## tablea

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---

### Global Summary
- World real GDP (annual percent change)
  - Average 2005–14: 3.9
  - 2015: 3.4
  - 2016: 3.2
  - 2017: 3.8
  - 2018: 3.6
  - 2019: 2.8
  - 2020: –2.8
  - 2021: 6.3
  - 2022: 3.5
  - 2023: 3.0
  - 2024 (projection): 2.9
  - 2028 (projection): 3.1

### Advanced Economies — Growth, Fiscal Balances, Debt
- Real GDP (annual percent change) — Advanced Economies
  - Average 2005–14: 1.5
  - 2015: 2.3
  - 2016: 1.8
  - 2017: 2.5
  - 2018: 2.3
  - 2019: 1.7
  - 2020: –4.2
  - 2021: 5.6
  - 2022: 2.6
  - 2023: 1.5
  - 2024 (projection): 1.4
  - 2028 (projection): 1.7
- Major Advanced Economies (Net Lending/Borrowing, percent of GDP)
  - Average 2005–14: –5.2
  - 2015: –3.0
  - 2016: –3.3
  - 2017: –3.3
  - 2018: –3.3
  - 2019: –3.8
  - 2020: –11.6
  - 2021: –9.1
  - 2022: –4.1
  - 2023: –6.5
  - 2024: –5.6
  - 2028: –5.0
- Major Advanced Economies (Output Gap, percent of potential GDP)
  - Average 2005–14: –2.2
  - 2015: –2.0
  - 2016: –1.7
  - 2017: –0.8
  - 2018: 0.1
  - 2019: 0.3
  - 2020: –3.2
  - 2021: 0.0
  - 2022: 0.7
  - 2023: 0.6
  - 2024: 0.2
  - 2028: 0.5
- Major Advanced Economies (Structural Balance, percent of potential GDP)
  - Average 2005–14: –4.0
  - 2015: –2.2
  - 2016: –2.7
  - 2017: –3.0
  - 2018: –3.2
  - 2019: –3.8
  - 2020: –8.1
  - 2021: –8.1
  - 2022: –5.3
  - 2023: –6.5
  - 2024: –5.5
  - 2028: –5.2
- United States (selected fiscal and debt indicators)
  - Net Lending/Borrowing (percent of GDP): Average 2005–14: –6.5; 2015: –3.5; 2016: –4.4; 2017: –4.8; 2018: –5.3; 2019: –5.7; 2020: –14.0; 2021: –11.6; 2022: –3.7; 2023: –8.2; 2024: –7.4; 2028: –7.0
  - Output Gap (percent of potential GDP): –4.0; –2.5; –2.1; –1.3; 0.0; 0.7; –2.5; 1.5; 1.4; 1.4; 0.8; 0.9
  - Structural Balance (percent of potential GDP): –4.4; –2.5; –3.6; –4.3; –5.1; –6.0; –10.7; –11.3; –6.5; –8.8; –7.6; –7.3
  - Net Debt (percent of GDP): 63.9; 80.9; 81.8; 80.4; 81.1; 83.1; 98.3; 98.3; 95.1; 96.7; 100.7; 111.6
  - Gross Debt (percent of GDP): 86.1; 105.1; 107.2; 106.2; 107.4; 108.7; 133.5; 126.4; 121.3; 123.3; 126.9; 137.5
- Selected Major Economies — Net Debt / Gross Debt (percent of GDP)
  - Germany Net Debt: 57.5; 52.2; 49.3; 45.5; 42.8; 40.7; 46.1; 47.2; 45.8; 46.5; 45.7; 41.7
  - Germany Gross Debt: 73.3; 71.9; 69.0; 65.2; 61.9; 59.5; 68.7; 69.0; 66.1; 65.9; 64.0; 57.5
  - France Net Debt: 70.3; 86.3; 89.2; 89.4; 89.2; 88.9; 101.2; 100.4; 101.4; 99.6; 100.1; 100.4
  - France Gross Debt: 80.0; 95.6; 98.0; 98.1; 97.8; 97.4; 114.7; 113.0; 111.8; 110.0; 110.5; 110.8
  - Italy Net Debt: 106.7; 122.2; 121.6; 121.3; 121.8; 121.7; 141.5; 137.4; 132.7; 132.6; 132.5; 130.6
  - Italy Gross Debt: 117.3; 135.3; 134.8; 134.2; 134.4; 134.1; 154.9; 149.9; 144.4; 143.7; 143.2; 140.1
  - Japan Net Debt: 120.8; 144.5; 149.5; 148.1; 151.1; 151.7; 162.3; 156.7; 161.5; 158.5; 155.8; 153.2
  - Japan Gross Debt (nonconsolidated basis): 201.5; 228.3; 232.4; 231.3; 232.4; 236.4; 258.6; 255.1; 260.1; 255.2; 251.9; 252.8
  - United Kingdom Net Debt: 57.5; 78.2; 77.6; 76.2; 75.4; 74.6; 93.6; 94.1; 98.9; 99.0; 99.6; 96.5
  - United Kingdom Gross Debt: 64.1; 86.7; 86.6; 85.6; 85.2; 84.5; 104.6; 105.2; 101.9; 104.1; 105.9; 108.2
  - Canada Net Debt (includes equity shares): 25.9; 18.5; 18.0; 12.5; 11.6; 8.5; 15.7; 15.4; 14.2; 14.6; 14.6; 13.8
  - Canada Gross Debt: 78.9; 92.0; 92.4; 90.9; 90.8; 90.2; 118.9; 115.1; 107.4; 106.4; 103.3; 94.7

### Emerging Market and Developing Economies — Growth, Regions, and Groupings
- Aggregate Emerging Market and Developing Economies (real GDP annual percent change)
  - Average 2005–14: 6.0
  - 2015: 4.3
  - 2016: 4.4
  - 2017: 4.8
  - 2018: 4.6
  - 2019: 3.6
  - 2020: –1.8
  - 2021: 6.9
  - 2022: 4.1
  - 2023: 4.0
  - 2024 (projection): 4.0
  - 2028 (projection): 3.9
- Regional highlights (selected)
  - Emerging and Developing Asia
    - Average 2005–14: 8.3
    - 2022: 4.5
    - 2023: 5.2
    - 2024 (projection): 4.8
    - 2028 (projection): 4.5
  - Latin America and the Caribbean
    - Average 2005–14: 3.4
    - 2022: 4.1
    - 2023: 2.3
    - 2024 (projection): 2.3
    - 2028 (projection): 2.5
  - Emerging and Developing Europe
    - Average 2005–14: 3.7
    - 2022: 0.8
    - 2023: 2.4
    - 2024 (projection): 2.2
    - 2028 (projection): 2.4
  - Middle East and Central Asia
    - Average 2005–14: 4.5
    - 2022: 5.6
    - 2023: 2.0
    - 2024 (projection): 3.4
    - 2028 (projection): 3.7
  - Sub-Saharan Africa
    - Average 2005–14: 5.5
    - 2022: 4.0
    - 2023: 3.3
    - 2024 (projection): 4.0
    - 2028 (projection): 4.3
- Analytical and Other Groupings (selected)
  - Fuel exporters
    - Average 2005–14: 4.7
    - 2022: 5.4
    - 2023: 2.4
    - 2024 (projection): 3.5
    - 2028 (projection): 3.0
  - Nonfuel exporters
    - Average 2005–14: 6.3
    - 2022: 3.9
    - 2023: 4.1
    - 2024 (projection): 4.0
    - 2028 (projection): 4.0
  - Primary products
    - Average 2005–14: 4.3
    - 2022: 3.4
    - 2023: 0.1
    - 2024 (projection): 2.9
    - 2028 (projection): 3.0
  - Net Debtor Economies
    - Average 2005–14: 5.1
    - 2022: 5.0
    - 2023: 4.0
    - 2024 (projection): 4.2
    - 2028 (projection): 4.7
- Low-Income Developing Countries
  - Average 2005–14: 6.0
  - 2015: 4.8
  - 2016: 3.9
  - 2017: 4.9
  - 2018: 5.1
  - 2019: 5.0
  - 2020: 1.1
  - 2021: 3.9
  - 2022: 5.2
  - 2023: 4.0
  - 2024 (projection): 4.0
  - 2028 (projection): 5.6

