## tableb

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### Advanced Economies: Unemployment, Employment, and Real GDP per Capita (Table B1)
- Unemployment rate (selected entries, percent):
  - Advanced Economies: 7.2 5.4 6.7 6.3 5.7 5.1 4.8 6.6 5.6 4.5 4.4 4.6
  - United States: 7.0 4.7 5.3 4.9 4.4 3.9 3.7 8.1 5.4 3.6 3.6 3.8
  - Euro Area: 9.9 8.2 11.0 10.1 9.2 8.2 7.6 8.0 7.7 6.7 6.6 6.5
  - Spain: 17.2 15.5 22.1 19.6 17.2 15.3 14.1 15.5 14.8 12.9 11.8 11.3
  - Japan: 4.3 2.7 3.4 3.1 2.8 2.4 2.4 2.8 2.8 2.6 2.5 2.3
  - Korea: 3.4 3.5 3.6 3.7 3.7 3.8 3.8 3.9 3.7 2.9 2.7 3.2
- Growth in Employment (compound annual rates, percent; selected entries):
  - Advanced Economies: 0.6 1.0 1.3 1.5 1.3 1.5 1.2 –2.7 1.8 2.6 1.1 0.4
  - United States: 0.5 1.0 1.7 1.7 1.3 1.6 1.1 –6.2 3.2 3.7 1.7 0.5
  - Euro Area: 0.3 1.0 0.9 1.4 1.6 1.6 1.3 –1.4 1.5 2.3 0.9 0.2
  - Canada: 1.1 1.3 0.7 0.6 2.1 1.8 2.1 –5.6 5.0 4.0 2.0 0.6
  - Other Advanced Economies: 1.5 1.1 1.4 1.3 1.4 1.0 1.1 –1.0 1.2 2.4 1.2 0.6
- Growth in Real per Capita Output (compound annual rates, percent; selected entries):
  - Advanced Economies: 0.9 1.3 1.7 1.3 2.1 1.9 1.3 –4.7 5.5 2.2 1.1 1.1
  - United States: 0.8 1.5 2.0 0.9 1.6 2.4 1.8 –3.6 5.6 1.7 1.6 1.0
  - Euro Area (sum of individual countries): 0.4 1.2 1.7 1.6 2.5 1.6 1.4 –6.4 5.8 3.2 0.5 1.1
  - Japan: 0.6 0.9 1.7 0.8 1.8 0.8 –0.2 –4.0 2.5 1.3 2.4 1.5
  - United Kingdom: 0.5 0.5 1.6 1.3 1.8 1.1 1.1 –11.4 7.3 3.3 0.0 0.2

### Emerging Market and Developing Economies: Real GDP (Table B2)
- Aggregate annual percent change:
  - Emerging Market and Developing Economies: 6.0 4.3 4.4 4.8 4.6 3.6 –1.8 6.9 4.1 4.0 4.0 3.9
- Regional groups (annual percent change; selected entries):
  - Emerging and Developing Asia: 8.3 6.8 6.8 6.6 6.4 5.2 –0.5 7.5 4.5 5.2 4.8 4.5
  - Latin America and the Caribbean: 3.4 0.3 –0.8 1.3 1.1 0.2 –7.0 7.3 4.1 2.3 2.3 2.5
  - Sub-Saharan Africa: 5.5 3.2 1.5 3.0 3.3 3.2 –1.6 4.7 4.0 3.3 4.0 4.3
- Analytical groups (annual percent change):
  - Fuel exporters: 4.7 1.7 2.0 0.5 0.8 –0.2 –4.0 4.0 5.4 2.4 3.5 3.0
  - Nonfuel exporters: 6.3 4.7 4.7 5.3 5.1 4.1 –1.5 7.2 3.9 4.1 4.0 4.0
- Output per capita (annual percent change, international dollars at PPP; selected entries):
  - Emerging Market and Developing Economies: 4.3 2.8 2.8 3.3 3.3 2.3 –3.1 5.7 3.5 2.9 2.9 2.8
  - Emerging and Developing Asia: 7.1 5.8 5.8 5.7 5.6 4.4 –1.3 6.7 3.9 4.6 4.2 4.0

### Advanced Economies: Hourly Earnings, Productivity, and Unit Labor Costs in Manufacturing (Table B3)
- Hourly earnings (annual percent change; selected entries):
  - Advanced Economies: 2.3 2.9 2.2 1.6 2.5 2.5 2.1 4.0 1.7 3.3 4.2 4.6
  - United States: 2.4 3.4 2.7 0.7 3.2 2.4 2.4 6.9 2.6 3.7 3.7 5.4
  - Germany: 2.0 3.6 2.9 2.4 2.5 3.3 3.8 4.8 0.6 3.7 6.1 5.3
  - Japan: 0.3 1.4 –0.2 2.6 1.1 1.5 0.1 –2.2 0.5 1.5 3.7 5.2
- Productivity (labor productivity, ratio of hourly compensation to unit labor costs; annual percent change; selected entries):
  - Advanced Economies: 1.5 0.6 –0.4 1.1 1.4 0.5 –1.1 –0.4 2.6 –0.2 0.4 1.9
  - United States: 1.8 –0.2 –1.9 –0.1 –1.1 0.3 –2.4 0.2 1.9 –1.4 –0.1 2.4
  - Germany: 1.6 2.0 1.1 3.8 3.3 0.5 –0.3 1.5 8.2 0.1 1.4 1.0
- Unit labor costs (annual percent change; selected entries):
  - Advanced Economies: 0.9 2.3 2.7 0.5 1.2 2.0 3.2 4.5 –0.8 3.6 3.7 2.7
  - United States: 0.6 3.6 4.7 0.8 4.4 2.1 4.9 6.7 0.6 5.1 3.9 3.0
  - Germany: 0.3 1.5 1.9 –1.3 –0.8 2.8 4.2 3.3 –7.0 3.7 4.6 4.2
  - United Kingdom (data refer to unit wage cost): 1.5 2.8 –0.3 0.7 –1.2 4.0 5.4 9.1 1.1 5.4 4.0 0.8

### Emerging Market and Developing Economies: Consumer Prices (Table B4)
- Aggregate annual percent change:
  - Emerging Market and Developing Economies: 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 (annual percent change; selected entries):
  - 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 (selected entries):
  - Fuel exporters: 8.3 5.6 7.7 6.5 9.0 6.8 9.4 11.8 13.8 14.0 11.1 7.8
  - Nonfuel exporters: 5.8 4.7 4.0 4.2 4.4 4.9 4.7 5.2 9.3 7.9 7.4 4.7
  - Low-Income Developing Countries: 9.4 6.5 8.2 9.0 8.8 8.2 11.2 12.8 13.9 15.7 12.2 6.8
- Median (selected group medians, annual percent change):
  - Median 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
  - Emerging and Developing Asia (median): 4.8 1.7 2.0 3.2 2.9 2.8 2.4 2.3 5.9 5.7 4.0 3.0

### Summary of Fiscal and Financial Indicators (Table B5 and Table B6)
- Advanced Economies — Central Government Net Lending/Borrowing (percent of GDP; projections included):
  - Advanced Economies aggregate: –2.5 –2.5 –2.4 –2.4 –2.9 –9.9 –8.1 –3.7 –5.1 –4.2
  - United States: –3.2 –3.9 –4.3 –4.8 –5.4 –14.6 –13.0 –4.6 –8.3 –7.0
  - Euro Area: –1.7 –1.4 –1.4 –0.9 –1.0 –5.4 –4.6 –3.3 –2.5 –2.1
  - Japan: –4.4 –4.4 –3.6 –3.1 –3.4 –8.4 –7.7 –8.4 –7.2 –5.2
  - Other Advanced Economies: –1.3 –0.6 0.1 0.3 –0.5 –7.1 –3.3 –0.9 –1.0 –0.9
- Advanced Economies — General Government Net Lending/Borrowing (percent of GDP):
  - Advanced Economies aggregate: –2.6 –2.7 –2.4 –2.4 –3.0 –10.2 –7.5 –3.3 –5.2 –4.4
  - United States: –3.5 –4.4 –4.8 –5.3 –5.7 –14.0 –11.6 –3.7 –8.2 –7.4
  - Euro Area: –1.9 –1.5 –0.9 –0.4 –0.6 –7.1 –5.3 –3.6 –3.4 –2.7
  - Japan: –3.7 –3.6 –3.1 –2.5 –3.0 –9.1 –6.2 –6.9 –5.6 –3.7
- Advanced Economies — General Government Structural Balance (percent of potential GDP):
  - Aggregate: –1.9 –2.2 –2.3 –2.5 –3.2 –7.1 –6.7 –4.5 –5.4 –4.6
- Long-Term Interest Rates (annual averages; percent):
  - Advanced Economies aggregate: 1.6 1.2 1.6 1.9 1.2 0.5 0.9 2.3 3.3 3.5
  - United States: 2.1 1.8 2.3 2.9 2.1 0.9 1.4 3.0 3.8 4.0
  - Japan: 0.4 –0.1 0.1 0.1 –0.1 0.0 0.1 0.2 0.5 0.6
- Emerging Market and Developing Economies — Fiscal aggregates (percent of GDP; selected entries):
  - Central Government Net Lending/Borrowing (weighted average): –2.1 –2.2 –1.8 –1.3 –1.5 –3.9 –2.1 –1.7 –2.2 –2.1
  - Central Government Net Lending/Borrowing (median): –3.2 –3.1 –2.7 –2.5 –2.5 –5.6 –4.0 –3.4 –3.4 –2.8
  - General Government Net Lending/Borrowing (weighted average): –4.1 –4.4 –3.9 –3.5 –4.4 –8.5 –5.1 –5.0 –5.5 –5.4
  - General Government Net Lending/Borrowing (median): –3.4 –3.1 –2.6 –2.3 –2.2 –5.6 –4.5 –3.3 –3.5 –2.9
- Emerging Market and Developing Economies — Growth of Broad Money (percent; weighted average and median):
  - Weighted average: 13.1 10.9 10.5 12.5 11.5 14.1 11.7 10.8 11.1 11.1
  - Median: 10.0 8.9 8.8 8.1 8.8 13.7 11.3 8.8 8.2 8.1
- Advanced Economies — Detailed country-level fiscal indicators (selected entries, percent of GDP; projections included):
  - General Government Net Lending/Borrowing — Germany: 1.0 1.2 1.3 1.9 1.5 –4.3 –3.6 –2.5 –2.9 –1.7
  - General Government Net Lending/Borrowing — France: –3.6 –3.6 –3.0 –2.3 –3.1 –9.0 –6.5 –4.8 –4.9 –4.5
  - General Government Net Lending/Borrowing — Italy: –2.6 –2.4 –2.4 –2.2 –1.5 –9.7 –9.0 –8.0 –5.0 –4.0
  - Net Lending/Borrowing Excluding Social Security Schemes — United States: –1.3 –2.2 –2.7 –3.2 –3.5 –9.0 –8.0 –1.5 –5.7 –4.6
  - Net Lending/Borrowing Excluding Social Security Schemes — Italy: 7.0 7.0 6.8 6.9 7.7 3.3 2.1 2.3 4.8 5.7

### Advanced Economies: General Government Structural Balances (Section 2 / Table B8)
- Composite and major economies (structural balance, Percent of potential GDP):
  - Advanced Economies: 2015 –1.9; 2016 –2.2; 2017 –2.3; 2018 –2.5; 2019 –3.2; 2020 –7.1; 2021 –6.7; 2022 –4.5; 2023 –5.4; 2024 –4.6
  - United States: 2015 –2.5; 2016 –3.6; 2017 –4.3; 2018 –5.1; 2019 –6.0; 2020 –10.7; 2021 –11.3; 2022 –6.5; 2023 –8.8; 2024 –7.6
  - Euro Area: 2015 –0.5; 2016 –0.5; 2017 –0.4; 2018 –0.2; 2019 –0.5; 2020 –3.9; 2021 –3.5; 2022 –2.4; 2023 –2.7; 2024 –2.4
  - Japan: 2015 –4.5; 2016 –4.5; 2017 –3.7; 2018 –3.0; 2019 –3.3; 2020 –8.1; 2021 –5.5; 2022 –6.8; 2023 –5.7; 2024 –3.8
  - Germany: 2015 1.2; 2016 1.2; 2017 1.2; 2018 1.6; 2019 1.3; 2020 –2.9; 2021 –3.0; 2022 –2.1; 2023 –2.4; 2024 –1.1
  - United Kingdom: 2015 –2.5; 2016 –1.6; 2017 –1.3; 2018 –1.4; 2019 –1.6; 2020 0.8; 2021 –3.6; 2022 –3.8; 2023 –3.3; 2024 –2.4
- Selected other advanced economies (structural balance, Percent of potential GDP):
  - Canada: 2015 0.0; 2016 0.0; 2017 –0.3; 2018 0.0; 2019 –0.2; 2020 –8.1; 2021 –3.3; 2022 –1.4; 2023 –0.8; 2024 –0.4
  - Australia: 2015 –2.5; 2016 –2.2; 2017 –1.5; 2018 –1.1; 2019 –4.0; 2020 –7.9; 2021 –6.3; 2022 –2.5; 2023 –1.6; 2024 –2.3
  - Korea: 2015 0.7; 2016 1.8; 2017 2.3; 2018 2.6; 2019 0.5; 2020 –1.5; 2021 0.1; 2022 –1.7; 2023 –1.1; 2024 –0.8
  - Norway (excludes oil and income on the Government Pension Fund–Global): 2015 –6.6; 2016 –7.6; 2017 –7.7; 2018 –7.0; 2019 –7.5; 2020 –12.1; 2021 –9.7; 2022 –7.0; 2023 –7.4; 2024 –8.0
- Notes on structural balances:
  - Structural balance defined as actual net lending/borrowing minus effects of cyclical output from potential output, corrected for one-time and other factors, such as asset and commodity prices and output composition effects.
  - Indicators subject to margin of uncertainty from estimates of cyclical gaps and tax/expenditure elasticities; interpret as broad orders of magnitude.
  - Changes in structural balances not necessarily attributable to policy changes; may reflect built-in momentum of existing expenditure programs.
  - Beyond period with specific consolidation programs, structural deficit assumed unchanged.
  - Country-specific adjustments and exclusions noted in footnotes.

