## tableb1

## Source details

**Canonical URL:** [tableb1](https://www.imf.org/-/media/files/publications/weo/2023/april/english/tableb1.pdf)

## Other formats

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---

### Advanced Economies — Unemployment, Employment, and Real GDP per Capita (Section 1)
- Unemployment Rate (Percent) — selected series (annual values preserved):
  - Advanced Economies: 7.2 5.5 6.7 6.3 5.7 5.1 4.8 6.6 5.6 4.5 4.7 5.0
  - United States: 7.0 4.8 5.3 4.9 4.4 3.9 3.7 8.1 5.4 3.6 3.8 4.9
  - Euro Area: 9.9 8.2 11.0 10.1 9.1 8.2 7.6 8.0 7.8 6.8 6.8 6.8
  - Japan: 4.3 2.7 3.4 3.1 2.8 2.4 2.4 2.8 2.8 2.6 2.3 2.3
  - Spain: 17.2 15.7 22.1 19.6 17.2 15.3 14.1 15.5 14.8 12.9 12.6 12.4
  - Memorandum — Major Advanced Economies: 6.8 5.0 5.8 5.4 5.0 4.5 4.3 6.5 5.2 4.1 4.2 4.7

- Growth in Employment (Compound annual rate of change, percent) — selected series:
  - Advanced Economies: 0.6 0.9 1.3 1.5 1.3 1.5 1.2 –2.7 1.7 2.6 0.5 0.2
  - United States: 0.5 0.8 1.7 1.7 1.3 1.6 1.1 –6.2 3.2 3.7 0.7 –0.2
  - Euro Area: 0.3 0.9 0.9 1.3 1.5 1.6 1.4 –1.5 1.4 2.3 0.3 0.2
  - Memorandum — Major Advanced Economies: 0.5 0.8 1.2 1.5 1.2 1.4 1.1 –3.3 1.8 2.5 0.5 0.0

- Growth in Real per Capita Output (Output per capita in international dollars at purchasing power parity; Compound annual rate of change, percent) — selected series:
  - Advanced Economies: 0.9 1.3 1.7 1.3 2.1 1.9 1.3 –4.7 5.3 2.3 0.9 1.0
  - United States: 0.8 1.4 2.0 0.9 1.6 2.4 1.8 –3.6 5.6 1.7 1.0 0.4
  - Euro Area (data calculated as the sum of individual euro area countries): 0.4 1.2 1.7 1.6 2.5 1.6 1.3 –6.5 5.5 3.2 0.6 1.2
  - Memorandum — Major Advanced Economies: 0.7 1.1 1.5 1.0 1.8 1.7 1.3 –5.0 5.2 1.9 0.7 0.7

*Source: Table B1. Advanced Economies: Unemployment, Employment, and Real GDP per Capita (Statistical Appendix, International Monetary Fund | April 2023).*

### General Government Structural Balances (Percent of potential GDP) — Advanced Economies Composite and Selected Countries (Section 2)
- Time coverage (columns): 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
- Definition note (verbatim): "The structural balance position is defined as actual net lending/borrowing minus the effects of cyclical output from potential output, corrected for one-time and other factors, such as asset and commodity prices and output composition effects."

- Advanced Economies — Composite:
  - Advanced Economies: –1.9 –2.2 –2.3 –2.5 –3.2 –7.1 –6.6 –4.5 –4.6 –4.3
  - Major Advanced Economies (memorandum): –2.2 –2.7 –3.0 –3.2 –3.8 –8.1 –7.9 –5.2 –5.5 –5.0

- Selected country series (structural balance by year) — selected rows:
  - United States: –2.5 –3.6 –4.3 –5.1 –6.0 –10.7 –10.7 –5.9 –6.6 –6.7
  - Euro Area: –0.5 –0.5 –0.4 –0.3 –0.5 –4.0 –3.8 –2.8 –3.1 –2.5
  - Germany: 1.2 1.2 1.1 1.6 1.3 –2.9 –3.0 –2.6 –3.2 –1.4
  - Japan: –4.5 –4.5 –3.7 –3.0 –3.3 –8.1 –6.2 –7.8 –6.4 –4.1
  - Ireland: –1.7 –1.6 –0.7 –0.1 0.4 –1.3 0.4 2.7 2.2 1.3
  - Memorandum Major Advanced Economies: (see composite above)

- Key methodological and coverage notes (verbatim excerpts):
  - "On a national income accounts basis."
  - "Because of the margin of uncertainty that attaches to estimates of cyclical gaps and to tax and expenditure elasticities with respect to national income, indicators of structural budget positions should be interpreted as broad orders of magnitude."
  - "Changes in structural balances are not necessarily attributable to policy changes but may reflect the built-in momentum of existing expenditure programs."
  - "In the period beyond that for which specific consolidation programs exist, it is assumed that the structural deficit remains unchanged."
  - Footnotes and adjustments: Figures for the United States adjusted to exclude items related to accrual-basis accounting of government employees' defined-benefit pension plans; some country series exclude sizable one-time receipts from the sale of assets, including licenses.

*Source: tableb1 - Section 2, https://www.imf.org/-/media/files/publications/weo/2023/april/english/tableb1.pdf*

### Emerging Market and Developing Economies — Broad Money, Trade, and Terms of Trade (Section 3)
- Broad Money Aggregates (Annual percent change; 2015–2024) — selected series:
  - Emerging Market and Developing Economies: 13.1, 10.9, 10.5, 12.5, 11.5, 14.1, 11.7, 11.0, 11.9, 10.6
  - Emerging and Developing Asia: 12.1, 11.0, 9.1, 8.4, 8.6, 10.6, 9.2, 8.2, 8.1, 8.2
  - China: 13.3, 11.3, 9.0, 8.1, 8.7, 10.1, 9.0, 8.0, 8.0, 8.0
  - India: 10.1, 10.1, 9.2, 10.5, 8.9, 12.2, 8.8, 8.9, 9.2, 9.2
  - Latin America and the Caribbean: 16.8, 14.5, 15.5, 29.4, 23.2, 22.7, 16.5, 13.8, 18.0, 13.4

- Table B12 — Advanced Economies: Export Volumes, Import Volumes, and Terms of Trade (Annual percent change) — selected aggregates:
  - Export Volume — Advanced Economies: 4.0, 2.7, 3.8, 2.0, 5.0, 3.5, 1.4, –8.9, 9.5, 5.2, 3.0, 3.1
  - Import Volume — Advanced Economies: 3.2, 3.0, 4.7, 2.5, 4.8, 3.9, 2.1, –8.3, 10.0, 6.6, 1.8, 2.7
  - Terms of Trade — Advanced Economies: –0.3, 0.3, 1.8, 1.1, –0.2, –0.4, 0.2, 0.9, 0.7, –2.1, 0.3, 0.6

- Table B13 — Emerging Market and Developing Economies by Region — Total Trade in Goods (Annual percent change) — selected:
  - Exports (Value): 11.5, 3.4, –15.8, –5.2, 13.7, 11.5, –2.6, –6.3, 31.1, 13.5, –2.7, 4.7
  - Imports (Value): 11.8, 4.0, –13.0, –4.3, 13.4, 11.4, –1.8, –7.8, 30.2, 12.1, 1.0, 5.6
  - Volume — Exports: 6.0, 3.0, 1.5, 2.6, 6.6, 3.9, –0.6, –1.2, 11.8, 1.5, 0.4, 3.7

- Table B14 — By Source of Export Earnings (selected):
  - Fuel — Exports Value: 11.8, –1.1, –34.8, –10.2, 16.4, 16.9, –9.6, –26.0, 42.5, 37.2, –12.9, –1.0
  - Nonfuel — Exports Value: 11.5, 4.3, –10.9, –4.2, 13.2, 10.5, –1.3, –2.8, 29.6, 10.0, –0.9, 5.6

*Source: tableb1 - Section 3 (extracted tables and figures from the provided PDF).*

