, 2, 4, and 68). Economies are categorized into one of these groups if the main source of export earnings exceeded 50 percent of total exports on average between 2017 and 2021. - Financial and income criteria include net creditor and net debtor economies, heavily indebted poor countries (HIPCs), low-income developing countries (LIDCs), and emerging market and middle-income economies (EMMIEs). - Economies are categorized as net debtors when their latest net international investment position, where available, was less than zero or their current account balance accumulations from 1972 (or earliest available data) to 2021 were negative. - HIPC, LIDC, and EMMIE group definitions referenced: - HIPC: countries that are or have been considered for the HIPC Initiative. - LIDC per capita income threshold noted: $2,700 in 2016 (World Bank Atlas method). ### Exceptional reporting periods and documentation - Table F lists economies with exceptional national accounts or government finance reporting periods (examples include The Bahamas: Jul/Jun; Bangladesh: Jul/Jun for both national accounts and government finance; India: Apr/Mar). - Table G provides key data documentation by country covering currency, national accounts, prices (CPI), historical data sources, base years, system of national accounts in use, government finance historical data sources, subsectors coverage, accounting practice, and balance of payments historical data sources and latest actual annual data. ### Fiscal policy assumptions underlying WEO projections - Short-term fiscal policy assumptions: - Normally based on officially announced budgets, adjusted for differences between national authorities and IMF staff macroeconomic assumptions and projected fiscal outturns. - When no official budget is announced, projections incorporate policy measures judged likely to be implemented. - Medium-term projections are based on judgment about policies’ most likely path. - Where IMF staff has insufficient information, an unchanged structural primary balance is assumed unless indicated otherwise. - Country-specific summary assumptions (selection): - Argentina: Based on available information regarding budget outturn, budget plans, and IMF-supported program targets for the federal government; on fiscal measures announced by the authorities; and on IMF staff macroeconomic projections. - Australia: Based on data from the Australian Bureau of Statistics, the FY2022/23 Commonwealth government budget (October 2022), FY2022/23 state/territory budgets and IMF staff estimates and projections. - Austria: Based on the 2023 budget and the Austria Medium Term Strategy Programme; NextGenerationEU (NGEU) fund and latest announcements incorporated. - Belgium: Based on Belgian Stability Program 2022–25, the 2023 Budgetary Plan, and other available fiscal plan information with IMF staff adjustments. - Brazil: Fiscal projections for 2023 reflect current policies in place. - Canada: Uses baseline forecasts from the Government of Canada’s Fall Economic Statement 2022 and latest provincial budgets, with IMF staff adjustments; incorporates recent Statistics Canada releases. - Chile: Based on authorities’ budget projections, adjusted for IMF staff GDP, copper price, depreciation, and inflation projections. - China: Staff fiscal projections incorporate the 2023 budget and estimates of off-budget financing. - Denmark: Aligned with latest official budget numbers for the current year, incorporating medium-term fiscal plan features; structural balances net of temporary fluctuations and one-offs (COVID-19 one-offs are included). - France, Germany, Greece, Hong Kong SAR, Hungary, India, Indonesia, Ireland, Italy, Japan, Korea, Mexico, Netherlands, New Zealand, Portugal, Puerto Rico, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Türkiye, United Kingdom, United States: Specific summary assumptions described in the text, each informed by authorities’ budgets, fiscal plans, recent legislation, or IMF staff judgments. - Notable country-specific fiscal details: - Russia: Fiscal rule suspended in response to sanctions; windfall oil and gas revenues above benchmark used to finance a larger deficit in 2022; National Welfare Fund savings can be used; a new fiscal rule will become fully effective in 2025 and targets a smaller primary structural deficit. - Singapore: Specific revenue and tax measures outlined to be implemented (Goods and Services Tax increases, property tax increases, carbon tax schedule), with exact percentage and S$ rates provided in the source text. - United States: Fiscal projections based on the February 2023 Congressional Budget Office baseline, adjusted for IMF staff policy and macro assumptions; effects of the Bipartisan Infrastructure Law and Inflation Reduction Act incorporated. ### Monetary policy assumptions underlying WEO projections - Monetary policy assumptions are based on each country’s established policy framework; generally imply a nonaccommodative stance over the business cycle (official interest rates respond to inflation and output