## statsappendix - 2023. The figures for 2023–24 are shown with the

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---

### Assumptions
- Real effective exchange rates for the advanced economies are assumed to remain constant at their average levels measured during July 25, 2023–August 22, 2023.
- For 2023 and 2024 these assumptions imply average US dollar–special drawing right conversion rates of 1.340 and 1.340, US dollar–euro conversion rates of 1.088 and 1.094, and yen–US dollar conversion rates of 139.1 and 143.1, respectively.
- Oil price assumption: $80.49 a barrel in 2023 and $79.92 a barrel in 2024.
- National authorities’ established policies are assumed to be maintained.
- Interest rate assumptions:
  - Three-month government bond yield averages:
    - United States: 5.3 percent in 2023 and 5.4 percent in 2024.
    - Euro area: 3.0 percent in 2023 and 3.2 percent in 2024.
    - Japan: –0.2 percent in 2023 and –0.1 percent in 2024.
  - 10-year government bond yield averages:
    - United States: 3.8 percent in 2023 and 4.0 percent in 2024.
    - Euro area: 2.4 percent in 2023 and 2.6 percent in 2024.
    - Japan: 0.5 percent in 2023 and 0.6 percent in 2024.
- Box A1 describes more specific policy assumptions for selected economies.

### What's New
- Ecuador’s fiscal sector projections, previously omitted due to ongoing program discussions, are now included.
- Eritrea’s data and projections for 2020–28 are excluded from the database due to constraints in data reporting.
- Sri Lanka’s projections for 2023–28 are excluded from publication owing to ongoing discussions on sovereign debt restructuring.
- Ukraine’s projections for 2024–28, in line with the program’s baseline scenario, are now included.
- For West Bank and Gaza, certain projections for 2022–28 are excluded from publication pending methodological adjustments to statistical series.

### Data and Conventions
- WEO database coverage: data and projections for 196 economies; maintained jointly by the IMF’s Research Department and regional departments.
- Most countries’ macroeconomic data in the WEO conform broadly to the 2008 version of the System of National Accounts (SNA 2008).
- IMF sector statistical standards aligned with SNA 2008 include BPM6, the Monetary and Financial Statistics Manual and Compilation Guide, and the Government Finance Statistics Manual 2014 (GFSM 2014).
- Fiscal gross and net debt data drawn from official sources and IMF staff estimates; attempts to align with GFSM 2014 definitions—deviations can occur due to data limitations or country circumstances.
- Aggregation and weighting conventions:
  - Exchange rates, interest rates, and growth rates of monetary aggregates: weighted by GDP converted to US dollars at market exchange rates (averaged over the preceding three years) as a share of group GDP.
  - Other domestic economy data (growth rates or ratios): weighted by GDP valued at purchasing power parity as a share of total world or group GDP.
  - World and advanced economies inflation aggregates: annual rates are simple percentage changes from the previous years.
  - Emerging market and developing economies inflation aggregates: annual rates are based on logarithmic differences.
  - Composites for real GDP per capita in PPP terms: sums of individual country data after conversion to international dollars in the years indicated.
  - Euro area sector composites corrected for reporting discrepancies in transactions within the area unless noted otherwise.
  - Unadjusted annual GDP data used for the euro area and most individual countries, except Cyprus, Ireland, Portugal, and Spain (calendar-adjusted).
  - For data prior to 1999, aggregations apply 1995 European currency unit exchange rates.
  - Fiscal data composites: sums after conversion to US dollars at the average market exchange rates in the years indicated.
  - External sector composites: sums after conversion to US dollars at average market exchange rates for balance of payments data and at end-of-year market exchange rates for debt denominated in currencies other than US dollars.
  - Changes in foreign trade volumes and prices: arithmetic averages of percent changes for individual countries weighted by US dollar value of exports or imports as a share of total world or group exports or imports (in the preceding year).
- Group composites are computed if 90 percent or more of the share of group weights is represented.
- Data refer to calendar years except for a few countries using fiscal years; exceptional reporting periods listed in Table F.
- For some countries, figures for 2022 and earlier are based on estimates rather than actual outturns; Table G lists latest actual outturns.
- Specific methodological notes:
  - Averages for real GDP, inflation, GDP per capita, and commodity prices: compound annual rate of change.
  - Unemployment rate averages: simple arithmetic average.
  - Arithmetically weighted averages 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.
  - See referenced WEO boxes and appendices for details on PPP-based weights and euro introduction conversion rates.