### Emerging Market and Developing Economies: General Government Net Lending/Borrowing and Overall Fiscal Balance (Section 2 / Tables B8–B9)
- Composite and regional groups (Net lending/borrowing, Percent of GDP):
  - Emerging Market and Developing Economies (aggregate): 2015 –4.1; 2016 –4.4; 2017 –3.9; 2018 –3.5; 2019 –4.4; 2020 –8.5; 2021 –5.1; 2022 –5.0; 2023 –5.5; 2024 –5.4
  - Emerging and Developing Asia: 2015 –3.1; 2016 –3.7; 2017 –3.6; 2018 –4.2; 2019 –5.7; 2020 –9.4; 2021 –6.4; 2022 –7.1; 2023 –6.8; 2024 –6.6
  - Emerging and Developing Europe: 2015 –2.5; 2016 –2.8; 2017 –1.7; 2018 0.1; 2019 –0.7; 2020 –5.4; 2021 –1.8; 2022 –2.7; 2023 –5.1; 2024 –4.0
  - Latin America and the Caribbean: 2015 –5.7; 2016 –5.2; 2017 –5.3; 2018 –5.0; 2019 –3.8; 2020 –8.2; 2021 –3.8; 2022 –3.3; 2023 –4.6; 2024 –4.5
  - Middle East and Central Asia: 2015 –7.1; 2016 –7.7; 2017 –4.8; 2018 –1.8; 2019 –2.7; 2020 –7.9; 2021 –2.5; 2022 1.8; 2023 –1.1; 2024 –1.8
  - Sub-Saharan Africa: 2015 –4.2; 2016 –4.3; 2017 –4.4; 2018 –3.5; 2019 –3.9; 2020 –6.5; 2021 –5.0; 2022 –4.4; 2023 –4.2; 2024 –3.7
- Analytical groups (Net lending/borrowing, Percent of GDP):
  - Fuel exporters: 2015 –6.9; 2016 –7.9; 2017 –5.0; 2018 –1.6; 2019 –1.9; 2020 –7.7; 2021 –1.7; 2022 3.1; 2023 –0.3; 2024 –0.5
  - Nonfuel exporters: 2015 –3.7; 2016 –3.9; 2017 –3.7; 2018 –3.7; 2019 –4.7; 2020 –8.6; 2021 –5.4; 2022 –5.9; 2023 –6.1; 2024 –5.9
  - Net Debtor Economies: 2015 –4.7; 2016 –4.6; 2017 –4.3; 2018 –3.9; 2019 –4.1; 2020 –7.9; 2021 –5.4; 2022 –4.7; 2023 –5.2; 2024 –5.0
- Selected countries — Net lending/borrowing (Percent of GDP):
  - China: 2015 –2.5; 2016 –3.4; 2017 –3.4; 2018 –4.3; 2019 –6.1; 2020 –9.7; 2021 –6.0; 2022 –7.5; 2023 –7.1; 2024 –7.0
  - India: 2015 –7.2; 2016 –7.1; 2017 –6.2; 2018 –6.4; 2019 –7.7; 2020 –12.9; 2021 –9.6; 2022 –9.2; 2023 –8.8; 2024 –8.5
  - Brazil: 2015 –8.8; 2016 –7.6; 2017 –8.5; 2018 –7.0; 2019 –5.0; 2020 –11.9; 2021 –2.5; 2022 –3.1; 2023 –7.1; 2024 –6.0
  - Russia: 2015 –3.4; 2016 –3.7; 2017 –1.5; 2018 2.9; 2019 1.9; 2020 –4.0; 2021 0.8; 2022 –1.4; 2023 –3.7; 2024 –2.6
  - South Africa: 2015 –4.4; 2016 –3.7; 2017 –4.0; 2018 –3.7; 2019 –4.7; 2020 –9.6; 2021 –5.5; 2022 –4.7; 2023 –6.4; 2024 –6.5
- General Government Overall Fiscal Balance — Selected emerging markets (Percent of GDP):
  - Indonesia: 2015 –2.6; 2016 –2.5; 2017 –2.6; 2018 –1.9; 2019 –2.2; 2020 –6.1; 2021 –4.6; 2022 –2.3; 2023 –2.2; 2024 –2.2
  - Brazil: 2015 –8.9; 2016 –6.2; 2017 –8.2; 2018 –5.4; 2019 –3.4; 2020 –11.7; 2021 –1.7; 2022 –2.3; 2023 –6.8; 2024 –6.0
  - Philippines: 2015 0.1; 2016 –0.8; 2017 –0.7; 2018 –1.5; 2019 –1.6; 2020 –5.7; 2021 –6.3; 2022 –5.6; 2023 –4.9; 2024 –4.4
  - Malaysia: 2015 –2.5; 2016 –2.6; 2017 –2.4; 2018 –2.6; 2019 –2.0; 2020 –4.9; 2021 –5.8; 2022 –5.9; 2023 –4.7; 2024 –4.4
  - Colombia: 2015 –3.5; 2016 –2.3; 2017 –2.5; 2018 –4.7; 2019 –3.5; 2020 –7.0; 2021 –7.1; 2022 –6.2; 2023 –3.5; 2024 –2.4
  - Chile: 2015 –2.1; 2016 –2.7; 2017 –2.6; 2018 –1.5; 2019 –2.7; 2020 –7.1; 2021 –7.5; 2022 1.4; 2023 –1.6; 2024 –1.3
  - Peru: 2015 –2.1; 2016 –2.2; 2017 –2.9; 2018 –2.0; 2019 –1.4; 2020 –9.0; 2021 –2.5; 2022 –1.4; 2023 –2.2; 2024 –1.8
- Notes on coverage and definitions:
  - Country group composites calculated as sum of US dollar values for relevant individual countries.
  - Net lending/borrowing includes policy lending.
  - For some countries, general government series equal central government series; see Table G for coverage.
  - Country-specific notes referenced for Afghanistan, Algeria, Eritrea, Lebanon, Sri Lanka, Sudan, Türkiye, Ukraine, Uruguay, and Venezuela.

### Emerging Market and Developing Economies: Broad Money Aggregates (Section 3)
- Emerging Market and Developing Economies (annual percent change): 13.1 10.9 10.5 12.5 11.5 14.1 11.7 10.8 11.1 11.1
- Regional groups (annual percent change; selected entries):
  - Emerging and Developing Asia: 12.1 11.0 9.1 8.4 8.6 10.6 9.2 8.2 7.9 8.1
  - 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 8.2 8.9 10.3 8.1
  - Emerging and Developing Europe: 16.0 6.0 9.6 12.8 11.5 20.2 18.7 19.0 18.4 16.2
  - Russia: 19.7 –0.9 7.4 12.3 5.1 16.7 11.3 13.1 15.1 10.6
  - Latin America and the Caribbean: 16.8 14.5 15.5 29.2 23.1 22.7 16.5 12.3 13.9 16.2
  - Brazil: 9.7 12.4 4.6 8.1 8.6 18.6 8.7 10.6 8.1 6.1
  - Mexico: 12.2 12.3 11.2 4.5 4.7 13.4 9.5 7.3 8.0 7.3
  - Middle East and Central Asia: 9.5 8.6 11.8 9.1 9.9 12.9 12.3 13.8 15.7 13.5
  - Sub-Saharan Africa: 10.6 15.4 6.8 12.5 13.3 18.1 12.8 16.0 19.4 17.8
- Analytical groups (selected):
  - Fuel: 13.5 12.2 16.3 37.1 29.7 20.0 16.2 15.1 16.5 15.1
  - Nonfuel: 13.1 10.7 9.7 9.7 9.5 13.4 11.3 10.4 10.6 10.6
  - Primary Products (of which): 20.7 16.6 16.0 23.6 20.6 27.4 23.2 21.2 29.5 41.3
- Memorandum — Median (selected):
  - Emerging Market and Developing Economies: 10.0 8.9 8.8 8.1 8.8 13.7 11.3 8.8 8.2 8.1

### Advanced Economies: Export/Import Volumes and Terms of Trade (Table B12)
- Export Volume — Advanced Economies (Averages/Projections): 4.0 2.6 3.8 2.0 5.0 3.5 1.5 –8.8 9.8 5.3 1.8 3.1
- Import Volume — Advanced Economies: 3.2 2.9 4.8 2.5 4.8 3.8 2.1 –8.2 10.3 6.7 0.1 3.0
- Terms of Trade — Advanced Economies: –0.3 0.3 1.8 1.1 –0.2 –0.4 0.1 0.9 0.8 –2.0 0.2 0.5
- Memorandum — Trade in Goods (Advanced Economies):
  - Export Volume: 3.7 2.4 3.1 1.6 4.9 3.0 0.6 –6.3 10.1 3.6 1.1 2.8
  - Import Volume: 3.1 2.6 3.7 2.2 4.8 3.7 0.6 –5.7 11.2 5.3 –1.2 2.7
  - Terms of Trade: –0.4 0.2 1.8 1.3 –0.2 –0.6 0.1 1.2 0.6 –2.3 –0.3 0.3
- Notes:
  - Euro area export/import volumes calculated as average of individual euro area countries.

### Emerging Market and Developing Economies: Total Trade in Goods (Tables B13–B14)
- Value in US Dollars — Emerging Market and Developing Economies:
  - Exports: 11.5 3.1 –15.8 –5.1 13.7 11.5 –2.6 –6.4 31.3 13.6 –5.8 4.6
  - Imports: 11.8 3.6 –12.9 –4.3 13.4 11.4 –1.8 –7.7 30.2 12.0 –2.2 4.7
- Volume — Emerging Market and Developing Economies:
  - Exports (volume): 6.1 2.8 1.4 2.6 6.5 3.9 –0.5 –1.2 12.0 1.2 –1.4 3.8
  - Imports (volume): 7.7 2.7 –0.3 2.1 7.4 5.2 –0.1 –5.6 12.3 2.2 0.6 3.8
- Unit Value in US Dollars — Emerging Market and Developing Economies:
  - Exports: 5.4 0.5 –16.3 –7.5 6.8 7.1 –2.1 –4.8 17.7 11.9 –4.1 0.9
  - Imports: 3.9 1.0 –12.6 –6.1 5.5 5.9 –1.7 –2.2 16.5 9.5 –2.8 0.8
  - Terms of Trade: 1.4 –0.5 –4.2 –1.5 1.3 1.1 –0.4 –2.7 1.0 2.2 –1.3 0.0
- Regional highlights (selected):
  - Emerging and Developing Asia — Exports (value): 13.2 4.1 –6.5 –4.3 12.2 9.1 –1.2 1.9 28.5 6.8 –4.9 4.0
  - Emerging and Developing Europe — Exports (value): 10.1 3.0 –20.8 –5.9 17.5 15.5 –1.5 –9.3 34.1 11.3 –6.6 6.4
  - Latin America and the Caribbean — Exports (value): 8.6 3.4 –14.7 –3.4 12.2 8.7 –2.3 –9.8 28.2 17.5 –1.2 5.6
  - Middle East and Central Asia — Exports (value): 12.0 0.8 –30.9 –7.7 15.8 16.6 –7.4 –23.9 42.1 37.2 –11.6 4.0
  - Sub-Saharan Africa — Exports (value): 9.9 1.2 –28.1 –8.3 17.2 15.5 –3.8 –15.4 35.4 15.9 –4.9 4.0