### Inflation, Prices, and Consumer Prices (selected)
- GDP Deflators (annual percent change)
  - Advanced Economies: 1.5 1.3 1.0 1.5 1.7 1.5 1.6 3.2 5.4 4.0 2.8 1.9
  - United States: 2.0 1.0 1.0 1.9 2.4 1.8 1.3 4.5 7.0 3.7 2.3 1.9
  - Euro Area: 1.5 1.4 0.9 1.1 1.5 1.7 1.8 2.1 4.6 5.2 3.6 1.9
- Consumer Prices (annual averages)
  - Advanced Economies (annual averages): 1.9 0.3 0.7 1.7 2.0 1.4 0.7 3.1 7.3 4.6 3.0 2.0
  - United States (annual averages): 2.3 0.1 1.3 2.1 2.4 1.8 1.3 4.7 8.0 4.1 2.8 2.1
  - Euro Area (based on Eurostat HICP): 1.9 0.2 0.2 1.5 1.8 1.2 0.3 2.6 8.4 5.6 3.3 1.9
  - Japan (annual averages): 0.2 0.8 –0.1 0.5 1.0 0.5 0.0 –0.2 2.5 3.2 2.9 1.6
  - Emerging Market and Developing Economies (annual averages): 6.2 4.8 4.4 4.5 4.9 5.1 5.2 5.9 9.8 8.5 7.8 5.0
- Regional consumer price examples (annual averages / projections)
  - Emerging and Developing Asia: 4.9 2.7 2.9 2.4 2.6 3.3 3.2 2.2 3.8 2.6 2.7 2.8
  - Emerging and Developing Europe: 8.0 10.7 5.6 5.6 6.4 6.7 5.4 9.6 27.9 18.9 19.9 12.4
  - Latin America and the Caribbean: 4.8 5.4 5.5 6.3 6.5 7.6 6.4 9.8 14.0 13.8 10.7 5.7
  - Middle East and Central Asia: 8.5 5.6 5.9 7.1 9.9 7.6 10.4 12.8 14.0 18.0 15.2 7.3
  - Sub-Saharan Africa: 8.3 6.7 10.1 10.5 8.3 8.1 10.1 11.0 14.5 15.8 13.1 7.4
- Selected country consumer price snapshots (annual averages or end of period)
  - China (annual averages): 2.9 1.5 2.1 1.5 1.9 2.9 2.5 0.9 1.9 0.7 1.7 2.2 1.8 0.9 1.9
  - India (annual averages): 8.4 4.9 4.5 3.6 3.4 4.8 6.2 5.5 6.7 5.5 4.6 4.0 6.2 4.9 4.4
  - Brazil (annual averages): 5.5 9.0 8.7 3.4 3.7 3.7 3.2 8.3 9.3 4.7 4.5 3.0 5.8 4.9 3.9
- Extreme examples — Zimbabwe (annual averages): –2.7 –2.4 –1.6 0.9 10.6 255.3 557.2 98.5 193.4 314.5 222.4 20.8 243.8 396.2 190.2

### Value of World Output (billions of US dollars)
- At Market Exchange Rates
  - 2005–14 average: 65,585
  - 2015: 75,011
  - 2016: 76,265
  - 2017: 81,089
  - 2018: 86,096
  - 2019: 87,326
  - 2020: 84,961
  - 2021: 96,488
  - 2022: 100,135
  - 2023: 104,476
  - 2024 (projection): 109,734
  - 2028 (projection): 133,783
- At Purchasing Power Parities
  - 2005–14 average: 89,497
  - 2015: 112,007
  - 2016: 116,311
  - 2017: 122,474
  - 2018: 129,882
  - 2019: 135,825
  - 2020: 133,452
  - 2021: 148,175
  - 2022: 163,837
  - 2023: 174,790
  - 2024 (projection): 183,947
  - 2028 (projection): 224,380

### World Trade Volumes and Prices (Table A9 highlights)
- World Trade Volume (annual percent change)
  - Average 2005–14: 4.7
  - 2015–24 average: 2.8
  - 2015: 2.9
  - 2016: 2.2
  - 2017: 5.6
  - 2018: 4.0
  - 2019: 1.0
  - 2020: –7.8
  - 2021: 10.9
  - 2022: 5.1
  - 2023: 0.9
  - 2024: 3.5
- Price Deflator in US Dollars (annual percent change): 2.9; 0.5; –13.2; –4.0; 4.3; 5.4; –2.5; –2.1; 12.5; 6.8; –1.7; 1.6
- Volume of Trade — Exports
  - Advanced Economies exports (annual percent change): 4.0; 2.6; 3.8; 2.0; 5.0; 3.5; 1.5; –8.8; 9.8; 5.3; 1.8; 3.1
  - Emerging Market and Developing Economies exports: 6.3; 3.1; 1.9; 2.8; 6.5; 4.2; 0.8; –5.1; 12.8; 4.1; –0.1; 4.2
- World Trade Prices in US Dollars (selected)
  - Manufactures: 1.9; 0.7; –3.0; –5.2; 0.1; 2.0; 0.5; –3.2; 6.6; 10.1; –1.8; 2.3
  - Oil (average UK Brent, Dubai Fateh, WTI): 9.8; –1.8; –47.1; –15.0; 22.5; 29.4; –10.4; –32.0; 65.8; 39.2; –16.5; –0.7
  - Nonfuel Primary Commodities: 6.2; 1.8; –17.0; –0.3; 6.4; 1.3; 0.7; 6.6; 26.7; 7.9; –6.3; –2.7
- Memorandum
  - World Exports in Billions of US Dollars (Goods and Services): 19,137; 25,944; 21,135; 20,760; 22,906; 25,097; 24,705; 22,327; 27,937; 31,188; 30,868; 32,514
  - World Goods Exports (billions): 15,165; 19,825; 16,191; 15,736; 17,450; 19,099; 18,531; 17,203; 21,814; 24,200; 23,451; 24,576
  - Average Oil Price (US dollars a barrel): 83.62; 64.49; 50.91; 43.26; 52.98; 68.53; 61.43; 41.77; 69.25; 96.36; 80.49; 79.92

### Current Account Balances (Table A10–A11 highlights)
- Advanced Economies (current account, billions of US dollars)
  - 2015: 269.2
  - 2016: 362.3
  - 2017: 470.6
  - 2018: 383.7
  - 2019: 388.3
  - 2020: 157.4
  - 2021: 502.7
  - 2022: –234.8
  - 2023: 111.3
  - 2024: 192.9
  - 2028: 286.8
- Emerging Market and Developing Economies (current account, billions of US dollars)
  - 2015: –94.6
  - 2016: –111.7
  - 2017: –32.5
  - 2018: –64.1
  - 2019: –10.4
  - 2020: 143.9
  - 2021: 363.7
  - 2022: 645.7
  - 2023: 195.8
  - 2024: 171.1
  - 2028: –196.8
- Selected Countries (current account, billions of US dollars)
  - United States: –408.5; –396.2; –367.6; –439.8; –441.8; –597.1; –831.4; –971.6; –795.1; –783.2; –777.3
  - Euro Area: 317.0; 360.1; 394.9; 382.1; 323.8; 230.0; 416.3; –106.0; 186.6; 223.6; 343.5
  - Germany: 288.3; 299.0; 289.1; 316.2; 317.8; 274.2; 329.8; 170.8; 265.6; 309.1; 331.0
  - Japan: 136.4; 197.8; 203.5; 177.8; 176.3; 149.9; 196.8; 90.6; 141.2; 157.0; 167.5
  - United Kingdom: –148.8; –148.7; –96.9; –117.3; –80.9; –86.6; –46.9; –116.1; –122.0; –131.4; –162.0
  - Canada: –54.4; –47.2; –46.2; –41.0; –34.1; –35.5; –5.4; –7.0; –20.9; –21.4; –55.3
- Advanced Economies (current account, percent of GDP)
  - 2015: 0.6
  - 2016: 0.8
  - 2017: 1.0
  - 2018: 0.7
  - 2019: 0.7
  - 2020: 0.3
  - 2021: 0.9
  - 2022: –0.4
  - 2023: 0.2
  - 2024: 0.3
  - 2028: 0.4
- Selected Advanced Economies (current account, percent of GDP)
  - United States: –2.2; –2.1; –1.9; –2.1; –2.1; –2.8; –3.6; –3.8; –3.0; –2.8; –2.4
  - Euro Area: 2.7; 3.0; 3.1; 2.8; 2.4; 1.8; 2.8; –0.7; 1.2; 1.4; 1.8
  - Germany: 8.6; 8.6; 7.8; 8.0; 8.2; 7.1; 7.7; 4.2; 6.0; 6.6; 6.1
  - Japan: 3.1; 4.0; 4.1; 3.5; 3.4; 3.0; 3.9; 2.1; 3.3; 3.7; 3.2
  - United Kingdom: –5.1; –5.5; –3.6; –4.1; –2.8; –3.2; –1.5; –3.8; –3.7; –3.7; –3.5
  - Canada: –3.5; –3.1; –2.8; –2.4; –2.0; –2.2; –0.3; –0.3; –1.0; –1.0; –2.0