### Country Notes (selected excerpts)
- Afghanistan: Data for 2021 and 2022 are estimates and reported for selected indicators only; projections for 2023–28 are omitted because the IMF has paused engagement owing to lack of clarity regarding recognition of a government.
- Algeria: Total government expenditure and net lending/borrowing include net lending by the government, largely reflecting support to the pension system and other public sector entities.
- Argentina: Official national CPI starts in December 2016; earlier periods use a mix of CPI series. WEO does not report average CPI inflation for 2014–16 and end-of-period inflation for 2015–16. Labor market data publication was discontinued starting Q4 2015 and new series available from Q2 2016.
- Bangladesh: Data and forecasts are presented on a fiscal year basis; country group aggregates use calendar year estimates of real GDP and PPP GDP.
- Costa Rica: Central government definition expanded as of January 1, 2021 to include 51 public entities per Law 9524; data back to 2019 adjusted.
- Dominican Republic: Fiscal series coverage varies by indicator; public debt, debt service, and cyclically adjusted/structural balances are for the consolidated public sector.
- Eritrea: Data and projections for 2020–28 excluded due to constraints in data reporting.
- India: Real GDP growth rates calculated as per national accounts: 1998–2011 base year 2004/05 and thereafter base year 2011/12.
- Iran: Nominal GDP in US dollars computed using official exchange rate up to 2017; from 2018 onward NIMA exchange rate used.
- Italy: Data and forecasts reflect information available through September 21, 2023.
- Lebanon: Data for 2021–22 are IMF staff estimates and not provided by national authorities; projections for 2023–28 omitted owing to unusually high uncertainty.
- Libya: Projections do not include the impact of floods in September 2023.
- Sierra Leone: Currency redenomination on July 1, 2022; local currency data expressed in the old leone for October 2023 WEO.
- Sri Lanka: Projections for 2023–28 excluded from publication owing to ongoing sovereign debt restructuring discussions.
- Sudan: Projections reflect staff’s analysis assuming the conflict will end by the end of 2023.
- Syria: Data excluded from 2011 onward because of the uncertain political situation.
- Türkiye: Projections based on information as of September 8, 2023 and do not fully incorporate a policy rate increase and additional quantitative tightening made after that date.
- Turkmenistan: Real GDP data are IMF staff estimates compiled in line with SNA using official estimates and UN and World Bank databases; fiscal balance estimates exclude receipts from domestic bond issuances and privatization operations in line with GFSM 2014.
- Ukraine: Revised national accounts data available beginning in 2000 and exclude Crimea and Sevastopol from 2010 onward.
- United Kingdom: Projections do not incorporate significant statistical upward revisions to 2020 and 2021 GDP that were previewed on September 1, 2023 (release date September 29, 2023).
- Uruguay: National accounts reported according to SNA 2008 with base year 2016 beginning in December 2020; transfers to public pension system affected revenues and net lending/borrowing series by 1.2 percent of GDP in 2018, 1.1 percent of GDP in 2019, 0.6 percent of GDP in 2020, 0.3 percent of GDP in 2021, 0.1 percent of GDP in 2022, and 0 percent thereafter. Fiscal coverage changed from consolidated public sector to nonfinancial public sector with October 2019 WEO.
- Venezuela: Projections are difficult due to lack of discussions with authorities and incomplete metadata; fiscal accounts include budgetary central government, social security, FOGADE, and a reduced set of public enterprises including PDVSA. For most indicators, data for 2018–22 are IMF staff estimates; Venezuela’s consumer prices are excluded from all WEO group composites.
- West Bank and Gaza: Certain projections for 2022–28 excluded from publication pending methodological adjustments to statistical series.
- Zimbabwe: Authorities have recently finished redenominating their national accounts statistics.

### Classification of Countries
- World divided into two major groups: advanced economies and emerging market and developing economies.
- Classification is not based on strict criteria and has evolved over time; objective is to facilitate analysis by organizing data meaningfully.
- Some countries remain outside the country classification and are therefore not included in the analysis (examples: Cuba and the Democratic People’s Republic of Korea).
- Composite data for the euro area cover the current members for all years, even though membership has increased over time.