### Summary of Current Account Transactions and External Debt — Projections and Regional Breakdowns (Sections 3–4)
- Table B15 — Summary of Current Account Transactions (Billions of US dollars; projections where shown) — selected aggregates:
  - Advanced Economies — Current Account Balance (selected series): –146.6, 128.9, 477.2, 384.7, 383.6, 125.5, 435.2, –258.4, 13.3, 179.5, 285.5
  - Exports of Goods — Advanced Economies: 9,392.9, 9,979.2, 10,535.8, 11,388.7, 11,021.7, 10,171.5, 12,578.6, 13,698.3, 13,988.2, 14,568.0, 16,013.3
  - Imports of Goods — Advanced Economies: 9,816.5, 10,286.0, 10,681.0, 11,720.2, 11,332.3, 10,449.4, 12,935.7, 14,637.2, 14,726.4, 15,244.4, 16,758.5
  - Emerging Market and Developing Economies — Current Account Balance (selected): 387.3, 162.7, –30.9, –57.7, –6.7, 156.2, 325.7, 582.7, 146.8, 19.4, –160.4

- Section 4 — Selected regional current-account projections (Billions of US dollars):
  - Emerging and Developing Asia — Current Account Balance: 2023: 182.6; 2024: 132.0; 2025–28: 34.6
  - Emerging and Developing Europe — Current Account Balance: 2023: 114.5; 2024: –37.7; 2025–28: –38.4
  - Middle East and Central Asia — Current Account Balance: 2023: 360.9; 2024: 167.5; 2025–28: 99.1
  - Latin America and the Caribbean — Current Account Balance: 2023: –102.8; 2024: –141.6; 2025–28: –120.0
  - Sub-Saharan Africa — Current Account Balance: 2023: –19.9; 2024: –40.0; 2025–28: –64.4
  - Memorandum — World Current Account Balance: 2023: 324.2; 2024: 160.1; 2025–28: 125.1

- Section 4 — Regional trade and income balances (selected, 2023):
  - Emerging and Developing Asia (2023): Trade Balance: 252.0; Goods Balance: 288.9; Services Balance: –12.9; Primary Income Balance: –325.0; Secondary Income Balance: 194.8
  - Middle East and Central Asia (2023): Trade Balance: 433.9; Goods Balance: 511.8; Services Balance: –64.6; Primary Income Balance: –57.7; Secondary Income Balance: –22.7
  - Latin America and the Caribbean (2023): Trade Balance: –51.8; Goods Balance: 15.1; Services Balance: –66.9; Primary Income Balance: –181.9; Secondary Income Balance: 149.5

- Emerging Market and Developing Economies — External Debt and Debt Service (Section 4) — selected totals and projections:
  - Total External Debt (Billions of US dollars): 2021: 11,290.5; 2022: 12,041.9; 2023: 11,865.5; 2024: 12,363.3; 2024 projection (alternate listing): 12,990.9
  - Regional totals — Total Debt (selected 2023 / 2024): Emerging and Developing Asia: 4,531.5; 4,878.6; Emerging and Developing Europe: 1,830.0; 1,887.2; Latin America and the Caribbean: 2,587.1; 2,652.5; Middle East and Central Asia: 2,146.2; 2,141.4; Sub-Saharan Africa: 770.6; 803.7
  - Total debt-service payments (Billions of US dollars): 2019: 3,800.1; 2020: 3,838.2; 2021: 4,013.4; 2022: 4,287.2; 2023: 4,404.7; 2024: 4,568.7

- External debt by maturity — Emerging Market and Developing Economies (Billions of US dollars):
  - Total Debt (2023): 11,865.5; (2024): 12,363.3; (2024 alternate): 12,990.9
  - Short Term (2023): 3,266.1; (2024): 3,417.2; (2024 alternate): 3,628.0
  - Long Term (2023): 8,599.4; (2024): 8,946.1; (2024 alternate): 9,362.9

- Selected analytical-group debt aggregates — Net Debtor Economies:
  - Total Debt: 2023: 6,467.8; 2024: 6,623.5; 2024 (alternate): 7,190.6
  - Short Term (2023): 1,091.9; (2024): 1,097.8; (2024 alternate): 1,159.2
  - Long Term (2023): 5,465.4; (2024): 5,531.6; (2024 alternate): 6,031.5

- Ratio of External Debt to GDP (percent of GDP) — Emerging Market and Developing Economies (selected):
  - 2021: 31.5; 2022: 29.1; 2023: 28.1; 2024: 27.4
  - Regional ratios (2023 / 2024): Emerging and Developing Asia: 18.5; 17.9 — Emerging and Developing Europe: 40.7; 40.8 — Latin America and the Caribbean: 46.8; 43.3 — Middle East and Central Asia: 47.3; 48.2 — Sub-Saharan Africa: 40.8; 40.3

*Source: Summary of Current Account Transactions (continued), Table B15, WORLD ECONOMIC OUTLOOK: A ROCKY RECOVERY (April 2023).*

### Interest Payments and Amortization (Percent of exports of goods and services) — Emerging Market and Developing Economies (Section 5)
- Interest Payments (Percent of exports of goods and services) — selected series:
  - Emerging Market and Developing Economies (2015–2024): 3.7, 3.9, 3.9, 4.2, 4.6, 5.1, 4.0, 3.8, 4.1, 4.1
  - Regional highlights (2015–2024): Latin America and the Caribbean: 6.3, 6.7, 7.0, 7.4, 7.9, 8.1, 5.6, 5.5, 5.7, 5.7
  - By source of export earnings (2015–2024): Fuel: 2.4, 3.0, 3.3, 3.8, 4.3, 4.8, 2.9, 3.3, 4.8, 4.8; Nonfuel: 4.0, 4.1, 4.0, 4.2, 4.7, 5.2, 4.1, 3.9, 4.0, 4.1

- Amortization (Percent of exports of goods and services) — selected series:
  - Emerging Market and Developing Economies (2015–2024): 42.3, 37.5, 33.0, 34.5, 37.4, 41.7, 33.7, 31.2, 32.5, 31.9
  - Regional highlights (2015–2024): Emerging and Developing Asia: 49.1, 39.0, 34.4, 39.0, 43.1, 43.1, 37.1, 37.1, 37.1, 37.6
  - By source of export earnings (2015–2024): Fuel: 10.4, 13.0, 11.5, 11.0, 12.1, 18.9, 14.4, 12.5, 13.3, 13.8; Nonfuel: 48.0, 41.7, 36.7, 38.9, 41.7, 44.8, 36.5, 34.5, 35.5, 34.6

- Cross-cutting notes (verbatim excerpts):
  - "Excludes service payments to the IMF."
  - "Interest payments and amortization on total debt. Estimates through 2022 reflect debt-service payments actually made. Estimates for 2023 and 2024 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."
  - "Data refer to trade in goods and services. The projections incorporate the impact of exceptional-financing items."