### Financial Account Balances, Net Lending/Borrowing, and Reserves
- Summary of Financial Account Balances (selected lines from Table A13, Billions of US dollars)
  - Other Investment, Net: 25.6–34.2–9.1–2.3 4.7 11.2 9.8–14.5–18.7–37.9
  - Change in Reserves: –5.5 1.9 15.9 4.6 0.6–18.2 8.7–22.8–0.4 26.0
  - World Financial Account Balance: –41.0–22.2 103.7 175.3–27.3–16.6 778.1 495.2 252.1 426.9
- Summary of Net Lending and Borrowing (Table A14) — major aggregates and country highlights (Percent of GDP)
  - World (Memorandum) — Net Lending and Borrowing: 0.4 0.4 0.5 0.3 0.4 0.4 1.0 0.5 0.4 0.4 0.2
  - World — Current Account Balance: 0.4 0.4 0.5 0.4 0.4 0.4 0.9 0.4 0.3 0.3 0.2
  - World — Savings: 25.3 25.6 26.7 27.0 27.0 27.0 28.1 27.9 26.3 26.2 26.4
  - World — Investment: 24.9 25.1 25.9 26.5 26.5 26.4 27.1 27.4 26.4 26.2 26.5
  - Advanced Economies — Net Lending and Borrowing: –0.4 0.3 0.9 0.7 0.7 0.3 1.0–0.2 0.3 0.4 0.4
  - United States — Net Lending and Borrowing: –3.7–2.5–1.8–2.2–2.1–2.9–3.6–3.8–3.0–2.8–2.5
  - Emerging Market and Developing Economies — Net Lending and Borrowing: 2.2 0.8–0.1–0.2 0.0 0.5 1.0 1.5 0.5 0.4–0.1
  - Regional highlights (Net Lending and Borrowing)
    - Emerging and Developing Asia: 3.2 1.7 0.9–0.3 0.5 1.5 1.2 1.2 0.8 0.6 0.2
    - Latin America and the Caribbean: –1.1–2.4–1.8–2.7–2.1–0.2–2.0–2.4–1.7–1.5–1.3
    - Middle East and Central Asia: 8.8 4.5–1.3 2.4 0.3–3.4 3.1 8.3 4.0 3.4 1.4
    - Sub-Saharan Africa: 1.0–1.9–1.6–1.8–2.8–2.3–0.6–1.7–2.3–2.4–2.2
  - Analytical groups
    - Fuel exporters Net Lending and Borrowing: 11.5 5.7 0.8 4.9 1.8–3.2 5.0 11.3 5.6 5.0 2.7
    - Nonfuel exporters Net Lending and Borrowing: 0.7–0.1–0.2–0.8–0.1 0.9 0.6 0.4 0.0–0.1–0.3

### World Medium-Term Baseline Scenario (Table A15 highlights)
- World Real GDP (annual percent change) — key averages and projections
  - Averages: 2005–14: 3.9; 2015–24: 3.0
  - 2021: 6.3
  - 2022: 3.5
  - 2023: 3.0
  - 2024: 2.9
  - 2021–24 average: 3.9
  - 2025–28 average: 3.2
- By country group (selected)
  - Advanced Economies: 1.5 1.7 5.6 2.6 1.5 1.4 2.8 1.8
  - Emerging Market and Developing Economies: 6.0 3.9 6.9 4.1 4.0 4.0 4.7 4.0
- Potential Output (Major Advanced Economies): 1.4 1.2 2.0 1.5 1.6 1.6 1.7 1.6
- World Trade, Volume (annual percent change; goods and services)
  - World: 4.7 2.8 10.9 5.1 0.9 3.5 5.0 3.5
  - Imports, Advanced Economies: 3.2 2.9 10.3 6.7 0.1 3.0 4.9 3.1
  - Imports, Emerging Market and Developing Economies: 8.0 2.4 11.8 3.2 1.7 4.4 5.2 4.4
- World Prices in US Dollars (annual percent change)
  - Manufactures: 1.9 0.7 6.6 10.1 –1.8 2.3 4.2 1.8
  - Oil: 9.8 –1.8 65.8 39.2 –16.5 –0.7 17.6 –4.1
  - Nonfuel Primary Commodities: 6.2 1.8 26.7 7.9 –6.3 –2.7 5.7 0.3
- Consumer Prices (annual percent change) — baseline averages
  - Advanced Economies: 1.9 2.5 3.1 7.3 4.6 3.0 4.5 2.1
  - Emerging Market and Developing Economies: 6.2 6.1 5.9 9.8 8.5 7.8 8.0 5.5
- Interest Rates and External Debt (selected)
  - World Real Long-Term Interest Rate (GDP-weighted): 1.2 –0.7 –2.5 –5.0 –1.4 0.6 –2.0 1.3
  - Emerging Market and Developing Economies — Total External Debt (percent of GDP): 27.1 30.3 31.4 29.2 29.0 28.0 29.4 26.6
  - Emerging Market and Developing Economies — Debt Service (percent of exports or as reported): 9.4 10.8 10.6 10.7 10.4 9.7 10.3 9.4

*International Monetary Fund | October 2023 — Table A1, Table A4–A7, Table A9–A15 (Statistical Appendix)*

### Section 1

### Table A1. Summary of World Output

### Global Summary
- World real GDP (annual percent change)
  - Average 2005–14: 3.9
  - 2015: 3.4
  - 2016: 3.2
  - 2017: 3.8
  - 2018: 3.6
  - 2019: 2.8
  - 2020: –2.8
  - 2021: 6.3
  - 2022: 3.5
  - 2023: 3.0
  - 2024 (projection): 2.9
  - 2028 (projection): 3.1

### Advanced Economies (real GDP annual percent change)
- Advanced Economies
  - Average 2005–14: 1.5
  - 2015: 2.3
  - 2016: 1.8
  - 2017: 2.5
  - 2018: 2.3
  - 2019: 1.7
  - 2020: –4.2
  - 2021: 5.6
  - 2022: 2.6
  - 2023: 1.5
  - 2024 (projection): 1.4
  - 2028 (projection): 1.7

- United States
  - Average 2005–14: 1.6
  - 2015: 2.7
  - 2016: 1.7
  - 2017: 2.2
  - 2018: 2.9
  - 2019: 2.3
  - 2020: –2.8
  - 2021: 5.9
  - 2022: 2.1
  - 2023: 2.1
  - 2024 (projection): 1.5
  - 2028 (projection): 2.1

- Euro Area
  - Average 2005–14: 0.8
  - 2015: 2.0
  - 2016: 1.9
  - 2017: 2.6
  - 2018: 1.8
  - 2019: 1.6
  - 2020: –6.1
  - 2021: 5.6
  - 2022: 3.3
  - 2023: 0.7
  - 2024 (projection): 1.2
  - 2028 (projection): 1.3

- Japan
  - Average 2005–14: 0.5
  - 2015: 1.6
  - 2016: 0.8
  - 2017: 1.7
  - 2018: 0.6
  - 2019: –0.4
  - 2020: –4.2
  - 2021: 2.2
  - 2022: 1.0
  - 2023: 2.0
  - 2024 (projection): 1.0
  - 2028 (projection): 0.4

- Other Advanced Economies (excludes euro area countries, Japan, and the United States)
  - Average 2005–14: 2.6
  - 2015: 2.1
  - 2016: 2.3
  - 2017: 3.0
  - 2018: 2.5
  - 2019: 1.9
  - 2020: –4.1
  - 2021: 6.0
  - 2022: 3.1
  - 2023: 1.5
  - 2024 (projection): 1.8
  - 2028 (projection): 2.0

### Emerging Market and Developing Economies (real GDP annual percent change)
- Aggregate Emerging Market and Developing Economies
  - Average 2005–14: 6.0
  - 2015: 4.3
  - 2016: 4.4
  - 2017: 4.8
  - 2018: 4.6
  - 2019: 3.6
  - 2020: –1.8
  - 2021: 6.9
  - 2022: 4.1
  - 2023: 4.0
  - 2024 (projection): 4.0
  - 2028 (projection): 3.9

- Regional highlights (selected)
  - Emerging and Developing Asia
    - Average 2005–14: 8.3
    - 2022: 4.5
    - 2023: 5.2
    - 2024 (projection): 4.8
    - 2028 (projection): 4.5
  - Latin America and the Caribbean
    - Average 2005–14: 3.4
    - 2022: 4.1
    - 2023: 2.3
    - 2024 (projection): 2.3
    - 2028 (projection): 2.5
  - Emerging and Developing Europe
    - Average 2005–14: 3.7
    - 2022: 0.8
    - 2023: 2.4
    - 2024 (projection): 2.2
    - 2028 (projection): 2.4
  - Middle East and Central Asia
    - Average 2005–14: 4.5
    - 2022: 5.6
    - 2023: 2.0
    - 2024 (projection): 3.4
    - 2028 (projection): 3.7
  - Sub-Saharan Africa
    - Average 2005–14: 5.5
    - 2022: 4.0
    - 2023: 3.3
    - 2024 (projection): 4.0
    - 2028 (projection): 4.3