### Summary of Country Group Sizes and Key Shares (Table A highlights)
- Number of economies:
  - Advanced Economies: 41
  - Emerging Market and Developing Economies: 155
- Shares in aggregate GDP (percent of total for group or world):
  - Advanced Economies: 100.0 (Advanced Economies share of World GDP); World share column shows 41.7
  - Emerging Market and Developing Economies: 100.0 (Emerging Market and Developing Economies share of World GDP); World share column shows 58.3
- Selected country and region GDP, Exports of Goods and Services, and Population shares for 2022:
  - United States: GDP 37.3; Exports 15.5; Population 4.3
  - Euro Area (20): GDP 28.9; Exports 12.0; Population 4.4
  - China: GDP 31.6; Exports 18.4; Population 18.1
  - India: GDP 12.5; Exports 7.3; Population 18.2
  - Emerging and Developing Asia (30): GDP 56.2; Exports 32.8; Population 47.9
  - Sub-Saharan Africa (45): GDP 5.4; Exports 3.1; Population 14.2
- Analytical groups by source of export earnings:
  - Fuel: 26 economies; GDP share 10.3; Exports share 6.0; Population share 6.6
  - Nonfuel: 127 economies; GDP share 89.7; Exports share 52.3; Population share 83.3
  - Of which, Primary Products: 33 economies; GDP share 4.4; Exports share 2.6; Population share 4.1
- By external financing source:
  - Net Debtor Economies: 120 economies; GDP share 51.9; Exports share 30.3; Population share 46.0
  - Economies with Arrears and/or Rescheduling during 2018–22: 39 economies; GDP share 5.3; Exports share 3.1; Population share 3.9
- Other groupings:
  - Emerging Market and Middle-Income Economies: 95 economies; GDP share 91.6; Exports share 53.4; Population share 92.9
  - Low-Income Developing Countries (LIDCs): 59 economies; GDP share 8.4; Exports share 4.9; Population share 24.0
  - Heavily Indebted Poor Countries (HIPCs): 39 economies; GDP share 2.8; Exports share 1.6; Population share 2.1

### General Features and Composition of Groups
- Advanced Economies:
  - Table B lists 41 advanced economies.
  - The seven largest by GDP based on market exchange rates form the Group of Seven (United States, Japan, Germany, France, Italy, the United Kingdom, and Canada).
  - Euro area members are a distinguished subgroup; composite data cover current members for all years.
- Emerging Market and Developing Economies:
  - Comprise all economies not classified as advanced (155).
  - Regional breakdowns: emerging and developing Asia; emerging and developing Europe; Latin America and the Caribbean; Middle East and Central Asia; sub-Saharan Africa.
  - Further classification by analytical criteria: source of export earnings (fuel, nonfuel, nonfuel primary products) and by financial/income criteria (net creditor, net debtor, HIPCs, LIDCs, EMMIEs).
  - Economies categorized into a source-of-export-earnings group if the main source exceeded 50 percent of total exports on average between 2018 and 2022.
  - Net debtor economies defined by latest net international investment position (where available) less than zero or cumulative current account deficits from 1972 (or earliest available data) to 2022.
  - Note: During 2018–22, 39 economies incurred external payments arrears or entered into official or commercial bank debt-rescheduling agreements.

### Tables and Country Listings (selected structure and content)
- Table B: Advanced Economies by Subgroup (Major Currency Areas; Major Advanced Economies; Other Advanced Economies).
- Table C: European Union member list.
- Table D: Emerging Market and Developing Economies by Region and Main Source of Export Earnings (Fuel; Nonfuel Primary Products). Emerging and Developing Europe omitted in Table D because no economies in the group have fuel or nonfuel primary products as the main source of export earnings.
- Table E: Emerging Market and Developing Economies by Region, Net External Position, Heavily Indebted Poor Countries, and Per Capita Income Classification. Notation:
  - Dot (star) indicates that the country is a net creditor (net debtor).
  - Dot instead of star indicates that the country has reached the completion point under the HIPC Initiative.
  - Dot (star) indicates classification as emerging market and middle-income economy (low-income developing country).
  - Syria omitted from some composites due to insufficient data.
- Table F: Economies with Exceptional Reporting Periods (national accounts, government finance reporting period differences).
- Table G: Key Data Documentation (country-by-country documentation for currency, national accounts, prices (CPI), government finance, balance of payments; includes fields such as Historical Data Source, Latest Actual Annual Data, Base Year, System of National Accounts, Use of Chain-Weighted Methodology, Statistics Manual in Use at Source, Subsector Coverage, Accounting Practice).