### Summary of Current Account Transactions (Table B15 and Section 4)
- Advanced Economies — Selected aggregates and components (Billions of US dollars; averages/projections):
  - Current Account Balance (Averages/Projections): –146.4 129.1 470.6 383.7 388.3 157.4 502.7 –234.8 111.3 192.9 263.5
  - Trade Balance: –63.9 157.8 421.6 340.9 276.9 224.3 370.9 –232.6 128.4 250.0 393.7
  - Goods Balance: –423.5 –306.9 –145.2 –331.9 –311.4 –276.0 –338.6 –934.7 –642.2 –604.3 –616.4
  - Exports of Goods: 9,392.2 9,977.4 10,535.2 11,388.4 11,020.0 10,173.4 12,607.2 13,750.1 13,603.4 14,257.5 15,836.5
  - Imports of Goods: 9,815.7 10,284.2 10,680.4 11,720.3 11,331.3 10,449.4 12,945.8 14,684.7 14,245.7 14,861.8 16,452.9
  - Services Balance: 359.7 465.0 566.7 670.5 588.0 497.6 704.2 695.6 770.7 854.3 1,010.2
  - Primary Income Balance: 258.9 335.1 410.0 434.1 496.2 347.2 547.0 426.9 463.4 436.3 425.4
  - Secondary Income Balance: –341.4 –363.7 –360.5 –390.6 –384.6 –413.8 –414.9 –428.9 –481.1 –493.5 –555.7
- United States — Current Account components (Billions of US dollars):
  - Current Account Balance: –539.4 –399.9 –367.6 –439.8 –441.8 –597.1 –831.4 –971.6 –795.1 –783.2 –774.1
  - Trade Balance: –581.3 –484.9 –516.9 –578.6 –559.4 –652.9 –841.6 –951.2 –805.0 –807.1 –794.6
  - Goods Balance: –736.5 –700.3 –799.3 –878.7 –857.3 –912.9 –1,083.5 –1,183.0 –1,074.3 –1,085.0 –1,126.2
  - Exports of Goods: 1,307.9 1,452.5 1,557.0 1,676.9 1,655.1 1,433.9 1,765.9 2,089.9 2,015.4 2,040.8 2,265.6
  - Imports of Goods: 2,044.4 2,152.8 2,356.3 2,555.7 2,512.4 2,346.7 2,849.4 3,272.9 3,089.7 3,125.8 3,391.8
  - Services Balance: 155.2 215.4 282.4 300.2 297.9 260.0 241.9 231.8 269.3 277.8 331.5
  - Primary Income Balance: 131.8 182.9 257.9 255.3 247.4 181.0 149.9 148.6 187.1 202.3 219.6
  - Secondary Income Balance: –89.9 –97.9 –108.6 –116.5 –129.8 –125.2 –139.8 –169.0 –177.2 –178.4 –199.0
- Euro Area — Selected entries:
  - Current Account Balance: 32.3 157.8 394.9 382.1 323.8 230.0 416.3 –106.0 186.6 223.6 305.8
- Emerging Market and Developing Economies — Selected aggregates (Billions of US dollars):
  - Current Account Balance: 388.5 163.1 –32.5 –64.1 –10.4 143.9 363.7 645.7 195.8 171.1 –54.7
  - Trade Balance: 510.4 373.7 142.2 182.2 183.1 314.9 601.9 926.0 486.1 504.1 328.2
  - Goods Balance: 760.5 697.7 505.9 574.7 497.9 549.3 796.8 1,050.1 648.0 668.5 532.7
  - Exports of Goods: 5,814.1 6,607.1 6,934.6 7,738.1 7,537.8 7,041.0 9,260.7 10,524.8 9,910.2 10,367.5 11,546.1
  - Imports of Goods: 5,053.7 5,909.4 6,428.7 7,163.3 7,039.9 6,491.8 8,463.9 9,474.7 9,262.2 9,699.0 11,013.4
  - Services Balance: –229.6 –314.9 –355.4 –376.2 –303.3 –232.1 –185.6 –103.6 –146.4 –148.1 –189.4
  - Primary Income Balance: –378.2 –452.0 –429.5 –541.1 –520.5 –498.1 –621.4 –734.5 –745.5 –811.6 –926.9
  - Secondary Income Balance: 240.7 238.7 250.4 283.5 322.4 331.2 380.6 437.5 437.5 459.6 525.9

### Summary of Current Account Transactions — Regional and Analytical Groups (Section 4)
- Emerging and Developing Asia — Current Account and trade snapshots:
  - Current Account Balance (selected): 229.0 (2005–14), 194.9 (2009–16), 163.5 (2017), –54.0 (2018), 93.2 (2019), 319.2 (2020), 286.5 (2021), 296.8 (2022), 190.5 (2023), 171.2 (2024), 68.8 (2025–28)
  - Exports of Goods: 2,399.9 (2005–14 average) … 5,890.8 (2025–28 average)
  - Imports of Goods: 2,196.1 (2005–14 average) … 5,464.0 (2025–28 average)
- Emerging and Developing Europe — Current Account and trade snapshots:
  - Current Account Balance: –25.2 (2005–14) … –37.3 (2025–28)
  - Exports of Goods: 945.7 (2005–14 average) … 1,739.5 (2025–28 average)
  - Imports of Goods: 921.2 (2005–14 average) … 1,811.0 (2025–28 average)
- Middle East and Central Asia — Current Account and projections:
  - Current Account Balance (2005–14 average): 270.2; Projected Current Account Balance: 194.6 (2023), 176.0 (2024), 83.3 (2025–28)
  - Exports of Goods: 1,239.9 (2005–14 average) … 1,772.0 (2025–28 average)
  - Imports of Goods: 808.1 (2005–14 average) … 1,578.7 (2025–28 average)
- Latin America and the Caribbean — Current Account and projections:
  - Current Account Balance: –75.7 (2005–14 average); Projected Current Account Balance: –115.3 (2023), –103.9 (2024), –105.3 (2025–28)
  - Exports of Goods: 893.3 (2005–14 average) … 1,650.8 (2025–28 average)
  - Imports of Goods: 844.7 (2005–14 average) … 1,644.7 (2025–28 average)
- Sub-Saharan Africa — Current Account and projections:
  - Current Account Balance: –9.8 (2005–14 average); Projected Current Account Balance: –53.3 (2023), –58.7 (2024), –64.2 (2025–28)
  - Exports of Goods: 335.4 (2005–14 average) … 493.1 (2025–28 average)
  - Imports of Goods: 283.5 (2005–14 average) … 515.0 (2025–28 average)
- Analytical groups (by source of export earnings):
  - Fuel exporters — Projected Current Account Balance: 247.2 (2023), 235.7 (2024), 149.3 (2025–28)
  - Nonfuel exporters — Projected Current Account Balance: –48.7 (2023), –62.0 (2024), –201.3 (2025–28)

### External Debt and Debt-Service — Emerging Market and Developing Economies (Section 4)
- External Debt levels (Emerging Market and Developing Economies total):
  - 2015: 8,348.4; 2016: 8,676.2; 2017: 9,638.8; 2018: 10,105.4; 2019: 10,585.7; 2020: 11,327.1; 2021: 12,038.0; 2022: 11,818.7; 2023: 12,076.9; 2024: 12,620.6 (projection)
- Debt-Service Payments (Emerging Market and Developing Economies total):
  - 2015: 3,501.3; 2016: 3,021.6; 2017: 3,037.7; 2018: 3,550.9; 2019: 3,800.9; 2020: 3,832.2; 2021: 4,032.6; 2022: 4,258.0; 2023: 4,295.2; 2024: 4,354.2 (projection)
- External debt as percent of exports of goods and services:
  - 2015: 109.4; 2016: 118.5; 2017: 116.5; 2018: 109.7; 2019: 116.7; 2020: 137.9; 2021: 112.5; 2022: 95.9; 2023: 102.1; 2024: 101.4 (projection)
- Debt-service payments as percent of exports of goods and services:
  - 2015: 46.2; 2016: 41.5; 2017: 36.9; 2018: 38.8; 2019: 42.1; 2020: 46.8; 2021: 37.8; 2022: 34.7; 2023: 36.4; 2024: 35.1 (projection)
- External debt by maturity (Emerging Market and Developing Economies totals):
  - Total Debt: 8,348.4 (2015) … 12,620.6 (2024 projection)
  - Short Term: 2,124.4 (2015) … 3,348.5 (2024 projection)
  - Long Term: 6,224.0 (2015) … 9,272.1 (2024 projection)
- Regional maturity snapshots (selected totals; 2015 … 2024 projection):
  - Emerging and Developing Asia — Total Debt: 2,819.1 … 4,988.2; Short Term: 1,183.9 … 1,944.6; Long Term: 1,635.2 … 3,043.6
  - Emerging and Developing Europe — Total Debt: 1,760.6 … 1,909.0; Short Term: 285.6 … 496.0; Long Term: 1,475.1 … 1,413.0
  - Latin America and the Caribbean — Total Debt: 2,049.8 … 2,741.8; Short Term: 317.1 … 366.3; Long Term: 1,732.7 … 2,375.5
  - Middle East and Central Asia — Total Debt: 1,244.7 … 2,127.5; Short Term: 284.6 … 446.2; Long Term: 960.1 … 1,681.3
  - Sub-Saharan Africa — Total Debt: 474.2 … 854.1; Short Term: 53.3 … 95.4; Long Term: 420.9 … 758.7
- Ratio of External Debt to GDP (Emerging Market and Developing Economies total):
  - 2015: 30.7; 2016: 30.1; 2017: 29.8; 2018: 30.7; 2019: 30.8; 2020: 33.3; 2021: 31.4; 2022: 29.2; 2023: 29.0; 2024: 28.0 (projection)
- Regional ratio highlights (selected, 2024 projections included):
  - Emerging and Developing Asia: 18.6 … 18.5 (2024)
  - Emerging and Developing Europe: 58.5 … 38.9 (2024)
  - Latin America and the Caribbean: 45.0 … 40.5 (2024)
  - Middle East and Central Asia: 37.1 … 44.6 (2024)
  - Sub-Saharan Africa: 32.4 … 42.3 (2024)

### Interest Payments and Amortization (Section 5)
- Interest payments (Percent of exports of goods and services; 2015–2024):
  - Emerging Market and Developing Economies: 3.7, 3.9, 4.0, 4.3, 4.9, 5.3, 4.2, 4.0, 4.7, 4.7
- Regional interest payments (2015–2024; selected):
  - Emerging and Developing Asia: 3.2, 3.2, 3.7, 4.2, 4.8, 5.4, 4.8, 4.5, 5.0, 5.1
  - Latin America and the Caribbean: 6.4, 6.7, 7.0, 7.4, 8.0, 8.1, 5.7, 5.4, 6.5, 6.4
  - Sub-Saharan Africa: 3.9, 4.2, 3.8, 4.3, 4.7, 5.7, 4.5, 3.7, 4.4, 4.7
- Amortization (Percent of exports of goods and services; 2015–2024):
  - Emerging Market and Developing Economies: 42.3, 37.5, 32.8, 34.4, 37.2, 41.5, 33.6, 30.6, 31.7, 30.4
- Regional amortization (2015–2024; selected):
  - Emerging and Developing Asia: 49.1, 39.1, 34.2, 38.6, 42.6, 42.7, 36.6, 36.8, 36.1, 35.4
  - Latin America and the Caribbean: 47.4, 47.0, 41.1, 38.6, 43.3, 52.4, 37.7, 30.9, 32.3, 30.9
  - Sub-Saharan Africa: 20.7, 22.1, 19.5, 23.8, 24.3, 27.7, 22.1, 17.0, 27.2, 18.9
- Notes:
  - 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.