- Selected medium-term projection excerpts (Table B21 — Emerging Market and Developing Economies):
  - Real GDP (Averages/Projections): 6.1 (2005–14), 3.9 (2015–24), 6.9 (2021), 4.0 (2022), 3.9 (2023), 4.2 (2024), 4.7 (2025–28), 3.9 (2025–28 average shown)
  - Export Volume (trade in goods and services): 6.2 (2005–14), 3.2 (2015–24), 12.5 (2021), 4.1 (2022), 1.6 (2023), 4.3 (2024), 5.5 (2025–28), 4.2 (2025–28 average shown)
  - Terms of Trade: 1.3 (2005–14), –0.6 (2015–24), 1.1 (2021), 1.3 (2022), –2.6 (2023), 0.1 (2024), –0.1 (2025–28), –0.1 (2025–28 average shown)

*Source: Table B16–B19, Emerging Market and Developing Economies: Summary of External Debt and Debt Service; Tables B17–B19 (selected), STATISTICAL APPENDIX, WORLD ECONOMIC OUTLOOK: A ROCKY RECOVERY (April 2023).*

*Source: tableb1 — Extracted tables and notes from tableb1.pdf (WORLD ECONOMIC OUTLOOK: A ROCKY RECOVERY, April 2023).*

### Section 1

### Table B1. Advanced Economies: Unemployment, Employment, and Real GDP per Capita

### Unemployment Rate (Percent)
- Advanced Economies: 7.2 5.5 6.7 6.3 5.7 5.1 4.8 6.6 5.6 4.5 4.7 5.0
- United States: 7.0 4.8 5.3 4.9 4.4 3.9 3.7 8.1 5.4 3.6 3.8 4.9
- Euro Area: 9.9 8.2 11.0 10.1 9.1 8.2 7.6 8.0 7.8 6.8 6.8 6.8
- Germany: 7.1 3.5 4.4 3.9 3.6 3.2 3.0 3.6 3.6 3.1 3.3 3.3
- France: 9.1 8.5 10.4 10.1 9.4 9.0 8.4 8.0 7.9 7.3 7.4 7.3
- Italy: 8.9 9.9 12.0 11.7 11.3 10.6 9.9 9.3 9.5 8.1 8.3 8.4
- Spain: 17.2 15.7 22.1 19.6 17.2 15.3 14.1 15.5 14.8 12.9 12.6 12.4
- The Netherlands: 6.4 5.1 7.9 7.0 5.9 4.9 4.4 4.9 4.2 3.5 3.9 4.2
- Belgium: 8.0 6.4 8.7 7.9 7.1 6.0 5.4 5.6 6.3 5.5 6.0 6.0
- Ireland: 10.5 6.1 9.9 8.4 6.8 5.8 5.0 5.9 6.3 4.5 4.5 4.5
- Austria: 5.4 5.6 6.2 5.6 5.9 5.2 4.8 5.5 6.2 4.8 5.3 5.6
- Portugal: 11.7 8.0 12.9 11.5 9.2 7.2 6.7 7.1 6.6 6.0 6.6 6.5
- Greece: 15.4 17.1 24.9 23.6 21.5 19.3 17.3 16.3 14.8 12.2 11.2 10.4
- Finland: 7.9 7.9 9.6 9.0 8.8 7.4 6.7 7.8 7.6 6.8 7.5 7.5
- Slovak Republic: 13.2 7.3 11.5 9.7 8.1 6.5 5.7 6.6 8.6 6.1 6.0 5.9
- Croatia: 16.9 9.8 17.1 15.0 12.4 9.9 7.8 9.0 8.1 6.8 6.4 6.0
- Lithuania: 10.7 7.1 9.1 7.9 7.1 6.1 6.3 8.5 7.1 5.9 7.0 6.5
- Slovenia: 7.2 5.5 9.0 8.0 6.6 5.1 4.5 5.0 4.7 4.0 3.9 4.0
- Luxembourg: 5.4 5.7 6.6 6.3 5.8 5.1 5.4 6.4 5.7 4.8 5.1 5.4
- Latvia: 12.2 7.8 9.9 9.6 8.7 7.4 6.3 8.1 7.6 6.9 7.0 6.8
- Estonia: 9.3 5.9 6.2 6.8 5.8 5.4 4.4 4.4 6.8 6.2 6.1 5.7
- Cyprus: 8.1 8.9 14.9 13.0 11.1 8.4 7.1 7.6 7.5 6.7 6.5 6.2
- Malta: 6.4 3.8 5.4 4.7 4.0 3.7 3.6 4.4 3.4 2.9 3.1 3.2
- Japan: 4.3 2.7 3.4 3.1 2.8 2.4 2.4 2.8 2.8 2.6 2.3 2.3
- United Kingdom: 6.7 4.4 5.4 4.9 4.4 4.1 3.8 4.6 4.5 3.7 4.2 4.7
- Korea: 3.4 3.6 3.6 3.7 3.7 3.8 3.8 3.9 3.7 2.9 3.7 3.7
- Canada: 7.2 6.6 7.0 7.0 6.4 5.9 5.7 9.7 7.7 5.5 5.8 6.2
- Taiwan Province of China: 4.4 3.8 3.8 3.9 3.8 3.7 3.7 3.9 4.0 3.7 3.7 3.7
- Australia: 5.1 5.1 6.1 5.7 5.6 5.3 5.2 6.5 5.1 3.7 4.0 4.1
- Switzerland: 3.2 2.7 3.2 3.3 3.1 2.5 2.3 3.2 3.0 2.2 2.3 2.4
- Singapore: 2.3 2.2 1.9 2.1 2.2 2.1 2.3 3.0 2.7 2.1 2.1 2.1
- Sweden: 7.7 7.6 7.6 7.2 6.9 6.5 7.0 8.5 8.8 7.5 7.8 8.0
- Hong Kong SAR: 4.1 3.8 3.3 3.4 3.1 2.8 2.9 5.8 5.2 4.2 3.4 3.3
- Czech Republic: 6.5 3.0 5.0 3.9 2.9 2.2 2.0 2.5 2.8 2.3 3.5 2.5
- Israel: 8.2 4.3 5.2 4.8 4.2 4.0 3.8 4.3 4.3 5.0 3.8 3.7
- Norway: 3.4 4.1 4.5 4.7 4.2 3.9 3.7 4.6 4.4 4.3 3.5 3.7
- Denmark: 6.0 5.4 6.3 6.0 5.8 5.1 5.0 5.6 5.1 4.5 5.1 5.1
- New Zealand: 5.1 4.5 5.4 5.4 5.2 4.8 4.3 4.1 4.6 3.8 3.3 4.3 5.3
- Puerto Rico: 13.5 9.2 12.1 11.8 10.8 9.2 8.3 8.3 8.8 8.1 6.0 7.9 8.8
- Macao SAR: 2.9 2.3 1.8 1.9 2.0 1.8 1.7 2.6 3.0 3.0 2.7 2.5
- Iceland: 5.4 4.2 4.5 3.3 3.3 3.1 3.9 6.4 6.0 3.8 3.4 3.8
- Andorra: . . . 2.3 3.6 3.0 1.7 1.5 1.8 2.9 2.9 2.0 2.1 1.7
- San Marino: 5.2 7.0 9.2 8.6 8.1 8.0 7.7 7.3 5.8 5.5 5.1 5.1
- Memorandum — Major Advanced Economies: 6.8 5.0 5.8 5.4 5.0 4.5 4.3 6.5 5.2 4.1 4.2 4.7

### Growth in Employment (Compound annual rate of change, percent)
- Advanced Economies: 0.6 0.9 1.3 1.5 1.3 1.5 1.2 –2.7 1.7 2.6 0.5 0.2
- United States: 0.5 0.8 1.7 1.7 1.3 1.6 1.1 –6.2 3.2 3.7 0.7 –0.2
- Euro Area: 0.3 0.9 0.9 1.3 1.5 1.6 1.4 –1.5 1.4 2.3 0.3 0.2
- Germany: 1.0 0.8 0.8 2.5 1.0 0.7 0.9 –0.9 0.4 2.5 0.1 –0.2
- France: 0.4 0.7 0.4 0.6 0.8 0.5 1.1 –0.3 1.4 2.1 0.0 0.2
- Italy: –0.2 0.6 0.9 1.5 1.3 1.0 0.7 –3.1 0.8 2.4 0.2 0.1
- Spain: –0.4 1.8 3.0 2.7 2.6 2.7 2.3 –2.9 3.0 3.1 0.8 0.6
- Japan: 0.1 0.6 0.5 1.0 1.0 2.0 0.9 –0.2 0.0 0.2 0.5 –0.1
- United Kingdom: 0.8 0.7 1.7 1.5 1.0 1.2 1.1 –0.9 –0.3 1.0 0.2 0.2
- Canada: 1.1 1.3 0.7 0.6 2.1 1.8 2.1 –5.6 5.0 4.0 1.2 1.0
- Other Advanced Economies: 1.5 1.0 1.4 1.3 1.4 1.2 1.1 –1.0 1.1 2.4 0.5 0.9
- Memorandum — Major Advanced Economies: 0.5 0.8 1.2 1.5 1.2 1.4 1.1 –3.3 1.8 2.5 0.5 0.0