### Fiscal Policy Assumptions (Box A1 highlights)
- Short-term fiscal policy assumptions normally based on officially announced budgets, adjusted for differences between national authorities and IMF staff regarding macroeconomic assumptions and projected fiscal outturns.
- When no official budget announced, projections incorporate policy measures judged likely to be implemented.
- Medium-term fiscal projections based on judgment about the most likely policy path.
- Where IMF staff lacks information, an unchanged structural primary balance is assumed unless indicated otherwise.
- Country-specific approaches (selected excerpts):
  - Argentina: Based on available budget outturn, budget plans, IMF-supported program targets for the federal government, announced fiscal measures, and IMF staff macroeconomic projections.
  - Australia: Based on Australian Bureau of Statistics data, FY2023/24 budgets published by the Commonwealth government and state/territory governments, and IMF staff estimates and projections.
  - Austria: Based on the 2023 budget and April 2023 Austria Stability Programme; includes NextGenerationEU fund and latest announcement on fiscal measures.
  - Brazil: Fiscal projections for 2023 reflect current policies in place.
  - Canada: Uses baseline forecasts from the Government of Canada’s 2023 budget and latest provincial budgets, with IMF staff adjustments.
  - China: Staff fiscal projections incorporate the 2023 budget and estimates of off-budget financing.
  - India: Based on available information on authorities’ fiscal plans, with adjustments for IMF staff assumptions; includes treatment of off-budget food subsidies starting FY2020/21.
  - New Zealand: Based on the FY2023/24 budget (May 2023) and IMF staff estimates.
  - Russia: Fiscal rule suspended in response to sanctions after the invasion of Ukraine; windfall oil and gas revenues above benchmark used to finance a larger deficit in 2022; a new fiscal rule to become fully effective in 2025 allowing higher oil and gas revenues to be spent while targeting a smaller primary structural deficit.
  - Spain: Fiscal projections from 2023 onward assume energy support measures amounting to 1 percent of GDP in 2023; projections for 2021–26 reflect disbursements under the EU Recovery and Resilience Facility.
  - United States: Fiscal projections based on the May 2023 Congressional Budget Office baseline and the latest Treasury monthly statement, adjusted for IMF staff policy and macroeconomic assumptions; projections incorporate the effects of the Fiscal Responsibility Act.

### Monetary Policy Assumptions (Box A1 highlights)
- Assumptions based on established policy frameworks in each country; generally imply a nonaccommodative stance over the business cycle:
  - Official interest rates increase when indicators suggest inflation will rise above acceptable rate/range.
  - Official interest rates decrease when indicators suggest inflation will not exceed acceptable rate/range and output growth is below potential.
- Country-specific monetary assumptions (selected excerpts):
  - Argentina: Monetary projections consistent with the macroeconomic framework, fiscal and financing plans, and monetary and foreign exchange policies under the crawling-peg regime.
  - Canada: Projections reflect gradual unwinding of monetary policy tightening by the Bank of Canada, with inflation returning to the 2 percent target by early 2025.
  - China: Monetary stance moderately accommodative in 2022 and expected to remain broadly accommodative in 2023.
  - Denmark: Policy to maintain the peg to the euro.
  - Euro area: Assumptions drawn from a suite of models (semi-structural, DSGE, Taylor rule), market expectations, and ECB communication.
  - Hong Kong SAR: Currency board system assumed to remain intact.
  - Russia: Monetary policy projections assume the Central Bank of the Russian Federation is adopting a tight monetary policy stance.
  - Saudi Arabia: Projections based on continuation of exchange rate peg to the US dollar.
  - Singapore: Broad money projected to grow in line with projected growth in nominal GDP; specific fiscal and tax measures listed (Goods and Services Tax increases, property tax changes, carbon tax increases) are incorporated into fiscal assumptions that interact with monetary projections.
  - South Africa: Assumptions consistent with maintaining inflation within the 3–6 percent target band over the medium term.
  - United Kingdom: Short-term interest rate path based on market interest rate expectations.
  - United States: IMF staff expects the Federal Open Market Committee to continue to adjust the federal funds target rate in line with the broader macroeconomic outlook.