### Medium-Term Baseline Scenario: Selected Economic Indicators and External Metrics (Section 5)
- Medium-term averages and projections (selected):
  - Real GDP — Averages/Projections: 2005–14: 6.0, 2015–24: 3.9, 2021: 6.9, 2022: 4.1, 2023: 4.0, 2024: 4.0, 2021–24: 4.7, 2025–28: 4.0
  - Export Volume (goods and services): 2005–14: 6.3, 2015–24: 3.1, 2021: 12.8, 2022: 4.1, 2023: –0.1, 2024: 4.2, 2021–24: 5.2, 2025–28: 4.0
  - Terms of Trade: 2005–14: 1.2, 2015–24: –0.5, 2021: 0.7, 2022: 0.9, 2023: –1.5, 2024: 0.2, 2021–24: 0.1, 2025–28: –0.3
  - Import Volume: 2005–14: 8.0, 2015–24: 2.4, 2021: 11.8, 2022: 3.2, 2023: 1.7, 2024: 4.4, 2021–24: 5.2, 2025–28: 4.4
- Medium-term external balances and debt metrics (percent of exports of goods and services; selected years):
  - World — Current Account Balance (2012, 2016, 2020, 2021, 2022, 2023, 2024, 2028): 3.5, –1.5, 1.8, 3.4, 5.1, 1.6, 1.3, –1.4
  - World — Total External Debt (2012, 2016, 2020, 2021, 2022, 2023, 2024, 2028): 87.2, 118.5, 137.9, 112.5, 95.9, 102.1, 101.4, 101.0
  - World — Debt-Service Payments (2012, 2016, 2020, 2021, 2022, 2023, 2024, 2028): 30.7, 41.5, 46.8, 37.8, 34.7, 36.4, 35.1, 35.6
  - World — Interest Payments (2012, 2016, 2020, 2021, 2022, 2023, 2024, 2028): 2.8, 3.9, 5.3, 4.2, 4.0, 4.7, 4.7, 4.5
  - World — Amortization (2012, 2016, 2020, 2021, 2022, 2023, 2024, 2028): 27.7, 37.5, 41.5, 33.6, 30.6, 31.7, 30.4, 31.1
- Regional baseline highlights (percent of exports; selected series):
  - Emerging and Developing Asia — Total External Debt: 66.6, 78.4, 98.4, 84.4, 73.3, 79.4, 81.1, 86.9
  - Emerging and Developing Europe — Total External Debt: 139.7, 157.4, 142.9, 110.7, 95.6, 99.1, 95.2, 85.9
  - Latin America and the Caribbean — Total External Debt: 133.4, 202.2, 224.2, 182.0, 156.6, 160.7, 155.7, 147.1
  - Middle East and Central Asia — Total External Debt: 57.4, 118.8, 179.0, 138.0, 99.4, 107.9, 106.1, 104.1
  - Sub-Saharan Africa — Total External Debt: 78.3, 163.0, 219.9, 171.0, 153.0, 161.4, 162.6, 165.9
- Analytical group — Net Debtor Economies with Arrears and/or Rescheduling during 2018–22 (selected):
  - Current Account Balance (2012, 2016, 2020, 2021, 2022, 2023, 2024, 2028): –13.8, –25.0, –10.4, –8.8, –6.8, –9.7, –11.3, –9.1
  - Total External Debt: 112.7, 217.6, 252.7, 208.4, 192.7, 193.5, 189.3, 168.0
  - Debt-Service Payments: 35.8, 61.2, 65.1, 47.0, 42.8, 45.5, 37.6, 26.7
  - Interest Payments: 2.3, 5.9, 8.4, 6.1, 5.7, 7.6, 7.7, 5.5
  - Amortization: 33.6, 55.3, 56.7, 40.9, 37.1, 37.1, 29.9, 21.2

*Source: Table B series, Statistical Appendix (tables B1–B6, B8–B15) from the provided content unit.*

### Section 1

### tableb - Section 1

### Advanced Economies: Unemployment, Employment, and Real GDP per Capita (Table B1)
- Unemployment rate (selected entries, percent):
  - Advanced Economies: 7.2 5.4 6.7 6.3 5.7 5.1 4.8 6.6 5.6 4.5 4.4 4.6
  - United States: 7.0 4.7 5.3 4.9 4.4 3.9 3.7 8.1 5.4 3.6 3.6 3.8
  - Euro Area: 9.9 8.2 11.0 10.1 9.2 8.2 7.6 8.0 7.7 6.7 6.6 6.5
  - Spain: 17.2 15.5 22.1 19.6 17.2 15.3 14.1 15.5 14.8 12.9 11.8 11.3
  - Japan: 4.3 2.7 3.4 3.1 2.8 2.4 2.4 2.8 2.8 2.6 2.5 2.3
  - Korea: 3.4 3.5 3.6 3.7 3.7 3.8 3.8 3.9 3.7 2.9 2.7 3.2
- Growth in Employment (compound annual rates, percent; selected entries):
  - Advanced Economies: 0.6 1.0 1.3 1.5 1.3 1.5 1.2 –2.7 1.8 2.6 1.1 0.4
  - United States: 0.5 1.0 1.7 1.7 1.3 1.6 1.1 –6.2 3.2 3.7 1.7 0.5
  - Euro Area: 0.3 1.0 0.9 1.4 1.6 1.6 1.3 –1.4 1.5 2.3 0.9 0.2
  - Canada: 1.1 1.3 0.7 0.6 2.1 1.8 2.1 –5.6 5.0 4.0 2.0 0.6
  - Other Advanced Economies: 1.5 1.1 1.4 1.3 1.4 1.0 1.1 –1.0 1.2 2.4 1.2 0.6
- Growth in Real per Capita Output (compound annual rates, percent; selected entries):
  - Advanced Economies: 0.9 1.3 1.7 1.3 2.1 1.9 1.3 –4.7 5.5 2.2 1.1 1.1
  - United States: 0.8 1.5 2.0 0.9 1.6 2.4 1.8 –3.6 5.6 1.7 1.6 1.0
  - Euro Area (sum of individual countries): 0.4 1.2 1.7 1.6 2.5 1.6 1.4 –6.4 5.8 3.2 0.5 1.1
  - Japan: 0.6 0.9 1.7 0.8 1.8 0.8 –0.2 –4.0 2.5 1.3 2.4 1.5
  - United Kingdom: 0.5 0.5 1.6 1.3 1.8 1.1 1.1 –11.4 7.3 3.3 0.0 0.2

### Emerging Market and Developing Economies: Real GDP (Table B2)
- Emerging Market and Developing Economies (annual percent change):
  - Aggregate: 6.0 4.3 4.4 4.8 4.6 3.6 –1.8 6.9 4.1 4.0 4.0 3.9
- Regional groups (annual percent change; selected entries):
  - Emerging and Developing Asia: 8.3 6.8 6.8 6.6 6.4 5.2 –0.5 7.5 4.5 5.2 4.8 4.5
  - Latin America and the Caribbean: 3.4 0.3 –0.8 1.3 1.1 0.2 –7.0 7.3 4.1 2.3 2.3 2.5
  - Sub-Saharan Africa: 5.5 3.2 1.5 3.0 3.3 3.2 –1.6 4.7 4.0 3.3 4.0 4.3
- Analytical groups (by source of export earnings; annual percent change):
  - Fuel exporters: 4.7 1.7 2.0 0.5 0.8 –0.2 –4.0 4.0 5.4 2.4 3.5 3.0
  - Nonfuel exporters: 6.3 4.7 4.7 5.3 5.1 4.1 –1.5 7.2 3.9 4.1 4.0 4.0
- Output per capita (annual percent change, international dollars at PPP; selected entries):
  - Emerging Market and Developing Economies: 4.3 2.8 2.8 3.3 3.3 2.3 –3.1 5.7 3.5 2.9 2.9 2.8
  - Emerging and Developing Asia: 7.1 5.8 5.8 5.7 5.6 4.4 –1.3 6.7 3.9 4.6 4.2 4.0

### Advanced Economies: Hourly Earnings, Productivity, and Unit Labor Costs in Manufacturing (Table B3)
- Hourly earnings (annual percent change; selected entries):
  - Advanced Economies: 2.3 2.9 2.2 1.6 2.5 2.5 2.1 4.0 1.7 3.3 4.2 4.6
  - United States: 2.4 3.4 2.7 0.7 3.2 2.4 2.4 6.9 2.6 3.7 3.7 5.4
  - Germany: 2.0 3.6 2.9 2.4 2.5 3.3 3.8 4.8 0.6 3.7 6.1 5.3
  - Japan: 0.3 1.4 –0.2 2.6 1.1 1.5 0.1 –2.2 0.5 1.5 3.7 5.2
- Productivity (labor productivity, measured as the ratio of hourly compensation to unit labor costs; annual percent change; selected entries):
  - Advanced Economies: 1.5 0.6 –0.4 1.1 1.4 0.5 –1.1 –0.4 2.6 –0.2 0.4 1.9
  - United States: 1.8 –0.2 –1.9 –0.1 –1.1 0.3 –2.4 0.2 1.9 –1.4 –0.1 2.4
  - Germany: 1.6 2.0 1.1 3.8 3.3 0.5 –0.3 1.5 8.2 0.1 1.4 1.0
- Unit labor costs (annual percent change; selected entries):
  - Advanced Economies: 0.9 2.3 2.7 0.5 1.2 2.0 3.2 4.5 –0.8 3.6 3.7 2.7
  - United States: 0.6 3.6 4.7 0.8 4.4 2.1 4.9 6.7 0.6 5.1 3.9 3.0
  - Germany: 0.3 1.5 1.9 –1.3 –0.8 2.8 4.2 3.3 –7.0 3.7 4.6 4.2
  - United Kingdom (data refer to unit wage cost): 1.5 2.8 –0.3 0.7 –1.2 4.0 5.4 9.1 1.1 5.4 4.0 0.8

### Emerging Market and Developing Economies: Consumer Prices (Table B4)
- Emerging Market and Developing Economies (annual percent change):
  - Aggregate: 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 (annual percent change; selected entries):
  - 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 (selected entries):
  - Fuel exporters: 8.3 5.6 7.7 6.5 9.0 6.8 9.4 11.8 13.8 14.0 11.1 7.8
  - Nonfuel exporters: 5.8 4.7 4.0 4.2 4.4 4.9 4.7 5.2 9.3 7.9 7.4 4.7
  - Low-Income Developing Countries: 9.4 6.5 8.2 9.0 8.8 8.2 11.2 12.8 13.9 15.7 12.2 6.8
- Median (selected group medians, annual percent change):
  - Median 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
  - Emerging and Developing Asia (median): 4.8 1.7 2.0 3.2 2.9 2.8 2.4 2.3 5.9 5.7 4.0 3.0

### Summary of Fiscal and Financial Indicators (Table B5 and Table B6)
- Advanced Economies — Central Government Net Lending/Borrowing (percent of GDP; projections included):
  - Advanced Economies aggregate: –2.5 –2.5 –2.4 –2.4 –2.9 –9.9 –8.1 –3.7 –5.1 –4.2
  - United States: –3.2 –3.9 –4.3 –4.8 –5.4 –14.6 –13.0 –4.6 –8.3 –7.0
  - Euro Area: –1.7 –1.4 –1.4 –0.9 –1.0 –5.4 –4.6 –3.3 –2.5 –2.1
  - Japan: –4.4 –4.4 –3.6 –3.1 –3.4 –8.4 –7.7 –8.4 –7.2 –5.2
  - Other Advanced Economies: –1.3 –0.6 0.1 0.3 –0.5 –7.1 –3.3 –0.9 –1.0 –0.9
- Advanced Economies — General Government Net Lending/Borrowing (percent of GDP):
  - Advanced Economies aggregate: –2.6 –2.7 –2.4 –2.4 –3.0 –10.2 –7.5 –3.3 –5.2 –4.4
  - United States: –3.5 –4.4 –4.8 –5.3 –5.7 –14.0 –11.6 –3.7 –8.2 –7.4
  - Euro Area: –1.9 –1.5 –0.9 –0.4 –0.6 –7.1 –5.3 –3.6 –3.4 –2.7
  - Japan: –3.7 –3.6 –3.1 –2.5 –3.0 –9.1 –6.2 –6.9 –5.6 –3.7
- Advanced Economies — General Government Structural Balance (percent of potential GDP):
  - Aggregate: –1.9 –2.2 –2.3 –2.5 –3.2 –7.1 –6.7 –4.5 –5.4 –4.6
- Long-Term Interest Rates (annual averages; percent):
  - Advanced Economies aggregate: 1.6 1.2 1.6 1.9 1.2 0.5 0.9 2.3 3.3 3.5
  - United States: 2.1 1.8 2.3 2.9 2.1 0.9 1.4 3.0 3.8 4.0
  - Japan: 0.4 –0.1 0.1 0.1 –0.1 0.0 0.1 0.2 0.5 0.6
- Emerging Market and Developing Economies — Fiscal aggregates (percent of GDP; selected entries):
  - Central Government Net Lending/Borrowing (weighted average): –2.1 –2.2 –1.8 –1.3 –1.5 –3.9 –2.1 –1.7 –2.2 –2.1
  - Central Government Net Lending/Borrowing (median): –3.2 –3.1 –2.7 –2.5 –2.5 –5.6 –4.0 –3.4 –3.4 –2.8
  - General Government Net Lending/Borrowing (weighted average): –4.1 –4.4 –3.9 –3.5 –4.4 –8.5 –5.1 –5.0 –5.5 –5.4
  - General Government Net Lending/Borrowing (median): –3.4 –3.1 –2.6 –2.3 –2.2 –5.6 –4.5 –3.3 –3.5 –2.9
- Emerging Market and Developing Economies — Growth of Broad Money (percent; weighted average and median):
  - Weighted average: 13.1 10.9 10.5 12.5 11.5 14.1 11.7 10.8 11.1 11.1
  - Median: 10.0 8.9 8.8 8.1 8.8 13.7 11.3 8.8 8.2 8.1
- Advanced Economies — Detailed country-level fiscal indicators (selected entries, percent of GDP; projections included):
  - General Government Net Lending/Borrowing — Germany: 1.0 1.2 1.3 1.9 1.5 –4.3 –3.6 –2.5 –2.9 –1.7
  - General Government Net Lending/Borrowing — France: –3.6 –3.6 –3.0 –2.3 –3.1 –9.0 –6.5 –4.8 –4.9 –4.5
  - General Government Net Lending/Borrowing — Italy: –2.6 –2.4 –2.4 –2.2 –1.5 –9.7 –9.0 –8.0 –5.0 –4.0
  - Net Lending/Borrowing Excluding Social Security Schemes — United States: –1.3 –2.2 –2.7 –3.2 –3.5 –9.0 –8.0 –1.5 –5.7 –4.6
  - Net Lending/Borrowing Excluding Social Security Schemes — Italy: 7.0 7.0 6.8 6.9 7.7 3.3 2.1 2.3 4.8 5.7