### Analytical and Other Groupings
- By Source of Export Earnings
  - Fuel exporters
    - Average 2005–14: 4.7
    - 2022: 5.4
    - 2023: 2.4
    - 2024 (projection): 3.5
    - 2028 (projection): 3.0
  - Nonfuel exporters
    - Average 2005–14: 6.3
    - 2022: 3.9
    - 2023: 4.1
    - 2024 (projection): 4.0
    - 2028 (projection): 4.0
  - Primary products
    - Average 2005–14: 4.3
    - 2022: 3.4
    - 2023: 0.1
    - 2024 (projection): 2.9
    - 2028 (projection): 3.0

- By External Financing Source
  - Net Debtor Economies
    - Average 2005–14: 5.1
    - 2022: 5.0
    - 2023: 4.0
    - 2024 (projection): 4.2
    - 2028 (projection): 4.7

- Low-Income Developing Countries
  - Average 2005–14: 6.0
  - 2015: 4.8
  - 2016: 3.9
  - 2017: 4.9
  - 2018: 5.1
  - 2019: 5.0
  - 2020: 1.1
  - 2021: 3.9
  - 2022: 5.2
  - 2023: 4.0
  - 2024 (projection): 4.0
  - 2028 (projection): 5.6

### Memorandum and Per-Capita Indicators
- Median Growth Rates
  - Advanced Economies (median)
    - 2022: 2.8
    - 2023: 2.0
    - 2024 (projection): –4.2
    - 2028 (projection): 2.1
  - Emerging Market and Developing Economies (median)
    - 2022: 4.7
    - 2023: 4.2
    - 2024 (projection): 3.2
    - 2028 (projection): 3.3

- Output per Capita (international dollars at purchasing power parity)
  - Advanced Economies (annual percent change)
    - Average 2005–14: 0.9
    - 2021: 5.5
    - 2022: 2.2
    - 2023: 1.1
    - 2024 (projection): 1.1
    - 2028 (projection): 1.5
  - Emerging Market and Developing Economies (annual percent change)
    - Average 2005–14: 4.3
    - 2021: 5.7
    - 2022: 3.5
    - 2023: 2.9
    - 2024 (projection): 2.9
    - 2028 (projection): 2.8

- World growth rate based on market exchange rates
  - Average 2005–14: 2.6
  - 2015: 2.8
  - 2016: 2.6
  - 2017: 3.3
  - 2018: 3.2
  - 2019: 2.5
  - 2020: –3.2
  - 2021: 6.1
  - 2022: 3.0
  - 2023: 2.5
  - 2024 (projection): 2.4
  - 2028 (projection): 2.6

### Value of World Output (billions of US dollars)
- At Market Exchange Rates
  - 2005–14 average: 65,585
  - 2015: 75,011
  - 2016: 76,265
  - 2017: 81,089
  - 2018: 86,096
  - 2019: 87,326
  - 2020: 84,961
  - 2021: 96,488
  - 2022: 100,135
  - 2023: 104,476
  - 2024 (projection): 109,734
  - 2028 (projection): 133,783

- At Purchasing Power Parities
  - 2005–14 average: 89,497
  - 2015: 112,007
  - 2016: 116,311
  - 2017: 122,474
  - 2018: 129,882
  - 2019: 135,825
  - 2020: 133,452
  - 2021: 148,175
  - 2022: 163,837
  - 2023: 174,790
  - 2024 (projection): 183,947
  - 2028 (projection): 224,380

*International Monetary Fund | October 2023 — Table A1 (Statistical Appendix)*

### Section 2

### tablea - Section 2

### Real GDP (Annual percent change) — Emerging Market and Developing Economies (continued)
- Eswatini: 3.5 2.2 1.1 2.0 2.4 2.7 –1.6 7.9 3.6 3.1 3.3 2.8
- Ethiopia: 10.8 10.4 8.0 10.2 7.7 9.0 6.1 6.3 6.4 6.1 6.2 7.0
- Gabon: 3.1 3.9 2.1 0.5 0.9 3.8 –1.8 1.5 3.0 2.8 2.6 2.8
- The Gambia: 1.7 4.1 1.9 4.8 7.2 6.2 0.6 5.3 4.9 5.6 6.2 5.0
- Ghana: 7.1 2.1 3.4 8.1 6.2 6.5 0.5 5.1 3.1 1.2 2.7 5.0
- Guinea: 3.8 3.8 10.8 10.3 6.4 5.6 4.7 5.0 4.3 5.9 5.6 5.2
- Guinea-Bissau: 3.5 6.1 5.3 4.8 3.8 4.5 1.5 6.4 4.2 4.5 5.0 4.5
- Kenya: 4.8 5.0 4.2 3.8 5.7 5.1 –0.3 7.6 4.8 5.0 5.3 5.3
- Lesotho: 3.5 3.2 1.9 –2.7 –1.3 –2.0 –3.9 1.8 2.1 2.1 2.3 1.6
- Liberia: 7.0 0.0 –1.6 2.5 1.2 –2.5 –3.0 5.0 4.8 4.6 5.3 7.3
- Madagascar: 2.9 3.1 4.0 3.9 3.2 4.4 –7.1 5.7 4.0 4.0 4.8 4.5
- Malawi: 5.8 3.0 2.3 4.0 4.4 5.4 0.9 4.6 0.8 1.7 3.3 4.6
- Mali: 4.1 6.2 5.9 5.3 4.7 4.8 –1.2 3.1 3.7 4.5 4.8 5.0
- Mauritius: 3.9 3.7 3.9 3.9 4.0 2.9 –1.4 6.3 3.4 8.7 5.1 3.8 3.3
- Mozambique: 7.3 6.7 3.8 3.7 3.4 2.3 –1.2 2.4 4.2 7.0 5.0 12.1
- Namibia: 4.3 4.3 0.0 –1.0 1.1 –0.8 –8.1 3.5 4.6 2.8 2.7 2.6
- Niger: 5.9 4.4 5.7 5.0 7.0 6.1 3.5 1.4 11.9 4.1 11.1 6.0
- Nigeria: 6.9 2.7 –1.6 0.8 1.9 2.2 –1.8 3.6 3.3 2.9 3.1 3.1
- Rwanda: 7.8 8.9 6.0 3.9 8.5 9.5 –3.4 10.9 8.2 6.2 7.0 7.3
- São Tomé and Príncipe: 4.7 1.5 5.2 4.1 4.4 2.0 2.6 1.9 0.1 0.5 2.4 3.7
- Senegal: 3.3 6.4 6.4 7.4 6.2 4.6 1.3 6.5 4.0 4.1 8.8 5.3
- Seychelles: 5.2 9.7 12.7 6.6 6.2 5.2 –8.5 2.5 8.9 4.2 3.9 3.6
- Sierra Leone: 7.6 –20.5 6.4 3.8 3.5 5.3 –2.0 4.1 4.0 2.7 4.7 4.6
- South Africa: 3.0 1.3 0.7 1.2 1.6 0.3 –6.0 4.7 1.9 0.9 1.8 1.4
- South Sudan: . . . –0.2 –13.3 –5.8 –2.1 0.9 –6.5 5.3 0.5 3.5 4.2 5.4
- Tanzania: 6.4 6.2 6.9 6.8 7.0 7.0 4.8 4.9 4.7 5.2 6.1 7.0
- Togo: 3.8 5.5 5.7 4.0 4.8 4.9 2.0 6.0 5.8 5.4 5.3 5.5
- Uganda: 7.1 8.0 0.2 6.8 5.6 7.6 –1.2 5.7 6.4 4.6 5.7 6.3
- Zambia: 7.4 2.9 3.8 3.5 4.0 1.4 –2.8 4.6 4.7 3.6 4.3 5.1
- Zimbabwe: 2.6 1.8 0.8 0.8 5.2 5.0 –6.3 –7.8 8.4 6.2 4.1 3.6 3.0

Note: See the country-specific notes for Afghanistan, Eritrea, India, Lebanon, Sri Lanka, Sudan, Türkiye, Ukraine, Uruguay, and Zimbabwe in the “Country Notes” section of the Statistical Appendix. Data footnotes for Timor-Leste, Sudan, and Syria are noted in the section.