*Source: STATISTICAL APPENDIX, WORLD ECONOMIC OUTLOOK: NAVIGATING GLOBAL DIVERGENCES, International Monetary Fund | October 2023*

### 2023. The figures for 2023–24 are shown with the

### statsappendix - 2023. The figures for 2023–24 are shown with the

### Assumptions
- Real effective exchange rates for the advanced economies are assumed to remain constant at their average levels measured during July 25, 2023–August 22, 2023.
- For 2023 and 2024 these assumptions imply average US dollar–special drawing right conversion rates of 1.340 and 1.340, US dollar–euro conversion rates of 1.088 and 1.094, and yen–US dollar conversion rates of 139.1 and 143.1, respectively.
- It is assumed that the price of oil will average $80.49 a barrel in 2023 and $79.92 a barrel in 2024.
- National authorities’ established policies are assumed to be maintained.
- Interest rate assumptions:
  - Three-month government bond yield averages:
    - United States: 5.3 percent in 2023 and 5.4 percent in 2024.
    - Euro area: 3.0 percent in 2023 and 3.2 percent in 2024.
    - Japan: –0.2 percent in 2023 and –0.1 percent in 2024.
  - 10-year government bond yield averages:
    - United States: 3.8 percent in 2023 and 4.0 percent in 2024.
    - Euro area: 2.4 percent in 2023 and 2.6 percent in 2024.
    - Japan: 0.5 percent in 2023 and 0.6 percent in 2024.
- Box A1 describes more specific policy assumptions for selected economies.

### What's New
- Ecuador’s fiscal sector projections, which were previously omitted due to ongoing program discussions, are now included.
- Eritrea’s data and projections for 2020–28 are excluded from the database due to constraints in data reporting.
- Sri Lanka’s projections for 2023–28 are excluded from publication owing to ongoing discussions on sovereign debt restructuring.
- Ukraine’s projections for 2024–28, in line with the program’s baseline scenario, are now included.
- For West Bank and Gaza, certain projections for 2022–28 are excluded from publication pending methodological adjustments to statistical series.

### Data and Conventions
- The WEO database contains data and projections for 196 economies and is maintained jointly by the IMF’s Research Department and regional departments.
- Most countries’ macroeconomic data in the WEO conform broadly to the 2008 version of the System of National Accounts (SNA 2008).
- IMF sector statistical standards aligned with SNA 2008 include BPM6, the Monetary and Financial Statistics Manual and Compilation Guide, and the Government Finance Statistics Manual 2014 (GFSM 2014).
- Conversion and adaptation to new standards depend on national statistical compilers; WEO estimates are only partly adapted to these manuals.
- Fiscal gross and net debt data are drawn from official sources and IMF staff estimates and attempts are made to align with GFSM 2014 definitions; deviations can occur due to data limitations or country circumstances.
- 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.
- Weighting and aggregation conventions:
  - Exchange rates, interest rates, and growth rates of monetary aggregates: weighted by GDP converted to US dollars at market exchange rates (averaged over the preceding three years) as a share of group GDP.
  - Other domestic economy data (growth rates or ratios): weighted by GDP valued at purchasing power parity as a share of total world or group GDP.
  - For aggregation of world and advanced economies inflation: annual rates are simple percentage changes from the previous years.
  - For aggregation of emerging market and developing economies inflation: annual rates are based on logarithmic differences.
  - Composites for real GDP per capita in purchasing-power-parity terms are sums of individual country data after conversion to international dollars in the years indicated.
  - Euro area sector composites are corrected for reporting discrepancies in transactions within the area unless noted otherwise.
  - Unadjusted annual GDP data are used for the euro area and most individual countries, except Cyprus, Ireland, Portugal, and Spain (calendar-adjusted).
  - For data prior to 1999, aggregations apply 1995 European currency unit exchange rates.
  - Fiscal data composites: sums after conversion to US dollars at the average market exchange rates in the years indicated.
  - External sector composites: sums after conversion to US dollars at average market exchange rates for balance of payments data and at end-of-year market exchange rates for debt denominated in currencies other than US dollars.
  - Changes in foreign trade volumes and prices: arithmetic averages of percent changes for individual countries weighted by US dollar value of exports or imports as a share of total world or group exports or imports (in the preceding year).
- Group composites are computed if 90 percent or more of the share of group weights is represented.
- Data refer to calendar years except for a few countries using fiscal years; exceptional reporting periods are listed in Table F.
- For some countries, figures for 2022 and earlier are based on estimates rather than actual outturns; Table G lists latest actual outturns.
- Specific methodological notes:
  - Averages for real GDP, inflation, GDP per capita, and commodity prices are calculated based on the compound annual rate of change, except unemployment rate which uses the simple arithmetic average.
  - 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.
  - See referenced WEO boxes and appendices for details on purchasing-power-parity-based weights and euro introduction conversion rates.