### Growth in Real per Capita Output (Output per capita in international dollars at purchasing power parity; Compound annual rate of change, percent)
- Advanced Economies: 0.9 1.3 1.7 1.3 2.1 1.9 1.3 –4.7 5.3 2.3 0.9 1.0
- United States: 0.8 1.4 2.0 0.9 1.6 2.4 1.8 –3.6 5.6 1.7 1.0 0.4
- Euro Area (data calculated as the sum of individual euro area countries): 0.4 1.2 1.7 1.6 2.5 1.6 1.3 –6.5 5.5 3.2 0.6 1.2
- Germany: 1.4 0.6 0.6 1.4 2.3 0.7 0.8 –3.8 2.6 1.1 –0.2 1.1
- France: 0.4 0.8 0.6 0.7 2.2 1.5 1.5 –8.1 6.5 2.3 0.4 1.0
- Italy: –0.9 1.0 0.9 1.5 1.8 1.1 0.7 –8.7 8.1 3.8 0.7 0.8
- Spain: –0.4 1.3 3.9 2.9 2.8 1.9 1.2 –11.8 5.4 5.0 1.1 1.6
- Japan: 0.6 0.8 1.7 0.8 1.8 0.8 –0.2 –4.0 2.4 1.3 1.7 1.5
- United Kingdom: 0.5 0.5 1.6 1.3 1.8 1.1 1.1 –11.4 7.3 3.3 –0.7 0.5
- Canada: 0.9 0.3 –0.1 0.0 1.8 1.4 0.4 –6.2 4.4 1.7 –0.6 0.1
- Other Advanced Economies: 2.3 1.7 1.5 1.8 2.5 2.0 1.3 –2.2 5.4 2.3 1.2 1.8
- Memorandum — Major Advanced Economies: 0.7 1.1 1.5 1.0 1.8 1.7 1.3 –5.0 5.2 1.9 0.7 0.7

*Source: Table B1. Advanced Economies: Unemployment, Employment, and Real GDP per Capita (Statistical Appendix, International Monetary Fund | April 2023).*

### Section 2

### tableb1 - Section 2

### Overview
- Metric: General Government Structural Balances (Percent of potential GDP)
- Time coverage (columns): 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
- Definition note (from source): "The structural balance position is defined as actual net lending/borrowing minus the effects of cyclical output from potential output, corrected for one-time and other factors, such as asset and commodity prices and output composition effects."

### Advanced Economies — Composite
- Advanced Economies: –1.9 –2.2 –2.3 –2.5 –3.2 –7.1 –6.6 –4.5 –4.6 –4.3
- Major Advanced Economies (memorandum): –2.2 –2.7 –3.0 –3.2 –3.8 –8.1 –7.9 –5.2 –5.5 –5.0

### Selected country series (structural balance by year)
- United States: –2.5 –3.6 –4.3 –5.1 –6.0 –10.7 –10.7 –5.9 –6.6 –6.7
- Euro Area: –0.5 –0.5 –0.4 –0.3 –0.5 –4.0 –3.8 –2.8 –3.1 –2.5
- Germany: 1.2 1.2 1.1 1.6 1.3 –2.9 –3.0 –2.6 –3.2 –1.4
- France: –2.1 –1.9 –1.9 –1.5 –2.1 –5.8 –5.2 –4.4 –4.6 –4.1
- Italy: –0.4 –1.0 –1.5 –1.6 –0.9 –6.1 –6.7 –2.4 –2.0 –3.0
- Spain: –2.1 –2.5 –2.4 –2.2 –3.1 –4.8 –4.1 –4.2 –4.2 –3.4
- The Netherlands: –0.7 0.9 1.4 0.9 1.1 2.2 1.6 –0.2 –2.3 –2.2
- Belgium: –2.4 –2.3 –1.2 –1.8 –3.0 –6.5 –5.2 –4.8 –5.2 –5.5
- Austria: 0.1 –1.1 –0.9 –0.8 –0.6 –4.9 –4.8 –3.7 –2.5 –1.0
- Ireland: –1.7 –1.6 –0.7 –0.1 0.4 –1.3 0.4 2.7 2.2 1.3
- Portugal: 0.1 –0.1 –0.3 –0.1 –0.1 –2.3 –1.6 –2.8 –1.4 –1.3
- Greece: 4.5 7.0 6.6 5.2 3.5 –2.4 –4.2 –3.3 –2.8 –1.6
- Finland: 0.1 –0.3 –0.9 –1.0 –1.3 –3.3 –2.1 –1.9 –2.2 –2.2
- Slovak Republic: –3.3 –3.0 –1.5 –1.6 –1.7 –2.2 –1.5 –1.4 –2.9 –3.9
- Croatia: 0.4 –1.0 0.6 8.3 2.0 –5.6 –3.5 –2.1 –2.8 –1.9
- Lithuania: –0.2 0.6 0.6 0.7 0.5 –6.1 –1.4 –1.5 –4.5 –3.1
- Slovenia: –1.9 –1.8 0.0 0.3 0.0 –6.3 –5.4 –4.5 –4.3 –2.5
- Luxembourg: 1.5 1.1 1.0 3.0 2.1 1.1 1.4 0.7 –0.5 –1.2
- Latvia: –1.0 0.1 –1.1 –1.6 –1.5 –3.5 –6.5 –4.1 –3.3 –1.9
- Estonia: 1.3 0.3 –0.8 –1.0 –0.3 –5.4 –4.0 –0.7 –3.5 –3.0
- Cyprus: 3.4 1.3 1.4 2.2 0.7 –3.8 –1.3 1.3 1.3 1.2
- Malta: –2.1 0.7 3.3 1.4 0.3 –5.7 –6.5 –5.6 –5.0 –3.8
- Japan: –4.5 –4.5 –3.7 –3.0 –3.3 –8.1 –6.2 –7.8 –6.4 –4.1
- United Kingdom: –2.5 –1.6 –1.3 –1.4 –1.6 0.8 –3.6 –4.5 –4.3 –2.8
- Canada: 0.0 0.0 –0.3 0.0 –0.2 –8.1 –3.3 –1.2 –0.5 –0.1
- Other Advanced Economies: –0.8 –0.3 0.1 0.0 –1.2 –4.5 –2.5 –2.0 –1.5 –1.3
- Korea: 0.7 1.8 2.3 2.6 0.5 –1.5 0.1 –0.9 0.2 –0.1
- Australia: –2.5 –2.2 –1.5 –1.1 –4.0 –7.9 –6.1 –3.5 –3.3 –2.9
- Sweden: –0.7 0.7 0.9 0.3 –0.2 –1.7 –0.3 0.1 0.4 0.3
- Norway: –6.6 –7.6 –7.7 –7.0 –7.2 –11.7 –9.5 –6.7 –6.8 –6.7
- Denmark: 1.1 0.0 0.6 0.5 1.1 0.3 –0.2 0.4 0.5 0.3
- New Zealand: 0.7 1.0 1.1 0.9 –2.2 –4.3 –4.4 –5.3 –4.5 –3.1

### Key methodological and coverage notes (verbatim where applicable)
- "On a national income accounts basis."
- "Because of the margin of uncertainty that attaches to estimates of cyclical gaps and to tax and expenditure elasticities with respect to national income, indicators of structural budget positions should be interpreted as broad orders of magnitude."
- "Changes in structural balances are not necessarily attributable to policy changes but may reflect the built-in momentum of existing expenditure programs."
- "In the period beyond that for which specific consolidation programs exist, it is assumed that the structural deficit remains unchanged."
- Footnote on US figures: "Figures reported by the national statistical agency are adjusted to exclude items related to the accrual-basis accounting of government employees’ defined-benefit pension plans."
- Footnote on certain country adjustments: "Excludes sizable one-time receipts from the sale of assets, including licenses. For Spain, includes adjustments beyond the output cycle."
- Group exclusion note: "Excludes the Group of Seven (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries."
- Norway-specific exclusion: "Excludes oil and income on the Government Pension Fund–Global."
- Denmark-specific exclusion: "Excludes temporary fluctuations in some revenues (for example, North Sea revenue, pension yield tax revenue) and one-offs. COVID-related one-offs are included."