### Inflation — GDP Deflators and Consumer Prices (Percent)
- GDP Deflators, Advanced Economies: 1.5 1.3 1.0 1.5 1.7 1.5 1.6 3.2 5.4 4.0 2.8 1.9
- GDP Deflators, United States: 2.0 1.0 1.0 1.9 2.4 1.8 1.3 4.5 7.0 3.7 2.3 1.9
- GDP Deflators, Euro Area: 1.5 1.4 0.9 1.1 1.5 1.7 1.8 2.1 4.6 5.2 3.6 1.9
- Consumer Prices, Advanced Economies (annual averages): 1.9 0.3 0.7 1.7 2.0 1.4 0.7 3.1 7.3 4.6 3.0 2.0
- Consumer Prices, United States (annual averages): 2.3 0.1 1.3 2.1 2.4 1.8 1.3 4.7 8.0 4.1 2.8 2.1
- Consumer Prices, Euro Area (annual averages, based on Eurostat HICP): 1.9 0.2 0.2 1.5 1.8 1.2 0.3 2.6 8.4 5.6 3.3 1.9
- Consumer Prices, Japan (annual averages): 0.2 0.8 –0.1 0.5 1.0 0.5 0.0 –0.2 2.5 3.2 2.9 1.6
- Consumer Prices, Emerging Market and Developing Economies (annual averages): 6.2 4.8 4.4 4.5 4.9 5.1 5.2 5.9 9.8 8.5 7.8 5.0

Regional groups — Consumer Prices (annual averages / projections):
- Emerging and Developing Asia: 4.9 2.7 2.9 2.4 2.6 3.3 3.2 2.2 3.8 2.6 2.7 2.8
- Emerging and Developing Europe: 8.0 10.7 5.6 5.6 6.4 6.7 5.4 9.6 27.9 18.9 19.9 12.4
- Latin America and the Caribbean: 4.8 5.4 5.5 6.3 6.5 7.6 6.4 9.8 14.0 13.8 10.7 5.7
- Middle East and Central Asia: 8.5 5.6 5.9 7.1 9.9 7.6 10.4 12.8 14.0 18.0 15.2 7.3
- Sub-Saharan Africa: 8.3 6.7 10.1 10.5 8.3 8.1 10.1 11.0 14.5 15.8 13.1 7.4

Analytical groups — Consumer Prices (annual averages):
- By Source of Export Earnings, Fuel: 8.3 5.6 7.7 6.5 9.0 6.8 9.4 11.8 13.8 14.0 11.1 7.8
- By Source of Export Earnings, Nonfuel: 5.8 4.7 4.0 4.2 4.4 4.9 4.7 5.2 9.3 7.9 7.4 4.7
- Net Debtor Economies: 7.0 5.5 5.3 5.7 5.6 5.4 5.9 7.4 12.9 11.6 10.3 6.1
- Economies with Arrears/rescheduling during 2018–22: 10.2 12.8 10.7 15.3 14.3 11.6 13.9 17.6 21.9 26.1 23.1 8.3

Memoranda:
- Median Inflation Rate, Advanced Economies: 2.1 0.1 0.4 1.6 1.7 1.4 0.3 2.5 8.1 5.2 3.3 2.0
- Median Inflation Rate, Emerging Market and Developing Economies: 5.2 2.6 2.7 3.3 3.1 2.6 2.8 3.9 7.9 6.1 4.4 3.0

### Selected country-level consumer price snapshots (annual averages or end of period where indicated)
- Advanced Economies, Major aggregate (annual averages): 1.9 0.3 0.7 1.7 2.0 1.4 0.7 3.1 7.3 4.6 3.0 2.0
- United States (end of period / projections): 2.3 0.1 1.3 2.1 2.4 1.8 1.3 4.7 8.0 4.1 2.8 2.1 6.4 3.0 2.6
- Euro Area (end of period / projections): 1.9 0.2 0.2 1.5 1.8 1.2 0.3 2.6 8.4 5.6 3.3 1.9 9.2 3.3 2.7
- Japan (end of period): 0.2 0.8 –0.1 0.5 1.0 0.5 0.0 –0.2 2.5 3.2 2.9 1.6
- China (annual averages): 2.9 1.5 2.1 1.5 1.9 2.9 2.5 0.9 1.9 0.7 1.7 2.2 1.8 0.9 1.9
- India (annual averages): 8.4 4.9 4.5 3.6 3.4 4.8 6.2 5.5 6.7 5.5 4.6 4.0 6.2 4.9 4.4
- Brazil (annual averages): 5.5 9.0 8.7 3.4 3.7 3.7 3.2 8.3 9.3 4.7 4.5 3.0 5.8 4.9 3.9

Sub-Saharan Africa — selected consumer prices (annual averages):
- Angola: 12.8 9.2 30.7 29.8 19.6 17.1 22.3 25.8 21.4 13.1 22.3 9.1 13.8 17.2 25.6
- Ethiopia: 17.1 9.6 6.6 10.7 13.8 15.8 20.4 26.8 33.9 29.1 20.7 12.6 33.8 24.5 18.5
- Ghana: 11.5 17.2 17.5 12.4 9.8 7.1 9.9 10.0 31.9 42.2 23.2 8.0 54.1 31.3 15.0
- Nigeria: 10.8 9.0 15.7 16.5 12.1 11.4 13.2 17.0 18.8 25.1 23.0 14.0 21.3 30.6 15.4
- Zimbabwe (annual averages): –2.7 –2.4 –1.6 0.9 10.6 255.3 557.2 98.5 193.4 314.5 222.4 20.8 243.8 396.2 190.2

Notes:
- Movements in consumer prices are shown as annual averages unless noted otherwise.
- Monthly year-over-year changes and, for several countries, end-of-period data are used for "End of Period" columns.
- See the country-specific notes for Afghanistan, Argentina, Eritrea, Lebanon, Sri Lanka, Sudan, Türkiye, Ukraine, Venezuela, and Zimbabwe in the “Country Notes” section of the Statistical Appendix. Data for 2011 exclude South Sudan after July 9; 2012 onward pertain to the current Sudan. Data for Syria are excluded for 2011 onward.

*Source: Table A4 (Real GDP), Table A5 (Summary of Inflation), Table A6 (Advanced Economies: Consumer Prices), and Table A7 (Emerging Market and Developing Economies: Consumer Prices) — Statistical Appendix, International Monetary Fund, October 2023.*

### Section 3

### tablea - Section 3

### Major Advanced Economies: General Government Fiscal Balances and Debt
- Major Advanced Economies (Net Lending/Borrowing, percent of GDP)
  - Average 2005–14: –5.2
  - 2015: –3.0
  - 2016: –3.3
  - 2017: –3.3
  - 2018: –3.3
  - 2019: –3.8
  - 2020: –11.6
  - 2021: –9.1
  - 2022: –4.1
  - 2023: –6.5
  - 2024: –5.6
  - 2028: –5.0
- Major Advanced Economies (Output Gap, percent of potential GDP)
  - Average 2005–14: –2.2
  - 2015: –2.0
  - 2016: –1.7
  - 2017: –0.8
  - 2018: 0.1
  - 2019: 0.3
  - 2020: –3.2
  - 2021: 0.0
  - 2022: 0.7
  - 2023: 0.6
  - 2024: 0.2
  - 2028: 0.5
- Major Advanced Economies (Structural Balance, percent of potential GDP)
  - Average 2005–14: –4.0
  - 2015: –2.2
  - 2016: –2.7
  - 2017: –3.0
  - 2018: –3.2
  - 2019: –3.8
  - 2020: –8.1
  - 2021: –8.1
  - 2022: –5.3
  - 2023: –6.5
  - 2024: –5.5
  - 2028: –5.2

- United States
  - Net Lending/Borrowing (percent of GDP): Average 2005–14: –6.5; 2015: –3.5; 2016: –4.4; 2017: –4.8; 2018: –5.3; 2019: –5.7; 2020: –14.0; 2021: –11.6; 2022: –3.7; 2023: –8.2; 2024: –7.4; 2028: –7.0
  - Output Gap (percent of potential GDP): –4.0; –2.5; –2.1; –1.3; 0.0; 0.7; –2.5; 1.5; 1.4; 1.4; 0.8; 0.9
  - Structural Balance (percent of potential GDP): –4.4; –2.5; –3.6; –4.3; –5.1; –6.0; –10.7; –11.3; –6.5; –8.8; –7.6; –7.3
  - Net Debt (percent of GDP): 63.9; 80.9; 81.8; 80.4; 81.1; 83.1; 98.3; 98.3; 95.1; 96.7; 100.7; 111.6
  - Gross Debt (percent of GDP): 86.1; 105.1; 107.2; 106.2; 107.4; 108.7; 133.5; 126.4; 121.3; 123.3; 126.9; 137.5