### Country Notes (selected excerpts)
- Afghanistan: Data for 2021 and 2022 are estimates and reported for selected indicators only; projections for 2023–28 are omitted because the IMF has paused engagement owing to lack of clarity regarding recognition of a government.
- Algeria: Total government expenditure and net lending/borrowing include net lending by the government, largely reflecting support to the pension system and other public sector entities.
- Argentina: Official national CPI starts in December 2016; earlier periods use a mix of CPI series. WEO does not report average CPI inflation for 2014–16 and end-of-period inflation for 2015–16. Labor market data publication was discontinued starting Q4 2015 and new series available from Q2 2016.
- Bangladesh: Data and forecasts are presented on a fiscal year basis; country group aggregates use calendar year estimates of real GDP and PPP GDP.
- Costa Rica: Central government definition expanded as of January 1, 2021 to include 51 public entities per Law 9524; data back to 2019 adjusted.
- Dominican Republic: Fiscal series coverage varies by indicator; public debt, debt service, and cyclically adjusted/structural balances are for the consolidated public sector.
- Eritrea: Data and projections for 2020–28 excluded due to constraints in data reporting.
- India: Real GDP growth rates calculated as per national accounts: 1998–2011 base year 2004/05 and thereafter base year 2011/12.
- Iran: Nominal GDP in US dollars computed using official exchange rate up to 2017; from 2018 onward NIMA exchange rate used.
- Italy: Data and forecasts reflect information available through September 21, 2023.
- Lebanon: Data for 2021–22 are IMF staff estimates and not provided by national authorities; projections for 2023–28 omitted owing to unusually high uncertainty.
- Libya: Projections do not include the impact of floods in September 2023.
- Sierra Leone: Currency redenomination on July 1, 2022; local currency data expressed in the old leone for October 2023 WEO.
- Sri Lanka: Projections for 2023–28 excluded from publication owing to ongoing sovereign debt restructuring discussions.
- Sudan: Projections reflect staff’s analysis assuming the conflict will end by the end of 2023.
- Syria: Data excluded from 2011 onward because of the uncertain political situation.
- Türkiye: Projections based on information as of September 8, 2023 and do not fully incorporate a policy rate increase and additional quantitative tightening made after that date.
- Turkmenistan: Real GDP data are IMF staff estimates compiled in line with SNA using official estimates and UN and World Bank databases; fiscal balance estimates exclude receipts from domestic bond issuances and privatization operations in line with GFSM 2014.
- Ukraine: Revised national accounts data available beginning in 2000 and exclude Crimea and Sevastopol from 2010 onward.
- United Kingdom: Projections do not incorporate significant statistical upward revisions to 2020 and 2021 GDP that were previewed on September 1, 2023 (release date September 29, 2023).
- Uruguay: National accounts reported according to SNA 2008 with base year 2016 beginning in December 2020; transfers to public pension system affected revenues and net lending/borrowing series by 1.2 percent of GDP in 2018, 1.1 percent of GDP in 2019, 0.6 percent of GDP in 2020, 0.3 percent of GDP in 2021, 0.1 percent of GDP in 2022, and 0 percent thereafter. Fiscal coverage changed from consolidated public sector to nonfinancial public sector with October 2019 WEO.
- Venezuela: Projections are difficult due to lack of discussions with authorities and incomplete metadata; fiscal accounts include budgetary central government, social security, FOGADE, and a reduced set of public enterprises including PDVSA. For most indicators, data for 2018–22 are IMF staff estimates; Venezuela’s consumer prices are excluded from all WEO group composites.
- West Bank and Gaza: Certain projections for 2022–28 excluded from publication pending methodological adjustments to statistical series.
- Zimbabwe: Authorities have recently finished redenominating their national accounts statistics.

*Source: STATISTICAL APPENDIX, WORLD ECONOMIC OUTLOOK: NAVIGATING GLOBAL DIVERGENCES, International Monetary Fund | October 2023*

### introduction in 2019 of the Real Time Gross Settlement

### introduction in 2019 of the Real Time Gross Settlement

### Classification of Countries
- The WEO divides the world into two major groups: advanced economies and emerging market and developing economies.
- The classification is not based on strict criteria and has evolved over time; the objective is to facilitate analysis by organizing data meaningfully.
- Some countries remain outside the country classification and are therefore not included in the analysis (examples given: Cuba and the Democratic People’s Republic of Korea).
- Composite data for the euro area cover the current members for all years, even though membership has increased over time.