*Source: tableb1 - Section 2, https://www.imf.org/-/media/files/publications/weo/2023/april/english/tableb1.pdf*

### Section 3

### tableb1 - Section 3

### Emerging Market and Developing Economies: Broad Money Aggregates (Annual percent change)
- Emerging Market and Developing Economies: 13.1, 10.9, 10.5, 12.5, 11.5, 14.1, 11.7, 11.0, 11.9, 10.6 (2015–2024)
- Regional Groups
  - Emerging and Developing Asia: 12.1, 11.0, 9.1, 8.4, 8.6, 10.6, 9.2, 8.2, 8.1, 8.2
  - China: 13.3, 11.3, 9.0, 8.1, 8.7, 10.1, 9.0, 8.0, 8.0, 8.0
  - India: 10.1, 10.1, 9.2, 10.5, 8.9, 12.2, 8.8, 8.9, 9.2, 9.2
  - Emerging and Developing Europe: 16.0, 6.0, 9.6, 12.8, 11.5, 20.2, 18.7, 18.7, 21.9, 15.5
  - Russia: 19.7, –0.9, 7.4, 12.3, 5.1, 16.7, 11.3, 13.1, 12.8, 11.4
  - Latin America and the Caribbean: 16.8, 14.5, 15.5, 29.4, 23.2, 22.7, 16.5, 13.8, 18.0, 13.4
  - Brazil: 9.7, 12.4, 4.6, 8.1, 8.6, 18.6, 8.7, 14.2, 10.4, 7.0
  - Mexico: 12.2, 12.3, 11.2, 4.5, 4.7, 13.4, 9.5, 7.3, 8.7, 5.4
  - Middle East and Central Asia: 9.5, 8.6, 11.9, 9.1, 9.7, 12.7, 12.1, 14.6, 15.6, 13.5
  - Sub-Saharan Africa: 10.6, 15.4, 6.8, 12.5, 13.3, 18.1, 12.8, 15.4, 16.1, 16.0
- Analytical Groups
  - By Source of Export Earnings
    - Fuel: 15.0, 12.5, 17.2, 39.4, 31.1, 20.2, 16.1, 15.5, 16.5, 14.7
    - Nonfuel: 12.9, 10.7, 9.7, 9.7, 9.5, 13.4, 11.3, 10.6, 11.5, 10.2
    - Of which, Primary Products: 19.4, 15.0, 14.0, 21.5, 19.0, 24.0, 21.2, 17.8, 28.9, 23.9
  - By External Financing Source
    - Net Debtor Economies: 11.4, 12.5, 9.7, 10.3, 10.2, 16.1, 13.1, 12.4, 14.2, 11.3
    - Economies with Arrears and/or Rescheduling during 2017–21: 14.5, 15.7, 21.4, 17.9, 18.3, 25.2, 18.2, 20.8, 26.4, 19.5
- Other Groups
  - Middle East and North Africa: 7.5, 7.4, 11.9, 9.1, 9.6, 12.0, 11.0, 14.0, 15.7, 11.9
  - Emerging Market and Middle-Income Economies: 13.1, 10.3, 10.3, 12.3, 11.3, 13.7, 11.3, 10.7, 11.6, 10.2
  - Low-Income Developing Countries: 13.1, 19.4, 13.4, 15.5, 14.8, 18.9, 17.2, 15.3, 16.3, 16.4
  - Heavily Indebted Poor Countries: 15.7, 10.9, 16.8, 18.1, 16.9, 22.4, 20.9, 15.8, 16.2, 16.0
- Memorandum: Median
  - Emerging Market and Developing Economies: 10.0, 8.9, 8.8, 8.1, 8.8, 13.9, 11.3, 8.9, 9.5, 8.7
  - Emerging and Developing Asia: 13.3, 12.8, 9.2, 9.0, 8.2, 12.2, 13.2, 8.0, 7.6, 8.7
  - Emerging and Developing Europe: 8.0, 8.3, 7.8, 8.8, 8.7, 16.4, 11.3, 6.9, 9.8, 9.5
  - Latin America and the Caribbean: 9.0, 7.0, 7.4, 5.9, 8.0, 10.5, 11.0, 8.3, 8.4, 6.5
  - Middle East and Central Asia: 9.1, 8.4, 12.0, 5.6, 9.4, 12.1, 8.5, 12.5, 10.4, 10.9
  - Middle East and North Africa: 5.4, 7.1, 9.9, 3.9, 8.2, 8.9, 6.7, 8.1, 8.4, 7.9
  - Sub-Saharan Africa: 10.7, 8.8, 7.9, 10.1, 9.0, 17.0, 12.0, 9.7, 10.1, 10.1

### Table B12: Advanced Economies — Export Volumes, Import Volumes, and Terms of Trade in Goods and Services (Annual percent change)
- Export Volume (Averages 2005–14; 2015–24; Annual 2015–2024)
  - Advanced Economies: 4.0, 2.7, 3.8, 2.0, 5.0, 3.5, 1.4, –8.9, 9.5, 5.2, 3.0, 3.1
  - United States: 5.2, 1.0, 0.3, 0.4, 4.3, 2.8, 0.5, –13.2, 6.1, 7.2, 2.5, 0.9
  - Euro Area (average of individual euro area countries): 3.3, 3.5, 6.3, 2.8, 5.6, 3.6, 2.7, –9.4, 10.9, 7.2, 2.9, 3.4
  - Japan: 3.2, 2.3, 3.2, 1.6, 6.6, 3.8, –1.5, –11.6, 11.7, 4.9, 4.0, 1.9
  - United Kingdom: 2.6, 2.2, 4.0, 3.2, 6.8, 3.1, 1.7, –12.1, 2.2, 10.3, 2.3, 1.6
  - Other Advanced Economies (excludes G7 and euro area): 5.4, 2.8, 2.2, 1.8, 4.3, 4.0, 0.3, –4.1, 11.2, 0.8, 3.5, 4.4
  - Memorandum Major Advanced Economies: 3.5, 1.8, 3.0, 1.6, 5.0, 3.1, 0.9, –12.3, 7.6, 6.1, 2.7, 2.1
- Import Volume
  - Advanced Economies: 3.2, 3.0, 4.7, 2.5, 4.8, 3.9, 2.1, –8.3, 10.0, 6.6, 1.8, 2.7
  - United States: 2.5, 2.6, 5.2, 1.5, 4.5, 4.2, 1.1, –9.0, 14.1, 8.2, –2.0, 0.3
  - Euro Area: 2.6, 3.8, 7.4, 4.1, 5.0, 3.9, 4.6, –8.8, 8.7, 7.9, 2.8, 3.2
  - Japan: 2.9, 1.9, 0.4, –1.2, 3.3, 3.8, 1.0, –6.8, 5.0, 7.9, 4.3, 1.7
  - Other Advanced Economies: 5.2, 2.7, 2.1, 2.1, 5.6, 3.8, –0.8, –5.3, 11.3, 1.7, 3.0, 4.7
  - Memorandum Major Advanced Economies: 2.8, 2.6, 4.4, 2.2, 4.6, 3.8, 1.6, –10.2, 10.3, 8.5, 0.9, 1.4
- Terms of Trade
  - Advanced Economies: –0.3, 0.3, 1.8, 1.1, –0.2, –0.4, 0.2, 0.9, 0.7, –2.1, 0.3, 0.6
  - United States: –0.2, 1.3, 3.4, 1.5, 0.4, 0.6, 1.1, –0.3, 3.8, 1.8, –0.5, 1.2
  - Euro Area: –0.4, 0.0, 2.3, 1.3, –1.0, –0.7, 0.7, 1.5, –1.9, –4.4, 1.7, 0.6
  - Japan: –3.3, 0.6, 8.6, 5.5, –3.8, –4.1, 1.3, 5.5, –7.4, –10.2, 6.8, 6.2
  - Other Advanced Economies: –0.1, 0.1, 1.2, 0.1, 0.8, –0.3, –0.9, 0.1, 3.0, 0.3, –2.1, –0.6
  - Memorandum Major Advanced Economies: –0.4, 0.5, 2.2, 1.8, –0.5, –0.4, 0.7, 1.3, 0.4, –2.8, 1.1, 1.3