*Source: Table B series, Statistical Appendix (tables B1–B6) from the provided content unit.*

### Section 2

### Advanced Economies: General Government Structural Balances

### Composite and Major Economies (Structural balance, Percent of potential GDP)
- Advanced Economies: 2015 –1.9; 2016 –2.2; 2017 –2.3; 2018 –2.5; 2019 –3.2; 2020 –7.1; 2021 –6.7; 2022 –4.5; 2023 –5.4; 2024 –4.6
- United States: 2015 –2.5; 2016 –3.6; 2017 –4.3; 2018 –5.1; 2019 –6.0; 2020 –10.7; 2021 –11.3; 2022 –6.5; 2023 –8.8; 2024 –7.6
- Euro Area: 2015 –0.5; 2016 –0.5; 2017 –0.4; 2018 –0.2; 2019 –0.5; 2020 –3.9; 2021 –3.5; 2022 –2.4; 2023 –2.7; 2024 –2.4
- Japan: 2015 –4.5; 2016 –4.5; 2017 –3.7; 2018 –3.0; 2019 –3.3; 2020 –8.1; 2021 –5.5; 2022 –6.8; 2023 –5.7; 2024 –3.8
- Germany: 2015 1.2; 2016 1.2; 2017 1.2; 2018 1.6; 2019 1.3; 2020 –2.9; 2021 –3.0; 2022 –2.1; 2023 –2.4; 2024 –1.1
- United Kingdom: 2015 –2.5; 2016 –1.6; 2017 –1.3; 2018 –1.4; 2019 –1.6; 2020 0.8; 2021 –3.6; 2022 –3.8; 2023 –3.3; 2024 –2.4

### Selected Other Advanced Economies (Structural balance, Percent of potential GDP)
- Canada: 2015 0.0; 2016 0.0; 2017 –0.3; 2018 0.0; 2019 –0.2; 2020 –8.1; 2021 –3.3; 2022 –1.4; 2023 –0.8; 2024 –0.4
- Australia: 2015 –2.5; 2016 –2.2; 2017 –1.5; 2018 –1.1; 2019 –4.0; 2020 –7.9; 2021 –6.3; 2022 –2.5; 2023 –1.6; 2024 –2.3
- Korea: 2015 0.7; 2016 1.8; 2017 2.3; 2018 2.6; 2019 0.5; 2020 –1.5; 2021 0.1; 2022 –1.7; 2023 –1.1; 2024 –0.8
- Norway (excludes oil and income on the Government Pension Fund–Global): 2015 –6.6; 2016 –7.6; 2017 –7.7; 2018 –7.0; 2019 –7.5; 2020 –12.1; 2021 –9.7; 2022 –7.0; 2023 –7.4; 2024 –8.0
- Switzerland (not listed in structural-balance table but present in related tables): see exchange rate and real effective exchange rate tables for currency context.

### Notes on structural balances (as provided)
- Structural balance defined as actual net lending/borrowing minus effects of cyclical output from potential output, corrected for one-time and other factors, such as asset and commodity prices and output composition effects.
- Indicators subject to margin of uncertainty from estimates of cyclical gaps and tax/expenditure elasticities; interpret as broad orders of magnitude.
- Changes in structural balances not necessarily attributable to policy changes; may reflect built-in momentum of existing expenditure programs.
- Beyond period with specific consolidation programs, structural deficit assumed unchanged.
- Country-specific adjustments and exclusions noted in footnotes (e.g., pension accrual adjustments, exclusion of sizable one-time receipts, country notes for Italy and the United Kingdom, exclusions for some groups and revenues).

*Source: Table B8 (Advanced Economies: General Government Structural Balances), Statistical Appendix, World Economic Outlook: Navigating Global Divergences (October 2023).*

### Emerging Market and Developing Economies: General Government Net Lending/Borrowing and Overall Fiscal Balance

### Composite and Regional Groups (Net lending/borrowing, Percent of GDP)
- Emerging Market and Developing Economies (aggregate): 2015 –4.1; 2016 –4.4; 2017 –3.9; 2018 –3.5; 2019 –4.4; 2020 –8.5; 2021 –5.1; 2022 –5.0; 2023 –5.5; 2024 –5.4
- Emerging and Developing Asia: 2015 –3.1; 2016 –3.7; 2017 –3.6; 2018 –4.2; 2019 –5.7; 2020 –9.4; 2021 –6.4; 2022 –7.1; 2023 –6.8; 2024 –6.6
- Emerging and Developing Europe: 2015 –2.5; 2016 –2.8; 2017 –1.7; 2018 0.1; 2019 –0.7; 2020 –5.4; 2021 –1.8; 2022 –2.7; 2023 –5.1; 2024 –4.0
- Latin America and the Caribbean: 2015 –5.7; 2016 –5.2; 2017 –5.3; 2018 –5.0; 2019 –3.8; 2020 –8.2; 2021 –3.8; 2022 –3.3; 2023 –4.6; 2024 –4.5
- Middle East and Central Asia: 2015 –7.1; 2016 –7.7; 2017 –4.8; 2018 –1.8; 2019 –2.7; 2020 –7.9; 2021 –2.5; 2022 1.8; 2023 –1.1; 2024 –1.8
- Sub-Saharan Africa: 2015 –4.2; 2016 –4.3; 2017 –4.4; 2018 –3.5; 2019 –3.9; 2020 –6.5; 2021 –5.0; 2022 –4.4; 2023 –4.2; 2024 –3.7

### Analytical groups (Net lending/borrowing, Percent of GDP)
- By Source of Export Earnings:
  - Fuel exporters: 2015 –6.9; 2016 –7.9; 2017 –5.0; 2018 –1.6; 2019 –1.9; 2020 –7.7; 2021 –1.7; 2022 3.1; 2023 –0.3; 2024 –0.5
  - Nonfuel exporters: 2015 –3.7; 2016 –3.9; 2017 –3.7; 2018 –3.7; 2019 –4.7; 2020 –8.6; 2021 –5.4; 2022 –5.9; 2023 –6.1; 2024 –5.9
- By External Financing Source:
  - Net Debtor Economies: 2015 –4.7; 2016 –4.6; 2017 –4.3; 2018 –3.9; 2019 –4.1; 2020 –7.9; 2021 –5.4; 2022 –4.7; 2023 –5.2; 2024 –5.0

### Selected countries — Net lending/borrowing (Percent of GDP)
- China (Emerging and Developing Asia): 2015 –2.5; 2016 –3.4; 2017 –3.4; 2018 –4.3; 2019 –6.1; 2020 –9.7; 2021 –6.0; 2022 –7.5; 2023 –7.1; 2024 –7.0
- India: 2015 –7.2; 2016 –7.1; 2017 –6.2; 2018 –6.4; 2019 –7.7; 2020 –12.9; 2021 –9.6; 2022 –9.2; 2023 –8.8; 2024 –8.5
- Brazil: 2015 –8.8; 2016 –7.6; 2017 –8.5; 2018 –7.0; 2019 –5.0; 2020 –11.9; 2021 –2.5; 2022 –3.1; 2023 –7.1; 2024 –6.0
- Russia (Emerging and Developing Europe): 2015 –3.4; 2016 –3.7; 2017 –1.5; 2018 2.9; 2019 1.9; 2020 –4.0; 2021 0.8; 2022 –1.4; 2023 –3.7; 2024 –2.6
- South Africa (Sub-Saharan Africa): 2015 –4.4; 2016 –3.7; 2017 –4.0; 2018 –3.7; 2019 –4.7; 2020 –9.6; 2021 –5.5; 2022 –4.7; 2023 –6.4; 2024 –6.5

### General Government Overall Fiscal Balance — Selected emerging markets (Percent of GDP)
- Indonesia: 2015 –2.6; 2016 –2.5; 2017 –2.6; 2018 –1.9; 2019 –2.2; 2020 –6.1; 2021 –4.6; 2022 –2.3; 2023 –2.2; 2024 –2.2
- Brazil: 2015 –8.9; 2016 –6.2; 2017 –8.2; 2018 –5.4; 2019 –3.4; 2020 –11.7; 2021 –1.7; 2022 –2.3; 2023 –6.8; 2024 –6.0
- Philippines: 2015 0.1; 2016 –0.8; 2017 –0.7; 2018 –1.5; 2019 –1.6; 2020 –5.7; 2021 –6.3; 2022 –5.6; 2023 –4.9; 2024 –4.4
- Malaysia: 2015 –2.5; 2016 –2.6; 2017 –2.4; 2018 –2.6; 2019 –2.0; 2020 –4.9; 2021 –5.8; 2022 –5.9; 2023 –4.7; 2024 –4.4
- Colombia: 2015 –3.5; 2016 –2.3; 2017 –2.5; 2018 –4.7; 2019 –3.5; 2020 –7.0; 2021 –7.1; 2022 –6.2; 2023 –3.5; 2024 –2.4
- Chile: 2015 –2.1; 2016 –2.7; 2017 –2.6; 2018 –1.5; 2019 –2.7; 2020 –7.1; 2021 –7.5; 2022 1.4; 2023 –1.6; 2024 –1.3
- Peru: 2015 –2.1; 2016 –2.2; 2017 –2.9; 2018 –2.0; 2019 –1.4; 2020 –9.0; 2021 –2.5; 2022 –1.4; 2023 –2.2; 2024 –1.8

### Notes on coverage and definitions (as provided)
- Country group composites calculated as sum of US dollar values for relevant individual countries.
- Net lending/borrowing includes policy lending (value of transactions in financial assets deemed for public policy purposes).
- For some countries, general government series equal central government series; see Table G for coverage.
- Country-specific notes referenced for Afghanistan, Algeria, Eritrea, Lebanon, Sri Lanka, Sudan, Türkiye, Ukraine, Uruguay, and Venezuela.