### Summary of Country Group Sizes and Key Shares (Table A highlights)
- Number of economies:
  - Advanced Economies: 41
  - Emerging Market and Developing Economies: 155
- Shares in aggregate GDP (percent of total for group or world):
  - Advanced Economies: 100.0 (Advanced Economies share of World GDP) and World share column shows 41.7
  - Emerging Market and Developing Economies: 100.0 (Emerging Market and Developing Economies share of World GDP) and World share column shows 58.3
- Selected country and region GDP, Exports of Goods and Services, and Population shares (percent of total for group or world, as reported for 2022):
  - United States: GDP 37.3; Exports 15.5; Population 4.3
  - Euro Area (20): GDP 28.9; Exports 12.0; Population 4.4
  - China: GDP 31.6; Exports 18.4; Population 18.1
  - India: GDP 12.5; Exports 7.3; Population 18.2
  - Emerging and Developing Asia (30): GDP 56.2; Exports 32.8; Population 47.9
  - Sub-Saharan Africa (45): GDP 5.4; Exports 3.1; Population 14.2
- Analytical groups by source of export earnings:
  - Fuel: 26 economies; GDP share 10.3; Exports share 6.0; Population share 6.6
  - Nonfuel: 127 economies; GDP share 89.7; Exports share 52.3; Population share 83.3
  - Of which, Primary Products: 33 economies; GDP share 4.4; Exports share 2.6; Population share 4.1
- By external financing source:
  - Net Debtor Economies: 120 economies; GDP share 51.9; Exports share 30.3; Population share 46.0
  - Economies with Arrears and/or Rescheduling during 2018–22: 39 economies; GDP share 5.3; Exports share 3.1; Population share 3.9
- Other groupings:
  - Emerging Market and Middle-Income Economies: 95 economies; GDP share 91.6; Exports share 53.4; Population share 92.9
  - Low-Income Developing Countries (LIDCs): 59 economies; GDP share 8.4; Exports share 4.9; Population share 24.0
  - Heavily Indebted Poor Countries (HIPCs): 39 economies; GDP share 2.8; Exports share 1.6; Population share 2.1

### General Features and Composition of Groups
- Advanced Economies:
  - Table B lists 41 advanced economies.
  - The seven largest by GDP based on market exchange rates form the Group of Seven (United States, Japan, Germany, France, Italy, the United Kingdom, and Canada).
  - The euro area members are distinguished as a subgroup; composite data shown for the euro area cover current members for all years.
- Emerging Market and Developing Economies:
  - Comprise all economies not classified as advanced (155).
  - Regional breakdowns: emerging and developing Asia; emerging and developing Europe; Latin America and the Caribbean; Middle East and Central Asia; sub-Saharan Africa.
  - Further classification by analytical criteria: source of export earnings (fuel, nonfuel, nonfuel primary products) and by financial/income criteria (net creditor, net debtor, HIPCs, LIDCs, EMMIEs).
  - Economies are categorized into a source-of-export-earnings group if the main source exceeded 50 percent of total exports on average between 2018 and 2022.
  - Net debtor economies are those whose latest net international investment position (where available) was less than zero or whose current account balance accumulations from 1972 (or earliest available data) to 2022 were negative; net debtor economies are further differentiated by experience with debt servicing.
  - Note: During 2018–22, 39 economies incurred external payments arrears or entered into official or commercial bank debt-rescheduling agreements (referred to as economies with arrears and/or rescheduling during 2018–22).

### Tables and Country Listings (selected structure and content)
- Table B: Advanced Economies by Subgroup (Major Currency Areas; Major Advanced Economies; Other Advanced Economies).
- Table C: European Union member list.
- Table D: Emerging Market and Developing Economies by Region and Main Source of Export Earnings (Fuel; Nonfuel Primary Products). Emerging and Developing Europe omitted in Table D because no economies in the group have fuel or nonfuel primary products as the main source of export earnings.
- Table E: Emerging Market and Developing Economies by Region, Net External Position, Heavily Indebted Poor Countries, and Per Capita Income Classification. Notation:
  - Dot (star) indicates that the country is a net creditor (net debtor).
  - Dot instead of star indicates that the country has reached the completion point under the HIPC Initiative.
  - Dot (star) indicates classification as emerging market and middle-income economy (low-income developing country).
  - Syria is omitted from some composites due to insufficient data.
- Table F: Economies with Exceptional Reporting Periods (national accounts, government finance reporting period differences; note: unless noted otherwise, all data refer to calendar years).
- Table G: Key Data Documentation (country-by-country documentation for currency, national accounts, prices (CPI), government finance, balance of payments; includes fields such as Historical Data Source, Latest Actual Annual Data, Base Year, System of National Accounts, Use of Chain-Weighted Methodology, Statistics Manual in Use at Source, Subsector Coverage, Accounting Practice).