### Table B13: Emerging Market and Developing Economies by Region — Total Trade in Goods (Annual percent change)
- Emerging Market and Developing Economies — Value in US Dollars (2005–14 avg; 2015–24 avg; Annual 2015–2024)
  - Exports: 11.5, 3.4, –15.8, –5.2, 13.7, 11.5, –2.6, –6.3, 31.1, 13.5, –2.7, 4.7
  - Imports: 11.8, 4.0, –13.0, –4.3, 13.4, 11.4, –1.8, –7.8, 30.2, 12.1, 1.0, 5.6
- Volume
  - Exports: 6.0, 3.0, 1.5, 2.6, 6.6, 3.9, –0.6, –1.2, 11.8, 1.5, 0.4, 3.7
  - Imports: 7.7, 2.9, –0.2, 2.1, 7.5, 5.2, –0.1, –5.7, 12.3, 2.2, 2.3, 4.1
- Unit Value in US Dollars
  - Exports: 5.4, 0.6, –16.4, –7.6, 6.7, 7.1, –2.1, –4.8, 17.8, 11.6, –2.8, 1.1
  - Imports: 3.9, 1.2, –12.7, –6.2, 5.4, 5.9, –1.8, –2.1, 16.4, 9.5, –1.2, 1.4
- Terms of Trade: 1.4, –0.6, –4.2, –1.5, 1.2, 1.2, –0.3, –2.8, 1.2, 1.8, –1.7, –0.3

- Regional highlights (Value, Volume, Unit Value, Terms of Trade; selected figures)
  - Emerging and Developing Asia — Exports Value: 13.2, 4.8, –6.5, –4.2, 12.2, 9.1, –1.2, 1.9, 28.3, 7.0, 0.1, 5.6
  - Emerging and Developing Europe — Exports Value: 10.1, 2.9, –20.8, –5.9, 17.5, 15.5, –1.5, –9.3, 34.4, 11.2, –6.7, 6.1
  - Latin America and the Caribbean — Exports Volume: 2.8, 2.8, 3.8, 2.0, 4.0, 3.6, 0.3, –5.6, 6.8, 7.4, 2.3, 4.3
  - Middle East and Central Asia — Exports Value: 12.1, 0.3, –31.1, –8.2, 15.7, 17.1, –7.6, –23.5, 40.9, 37.1, –11.8, 0.0
  - Sub-Saharan Africa — Exports Value: 9.9, 1.5, –28.1, –8.3, 17.2, 15.6, –3.9, –15.3, 35.4, 14.8, –1.3, 3.6

### Table B14: Emerging Market and Developing Economies by Source of Export Earnings — Total Trade in Goods (Annual percent change)
- Fuel (selected series)
  - Exports Value: 11.8, –1.1, –34.8, –10.2, 16.4, 16.9, –9.6, –26.0, 42.5, 37.2, –12.9, –1.0
  - Exports Unit Value: 8.3, –1.3, –35.8, –11.2, 15.3, 17.2, –6.2, –20.6, 41.7, 29.7, –14.1, –3.7
  - Terms of Trade: 4.1, –3.0, –28.5, –7.4, 11.8, 13.2, –6.5, –20.6, 25.3, 18.3, –14.5, –6.1
- Nonfuel
  - Exports Value: 11.5, 4.3, –10.9, –4.2, 13.2, 10.5, –1.3, –2.8, 29.6, 10.0, –0.9, 5.6
  - Exports Volume: 6.7, 3.4, 1.2, 3.0, 7.5, 4.7, 0.0, –0.2, 13.2, 0.8, 0.2, 3.8
  - Terms of Trade: 0.7, 0.0, 2.1, –0.5, –0.6, –0.8, 0.8, 0.4, –2.0, –0.6, 0.6, 0.6
- Primary Products
  - Exports Value: 9.5, 4.2, –16.3, –0.1, 12.3, 7.7, –2.7, –3.7, 35.8, 8.1, 0.8, 7.2
  - Exports Unit Value: 6.5, 1.9, –15.9, –2.9, 10.1, 4.5, –3.4, 3.9, 25.1, 4.9, –1.3, –0.8
  - Terms of Trade: 3.2, 1.4, –2.0, 3.5, 4.0, –1.6, –0.3, 11.0, 6.9, –5.9, 0.8, –1.5

### Table B15: Summary of Current Account Transactions (Billions of US dollars; Projections 2023–2025 where shown)
- Advanced Economies (Averages and projections)
  - Current Account Balance (2005–14 avg; 2009–16 avg; 2017–2024 annual; 2025–28 avg): –146.6, 128.9, 477.2, 384.7, 383.6, 125.5, 435.2, –258.4, 13.3, 179.5, 285.5
  - Trade Balance: –63.9, 157.9, 428.3, 344.1, 278.9, 227.8, 353.2, –216.1, 90.7, 278.4, 435.2
  - Goods Balance: –423.5, –306.9, –145.2, –331.5, –310.5, –277.8, –357.0, –938.9, –738.2, –676.4, –745.2
  - Exports of Goods: 9,392.9, 9,979.2, 10,535.8, 11,388.7, 11,021.7, 10,171.5, 12,578.6, 13,698.3, 13,988.2, 14,568.0, 16,013.3
  - Imports of Goods: 9,816.5, 10,286.0, 10,681.0, 11,720.2, 11,332.3, 10,449.4, 12,935.7, 14,637.2, 14,726.4, 15,244.4, 16,758.5
  - Services Balance: 359.7, 465.0, 573.4, 673.3, 589.2, 503.0, 704.6, 716.8, 829.0, 954.8, 1,180.4
  - Primary Income Balance: 258.8, 334.9, 410.0, 431.8, 490.3, 315.9, 504.1, 406.6, 382.4, 375.3, 374.3
  - Secondary Income Balance: –341.4, –363.7, –360.4, –390.6, –384.6, –417.0, –419.3, –448.7, –459.9, –474.3, –524.0
- Selected country/region current account and trade positions (selected figures)
  - United States Current Account Balance: –539.4, –399.9, –361.0, –439.8, –446.0, –619.7, –846.4, –925.6, –728.8, –689.9, –704.4
  - Euro Area Current Account Balance: 32.3, 157.8, 394.9, 382.6, 302.6, 209.5, 337.6, –102.3, 83.0, 144.1, 267.6
  - Germany Current Account Balance: 215.9, 249.0, 289.1, 316.2, 317.8, 274.2, 329.8, 171.0, 201.2, 227.9, 287.7
  - Japan Current Account Balance: 133.8, 121.6, 203.5, 177.8, 176.3, 147.9, 197.3, 90.0, 131.8, 180.3, 194.4
  - Emerging Market and Developing Economies Current Account Balance: 387.3, 162.7, –30.9, –57.7, –6.7, 156.2, 325.7, 582.7, 146.8, 19.4, –160.4