gaps). - Selected country assumptions: - Argentina: Consistent with macroeconomic framework, fiscal and financing plans, and monetary and foreign exchange policies under the crawling-peg regime. - Brazil: Assumptions consistent with convergence of inflation within the tolerance band by the end of 2024. - Canada: Reflects monetary policy tightening by the Bank of Canada, with rates expected to be kept high for most of 2023 to bring down inflation by end-2024. - China: Monetary stance moderately accommodative in 2022 and expected to remain broadly accommodative in 2023. - Denmark: Maintain the peg to the euro. - Euro area: Derived from a suite of models (semistructural, DSGE, Taylor rule), market expectations, and ECB communications. - India, Indonesia, Israel, Japan, Korea, Mexico, New Zealand, Portugal, Russia, Saudi Arabia, Singapore, South Africa, Sweden, Switzerland, Türkiye, United Kingdom, United States: Monetary assumptions described in the source text, generally aligned with achieving inflation targets, market expectations, or exchange rate pegs. ### Tabular and appendix structure - The Statistical Appendix contains classification tables (A–G) including: - Table A: Overview of country classification and shares in aggregate GDP, exports, and population, 2022 (percent of total for group or world). - Table B: Advanced Economies by subgroup. - Table C: European Union membership list. - Table D: Emerging Market and Developing Economies by region and main source of export earnings. - Table E: Emerging Market and Developing Economies by region, net external position, HIPCs, and per capita income classification. - Table F: Economies with Exceptional Reporting Periods. - Table G: Key Data Documentation (extensive country-by-country metadata). - List of thematic tables referenced: Output (A1–A4), Inflation (A5–A7), Financial Policies (A8), Foreign Trade (A9), Current Account Transactions (A10–A12), Balance of Payments and External Financing (A13), Flow of Funds (A14), Medium-Term Baseline Scenario (A15). *Source: STATISTICAL APPENDIX, World Economic Outlook: A Rocky Recovery, International Monetary Fund | April 2023* ### 2023. For 2023 and 2024 these assumptions imply ### statsappendix - 2023. For 2023 and 2024 these assumptions imply ### Global assumptions for 2023 and 2024 - Average US dollar–special drawing right conversion rates: 1.334 (2023) and 1.333 (2024). - US dollar–euro conversion rates: 1.063 (2023) and 1.054 (2024). - Yen–US dollar conversion rates: 135.4 (2023) and 137.4 (2024). - Assumed price of oil: $73.13 a barrel in 2023 and $68.90 a barrel in 2024. - National authorities’ established policies are assumed to be maintained. - Reference: Box A1 describes more specific policy assumptions underlying projections for selected economies. ### Interest rate assumptions - Three-month government bond yields (averages): - United States: 5.1 percent in 2023 and 4.5 percent in 2024. - Euro area: 2.8 percent in 2023 and 3.0 percent in 2024. - Japan: –0.1 percent in 2023 and 0.0 percent in 2024. - 10-year government bond yields (averages): - United States: 3.8 percent in 2023 and 3.6 percent in 2024. - Euro area: 2.5 percent in 2023 and 2.8 percent in 2024. - Japan: 0.6 percent in 2023 and 0.6 percent in 2024. ### Euro irrevocably fixed conversion rates (selected entries shown) - 1 euro = 13.7603 Austrian schillings - 1 euro = 40.3399 Belgian francs - 1 euro = 7.53450 Croatian kuna - 1 euro = 0.585274 Cyprus pound - 1 euro = 1.95583 Deutsche marks - 1 euro = 15.6466 Estonian krooni - 1 euro = 5.94573 Finnish markkaa - 1 euro = 6.55957 French francs - 1 euro = 340.750 Greek drachmas - 1 euro = 0.787564 Irish pound - 1 euro = 1,936.27 Italian lire - 1 euro = 0.702804 Latvian lat - 1 euro = 3.45280 Lithuanian litas - 1 euro = 40.3399 Luxembourg francs - 1 euro = 0.42930 Maltese lira - 1 euro = 2.20371 Netherlands guilders - 1 euro = 200.482 Portuguese escudos - 1 euro = 30.1260 Slovak koruna - 1 euro = 239.640 Slovenian tolars - 1 euro = 166.386 Spanish pesetas - Notes on establishment dates: - Established on January 1, 2023. - Established on January 1, 2008. - Established on January 1, 2011. - Established on January 1, 2001. - Established on January 1, 2014. - Established on January 1, 2015. - Established on January 1, 2009. - Established on January 1, 2007. - Reminder: These fixed conversion rates were decided by the Council of the European Union effective as of January 1, 1999. ### What’s New - Beginning with the April 2023 WEO, ASEAN-5 comprises the five ASEAN founding member nations: Indonesia, Malaysia, the Philippines, Singapore, and Thailand. - On January 1, 2023, Croatia became the 20th country to join the euro area. Data for Croatia are now included in aggregates for the euro area and for advanced economies and relevant subgroups. - For Ecuador, fiscal sector projections are excluded from publication for 2023–28 because of ongoing program discussions. ### Data and conventions (key points) - Data and projections for 196 economies form the statistical basis of the WEO