*Source: Tables B8–B9 (Emerging Market and Developing Economies: General Government Net Lending/Borrowing and Overall Fiscal Balance), Statistical Appendix, World Economic Outlook: Navigating Global Divergences (October 2023).*

### Section 3

### tableb - 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 10.8 11.1 11.1
- Regional Groups:
  - Emerging and Developing Asia: 12.1 11.0 9.1 8.4 8.6 10.6 9.2 8.2 7.9 8.1
  - 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 8.2 8.9 10.3 8.1
  - Emerging and Developing Europe: 16.0 6.0 9.6 12.8 11.5 20.2 18.7 19.0 18.4 16.2
  - Russia: 19.7 –0.9 7.4 12.3 5.1 16.7 11.3 13.1 15.1 10.6
  - Latin America and the Caribbean: 16.8 14.5 15.5 29.2 23.1 22.7 16.5 12.3 13.9 16.2
  - Brazil: 9.7 12.4 4.6 8.1 8.6 18.6 8.7 10.6 8.1 6.1
  - Mexico: 12.2 12.3 11.2 4.5 4.7 13.4 9.5 7.3 8.0 7.3
  - Middle East and Central Asia: 9.5 8.6 11.8 9.1 9.9 12.9 12.3 13.8 15.7 13.5
  - Sub-Saharan Africa: 10.6 15.4 6.8 12.5 13.3 18.1 12.8 16.0 19.4 17.8
- Analytical Groups:
  - By Source of Export Earnings:
    - Fuel: 13.5 12.2 16.3 37.1 29.7 20.0 16.2 15.1 16.5 15.1
    - Nonfuel: 13.1 10.7 9.7 9.7 9.5 13.4 11.3 10.4 10.6 10.6
    - Of which, Primary Products: 20.7 16.6 16.0 23.6 20.6 27.4 23.2 21.2 29.5 41.3
  - By External Financing Source:
    - Net Debtor Economies: 11.2 12.3 9.5 10.1 10.0 15.9 12.8 11.7 12.0 11.4
    - Net Debtor Economies by Debt-Servicing Experience — Economies with Arrears and/or Rescheduling during 2018–22: 14.2 15.3 20.9 17.8 18.1 24.9 18.0 21.3 29.5 23.7
  - Other Groups:
    - Middle East and North Africa: 7.5 7.4 11.8 9.2 9.8 12.2 11.2 13.4 16.1 13.2
    - Emerging Market and Middle-Income Economies: 13.1 10.3 10.3 12.3 11.3 13.8 11.4 10.5 10.7 10.7
    - Low-Income Developing Countries: 13.1 19.4 13.3 15.5 14.8 18.8 17.1 15.3 17.8 16.5
    - Heavily Indebted Poor Countries: 15.7 10.9 16.7 18.1 16.9 22.4 20.9 16.6 18.3 15.4
- Memorandum — Median:
  - Emerging Market and Developing Economies: 10.0 8.9 8.8 8.1 8.8 13.7 11.3 8.8 8.2 8.1
  - Emerging and Developing Asia (median): 13.3 12.8 9.2 9.0 8.2 12.2 13.2 8.0 7.4 8.0
  - Emerging and Developing Europe (median): 8.0 8.3 7.8 8.8 8.7 16.4 11.3 6.9 11.7 7.6
  - Latin America and the Caribbean (median): 9.0 7.0 7.6 5.9 8.0 10.5 11.0 5.7 6.6 6.6
  - Middle East and Central Asia (median): 9.1 8.4 12.0 5.6 9.4 12.1 8.3 11.0 8.4 10.1
  - Middle East and North Africa (median): 5.4 7.1 9.9 3.9 8.2 10.1 7.1 8.2 7.8 6.9
  - Sub-Saharan Africa (median): 10.7 8.8 7.9 10.1 9.0 16.9 12.0 12.0 9.7 11.1

### Table B12 — Advanced Economies: Export Volumes, Import Volumes, and Terms of Trade in Goods and Services (Annual percent change; averages and projections)
- Export Volume — Advanced Economies (Averages/Projections): 4.0 2.6 3.8 2.0 5.0 3.5 1.5 –8.8 9.8 5.3 1.8 3.1
- United States — Export Volume: 5.2 0.8 0.3 0.4 4.3 2.8 0.5 –13.2 6.1 7.1 1.6 –0.2
- Euro Area — Export Volume (note 1): 3.3 3.4 6.3 2.8 5.5 3.6 3.0 –9.3 11.4 7.3 1.7 3.4
- Japan — Export Volume: 3.2 2.1 3.2 1.6 6.6 3.8 –1.5 –11.6 11.9 5.1 1.0 2.4
- United Kingdom — Export Volume: 2.6 1.6 4.0 3.2 6.8 3.1 1.7 –12.1 2.2 9.9 –2.8 1.8
- Import Volume — Advanced Economies: 3.2 2.9 4.8 2.5 4.8 3.8 2.1 –8.2 10.3 6.7 0.1 3.0
- United States — Import Volume: 2.5 2.5 5.2 1.5 4.5 4.2 1.1 –9.0 14.1 8.1 –2.8 –0.1
- Euro Area — Import Volume (note 1): 2.6 3.7 7.4 4.1 5.0 3.8 4.8 –8.6 9.2 7.9 1.1 3.6
- Terms of Trade — Advanced Economies: –0.3 0.3 1.8 1.1 –0.2 –0.4 0.1 0.9 0.8 –2.0 0.2 0.5
- Terms of Trade — United States: –0.2 1.3 3.4 1.5 0.4 0.6 1.1 –0.3 3.8 1.8 0.0 0.5
- Memorandum — Trade in Goods (Advanced Economies):
  - Export Volume: 3.7 2.4 3.1 1.6 4.9 3.0 0.6 –6.3 10.1 3.6 1.1 2.8
  - Import Volume: 3.1 2.6 3.7 2.2 4.8 3.7 0.6 –5.7 11.2 5.3 –1.2 2.7
  - Terms of Trade: –0.4 0.2 1.8 1.3 –0.2 –0.6 0.1 1.2 0.6 –2.3 –0.3 0.3
- Notes:
  - 1 Calculated as the average of data for individual euro area countries.
  - 2 Excludes the Group of Seven (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries.

### Table B13 — Emerging Market and Developing Economies by Region: Total Trade in Goods (Annual percent change; averages and projections)
- Emerging Market and Developing Economies — Value in US Dollars:
  - Exports: 11.5 3.1 –15.8 –5.1 13.7 11.5 –2.6 –6.4 31.3 13.6 –5.8 4.6
  - Imports: 11.8 3.6 –12.9 –4.3 13.4 11.4 –1.8 –7.7 30.2 12.0 –2.2 4.7
- Volume — Emerging Market and Developing Economies:
  - Exports (volume): 6.1 2.8 1.4 2.6 6.5 3.9 –0.5 –1.2 12.0 1.2 –1.4 3.8
  - Imports (volume): 7.7 2.7 –0.3 2.1 7.4 5.2 –0.1 –5.6 12.3 2.2 0.6 3.8
- Unit Value in US Dollars — Emerging Market and Developing Economies:
  - Exports: 5.4 0.5 –16.3 –7.5 6.8 7.1 –2.1 –4.8 17.7 11.9 –4.1 0.9
  - Imports: 3.9 1.0 –12.6 –6.1 5.5 5.9 –1.7 –2.2 16.5 9.5 –2.8 0.8
  - Terms of Trade: 1.4 –0.5 –4.2 –1.5 1.3 1.1 –0.4 –2.7 1.0 2.2 –1.3 0.0
- Regional Groups — Selected highlights:
  - Emerging and Developing Asia — Value in US Dollars:
    - Exports: 13.2 4.1 –6.5 –4.3 12.2 9.1 –1.2 1.9 28.5 6.8 –4.9 4.0
    - Imports: 13.1 4.3 –11.9 –2.5 16.5 15.2 –2.9 –5.0 34.5 7.0 –4.5 3.7
    - Volume — Exports: 9.3 3.1 –1.1 2.5 9.0 4.9 –0.8 2.2 16.3 –1.4 –1.3 2.3
  - Emerging and Developing Europe — Value in US Dollars:
    - Exports: 10.1 3.0 –20.8 –5.9 17.5 15.5 –1.5 –9.3 34.1 11.3 –6.6 6.4
    - Volume — Exports: 4.0 3.0 5.5 5.2 6.7 4.5 1.9 –2.0 9.1 –0.6 –4.7 5.3
  - Latin America and the Caribbean — Value in US Dollars:
    - Exports: 8.6 3.4 –14.7 –3.4 12.2 8.7 –2.3 –9.8 28.2 17.5 –1.2 5.6
    - Volume — Exports: 3.0 2.5 3.3 1.7 3.6 3.9 0.3 –5.8 6.8 6.3 –0.5 5.9
  - Middle East and Central Asia — Value in US Dollars:
    - Exports: 12.0 0.8 –30.9 –7.7 15.8 16.6 –7.4 –23.9 42.1 37.2 –11.6 4.0
    - Imports: 12.0 2.5 –8.5 –4.9 5.9 1.9 1.3 –11.2 14.2 22.6 0.9 7.2
  - Sub-Saharan Africa — Value in US Dollars:
    - Exports: 9.9 1.2 –28.1 –8.3 17.2 15.5 –3.8 –15.4 35.4 15.9 –4.9 4.0
    - Volume — Exports: 2.7 1.6 2.7 –0.6 2.3 2.8 1.7 –8.5 4.1 4.5 3.4 4.5

### Table B14 — Emerging Market and Developing Economies by Source of Export Earnings: Total Trade in Goods (Annual percent change; averages and projections)
- Fuel:
  - Value in US Dollars — Exports: 12.1 –0.3 –34.9 –9.8 17.5 17.6 –9.0 –27.6 45.6 39.3 –13.4 3.0
  - Value in US Dollars — Imports: 12.9 1.2 –11.2 –10.6 3.8 0.7 3.5 –11.7 12.6 20.4 3.7 5.4
- Nonfuel:
  - Value in US Dollars — Exports: 11.4 3.9 –10.5 –4.2 13.0 10.2 –1.2 –2.2 29.3 9.4 –4.2 4.9
  - Volume — Exports: 6.8 3.1 1.1 2.9 7.5 4.8 0.1 –0.3 13.2 0.4 –1.6 3.8
  - Unit Value in US Dollars — Exports: 4.6 0.9 –11.2 –6.9 5.3 5.3 –1.3 –2.0 14.6 9.2 –2.6 1.2
  - Terms of Trade: 0.7 0.0 2.1 –0.4 –0.5 –0.9 0.8 0.5 –2.0 –0.2 0.4 0.5
- Primary Products:
  - Value in US Dollars — Exports: 9.9 3.6 –16.5 0.3 12.5 8.1 –2.0 –6.4 38.3 7.5 –5.1 8.5
  - Volume — Exports: 3.1 2.2 0.0 3.6 3.5 2.5 1.5 –10.2 11.3 3.2 –1.9 10.5
  - Unit Value in US Dollars — Exports: 6.6 1.6 –16.3 –3.1 9.3 5.4 –3.4 4.3 24.8 4.7 –3.2 –1.5
  - Terms of Trade: 3.3 1.0 –2.7 3.4 3.1 –0.5 0.5 10.1 6.3 –5.4 –1.4 –2.9

### Table B15 — Summary of Current Account Transactions (Billions of US dollars; averages and projections)
- Advanced Economies:
  - Current Account Balance (Averages/Projections): –146.4 129.1 470.6 383.7 388.3 157.4 502.7 –234.8 111.3 192.9 263.5
  - Trade Balance: –63.9 157.8 421.6 340.9 276.9 224.3 370.9 –232.6 128.4 250.0 393.7
  - Goods Balance: –423.5 –306.9 –145.2 –331.9 –311.4 –276.0 –338.6 –934.7 –642.2 –604.3 –616.4
  - Exports of Goods: 9,392.2 9,977.4 10,535.2 11,388.4 11,020.0 10,173.4 12,607.2 13,750.1 13,603.4 14,257.5 15,836.5
  - Imports of Goods: 9,815.7 10,284.2 10,680.4 11,720.3 11,331.3 10,449.4 12,945.8 14,684.7 14,245.7 14,861.8 16,452.9
  - Services Balance: 359.7 465.0 566.7 670.5 588.0 497.6 704.2 695.6 770.7 854.3 1,010.2
  - Primary Income Balance: 258.9 335.1 410.0 434.1 496.2 347.2 547.0 426.9 463.4 436.3 425.4
  - Secondary Income Balance: –341.4 –363.7 –360.5 –390.6 –384.6 –413.8 –414.9 –428.9 –481.1 –493.5 –555.7
- United States:
  - Current Account Balance: –539.4 –399.9 –367.6 –439.8 –441.8 –597.1 –831.4 –971.6 –795.1 –783.2 –774.1
  - Trade Balance: –581.3 –484.9 –516.9 –578.6 –559.4 –652.9 –841.6 –951.2 –805.0 –807.1 –794.6
  - Goods Balance: –736.5 –700.3 –799.3 –878.7 –857.3 –912.9 –1,083.5 –1,183.0 –1,074.3 –1,085.0 –1,126.2
  - Exports of Goods: 1,307.9 1,452.5 1,557.0 1,676.9 1,655.1 1,433.9 1,765.9 2,089.9 2,015.4 2,040.8 2,265.6
  - Imports of Goods: 2,044.4 2,152.8 2,356.3 2,555.7 2,512.4 2,346.7 2,849.4 3,272.9 3,089.7 3,125.8 3,391.8
  - Services Balance: 155.2 215.4 282.4 300.2 297.9 260.0 241.9 231.8 269.3 277.8 331.5
  - Primary Income Balance: 131.8 182.9 257.9 255.3 247.4 181.0 149.9 148.6 187.1 202.3 219.6
  - Secondary Income Balance: –89.9 –97.9 –108.6 –116.5 –129.8 –125.2 –139.8 –169.0 –177.2 –178.4 –199.0
- Euro Area:
  - Current Account Balance: 32.3 157.8 394.9 382.1 323.8 230.0 416.3 –106.0 186.6 223.6 305.8
  - Trade Balance: 167.7 286.8 489.2 472.9 393.9 369.3 446.9 49.7 . . .. . .. . .
  - Exports of Goods: 2,132.9 2,302.4 2,550.2 2,746.0 2,667.3 2,485.0 2,951.1 3,087.3 . . .. . .. . .
  - Imports of Goods: 2,040.8 2,097.4 2,167.4 2,421.5 2,334.0 2,107.4 2,626.6 3,170.8 . . .. . .. . .
- Selected Advanced Economies — Additional figures:
  - Germany — Current Account Balance: 215.9 249.0 289.1 316.2 317.8 274.2 329.8 170.8 265.6 309.1 325.3
  - Japan — Current Account Balance: 133.8 121.6 203.5 177.8 176.3 149.9 196.8 90.6 141.2 157.0 164.7
  - United Kingdom — Current Account Balance: –94.9 –109.3 –96.9 –117.3 –80.9 –86.6 –46.9 –116.1 –122.0 –131.4 –150.5
  - Canada — Current Account Balance: –25.5 –51.6 –46.2 –41.0 –34.1 –35.5 –5.4 –7.0 –20.9 –21.4 –40.7
  - Other Advanced Economies (note 1) — Current Account Balance: 237.9 295.8 332.1 333.1 344.0 382.5 588.5 591.8 539.3 546.8 561.6
- Emerging Market and Developing Economies:
  - Current Account Balance: 388.5 163.1 –32.5 –64.1 –10.4 143.9 363.7 645.7 195.8 171.1 –54.7
  - Trade Balance: 510.4 373.7 142.2 182.2 183.1 314.9 601.9 926.0 486.1 504.1 328.2
  - Goods Balance: 760.5 697.7 505.9 574.7 497.9 549.3 796.8 1,050.1 648.0 668.5 532.7
  - Exports of Goods: 5,814.1 6,607.1 6,934.6 7,738.1 7,537.8 7,041.0 9,260.7 10,524.8 9,910.2 10,367.5 11,546.1
  - Imports of Goods: 5,053.7 5,909.4 6,428.7 7,163.3 7,039.9 6,491.8 8,463.9 9,474.7 9,262.2 9,699.0 11,013.4
  - Services Balance: –229.6 –314.9 –355.4 –376.2 –303.3 –232.1 –185.6 –103.6 –146.4 –148.1 –189.4
  - Primary Income Balance: –378.2 –452.0 –429.5 –541.1 –520.5 –498.1 –621.4 –734.5 –745.5 –811.6 –926.9
  - Secondary Income Balance: 240.7 238.7 250.4 283.5 322.4 331.2 380.6 437.5 437.5 459.6 525.9