- Euro Area
  - Net Lending/Borrowing (percent of GDP): –3.3; –1.9; –1.5; –0.9; –0.4; –0.6; –7.1; –5.3; –3.6; –3.4; –2.7; –2.1
  - Output Gap (percent of potential GDP): –0.7; –2.4; –1.8; –0.6; –0.2; 0.0; –4.8; –2.0; 0.2; –0.4; –0.5; 0.1
  - Structural Balance (percent of potential GDP): –2.7; –0.5; –0.5; –0.4; –0.2; –0.5; –3.9; –3.5; –2.4; –2.7; –2.4; –2.1
  - Net Debt (percent of GDP): 64.6; 75.1; 74.6; 72.5; 70.8; 69.2; 79.1; 77.1; 77.7; 75.3; 74.6; 73.9
  - Gross Debt (percent of GDP): 80.2; 90.9; 90.1; 87.7; 85.7; 83.7; 96.8; 94.8; 91.0; 89.6; 88.3; 84.9

- Selected Major Economies (Net Debt / Gross Debt, percent of GDP)
  - Germany Net Debt: 57.5; 52.2; 49.3; 45.5; 42.8; 40.7; 46.1; 47.2; 45.8; 46.5; 45.7; 41.7
  - Germany Gross Debt: 73.3; 71.9; 69.0; 65.2; 61.9; 59.5; 68.7; 69.0; 66.1; 65.9; 64.0; 57.5
  - France Net Debt: 70.3; 86.3; 89.2; 89.4; 89.2; 88.9; 101.2; 100.4; 101.4; 99.6; 100.1; 100.4
  - France Gross Debt: 80.0; 95.6; 98.0; 98.1; 97.8; 97.4; 114.7; 113.0; 111.8; 110.0; 110.5; 110.8
  - Italy Net Debt: 106.7; 122.2; 121.6; 121.3; 121.8; 121.7; 141.5; 137.4; 132.7; 132.6; 132.5; 130.6
  - Italy Gross Debt: 117.3; 135.3; 134.8; 134.2; 134.4; 134.1; 154.9; 149.9; 144.4; 143.7; 143.2; 140.1
  - Japan Net Debt: 120.8; 144.5; 149.5; 148.1; 151.1; 151.7; 162.3; 156.7; 161.5; 158.5; 155.8; 153.2
  - Japan Gross Debt (nonconsolidated basis): 201.5; 228.3; 232.4; 231.3; 232.4; 236.4; 258.6; 255.1; 260.1; 255.2; 251.9; 252.8
  - United Kingdom Net Debt: 57.5; 78.2; 77.6; 76.2; 75.4; 74.6; 93.6; 94.1; 98.9; 99.0; 99.6; 96.5
  - United Kingdom Gross Debt: 64.1; 86.7; 86.6; 85.6; 85.2; 84.5; 104.6; 105.2; 101.9; 104.1; 105.9; 108.2
  - Canada Net Debt (includes equity shares): 25.9; 18.5; 18.0; 12.5; 11.6; 8.5; 15.7; 15.4; 14.2; 14.6; 14.6; 13.8
  - Canada Gross Debt: 78.9; 92.0; 92.4; 90.9; 90.8; 90.2; 118.9; 115.1; 107.4; 106.4; 103.3; 94.7

- Notes included in table:
  - Debt data refer to the end of the year and are not always comparable across countries.
  - Percent of potential GDP for Output Gap and Structural Balance.
  - Country-specific adjustments for accrual-basis pension accounting and nonconsolidated basis noted for Japan and others.

### Table A9: Summary of World Trade Volumes and Prices
- World Trade (Trade in Goods and Services)
  - World Trade Volume (annual percent change): Average 2005–14: 4.7; 2015–24 average: 2.8; 2015: 2.9; 2016: 2.2; 2017: 5.6; 2018: 4.0; 2019: 1.0; 2020: –7.8; 2021: 10.9; 2022: 5.1; 2023: 0.9; 2024: 3.5
  - Price Deflator in US Dollars (annual percent change): 2.9; 0.5; –13.2; –4.0; 4.3; 5.4; –2.5; –2.1; 12.5; 6.8; –1.7; 1.6
  - Price Deflator in SDRs: 2.6; 1.7; –5.8; –3.4; 4.6; 3.3; –0.1; –2.9; 10.0; 13.8; –1.9; 1.5

- Volume of Trade — Exports
  - Advanced Economies exports (annual percent change): 4.0; 2.6; 3.8; 2.0; 5.0; 3.5; 1.5; –8.8; 9.8; 5.3; 1.8; 3.1
  - Emerging Market and Developing Economies exports: 6.3; 3.1; 1.9; 2.8; 6.5; 4.2; 0.8; –5.1; 12.8; 4.1; –0.1; 4.2

- World Trade Prices in US Dollars (selected)
  - Manufactures: 1.9; 0.7; –3.0; –5.2; 0.1; 2.0; 0.5; –3.2; 6.6; 10.1; –1.8; 2.3
  - Oil (annual percent change of average UK Brent, Dubai Fateh, WTI): 9.8; –1.8; –47.1; –15.0; 22.5; 29.4; –10.4; –32.0; 65.8; 39.2; –16.5; –0.7
  - Nonfuel Primary Commodities: 6.2; 1.8; –17.0; –0.3; 6.4; 1.3; 0.7; 6.6; 26.7; 7.9; –6.3; –2.7

- Memorandum
  - World Exports in Billions of US Dollars (Goods and Services): 19,137; 25,944; 21,135; 20,760; 22,906; 25,097; 24,705; 22,327; 27,937; 31,188; 30,868; 32,514
  - World Goods Exports (billions): 15,165; 19,825; 16,191; 15,736; 17,450; 19,099; 18,531; 17,203; 21,814; 24,200; 23,451; 24,576
  - Average Oil Price (US dollars a barrel): 83.62; 64.49; 50.91; 43.26; 52.98; 68.53; 61.43; 41.77; 69.25; 96.36; 80.49; 79.92

- Additional trade details by region, commodity groups, and price deflators appear in the continuation of Table A9.

### Table A10: Summary of Current Account Balances (Billions of US dollars and Projections)
- Advanced Economies (current account, billions of US dollars)
  - 2015: 269.2
  - 2016: 362.3
  - 2017: 470.6
  - 2018: 383.7
  - 2019: 388.3
  - 2020: 157.4
  - 2021: 502.7
  - 2022: –234.8
  - 2023: 111.3
  - 2024: 192.9
  - 2028: 286.8

- Selected Countries (current account, billions of US dollars)
  - United States: –408.5; –396.2; –367.6; –439.8; –441.8; –597.1; –831.4; –971.6; –795.1; –783.2; –777.3
  - Euro Area: 317.0; 360.1; 394.9; 382.1; 323.8; 230.0; 416.3; –106.0; 186.6; 223.6; 343.5
  - Germany: 288.3; 299.0; 289.1; 316.2; 317.8; 274.2; 329.8; 170.8; 265.6; 309.1; 331.0
  - Japan: 136.4; 197.8; 203.5; 177.8; 176.3; 149.9; 196.8; 90.6; 141.2; 157.0; 167.5
  - United Kingdom: –148.8; –148.7; –96.9; –117.3; –80.9; –86.6; –46.9; –116.1; –122.0; –131.4; –162.0
  - Canada: –54.4; –47.2; –46.2; –41.0; –34.1; –35.5; –5.4; –7.0; –20.9; –21.4; –55.3
  - Other Advanced Economies (aggregate): 349.6; 328.0; 332.1; 333.1; 344.0; 382.5; 588.5; 591.8; 539.3; 546.8; 575.9

- Emerging Market and Developing Economies (current account, billions of US dollars)
  - 2015: –94.6
  - 2016: –111.7
  - 2017: –32.5
  - 2018: –64.1
  - 2019: –10.4
  - 2020: 143.9
  - 2021: 363.7
  - 2022: 645.7
  - 2023: 195.8
  - 2024: 171.1
  - 2028: –196.8

- Regional current account highlights (billions of US dollars)
  - Emerging and Developing Asia: 293.1; 209.1; 163.5; –54.0; 93.2; 319.2; 286.5; 296.8; 190.5; 171.2; 2.8
  - Latin America and the Caribbean: –181.9; –109.4; –99.1; –146.1; –112.8; –15.8; –102.9; –142.3; –115.3; –103.9; –109.5
  - Middle East and Central Asia: –144.3; –146.6; –38.2; 111.4; 15.6; –116.0; 132.0; 406.8; 194.6; 176.0; 26.3

- Memorandum: World (goods and services exports in billions of US dollars)
  - World Exports: 19,137; 25,944; 21,135; 20,760; 22,906; 25,097; 24,705; 22,327; 27,937; 31,188; 30,868; 32,514

### Table A11: Advanced Economies — Current Account Balance (Percent of GDP, projections)
- Advanced Economies (current account, percent of GDP)
  - 2015: 0.6
  - 2016: 0.8
  - 2017: 1.0
  - 2018: 0.7
  - 2019: 0.7
  - 2020: 0.3
  - 2021: 0.9
  - 2022: –0.4
  - 2023: 0.2
  - 2024: 0.3
  - 2028: 0.4