database. - Most countries’ macroeconomic data as presented in the WEO conform broadly to the 2008 version of the System of National Accounts (SNA 2008). - The IMF’s sector statistical standards—the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6), the Monetary and Financial Statistics Manual and Compilation Guide, and the Government Finance Statistics Manual 2014 (GFSM 2014)—have been aligned with the SNA 2008. - WEO estimates are only partly adapted to these manuals; conversion to updated standards will have only a small impact on major balances and aggregates for many countries. - Fiscal gross and net debt data in the WEO are drawn from official data sources and IMF staff estimates; attempts are made to align with GFSM 2014 definitions, but deviations can occur. - Composite data for country groups are either sums or weighted averages of individual country data. - Multiyear averages of growth rates are expressed as compound annual rates of change (unless noted otherwise). - Arithmetically weighted averages are used for all data for the emerging market and developing economies group—except data on inflation 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. - Aggregation rules for inflation: - World and advanced economies: annual rates are simple percentage changes from the previous years. - Emerging market and developing economies: annual rates are based on logarithmic differences. - 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. - Composites for external sector statistics: sums 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. - 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. ### Country notes (selected highlights) - Afghanistan: data and projections for 2021–28 are omitted because the IMF has paused engagement owing to lack of clarity within the international community regarding recognition of a government in Afghanistan. - Algeria: total government expenditure and net lending/borrowing include net lending by the government, mostly 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 a combination of Greater Buenos Aires Area CPI, IPCNu, City of Buenos Aires CPI depending on the period. - WEO does not report average CPI inflation for 2014–16 and end-of-period inflation for 2015–16 due to limited comparability. - Argentina discontinued publication of labor market data starting in Q4 2015; new series available starting in 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; data back to 2019 are adjusted for comparability. - Dominican Republic: fiscal coverage details—Public debt, debt service, and cyclically adjusted/structural balances are for the consolidated public sector; remaining fiscal series are for the central government. - Ecuador: authorities undertaking revisions of historical fiscal data with IMF technical support; fiscal sector projections excluded from publication for 2023–28 because of ongoing program discussions. - India: real GDP growth rates calculated as per national accounts—1998–2011 with base year 2004/05 and thereafter with base year 2011/12. - Lebanon: data and projections for 2021–28 are omitted owing to an unusually high degree of uncertainty. - Sierra Leone: redenominated its currency on July 1, 2022; local currency data are expressed in the old leone for the April 2023 WEO. - Sri Lanka: certain projections for 2023–28 are excluded from publication owing to ongoing discussions on sovereign debt restructuring. - Syria: data excluded from 2011 onward because of the uncertain political situation. - Turkmenistan: real GDP data are IMF staff estimates compiled in line with SNA; estimates and projections for the fiscal balance exclude receipts from domestic bond issuances and privatization operations, in line with the GFSM 2014. - Ukraine: all projections for 2024–28 are omitted owing to an unusually high degree of uncertainty; revised national accounts data are available beginning in 2000 and exclude Crimea and Sevastopol from 2010 onward. - Uruguay: - In December 2020 Uruguay began reporting national accounts data according to the SNA 2008 with base year 2016; new series begin in 2016. - Since October 2018 Uruguay’s public pension system has been receiving transfers recorded as revenues; these transfers amounted to 1.2 percent of GDP in 2018 and affect data and projections for 2018–22. *Source: STATISTICAL APPENDIX, World Economic Outlook: A Rocky Recovery, International Monetary Fund, April 2023.