- Emerging Market and Developing Economies — Trade and goods flows (selected)
  - Trade Balance: 509.4, 373.4, 142.5, 187.3, 187.5, 329.5, 607.9, 894.4, 375.3, 290.6, 201.1
  - Goods Balance: 759.5, 697.3, 504.8, 578.0, 500.4, 562.4, 803.1, 1,028.9, 652.3, 588.4, 496.4
  - Exports of Goods: 5,813.8, 6,607.3, 6,931.6, 7,738.8, 7,536.5, 7,044.4, 9,249.7, 10,501.0, 10,213.6, 10,691.7, 11,980.1
  - Imports of Goods: 5,054.3, 5,910.0, 6,426.7, 7,160.9, 7,036.1, 6,482.0, 8,446.6, 9,472.1, 9,561.3, 10,103.3, 11,483.8
  - Services Balance: –229.6, –314.8, –354.0, –374.4, –301.4, –230.6, –183.0, –121.1, –262.7, –286.0, –286.2
  - Primary Income Balance: –378.6, –452.7, –430.4, –542.6, –521.2, –500.8, –667.5, –739.4, –673.7, –732.3, –875.7
  - Secondary Income Balance: 239.9, 237.2, 248.8, 282.0, 317.6, 327.8, 376.9, 420.4, 433.0, 447.6, 505.2

*Source: tableb1 - Section 3 (extracted tables and figures from the provided PDF).*

### Section 4

### tableb1 - Section 4

### Summary of Current Account Transactions (selected regional projections)
- Emerging and Developing Asia — Current Account Balance:
  - 2023: 182.6
  - 2024: 132.0
  - 2025–28: 34.6
- Emerging and Developing Europe — Current Account Balance:
  - 2023: 114.5
  - 2024: –37.7
  - 2025–28: –38.4
- Middle East and Central Asia — Current Account Balance:
  - 2023: 360.9
  - 2024: 167.5
  - 2025–28: 99.1
- Latin America and the Caribbean — Current Account Balance:
  - 2023: –102.8
  - 2024: –141.6
  - 2025–28: –120.0
- Sub-Saharan Africa — Current Account Balance:
  - 2023: –19.9
  - 2024: –40.0
  - 2025–28: –64.4

### Selected trade and income balances (same groups, 2023–2025–28 where shown)
- Emerging and Developing Asia:
  - Trade Balance (2023): 252.0
  - Goods Balance (2023): 288.9
  - Services Balance (2023): –12.9
  - Primary Income Balance (2023): –325.0
  - Secondary Income Balance (2023): 194.8
- Emerging and Developing Europe:
  - Trade Balance (2023): 161.8
  - Goods Balance (2023): 79.3
  - Services Balance (2023): 82.5
  - Primary Income Balance (2023): –102.5
  - Secondary Income Balance (2023): 35.1
- Middle East and Central Asia:
  - Trade Balance (2023): 433.9
  - Goods Balance (2023): 511.8
  - Services Balance (2023): –64.6
  - Primary Income Balance (2023): –57.7
  - Secondary Income Balance (2023): –22.7
- Latin America and the Caribbean:
  - Trade Balance (2023): –51.8
  - Goods Balance (2023): 15.1
  - Services Balance (2023): –66.9
  - Primary Income Balance (2023): –181.9
  - Secondary Income Balance (2023): 149.5
- Sub-Saharan Africa:
  - Trade Balance (2023): –28.7
  - Goods Balance (2023): 25.4
  - Services Balance (2023): –54.1
  - Primary Income Balance (2023): –50.8
  - Secondary Income Balance (2023): 59.6

### Analytical groups — Source of export earnings (selected)
- Fuel-exporting economies — Current Account Balance:
  - 2023: 417.0
  - 2024: 217.2
  - 2025–28: 165.8
  - Trade Balance (2023): 305.2
  - Exports of Goods (2023): 1,309.7
  - Imports of Goods (2023): 787.9
- Nonfuel economies — Current Account Balance:
  - 2023: 155.3
  - 2024: 16.8
  - 2025–28: –258.1
  - Trade Balance (2023): 309.8
  - Exports of Goods (2023): 8,027.3
  - Imports of Goods (2023): 7,650.4

### By external financing source — Net Debtor Economies (selected)
- Net Debtor Economies — Current Account Balance:
  - 2023: –327.8
  - 2024: –479.4
  - 2025–28: –500.2
- Net Debtor Economies — Trade Balance (2023): –386.0

### Memorandum
- World — Current Account Balance:
  - 2023: 324.2
  - 2024: 160.1
  - 2025–28: 125.1

*Source: Summary of Current Account Transactions (continued), Table B15, WORLD ECONOMIC OUTLOOK: A ROCKY RECOVERY (April 2023).*

### Emerging Market and Developing Economies: External Debt and Debt Service (selected totals and projections)
- External Debt, Emerging Market and Developing Economies — Total Debt (Billions of US dollars):
  - 2021: 11,290.5
  - 2022: 12,041.9
  - 2023: 11,865.5
  - 2024: 12,363.3
  - 2024 projection (alternate listing): 12,990.9
- Regional totals (Total Debt, 2023 and 2024 where shown):
  - Emerging and Developing Asia — 2023: 4,531.5; 2024: 4,878.6; 2024 (alternate): 5,261.1
  - Emerging and Developing Europe — 2023: 1,830.0; 2024: 1,887.2; 2024 (alternate): 1,953.1
  - Latin America and the Caribbean — 2023: 2,587.1; 2024: 2,652.5; 2024 (alternate): 2,731.2
  - Middle East and Central Asia — 2023: 2,146.2; 2024: 2,141.4; 2024 (alternate): 2,197.8
  - Sub-Saharan Africa — 2023: 770.6; 2024: 803.7; 2024 (alternate): 847.7

### Debt-service payments — Emerging Market and Developing Economies (selected)
- Total debt-service payments (Billions of US dollars):
  - 2019: 3,800.1
  - 2020: 3,838.2
  - 2021: 4,013.4
  - 2022: 4,287.2
  - 2023: 4,404.7
  - 2024: 4,568.7
- Regional debt-service payments (selected):
  - Emerging and Developing Asia — 2023: 2,319.4; 2024: 2,521.5; 2024 (alternate): 2,714.8
  - Emerging and Developing Europe — 2023: 658.6; 2024: 662.0; 2024 (alternate): 740.2
  - Latin America and the Caribbean — 2023: 597.6; 2024: 605.6; 2024 (alternate): 634.3
  - Middle East and Central Asia — 2023: 322.1; 2024: 390.3; 2024 (alternate): 354.6
  - Sub-Saharan Africa — 2023: 107.8; 2024: 144.7; 2024 (alternate): 124.9

### External debt by maturity (selected totals and maturities)
- Emerging Market and Developing Economies — Total Debt and by maturity (Billions of US dollars):
  - Total Debt (2023): 11,865.5; (2024): 12,363.3; (2024 alternate): 12,990.9
  - Short Term (2023): 3,266.1; (2024): 3,417.2; (2024 alternate): 3,628.0
  - Long Term (2023): 8,599.4; (2024): 8,946.1; (2024 alternate): 9,362.9
- Regional example — Emerging and Developing Asia (by maturity):
  - Total Debt (2023): 4,531.5; (2024): 4,878.6; (2024 alternate): 5,261.1
  - Short Term (2023): 1,903.2; (2024): 2,057.7; (2024 alternate): 2,224.3
  - Long Term (2023): 2,628.3; (2024): 2,820.9; (2024 alternate): 3,036.8

### Selected analytical-group debt aggregates (2023 and 2024 where shown)
- Net Debtor Economies — Total Debt:
  - 2023: 6,467.8
  - 2024: 6,623.5
  - 2024 (alternate): 7,190.6
  - Short Term (2023): 1,091.9; (2024): 1,097.8; (2024 alternate): 1,159.2
  - Long Term (2023): 5,465.4; (2024): 5,531.6; (2024 alternate): 6,031.5
- Economies with Arrears and/or Rescheduling during 2017–21 — Total Debt:
  - 2023: 884.9
  - 2024: 924.0
  - 2024 (alternate): 948.6