- Selected Advanced Economies (current account, percent of GDP)
  - United States: –2.2; –2.1; –1.9; –2.1; –2.1; –2.8; –3.6; –3.8; –3.0; –2.8; –2.4
  - Euro Area: 2.7; 3.0; 3.1; 2.8; 2.4; 1.8; 2.8; –0.7; 1.2; 1.4; 1.8
  - Germany: 8.6; 8.6; 7.8; 8.0; 8.2; 7.1; 7.7; 4.2; 6.0; 6.6; 6.1
  - Japan: 3.1; 4.0; 4.1; 3.5; 3.4; 3.0; 3.9; 2.1; 3.3; 3.7; 3.2
  - United Kingdom: –5.1; –5.5; –3.6; –4.1; –2.8; –3.2; –1.5; –3.8; –3.7; –3.7; –3.5
  - Canada: –3.5; –3.1; –2.8; –2.4; –2.0; –2.2; –0.3; –0.3; –1.0; –1.0; –2.0

- Euro Area (sum of individual euro area countries): 3.4; 3.6; 3.5; 3.4; 3.1; 2.6; 4.1; 1.3; 2.4; 2.6; 2.9

*Source: tablea - Section 3, Statistical Appendix tables and projections as provided in the source PDF.*

### Section 4

### Emerging Market and Developing Economies: Current Account Balance (Percent of GDP)

### Table header / projection years
- Projections 20152016201720182019202020212022202320242028

### Emerging and Developing Asia (aggregate)
- Emerging and Developing Asia 1.91.30.9–0.30.51.51.21.20.70.60.0

### Selected country series (Emerging and Developing Asia)
- Bangladesh 1.21.6–0.5–3.0–1.3–1.5–1.1–4.1–0.7–0.8–3.0
- Bhutan–27.9–31.6–23.6–18.4–20.5–15.8–12.0–31.9–29.4–12.3–10.9
- Brunei Darussalam16.712.916.46.96.64.511.219.610.611.614.0
- Cambodia–8.7–8.5–7.9–11.8–10.8–3.4–42.0–27.3–11.0–8.0–6.6
- China2.61.71.50.20.71.72.02.21.51.40.7
- Fiji–4.3–3.5–6.6–8.5–12.8–13.7–15.9–17.3–10.9–10.7–7.9
- India–1.0–0.6–1.8–2.1–0.90.9–1.2–2.0–1.8–1.8–2.3
- Indonesia–2.0–1.8–1.6–2.9–2.7–0.40.31.0–0.3–0.6–1.5
- Kiribati33.010.837.438.849.540.08.9–4.19.012.28.9
- Lao P.D.R.–22.3–11.0–11.2–13.0–9.1–5.1–0.6–6.0–2.6–6.1–5.7
- Malaysia3.02.42.82.23.54.23.93.12.72.83.0
- Maldives–7.5–23.6–21.0–28.4–26.6–34.7–8.5–16.8–16.4–12.8–9.3
- Mongolia–8.2–6.3–10.1–16.7–15.2–5.1–13.8–13.4–10.9–12.6–8.0
- Myanmar–3.5–4.2–6.8–4.7–2.8–3.4–0.3–4.3–1.6–1.5–1.4
- Nepal4.45.5–0.3–7.1–6.9–1.0–7.7–12.7–1.5–4.6–3.9
- Papua New Guinea10.913.715.912.914.814.112.627.915.917.79.6
- Philippines2.4–0.4–0.7–2.6–0.83.2–1.5–4.5–3.0–2.6–1.1
- Sri Lanka1 –2.2–2.0–2.4–3.0–2.1–1.4–3.7–1.0. . .. . .. . .

### Emerging and Developing Europe (aggregate)
- Emerging and Developing Europe1.0–0.3–0.71.61.30.11.52.6–0.4–0.3–0.8

### Selected country series (Emerging and Developing Europe)
- Albania–8.6–7.6–7.5–6.8–7.6–8.7–7.7–6.0–6.0–5.9–5.7
- Belarus–3.3–3.4–1.70.0–1.9–0.33.23.72.72.00.0
- Bosnia and Herzegovina–5.0–4.7–4.8–3.2–2.6–3.3–2.4–4.5–4.3–3.8–3.6
- Bulgaria0.03.13.30.91.90.0–1.9–0.70.00.1–0.3
- Hungary2.34.52.00.2–0.8–1.1–4.1–8.0–0.9–1.60.5
- Poland–1.3–1.0–1.2–1.9–0.22.5–1.4–3.01.00.3–1.0
- Romania–0.8–1.6–3.1–4.6–4.9–4.9–7.2–9.3–7.3–7.1–6.3
- Russia5.01.92.07.03.92.46.610.53.44.02.3
- Türkiye1 –3.1–3.1–4.7–2.61.4–4.4–0.9–5.3–4.2–3.0–2.3
- Ukraine1 1.7–1.5–2.2–3.3–2.73.3–1.65.0–5.7–7.2–3.8

### Latin America and the Caribbean (aggregate)
- Latin America and the Caribbean–3.5–2.2–1.8–2.7–2.1–0.4–2.0–2.4–1.8–1.5–1.3

### Selected country series (Latin America and the Caribbean)
- Argentina–2.7–2.7–4.8–5.2–0.80.71.4–0.7–0.61.21.0
- Brazil–3.5–1.7–1.2–2.9–3.6–1.9–2.8–2.8–1.9–1.8–2.2
- Chile–2.7–2.6–2.8–4.5–5.2–1.9–7.3–9.0–3.5–3.6–3.0
- Colombia–6.4–4.5–3.2–4.2–4.6–3.5–5.6–6.2–4.9–4.3–3.9
- Guyana–3.41.5–4.9–29.0–68.8–16.3–25.923.818.020.047.7
- Mexico–2.7–2.3–1.9–2.1–0.42.0–0.6–1.2–1.5–1.4–0.9
- Peru–4.6–2.2–0.8–1.2–0.61.1–2.2–4.1–1.9–2.1–1.5
- Venezuela–12.8–3.47.58.45.9–3.5–1.23.62.23.4. . .

### Middle East and Central Asia (aggregate)
- Middle East and Central Asia–3.9–4.0–1.02.90.4–3.43.38.64.13.60.4

### Selected country series (Middle East and Central Asia)
- Algeria–16.4–16.5–13.3–9.7–9.9–12.8–2.89.82.91.0–5.2
- Egypt–3.5–5.6–5.8–2.3–3.4–2.9–4.4–3.5–1.7–2.4–2.7
- Iran0.32.93.17.9–0.7–0.43.94.23.43.72.7
- Kuwait3.5–4.68.014.413.14.627.236.030.327.716.0
- Qatar8.5–5.54.09.12.4–2.114.626.717.615.49.3
- Saudi Arabia–8.5–3.61.58.54.6–3.15.113.65.95.40.5
- United Arab Emirates4.73.67.09.78.96.011.511.78.27.76.5
- Yemen–3.1–5.8–2.3–5.4–6.1–17.0–15.4–17.8–19.4–13.9–2.0

### Sub-Saharan Africa (aggregate)
- Sub-Saharan Africa–5.7–3.6–2.1–2.2–3.2–2.7–1.0–1.9–2.7–2.8–2.3

### Selected country series (Sub-Saharan Africa)
- Angola–8.8–3.1–0.57.36.11.511.29.63.13.71.8
- Botswana2.28.05.60.4–6.9–10.3–1.33.00.81.50.6
- Democratic Republic of the Congo–3.7–3.9–3.1–3.5–3.2–2.2–1.0–5.2–6.0–5.3–3.0
- Ethiopia–11.5–10.9–8.5–6.5–5.3–4.6–3.2–4.3–2.4–2.0–1.9
- Ghana–5.7–5.1–3.3–3.0–2.2–2.5–2.7–2.1–2.5–2.8–3.1
- Madagascar–1.60.5–0.40.7–2.3–5.4–4.9–5.4–3.9–4.8–4.9
- Mozambique–37.4–32.2–19.6–32.2–19.1–27.6–22.4–32.9–16.0–39.3–20.5
- Nigeria–3.11.33.61.7–3.1–3.7–0.70.20.70.60.1
- South Africa–4.3–2.7–2.4–2.9–2.61.93.7–0.5–2.5–2.8–2.1
- Zambia–2.7–3.3–1.7–1.30.410.69.73.63.87.18.5

*Source: Table A12. Emerging Market and Developing Economies: Current Account Balance (Percent of GDP), Statistical Appendix, WORLD ECONOMIC OUTLOOK: NAVIGATING GLOBAL DIVERGENCES (October 2023).*

### Section 5

### tablea - Section 5

### Summary of Financial Account Balances (selected lines from Table A13)
- Other Investment, Net: 25.6–34.2–9.1–2.3 4.7 11.2 9.8–14.5–18.7–37.9
- Change in Reserves: –5.5 1.9 15.9 4.6 0.6–18.2 8.7–22.8–0.4 26.0
- World Financial Account Balance: –41.0–22.2 103.7 175.3–27.3–16.6 778.1 495.2 252.1 426.9

Note: The estimates are based on individual countries’ national accounts and balance of payments statistics; group composites are sums of US dollar values for relevant individual countries. Some group aggregates for financial derivatives are not shown because of incomplete data. Projections for the euro area are not available because of data constraints.