* ### 1.1 percent of GDP in 2019, 0.6 percent of GDP ### statsappendix - 1.1 percent of GDP in 2019, 0.6 percent of GDP ### Fiscal data points and short-term projections - Fiscal series reported as: 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. - The disclaimer about the public pension system applies only to the revenues and net lending/borrowing series. ### Country-specific fiscal coverage and data revisions - Uruguay: Coverage of fiscal data changed from consolidated public sector to nonfinancial public sector with the October 2019 WEO. Nonfinancial public sector coverage includes the central government, local government, social security funds, nonfinancial public corporations, and Banco de Seguros del Estado. Historical data were revised accordingly. Under this 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. Capitalization bonds issued in the past by the government to the central bank are now part of the nonfinancial public sector debt. Gross and net debt estimates for 2008–11 are preliminary. - Venezuela: Projecting the economic outlook is rendered difficult by the lack of discussions with the authorities (the most recent Article IV consultation took place in 2004), incomplete metadata of limited reported statistics, and difficulties in reconciling reported indicators with economic developments. Fiscal accounts include the budgetary central government; social security; FOGADE (insurance deposit institution); and a reduced set of public enterprises, including Petróleos de Venezuela, S.A. (PDVSA). Following methodological upgrades to achieve a more robust nominal GDP, historical data and indicators expressed as a percentage of GDP have been revised from 2012 onward. For most indicators, data for 2018–22 are IMF staff estimates. The effects of hyperinflation and the paucity of reported data mean that the IMF staff’s projected macroeconomic indicators should be interpreted with caution. Broad 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 their national accounts statistics. Current data are subject to revision. The Zimbabwe dollar previously ceased circulating in 2009, and during 2009–19 Zimbabwe operated under a multicurrency regime with the US dollar as the unit of account. ### Country classification framework (WEO) - The WEO divides the world into two major groups: advanced economies and emerging market and developing economies; this classification is not based on strict criteria and has evolved over time. - Counts and groupings cited: - Advanced Economies: 41 - Emerging Market and Developing Economies: 155 - Some economies are excluded from WEO monitoring (examples given: Cuba and the Democratic People’s Republic of Korea). - Subgroup notes: - The seven largest advanced economies by GDP based on market exchange rates (the Group of Seven) are the United States, Japan, Germany, France, Italy, the United Kingdom, and Canada. - The euro area members are distinguished as a subgroup; composite data for the euro area cover current members for all years. - Regional breakdowns of emerging market and developing economies 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: - Source of export earnings distinguishes fuel (SITC 3) versus nonfuel and nonfuel primary products (SITCs 0, 1, 2, 4, and 68). Economies are categorized into one of these groups if the main source of export earnings exceeded 50 percent of total exports on average between 2017 and 2021. - Financial and income criteria include net creditor and net debtor economies, heavily indebted poor countries (HIPCs), low-income developing countries (LIDCs), and emerging market and middle-income economies (EMMIEs). - Economies are categorized as net debtors when their latest net international investment position, where available, was less than zero or their current account balance accumulations from 1972 (or earliest available data) to 2021 were negative. - HIPC, LIDC, and EMMIE group definitions referenced: - HIPC: countries that are or have been considered for the HIPC Initiative. - LIDC per capita income threshold noted: $2,700 in 2016 (World Bank Atlas method). ### Exceptional reporting periods and documentation - Table F lists economies with exceptional national accounts or government finance reporting periods (examples include The Bahamas: Jul/Jun; Bangladesh: Jul/Jun for both national accounts and government finance; India: Apr/Mar). - Table G provides key data documentation by country covering currency, national accounts, prices (CPI), historical data sources, base years, system of national accounts in use, government finance historical data sources, subsectors coverage, accounting practice, and balance of payments historical data sources and latest actual annual data. (Numerous country-specific entries and base-year details are provided in Table G.) ### Fiscal policy assumptions underlying WEO projections - Short-term fiscal policy assumptions are normally based on officially announced budgets, adjusted for differences between national authorities and IMF staff macroeconomic assumptions and projected fiscal outturns. When no official budget is announced, projections incorporate policy measures judged likely to be implemented. Medium-term projections are based on judgment about policies’ most likely path. Where IMF staff has insufficient information, an unchanged structural primary balance is assumed unless indicated otherwise. - Country-specific summary assumptions (selection as presented): - Argentina: Based on available information regarding budget outturn, budget plans, and IMF-supported program targets for the federal government; on fiscal measures announced by the authorities; and on IMF staff macroeconomic