### Fiscal Policy Assumptions (Box A1 highlights)
- Short-term fiscal policy assumptions normally based on officially announced budgets, adjusted for differences between national authorities and IMF staff regarding macroeconomic assumptions and projected fiscal outturns.
- When no official budget announced, projections incorporate policy measures judged likely to be implemented.
- Medium-term fiscal projections are based on judgment about the most likely policy path.
- Where IMF staff lacks information, an unchanged structural primary balance is assumed unless indicated otherwise.
- Country-specific approaches (selected excerpts):
  - Argentina: Based on available budget outturn, budget plans, IMF-supported program targets for the federal government, announced fiscal measures, and IMF staff macroeconomic projections.
  - Australia: Based on Australian Bureau of Statistics data, FY2023/24 budgets published by the Commonwealth government and state/territory governments, and IMF staff estimates and projections.
  - Austria: Based on the 2023 budget and April 2023 Austria Stability Programme; includes NextGenerationEU fund and latest announcement on fiscal measures.
  - Brazil: Fiscal projections for 2023 reflect current policies in place.
  - Canada: Uses baseline forecasts from the Government of Canada’s 2023 budget and latest provincial budgets, with IMF staff adjustments.
  - China: Staff fiscal projections incorporate the 2023 budget and estimates of off-budget financing.
  - India: Based on available information on authorities’ fiscal plans, with adjustments for IMF staff assumptions; includes treatment of off-budget food subsidies starting FY2020/21.
  - New Zealand: Based on the FY2023/24 budget (May 2023) and IMF staff estimates.
  - Russia: Fiscal rule suspended in response to sanctions after the invasion of Ukraine; windfall oil and gas revenues above benchmark used to finance a larger deficit in 2022; a new fiscal rule to become fully effective in 2025 allowing higher oil and gas revenues to be spent while targeting a smaller primary structural deficit.
  - Spain: Fiscal projections from 2023 onward assume energy support measures amounting to 1 percent of GDP in 2023; projections for 2021–26 reflect disbursements under the EU Recovery and Resilience Facility.
  - United States: Fiscal projections based on the May 2023 Congressional Budget Office baseline and the latest Treasury monthly statement, adjusted for IMF staff policy and macroeconomic assumptions; projections incorporate the effects of the Fiscal Responsibility Act.

### Monetary Policy Assumptions (Box A1 highlights)
- Assumptions are based on established policy frameworks in each country; generally imply a nonaccommodative stance over the business cycle:
  - Official interest rates increase when indicators suggest inflation will rise above acceptable rate/range.
  - Official interest rates decrease when indicators suggest inflation will not exceed acceptable rate/range and output growth is below potential.
- Country-specific monetary assumptions (selected excerpts):
  - Argentina: Monetary projections consistent with the macroeconomic framework, fiscal and financing plans, and monetary and foreign exchange policies under the crawling-peg regime.
  - Canada: Projections reflect gradual unwinding of monetary policy tightening by the Bank of Canada, with inflation returning to the 2 percent target by early 2025.
  - China: Monetary stance moderately accommodative in 2022 and expected to remain broadly accommodative in 2023.
  - Denmark: Policy to maintain the peg to the euro.
  - Euro area: Assumptions drawn from a suite of models (semi-structural, DSGE, Taylor rule), market expectations, and ECB communication.
  - Hong Kong SAR: Currency board system assumed to remain intact.
  - Russia: Monetary policy projections assume the Central Bank of the Russian Federation is adopting a tight monetary policy stance.
  - Saudi Arabia: Projections based on continuation of exchange rate peg to the US dollar.
  - Singapore: Broad money projected to grow in line with projected growth in nominal GDP; specific fiscal and tax measures listed (Goods and Services Tax increases, property tax changes, carbon tax increases) are incorporated into fiscal assumptions that interact with monetary projections.
  - South Africa: Assumptions consistent with maintaining inflation within the 3–6 percent target band over the medium term.
  - United Kingdom: Short-term interest rate path based on market interest rate expectations.
  - United States: IMF staff expects the Federal Open Market Committee to continue to adjust the federal funds target rate in line with the broader macroeconomic outlook.

*Source: Statistical Appendix, WORLD ECONOMIC OUTLOOK: NAVIGATING GLOBAL DIVERGENCES, International Monetary Fund | October 2023*

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