### Ratio of External Debt to GDP (selected, percent of GDP)
- Emerging Market and Developing Economies — Ratio of External Debt to GDP:
  - 2021: 31.5
  - 2022: 29.1
  - 2023: 28.1
  - 2024: 27.4
- Regional ratios (2023 and 2024 where shown):
  - Emerging and Developing Asia: 2023: 18.5; 2024: 17.9
  - Emerging and Developing Europe: 2023: 40.7; 2024: 40.8
  - Latin America and the Caribbean: 2023: 46.8; 2024: 43.3
  - Middle East and Central Asia: 2023: 47.3; 2024: 48.2
  - Sub-Saharan Africa: 2023: 40.8; 2024: 40.3

*Source: Table B16–B19, Emerging Market and Developing Economies: Summary of External Debt and Debt Service; Tables B17–B19 (selected), STATISTICAL APPENDIX, WORLD ECONOMIC OUTLOOK: A ROCKY RECOVERY (April 2023).*

### Section 5

### tableb1 - Section 5

### Interest Payments (Percent of exports of goods and services)
- Emerging Market and Developing Economies (2015–2024): 3.7, 3.9, 3.9, 4.2, 4.6, 5.1, 4.0, 3.8, 4.1, 4.1
- Regional groups (2015–2024):
  - Emerging and Developing Asia: 3.3, 3.2, 3.5, 3.8, 4.4, 5.1, 4.3, 4.2, 4.0, 4.2
  - Emerging and Developing Europe: 4.1, 4.0, 3.0, 2.9, 3.1, 3.2, 2.3, 2.1, 2.3, 2.3
  - Latin America and the Caribbean: 6.3, 6.7, 7.0, 7.4, 7.9, 8.1, 5.6, 5.5, 5.7, 5.7
  - Middle East and Central Asia: 2.6, 3.5, 3.5, 3.7, 4.3, 4.7, 2.8, 3.3, 4.7, 4.4
  - Sub-Saharan Africa: 3.9, 4.2, 3.8, 4.3, 4.6, 5.6, 4.4, 3.7, 4.4, 4.7
- Analytical groups by source of export earnings (2015–2024):
  - Fuel: 2.4, 3.0, 3.3, 3.8, 4.3, 4.8, 2.9, 3.3, 4.8, 4.8
  - Nonfuel: 4.0, 4.1, 4.0, 4.2, 4.7, 5.2, 4.1, 3.9, 4.0, 4.1
  - Of which, Primary Products: 6.2, 6.2, 6.5, 7.8, 8.2, 7.6, 4.8, 4.9, 4.9, 4.9
- By external financing source (2015–2024):
  - Net Debtor Economies: 4.1, 4.4, 4.6, 4.7, 5.4, 6.1, 4.7, 4.4, 4.4, 4.3
- Net Debtor Economies by debt-servicing experience (2015–2024):
  - Economies with Arrears and/or Rescheduling during 2017–21: 4.5, 5.9, 6.2, 6.8, 7.9, 8.6, 6.2, 6.0, 7.2, 7.5
- Other groups (2015–2024):
  - Middle East and North Africa: 2.1, 3.0, 2.9, 3.2, 3.7, 3.9, 2.3, 2.9, 4.4, 4.1
  - Emerging Market and Middle-Income Economies: 3.9, 4.0, 4.0, 4.3, 4.8, 5.3, 4.0, 3.9, 4.2, 4.3
  - Low-Income Developing Countries: 2.0, 2.3, 2.3, 2.6, 2.6, 2.9, 2.7, 2.5, 2.9, 2.8
  - Heavily Indebted Poor Countries: 3.0, 3.8, 3.4, 3.9, 4.3, 4.8, 4.7, 3.8, 4.1, 4.3

### Amortization (Percent of exports of goods and services)
- Emerging Market and Developing Economies (2015–2024): 42.3, 37.5, 33.0, 34.5, 37.4, 41.7, 33.7, 31.2, 32.5, 31.9
- Regional groups (2015–2024):
  - Emerging and Developing Asia: 49.1, 39.0, 34.4, 39.0, 43.1, 43.1, 37.1, 37.1, 37.1, 37.6
  - Emerging and Developing Europe: 51.4, 49.2, 42.1, 41.1, 38.8, 45.7, 35.6, 31.9, 36.4, 35.0
  - Latin America and the Caribbean: 47.5, 47.1, 41.1, 38.7, 43.3, 52.4, 37.8, 31.6, 31.8, 30.2
  - Middle East and Central Asia: 14.8, 17.3, 16.0, 15.0, 17.4, 25.3, 18.4, 15.6, 16.2, 14.3
  - Sub-Saharan Africa: 20.7, 22.1, 19.3, 23.1, 23.5, 27.7, 22.2, 17.7, 24.3, 19.0
- Analytical groups by source of export earnings (2015–2024):
  - Fuel: 10.4, 13.0, 11.5, 11.0, 12.1, 18.9, 14.4, 12.5, 13.3, 13.8
  - Nonfuel: 48.0, 41.7, 36.7, 38.9, 41.7, 44.8, 36.5, 34.5, 35.5, 34.6
  - Of which, Primary Products: 49.5, 48.1, 41.2, 45.8, 51.7, 56.6, 41.0, 37.5, 40.7, 32.7
- By external financing source (2015–2024):
  - Net Debtor Economies: 39.5, 39.7, 35.2, 33.8, 34.0, 39.8, 31.0, 27.4, 28.7, 27.3
- Net Debtor Economies by debt-servicing experience (2015–2024):
  - Economies with Arrears and/or Rescheduling during 2017–21: 52.6, 56.4, 52.6, 49.6, 50.7, 57.9, 42.0, 38.5, 36.4, 27.8
- Other groups (2015–2024):
  - Middle East and North Africa: 14.3, 17.2, 15.7, 14.9, 17.1, 24.9, 17.7, 15.0, 15.3, 13.4
  - Emerging Market and Middle-Income Economies: 44.5, 39.2, 34.5, 36.0, 39.5, 43.9, 35.3, 32.5, 33.9, 33.5
  - Low-Income Developing Countries: 9.3, 13.2, 10.8, 13.8, 11.5, 14.5, 13.2, 13.0, 13.7, 13.4
  - Heavily Indebted Poor Countries: 8.5, 8.6, 10.0, 10.0, 11.1, 11.4, 11.7, 10.3, 10.1, 9.4

### Selected medium-term indicators and projections (excerpt)
- World Economic Outlook: A Rocky Recovery — Table B21 highlights selected indicators for Emerging Market and Developing Economies (annual percent change and percent of exports of goods and services) with baseline projections and medium-term averages.
- Key projection excerpts (levels/percentages preserved as in source):
  - Real GDP (Averages/Projections): 6.1 (2005–14), 3.9 (2015–24), 6.9 (2021), 4.0 (2022), 3.9 (2023), 4.2 (2024), 4.7 (2025–28), 3.9 (2025–28 average shown)
  - Export Volume (trade in goods and services): 6.2 (2005–14), 3.2 (2015–24), 12.5 (2021), 4.1 (2022), 1.6 (2023), 4.3 (2024), 5.5 (2025–28), 4.2 (2025–28 average shown)
  - Terms of Trade: 1.3 (2005–14), –0.6 (2015–24), 1.1 (2021), 1.3 (2022), –2.6 (2023), 0.1 (2024), –0.1 (2025–28), –0.1 (2025–28 average shown)
  - Import Volume: 8.0 (2005–14), 2.7 (2015–24), 11.7 (2021), 3.5 (2022), 3.3 (2023), 5.1 (2024), 5.8 (2025–28), 4.4 (2025–28 average shown)

### Cross-cutting debt and external financing notes (as stated in source)
- Excludes service payments to the IMF.
- Interest payments and amortization on total debt. Estimates through 2022 reflect debt-service payments actually made. Estimates for 2023 and 2024 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.
- Data refer to trade in goods and services. The projections incorporate the impact of exceptional-financing items.

*Source: https://www.imf.org/-/media/files/publications/weo/2023/april/english/tableb1.pdf*

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_Source: https://www.imf.org/-/media/files/publications/weo/2023/april/english/tableb1.pdf_