projections. - Australia: Based on data from the Australian Bureau of Statistics, the FY2022/23 Commonwealth government budget (October 2022), FY2022/23 state/territory budgets and IMF staff estimates and projections. - Austria: Based on the 2023 budget and the Austria Medium Term Strategy Programme; NextGenerationEU (NGEU) fund and latest announcements incorporated. - Belgium: Based on Belgian Stability Program 2022–25, the 2023 Budgetary Plan, and other available fiscal plan information with IMF staff adjustments. - Brazil: Fiscal projections for 2023 reflect current policies in place. - Canada: Uses baseline forecasts from the Government of Canada’s Fall Economic Statement 2022 and latest provincial budgets, with IMF staff adjustments; incorporates recent Statistics Canada releases. - Chile: Based on authorities’ budget projections, adjusted for IMF staff GDP, copper price, depreciation, and inflation projections. - China: Staff fiscal projections incorporate the 2023 budget and estimates of off-budget financing. - Denmark: Aligned with latest official budget numbers for the current year, incorporating medium-term fiscal plan features; structural balances net of temporary fluctuations and one-offs (COVID-19 one-offs are included). - France, Germany, Greece, Hong Kong SAR, Hungary, India, Indonesia, Ireland, Italy, Japan, Korea, Mexico, Netherlands, New Zealand, Portugal, Puerto Rico, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Türkiye, United Kingdom, United States: Specific summary assumptions described in the text, each informed by authorities’ budgets, fiscal plans, recent legislation, or IMF staff judgments (detailed country-level notes provided). - Notable country-specific fiscal details: - Russia: Fiscal rule suspended in response to sanctions; windfall oil and gas revenues above benchmark used to finance a larger deficit in 2022; National Welfare Fund savings can be used; a new fiscal rule will become fully effective in 2025 and targets a smaller primary structural deficit. - Singapore: Specific revenue and tax measures outlined to be implemented (Goods and Services Tax increases, property tax increases, carbon tax schedule), with exact percentage and S$ rates provided in the source text. - United States: Fiscal projections based on the February 2023 Congressional Budget Office baseline, adjusted for IMF staff policy and macro assumptions; effects of the Bipartisan Infrastructure Law and Inflation Reduction Act incorporated. ### Monetary policy assumptions underlying WEO projections - Monetary policy assumptions are based on each country’s established policy framework; generally imply a nonaccommodative stance over the business cycle (official interest rates respond to inflation and output gaps). - Selected country assumptions (as presented): - Argentina: Consistent with macroeconomic framework, fiscal and financing plans, and monetary and foreign exchange policies under the crawling-peg regime. - Brazil: Assumptions consistent with convergence of inflation within the tolerance band by the end of 2024. - Canada: Reflects monetary policy tightening by the Bank of Canada, with rates expected to be kept high for most of 2023 to bring down inflation by end-2024. - China: Monetary stance moderately accommodative in 2022 and expected to remain broadly accommodative in 2023. - Denmark: Maintain the peg to the euro. - Euro area: Derived from a suite of models (semistructural, DSGE, Taylor rule), market expectations, and ECB communications. - India, Indonesia, Israel, Japan, Korea, Mexico, New Zealand, Portugal, Russia, Saudi Arabia, Singapore, South Africa, Sweden, Switzerland, Türkiye, United Kingdom, United States: Monetary assumptions described in the source text, generally aligned with achieving inflation targets, market expectations, or exchange rate pegs. ### Tabular and appendix structure (list of tables and content organization) - The Statistical Appendix contains classification tables (A–G) including: - Table A: Overview of country classification and shares in aggregate GDP, exports, and population, 2022 (percent of total for group or world). - Table B: Advanced Economies by subgroup. - Table C: European Union membership list. - Table D: Emerging Market and Developing Economies by region and main source of export earnings. - Table E: Emerging Market and Developing Economies by region, net external position, HIPCs, and per capita income classification. - Table F: Economies with Exceptional Reporting Periods. - Table G: Key Data Documentation (extensive country-by-country metadata). - List of thematic tables referenced: Output (A1–A4), Inflation (A5–A7), Financial Policies (A8), Foreign Trade (A9), Current Account Transactions (A10–A12), Balance of Payments and External Financing (A13), Flow of Funds (A14), Medium-Term Baseline Scenario (A15). *Source: STATISTICAL APPENDIX, World Economic Outlook: A Rocky Recovery, International Monetary Fund | April 2023* --- _Source: https://www.imf.org/-/media/files/publications/weo/2023/april/english/statsappendix.pdf_