*International Monetary Fund | October 2023*

### Section 4

### tableb - Section 4

### Summary of Current Account Transactions — Regional Groups (selected series and projections)
- Emerging and Developing Asia
  - Current Account Balance: 229.0 (Average 2005–14), 194.9 (2009–16), 163.5 (2017), –54.0 (2018), 93.2 (2019), 319.2 (2020), 286.5 (2021), 296.8 (2022), 190.5 (2023), 171.2 (2024), 68.8 (2025–28)
  - Trade Balance: 184.8; Goods Balance: 203.8; Services Balance: –19.0; Primary Income Balance: –79.8; Secondary Income Balance: 124.1
  - Exports of Goods: 2,399.9 (2005–14 average) … 5,890.8 (2025–28 average)
  - Imports of Goods: 2,196.1 (2005–14 average) … 5,464.0 (2025–28 average)

- Emerging and Developing Europe
  - Current Account Balance: –25.2 (2005–14), –19.2 (2009–16), –25.0 (2017), 62.7 (2018), 49.4 (2019), 2.0 (2020), 66.5 (2021), 123.1 (2022), –20.7 (2023), –13.5 (2024), –37.3 (2025–28)
  - Trade Balance: 41.9; Goods Balance: 24.5; Services Balance: 17.5; Primary Income Balance: –85.0; Secondary Income Balance: 17.9
  - Exports of Goods: 945.7 (2005–14 average) … 1,739.5 (2025–28 average)
  - Imports of Goods: 921.2 (2005–14 average) … 1,811.0 (2025–28 average)

- Middle East and Central Asia
  - Current Account Balance: 270.2; Trade Balance: 293.5; Goods Balance: 431.7; Services Balance: –117.7; Primary Income Balance: –32.3; Secondary Income Balance: –6.9
  - Exports of Goods: 1,239.9 (2005–14 average) … 1,772.0 (2025–28 average)
  - Imports of Goods: 808.1 (2005–14 average) … 1,578.7 (2025–28 average)
  - Projected Current Account Balance: 194.6 (2023), 176.0 (2024), 83.3 (2025–28)

- Latin America and the Caribbean
  - Current Account Balance: –75.7; Trade Balance: –6.4; Goods Balance: 48.5; Services Balance: –54.9; Primary Income Balance: –132.4; Secondary Income Balance: 63.3
  - Exports of Goods: 893.3 (2005–14 average) … 1,650.8 (2025–28 average)
  - Imports of Goods: 844.7 (2005–14 average) … 1,644.7 (2025–28 average)
  - Projected Current Account Balance: –115.3 (2023), –103.9 (2024), –105.3 (2025–28)

- Sub-Saharan Africa
  - Current Account Balance: –9.8; Trade Balance: –3.5; Goods Balance: 52.0; Services Balance: –55.5; Primary Income Balance: –48.7; Secondary Income Balance: 42.4
  - Exports of Goods: 335.4 (2005–14 average) … 493.1 (2025–28 average)
  - Imports of Goods: 283.5 (2005–14 average) … 515.0 (2025–28 average)
  - Projected Current Account Balance: –53.3 (2023), –58.7 (2024), –64.2 (2025–28)

- Memorandum — World
  - Current Account Balance: 242.1 (2005–14 average) … 208.8 (2025–28 average)
  - Note: Country group composites are calculated as the sum of the US dollar values for the relevant individual countries.

### Summary of Current Account Transactions — Analytical Groups (by source of export earnings)
- Fuel exporters
  - Current Account Balance: 349.2 (2005–14 average) … 149.3 (2025–28 average)
  - Trade Balance: 436.5; Goods Balance: 651.0; Services Balance: –194.0; Primary Income Balance: –58.1; Secondary Income Balance: –43.7
  - Exports of Goods: 1,386.5 (2005–14 average) … 1,708.7 (2025–28 average)
  - Projected Current Account Balance: 247.2 (2023), 235.7 (2024), 149.3 (2025–28)

- Nonfuel exporters
  - Current Account Balance: 41.0 (2005–14 average) … –201.3 (2025–28 average)
  - Trade Balance: 78.1; Goods Balance: 114.0; Services Balance: –35.9; Primary Income Balance: –319.9; Secondary Income Balance: 283.2
  - Exports of Goods: 4,419.6 (2005–14 average) … 9,834.7 (2025–28 average)
  - Projected Current Account Balance: –48.7 (2023), –62.0 (2024), –201.3 (2025–28)

### Emerging Market and Developing Economies — External Debt and Debt-Service (levels and projections)
- External Debt (Emerging Market and Developing Economies total)
  - 2015: 8,348.4; 2016: 8,676.2; 2017: 9,638.8; 2018: 10,105.4; 2019: 10,585.7; 2020: 11,327.1; 2021: 12,038.0; 2022: 11,818.7; 2023: 12,076.9; 2024: 12,620.6 (projection)
- Regional totals (selected)
  - Emerging and Developing Asia: 2,819.1 (2015) … 4,988.2 (2024 projection)
  - Emerging and Developing Europe: 1,760.6 (2015) … 1,909.0 (2024 projection)
  - Latin America and the Caribbean: 2,049.8 (2015) … 2,741.8 (2024 projection)
  - Middle East and Central Asia: 1,244.7 (2015) … 2,127.5 (2024 projection)
  - Sub-Saharan Africa: 474.2 (2015) … 854.1 (2024 projection)

- Debt-Service Payments (Emerging Market and Developing Economies total)
  - 2015: 3,501.3; 2016: 3,021.6; 2017: 3,037.7; 2018: 3,550.9; 2019: 3,800.9; 2020: 3,832.2; 2021: 4,032.6; 2022: 4,258.0; 2023: 4,295.2; 2024: 4,354.2 (projection)
- Debt-Service by region (selected)
  - Emerging and Developing Asia: 1,979.5 (2015) … 2,489.3 (2024 projection)
  - Emerging and Developing Europe: 644.6 (2015) … 728.8 (2024 projection)
  - Latin America and the Caribbean: 576.9 (2015) … 652.7 (2024 projection)
  - Middle East and Central Asia: 217.5 (2015) … 361.1 (2024 projection)
  - Sub-Saharan Africa: 82.8 (2015) … 122.3 (2024 projection)

### External Debt — Ratios and Maturity structure
- External debt as percent of exports of goods and services (Emerging Market and Developing Economies)
  - 2015: 109.4; 2016: 118.5; 2017: 116.5; 2018: 109.7; 2019: 116.7; 2020: 137.9; 2021: 112.5; 2022: 95.9; 2023: 102.1; 2024: 101.4 (projection)
- Debt-service payments as percent of exports of goods and services (Emerging Market and Developing Economies)
  - 2015: 46.2; 2016: 41.5; 2017: 36.9; 2018: 38.8; 2019: 42.1; 2020: 46.8; 2021: 37.8; 2022: 34.7; 2023: 36.4; 2024: 35.1 (projection)

- External Debt by Maturity (Emerging Market and Developing Economies totals)
  - Total Debt: 8,348.4 (2015) … 12,620.6 (2024 projection)
  - Short Term: 2,124.4 (2015) … 3,348.5 (2024 projection)
  - Long Term: 6,224.0 (2015) … 9,272.1 (2024 projection)

- Regional maturity snapshots (selected)
  - Emerging and Developing Asia (Total Debt 2,819.1 … 4,988.2): Short Term 1,183.9 … 1,944.6; Long Term 1,635.2 … 3,043.6
  - Emerging and Developing Europe (Total Debt 1,760.6 … 1,909.0): Short Term 285.6 … 496.0; Long Term 1,475.1 … 1,413.0
  - Latin America and the Caribbean (Total Debt 2,049.8 … 2,741.8): Short Term 317.1 … 366.3; Long Term 1,732.7 … 2,375.5
  - Middle East and Central Asia (Total Debt 1,244.7 … 2,127.5): Short Term 284.6 … 446.2; Long Term 960.1 … 1,681.3
  - Sub-Saharan Africa (Total Debt 474.2 … 854.1): Short Term 53.3 … 95.4; Long Term 420.9 … 758.7

- Analytical group maturity highlights
  - Fuel exporters (Total Debt 1,118.2 … 1,869.6): Short Term 219.2 … 391.6; Long Term 899.0 … 478.0
  - Nonfuel exporters (Total Debt 7,228.5 … 10,748.5): Short Term 1,905.2 … 2,956.9; Long Term 5,323.3 … 7,791.6
  - Net Debtor Economies (Total Debt 5,144.5 … 7,364.7): Short Term 817.2 … 1,249.8; Long Term 4,327.3 … 6,114.8
  - Economies with Arrears and/or Rescheduling during 2018–22 (Total Debt 623.7 … 943.5): Short Term 112.0 … 96.8; Long Term 511.7 … 846.7

### Ratio of External Debt to GDP (selected series and projections)
- Emerging Market and Developing Economies (total)
  - 2015: 30.7; 2016: 30.1; 2017: 29.8; 2018: 30.7; 2019: 30.8; 2020: 33.3; 2021: 31.4; 2022: 29.2; 2023: 29.0; 2024: 28.0 (projection)
- Regional ratios (selected)
  - Emerging and Developing Asia: 18.6 … 18.5 (2024)
  - Emerging and Developing Europe: 58.5 … 38.9 (2024)
  - Latin America and the Caribbean: 45.0 … 40.5 (2024)
  - Middle East and Central Asia: 37.1 … 44.6 (2024)
  - Sub-Saharan Africa: 32.4 … 42.3 (2024)

- Analytical group ratios (selected)
  - Fuel exporters: 35.9 … 42.8 (2024)
  - Nonfuel exporters: 30.0 … 26.4 (2024)
  - Net Debtor Economies: 42.1 … 36.7 (2024)
  - Economies with Arrears and/or Rescheduling during 2018–22: 49.3 … 57.9 (2024)
  - Heavily Indebted Poor Countries: 41.2 … 41.0 (2024)
  - Low-Income Developing Countries: 29.8 … 38.1 (2024)

*Source: tableb - Section 4 (World Economic Outlook: Navigating Global Divergences, Statistical Appendix), October 2023.*