*Table A13. Summary of Financial Account Balances (continued) (Billions of US dollars)*

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### Summary of Net Lending and Borrowing (Table A14) — major aggregates and country highlights (Percent of GDP)
- World (Memorandum)
  - Net Lending and Borrowing: 0.4 0.4 0.5 0.3 0.4 0.4 1.0 0.5 0.4 0.4 0.2
  - Current Account Balance: 0.4 0.4 0.5 0.4 0.4 0.4 0.9 0.4 0.3 0.3 0.2
  - Savings: 25.3 25.6 26.7 27.0 27.0 27.0 28.1 27.9 26.3 26.2 26.4
  - Investment: 24.9 25.1 25.9 26.5 26.5 26.4 27.1 27.4 26.4 26.2 26.5
  - Capital Account Balance: 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.0

- Advanced Economies (averages and projections)
  - Net Lending and Borrowing: –0.4 0.3 0.9 0.7 0.7 0.3 1.0–0.2 0.3 0.4 0.4
  - Current Account Balance: –0.4 0.3 1.0 0.7 0.7 0.3 0.9–0.4 0.2 0.3 0.4
  - Savings: 21.8 21.7 23.3 23.4 23.6 23.1 23.8 23.1 22.0 22.0 22.4
  - Investment: 22.1 21.3 22.1 22.4 22.6 22.4 22.7 23.2 22.4 22.2 22.5
  - Capital Account Balance: 0.0 0.0 0.0–0.1–0.1 0.0 0.1 0.2 0.1 0.1 0.0

- United States
  - Net Lending and Borrowing: –3.7–2.5–1.8–2.2–2.1–2.9–3.6–3.8–3.0–2.8–2.5
  - Current Account Balance: –3.7–2.4–1.9–2.1–2.1–2.8–3.6–3.8–3.0–2.8–2.5
  - Savings: 17.2 17.7 19.5 19.6 19.7 19.3 18.0 18.3 16.3 16.4 17.1
  - Investment: 20.7 19.8 20.8 21.2 21.3 21.1 21.1 21.6 20.6 20.4 20.6

- Euro Area (selected)
  - Net Lending and Borrowing: 0.4 1.4 2.9 2.5 2.2 1.8 3.2 0.3 . . . . .
  - Current Account Balance: 0.3 1.3 3.1 2.8 2.4 1.8 2.8–0.7 1.2 1.4 1.7
  - Savings: 22.7 22.6 24.8 25.3 25.9 25.0 27.1 25.4 25.7 25.9 26.3
  - Investment: 21.6 20.4 21.3 21.9 22.8 22.3 23.0 24.2 23.3 23.3 23.5

- Selected other economies (percent of GDP)
  - Germany Net Lending and Borrowing: 6.2 7.0 7.8 8.0 8.1 6.8 7.7 3.7 6.0 6.6 6.2
  - Japan Net Lending and Borrowing: 2.5 2.2 4.1 3.5 3.4 2.9 3.9 2.1 3.3 3.6 3.4
  - United Kingdom Net Lending and Borrowing: –3.5–4.0–3.7–4.2–2.9–3.3–1.6–3.9–3.8–3.8–3.7
  - Canada Net Lending and Borrowing: –1.4–3.1–2.8–2.4–2.0–2.2–0.3–0.3–1.0–1.0–1.6

- Emerging Market and Developing Economies
  - Net Lending and Borrowing: 2.2 0.8–0.1–0.2 0.0 0.5 1.0 1.5 0.5 0.4–0.1
  - Current Account Balance: 2.2 0.7–0.1–0.2 0.0 0.4 0.9 1.5 0.4 0.4–0.1
  - Savings: 32.3 32.3 31.7 32.4 32.1 32.9 34.3 34.4 32.4 32.1 31.7
  - Investment: 30.4 31.7 31.8 32.7 32.3 32.5 33.4 33.0 32.0 31.8 31.8

- Regional highlights (selected)
  - Emerging and Developing Asia Net Lending and Borrowing: 3.2 1.7 0.9–0.3 0.5 1.5 1.2 1.2 0.8 0.6 0.2
  - Latin America and the Caribbean Net Lending and Borrowing: –1.1–2.4–1.8–2.7–2.1–0.2–2.0–2.4–1.7–1.5–1.3
  - Middle East and Central Asia Net Lending and Borrowing: 8.8 4.5–1.3 2.4 0.3–3.4 3.1 8.3 4.0 3.4 1.4
  - Sub-Saharan Africa Net Lending and Borrowing: 1.0–1.9–1.6–1.8–2.8–2.3–0.6–1.7–2.3–2.4–2.2

- Analytical groups
  - Fuel exporters Net Lending and Borrowing: 11.5 5.7 0.8 4.9 1.8–3.2 5.0 11.3 5.6 5.0 2.7
  - Nonfuel exporters Net Lending and Borrowing: 0.7–0.1–0.2–0.8–0.1 0.9 0.6 0.4 0.0–0.1–0.3

Notes: Table A14 estimates are based on national accounts and balance of payments statistics; composites are sums of US dollar values. The link S − I = CAB and NLB = CAB + KAB is noted; practical imbalances exist due to data and compilation issues.

*Table A14. Summary of Net Lending and Borrowing (Percent of GDP)*

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### Summary of World Medium-Term Baseline Scenario (Table A15) — projections and averages
- World Real GDP (annual percent change):
  - Averages: 2005–14: 3.9; 2015–24: 3.0; 2021: 6.3; 2022: 3.5; 2023: 3.0; 2024: 2.9; 2021–24 average: 3.9; 2025–28 average: 3.2

- By country group:
  - Advanced Economies: 1.5 1.7 5.6 2.6 1.5 1.4 2.8 1.8
  - Emerging Market and Developing Economies: 6.0 3.9 6.9 4.1 4.0 4.0 4.7 4.0

- Potential Output (Major Advanced Economies): 1.4 1.2 2.0 1.5 1.6 1.6 1.7 1.6

- World Trade, Volume (annual percent change; goods and services):
  - World: 4.7 2.8 10.9 5.1 0.9 3.5 5.0 3.5
  - Imports, Advanced Economies: 3.2 2.9 10.3 6.7 0.1 3.0 4.9 3.1
  - Imports, Emerging Market and Developing Economies: 8.0 2.4 11.8 3.2 1.7 4.4 5.2 4.4

- World Prices in US Dollars (annual percent change):
  - Manufactures: 1.9 0.7 6.6 10.1–1.8 2.3 4.2 1.8
  - Oil: 9.8–1.8 65.8 39.2–16.5–0.7 17.6–4.1
  - Nonfuel Primary Commodities: 6.2 1.8 26.7 7.9–6.3–2.7 5.7 0.3

- Consumer Prices (annual percent change):
  - Advanced Economies: 1.9 2.5 3.1 7.3 4.6 3.0 4.5 2.1
  - Emerging Market and Developing Economies: 6.2 6.1 5.9 9.8 8.5 7.8 8.0 5.5

- Interest Rates:
  - World Real Long-Term Interest Rate (GDP-weighted): 1.2–0.7–2.5–5.0–1.4 0.6–2.0 1.3

- Current Account Balances:
  - Advanced Economies: –0.4 0.5 0.9–0.4 0.2 0.3 0.2 0.4
  - Emerging Market and Developing Economies: 2.2 0.3 0.9 1.5 0.4 0.4 0.8–0.1

- External debt and debt service (Emerging Market and Developing Economies):
  - Total External Debt: 27.1 30.3 31.4 29.2 29.0 28.0 29.4 26.6 (percent of GDP)
  - Debt Service: 9.4 10.8 10.6 10.7 10.4 9.7 10.3 9.4 (percent of exports or as reported)

Notes: Trade data refer to goods and services. The world real long-term interest rate is a GDP-weighted average of 10-year (or nearest-maturity) government bond rates for Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.

*Table A15. Summary of World Medium-Term Baseline Scenario (Annual Percent Change; Percent; Percent of GDP)*

*Source: tablea - Section 5 (Table A13–A15), 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/tablea.pdf_