### Section 5

### tableb - Section 5

### Interest Payments (Percent of exports of goods and services)
- Emerging Market and Developing Economies (2015–2024): 3.7, 3.9, 4.0, 4.3, 4.9, 5.3, 4.2, 4.0, 4.7, 4.7
- Regional Groups (2015–2024):
  - Emerging and Developing Asia: 3.2, 3.2, 3.7, 4.2, 4.8, 5.4, 4.8, 4.5, 5.0, 5.1
  - Emerging and Developing Europe: 4.1, 4.0, 3.0, 2.9, 3.1, 3.2, 2.3, 2.1, 2.4, 2.3
  - Latin America and the Caribbean: 6.4, 6.7, 7.0, 7.4, 8.0, 8.1, 5.7, 5.4, 6.5, 6.4
  - Middle East and Central Asia: 2.6, 3.5, 3.5, 3.7, 4.3, 4.7, 2.8, 3.2, 4.6, 4.5
  - Sub-Saharan Africa: 3.9, 4.2, 3.8, 4.3, 4.7, 5.7, 4.5, 3.7, 4.4, 4.7
- Analytical Groups (2015–2024):
  - By Source of Export Earnings — Fuel: 2.3, 3.3, 3.3, 3.6, 4.0, 4.6, 2.7, 3.0, 4.4, 4.4
  - By Source of Export Earnings — Nonfuel: 4.0, 4.0, 4.1, 4.5, 5.0, 5.4, 4.5, 4.2, 4.8, 4.8
  - Of which, Primary Products: 6.2, 6.3, 6.7, 8.4, 8.7, 8.0, 4.9, 5.0, 5.3, 5.2
  - By External Financing Source — Net Debtor Economies: 3.8, 4.1, 4.5, 4.8, 5.5, 6.1, 5.0, 4.6, 5.5, 5.4
  - Net Debtor Economies by Debt-Servicing Experience — Economies with Arrears and/or Rescheduling during 2018–22: 4.4, 5.9, 6.1, 6.7, 7.8, 8.4, 6.1, 5.7, 7.6, 7.7
- Other Groups (2015–2024):
  - Middle East and North Africa: 2.1, 3.0, 2.9, 3.2, 3.7, 3.9, 2.3, 2.8, 4.3, 4.2
  - Emerging Market and Middle-Income Economies: 3.8, 4.0, 4.1, 4.5, 5.1, 5.5, 4.4, 4.1, 4.9, 4.9
  - Low-Income Developing Countries: 2.0, 2.4, 2.3, 2.6, 2.5, 2.7, 2.5, 2.4, 2.7, 2.8
  - Heavily Indebted Poor Countries: 3.0, 3.9, 3.5, 3.9, 4.4, 4.9, 4.7, 3.7, 4.1, 4.2

### Amortization (Percent of exports of goods and services)
- Emerging Market and Developing Economies (2015–2024): 42.3, 37.5, 32.8, 34.4, 37.2, 41.5, 33.6, 30.6, 31.7, 30.4
- Regional Groups (2015–2024):
  - Emerging and Developing Asia: 49.1, 39.1, 34.2, 38.6, 42.6, 42.7, 36.6, 36.8, 36.1, 35.4
  - Emerging and Developing Europe: 51.4, 49.2, 42.1, 41.1, 38.8, 45.6, 36.9, 31.2, 35.0, 34.2
  - Latin America and the Caribbean: 47.4, 47.0, 41.1, 38.6, 43.3, 52.4, 37.7, 30.9, 32.3, 30.9
  - Middle East and Central Asia: 14.8, 17.3, 16.0, 15.0, 17.4, 25.3, 18.2, 15.2, 15.8, 13.6
  - Sub-Saharan Africa: 20.7, 22.1, 19.5, 23.8, 24.3, 27.7, 22.1, 17.0, 27.2, 18.9
- Analytical Groups (2015–2024):
  - By Source of Export Earnings — Fuel: 10.0, 12.4, 10.9, 10.5, 11.5, 18.5, 13.7, 11.5, 12.2, 11.7
  - By Source of Export Earnings — Nonfuel: 48.5, 42.1, 37.0, 39.1, 41.9, 44.8, 36.7, 34.4, 35.2, 33.7
  - Of which, Primary Products: 48.4, 48.1, 37.9, 43.6, 48.8, 52.2, 41.5, 33.0, 43.8, 30.0
  - By External Financing Source — Net Debtor Economies: 38.6, 38.5, 34.0, 32.9, 32.9, 38.7, 30.7, 26.5, 28.1, 26.9
  - Net Debtor Economies by Debt-Servicing Experience — Economies with Arrears and/or Rescheduling during 2018–22: 51.7, 55.3, 51.2, 48.2, 49.4, 56.7, 40.9, 37.1, 37.1, 29.9
- Other Groups (2015–2024):
  - Middle East and North Africa: 14.3, 17.2, 15.7, 14.8, 17.1, 24.9, 17.7, 14.8, 14.9, 12.8
  - Emerging Market and Middle-Income Economies: 44.5, 39.2, 34.4, 35.9, 39.2, 43.8, 35.8, 35.1, 32.0, 33.1
  - Low-Income Developing Countries: 9.3, 13.2, 10.9, 14.0, 11.4, 13.8, 13.1, 12.4, 13.9, 14.2
  - Heavily Indebted Poor Countries: 8.5, 8.6, 10.1, 10.0, 11.0, 11.5, 11.9, 9.7, 10.5, 10.0

- Notes:
  - 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.

### Medium-Term Baseline Scenario: Selected Economic Indicators (Annual percent change; averages and projections)
- Averages and projections (selected rows):
  - Real GDP — Averages/Projections: 2005–14: 6.0, 2015–24: 3.9, 2021: 6.9, 2022: 4.1, 2023: 4.0, 2024: 4.0, 2021–24: 4.7, 2025–28: 4.0
  - Export Volume (data refer to trade in goods and services): 2005–14: 6.3, 2015–24: 3.1, 2021: 12.8, 2022: 4.1, 2023: –0.1, 2024: 4.2, 2021–24: 5.2, 2025–28: 4.0
  - Terms of Trade: 2005–14: 1.2, 2015–24: –0.5, 2021: 0.7, 2022: 0.9, 2023: –1.5, 2024: 0.2, 2021–24: 0.1, 2025–28: –0.3
  - Import Volume: 2005–14: 8.0, 2015–24: 2.4, 2021: 11.8, 2022: 3.2, 2023: 1.7, 2024: 4.4, 2021–24: 5.2, 2025–28: 4.4

- Regional highlights (Real GDP, Export Volume, Terms of Trade, Import Volume — selected figures):
  - Emerging and Developing Asia — Real GDP: 8.3 (2005–14), 5.3 (2015–24), 7.5 (2021), 4.5 (2022), 5.2 (2023), 4.8 (2024), 5.5 (2021–24), 4.7 (2025–28)
  - Emerging and Developing Europe — Real GDP: 3.7 (2005–14), 2.4 (2015–24), 7.3 (2021), 0.8 (2022), 2.4 (2023), 2.2 (2024), 3.2 (2021–24), 2.5 (2025–28)
  - Latin America and the Caribbean — Real GDP: 3.4 (2005–14), 1.1 (2015–24), 7.3 (2021), 4.1 (2022), 2.3 (2023), 2.3 (2024), 4.0 (2021–24), 2.5 (2025–28)
  - Middle East and Central Asia — Real GDP: 4.5 (2005–14), 2.6 (2015–24), 4.3 (2021), 5.6 (2022), 2.0 (2023), 3.4 (2024), 3.8 (2021–24), 3.8 (2025–28)
  - Sub-Saharan Africa — Real GDP: 5.5 (2005–14), 2.8 (2015–24), 4.7 (2021), 4.0 (2022), 3.3 (2023), 4.0 (2024), 4.0 (2021–24), 4.2 (2025–28)

### Medium-Term Baseline Scenario: External Balances and Debt Metrics (Percent of exports of goods and services; projections)
- World aggregates (projections and selected historical):
  - Current Account Balance (2012, 2016, 2020, 2021, 2022, 2023, 2024, 2028): 3.5, –1.5, 1.8, 3.4, 5.1, 1.6, 1.3, –1.4
  - Total External Debt (2012, 2016, 2020, 2021, 2022, 2023, 2024, 2028): 87.2, 118.5, 137.9, 112.5, 95.9, 102.1, 101.4, 101.0
  - Debt-Service Payments (Interest + Amortization) (2012, 2016, 2020, 2021, 2022, 2023, 2024, 2028): 30.7, 41.5, 46.8, 37.8, 34.7, 36.4, 35.1, 35.6
  - Interest Payments (same years): 2.8, 3.9, 5.3, 4.2, 4.0, 4.7, 4.7, 4.5
  - Amortization (same years): 27.7, 37.5, 41.5, 33.6, 30.6, 31.7, 30.4, 31.1

- Regional projections (selected, percent of exports):
  - Emerging and Developing Asia (2021–2028 highlights):
    - Current Account Balance (2012, 2016, 2020, 2021, 2022, 2023, 2024, 2028): 3.3, 5.7, 7.3, 5.1, 4.9, 3.2, 2.8, 0.0
    - Total External Debt: 66.6, 78.4, 98.4, 84.4, 73.3, 79.4, 81.1, 86.9
    - Debt-Service Payments: 34.2, 42.3, 48.1, 41.4, 41.4, 41.1, 40.5, 43.3
    - Interest Payments: 2.5, 3.2, 5.4, 4.8, 4.5, 5.0, 5.1, 5.3
    - Amortization: 31.8, 39.1, 42.7, 36.6, 36.8, 36.1, 35.4, 38.0
  - Emerging and Developing Europe:
    - Current Account Balance: –2.1, –0.9, 0.1, 3.8, 6.3, –1.1, –0.7, –2.2
    - Total External Debt: 139.7, 157.4, 142.9, 110.7, 95.6, 99.1, 95.2, 85.9
    - Debt-Service Payments: 48.5, 53.2, 48.8, 39.2, 33.4, 37.4, 36.5, 33.0
    - Interest Payments: 4.2, 4.0, 3.2, 2.3, 2.1, 2.4, 2.3, 1.8
    - Amortization: 44.4, 49.2, 45.6, 36.9, 31.2, 35.0, 34.2, 31.2
  - Latin America and the Caribbean:
    - Current Account Balance: –12.4, –10.3, –1.5, –7.4, –8.6, –6.9, –5.9, –5.3
    - Total External Debt: 133.4, 202.2, 224.2, 182.0, 156.6, 160.7, 155.7, 147.1
    - Debt-Service Payments: 37.1, 54.5, 60.6, 43.5, 36.5, 39.0, 37.5, 35.4
    - Interest Payments: 4.9, 6.7, 8.1, 5.7, 5.4, 6.5, 6.4, 5.5
    - Amortization: 30.4, 47.0, 52.4, 37.7, 30.9, 32.3, 30.9, 29.7
  - Middle East and Central Asia:
    - Current Account Balance: 22.3, –12.1, –10.1, 8.7, 18.7, 9.7, 8.2, 0.8
    - Total External Debt: 57.4, 118.8, 179.0, 138.0, 99.4, 107.9, 106.1, 104.1
    - Debt-Service Payments: 10.2, 20.8, 30.0, 21.0, 18.4, 20.4, 18.1, 16.6
    - Interest Payments: 1.4, 3.5, 4.7, 2.8, 3.2, 4.6, 4.5, 3.5
    - Amortization: 8.7, 17.3, 25.3, 18.2, 15.2, 15.8, 13.6, 13.1
  - Sub-Saharan Africa:
    - Current Account Balance: –5.9, –17.1, –13.5, –4.1, –7.4, –10.5, –11.1, –10.2
    - Total External Debt: 78.3, 163.0, 219.9, 171.0, 153.0, 161.4, 162.6, 165.9
    - Debt-Service Payments: 12.4, 26.3, 33.4, 26.6, 20.7, 31.6, 23.6, 23.3
    - Interest Payments: 1.8, 4.2, 5.7, 4.5, 3.7, 4.4, 4.7, 5.0
    - Amortization: 10.6, 22.1, 27.7, 22.1, 17.0, 27.2, 18.9, 18.3

- Analytical group: Net Debtor Economies with Arrears and/or Rescheduling during 2018–22 (selected projections):
  - Current Account Balance (2012, 2016, 2020, 2021, 2022, 2023, 2024, 2028): –13.8, –25.0, –10.4, –8.8, –6.8, –9.7, –11.3, –9.1
  - Total External Debt: 112.7, 217.6, 252.7, 208.4, 192.7, 193.5, 189.3, 168.0
  - Debt-Service Payments: 35.8, 61.2, 65.1, 47.0, 42.8, 45.5, 37.6, 26.7
  - Interest Payments: 2.3, 5.9, 8.4, 6.1, 5.7, 7.6, 7.7, 5.5
  - Amortization: 33.6, 55.3, 56.7, 40.9, 37.1, 37.1, 29.9, 21.2

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

*Source: tableb - Section 5 (PDF).*

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