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---

### Overview and structure
- Describes changes to the database and statistical tables since the October 2023 World Economic Outlook (WEO).
- Sections included:
  - Second section: changes to the database and statistical tables since October 2023 WEO.
  - Third section: general description of the data and conventions used for calculating country group composites.
  - Fourth section: selected key information for each country.
  - Fifth section: classification of economies in the various groups presented in the WEO.
  - Sixth section: further detail on that classification.
  - Seventh section: methods and reporting standards for national account and government finance indicators.
  - Last and main section: the statistical tables, with Statistical Appendix A included here and Statistical Appendix B available online.
- Data compilation cutoff: information available through April 1, 2024.
- Note on precision: figures for 2024–25 are shown with the same degree of precision as historical figures solely for convenience; because they are projections, the same degree of accuracy is not to be inferred.

### Key assumptions used in projections
- Real effective exchange rates for the advanced economies are assumed to remain constant at their average levels measured during January 30, 2024–February 27, 2024.
- Implied average conversion rates for 2024 and 2025:
  - US dollar–special drawing right conversion rates of 1.329 and 1.331.
  - US dollar–euro conversion rates of 1.078 and 1.073.
  - Yen–US dollar conversion rates of 148.5 and 146.4.
- Oil price assumptions:
  - $78.61 a barrel in 2024.
  - $73.68 a barrel in 2025.
- Policy assumption: national authorities’ established policies are assumed to be maintained. (Box A1 describes more specific policy assumptions for selected economies.)
- Short-term government bond yield assumptions (three-month):
  - United States: 5.2 percent in 2024 and 4.1 percent in 2025.
  - Euro area: 3.5 percent in 2024 and 2.6 percent in 2025.
  - Japan: 0.0 percent in 2024 and 0.1 percent in 2025.
- Long-term government bond yield assumptions (10-year):
  - United States: 4.1 percent in 2024 and 3.7 percent in 2025.
  - Euro area: 2.5 percent in 2024 and 2.6 percent in 2025.
  - Japan: 1.0 percent in 2024 and 1.1 percent in 2025.

### What’s New (changes since October 2023 WEO)
- Ecuador’s fiscal sector projections are excluded from publication for 2024–29 because of ongoing program discussions.
- Vietnam removed from Low-Income Developing Countries (LIDCs) group and added to Emerging Market and Middle-Income Economies (EMMIEs) group.
- West Bank and Gaza:
  - Data for 2022–23 previously excluded pending methodological adjustments are now included.
  - Projections for 2024–29 are excluded from publication on account of the unusually high degree of uncertainty.

### Data coverage, standards, and compilation conventions
- Database coverage: Data and projections for 196 economies form the statistical basis of the WEO database.
- Maintenance: Data are maintained jointly by the IMF’s Research Department and regional departments; regional departments regularly update country projections based on consistent global assumptions.
- Source of historical data: National statistical agencies are the ultimate providers; international organizations also contribute to harmonizing methodologies.
- Alignment with international manuals:
  - Most countries’ macroeconomic data broadly conform to the 2008 version of the System of National Accounts (SNA 2008).
  - IMF sector statistical standards aligned with SNA 2008 include BPM6, Monetary and Financial Statistics Manual and Compilation Guide, and Government Finance Statistics Manual 2014 (GFSM 2014).
  - Full concordance depends on national statistical compilers providing revised country data; WEO estimates are only partly adapted to the most recent manuals.
  - Many countries have partly adopted the latest standards and will continue implementation over a number of years.
- Fiscal gross and net debt data:
  - Drawn from official data sources and IMF staff estimates.
  - Efforts are made to align with GFSM 2014 definitions, but deviations can occur due to data limitations or country circumstances.
  - Metadata for the online WEO database provide clarification on deviations in sectoral or instrument coverage.

### Conventions for country group composites and aggregation
- Composites are either sums or weighted averages of individual country data.
- Multiyear averages of growth rates are expressed as compound annual rates of change unless noted otherwise.
- Weighting conventions:
  - Arithmetically weighted averages for all data for the emerging market and developing economies group—except inflation and money growth, for which geometric averages are used.
  - Exchange rates, interest rates, and growth rates of monetary aggregates: weighted by GDP converted to US dollars at market exchange rates (averaged over the preceding three years) as a share of group GDP.
  - Other domestic-economy data (growth rates or ratios): weighted by GDP valued at purchasing power parity as a share of total world or group GDP.
  - Aggregation of inflation:
    - World and advanced economies (and subgroups): annual rates are simple percent changes from the previous years.
    - Emerging market and developing economies (and subgroups): annual rates are based on logarithmic differences.
  - Real GDP per capita in PPP terms: sums of individual country data after conversion to international dollars in the years indicated.
  - Euro area composites: corrected for reporting discrepancies in transactions within the area unless noted otherwise.
  - Unadjusted annual GDP data used for the euro area and majority of individual countries; exceptions: Cyprus, Ireland, Portugal, and Spain report calendar-adjusted data.
  - For data prior to 1999, aggregations apply 1995 European currency unit exchange rates.
  - Fiscal data composites: sums of individual country data after conversion to US dollars at the average market exchange rates in the years indicated.
  - Composite unemployment rates and employment growth: weighted by labor force as a share of group labor force.
  - External sector composites: sums of individual country data after conversion to US dollars at average market exchange rates for balance of payments data and at end-of-year market exchange rates for debt denominated in currencies other than US dollars.
  - Composites of changes in foreign trade volumes and prices: arithmetic averages of percent changes for individual countries weighted by the US dollar value of exports or imports as a share of total world or group exports or imports (in the preceding year).
- Group composites are computed if 90 percent or more of the share of group weights is represented.
- Data refer to calendar years except for a few countries that use fiscal years; exceptional reporting periods are listed in Table F.
- For some countries, figures for 2023 and earlier are based on estimates rather than actual outturns; latest actual outturns are listed in Table G.

### Selected country notes (highlights and reporting exceptions)
- Afghanistan:
  - Data for 2021 and 2022 reported for selected indicators, with estimates for fiscal data.
  - Estimates and projections for 2023–29 are omitted because of an unusually high degree of uncertainty owing to paused IMF engagement.
  - Structural break in 2021 owing to change from calendar year to solar year; actual reported GDP growth rate for solar year 2021 is –20.7 percent.
- Algeria: Total government expenditure and net lending/borrowing include net lending by the government, mostly reflecting support to the pension system and other public sector entities.
- Argentina:
  - Official national consumer price index (CPI) starts in December 2016.
  - WEO does not report average CPI inflation for 2014–16 and end-of-period inflation for 2015–16.
  - Argentina discontinued publication of labor market data starting in Q4 2015; new series available starting in Q2 2016.
- Bangladesh: Data and forecasts presented on a fiscal year basis; country group aggregates use calendar year estimates of real GDP and PPP GDP.
- Costa Rica: Central government definition expanded as of January 1, 2021, to include 51 public entities in accordance with Law 9524; data back to 2019 are adjusted for comparability.
- Dominican Republic: Fiscal series coverage—public debt, debt service, and cyclically adjusted/structural balances are for the consolidated public sector; remaining fiscal series are for the central government.
- Ecuador: Fiscal sector projections are excluded from publication for 2024–29 because of ongoing program discussions.
- Eritrea: Data and projections for 2020–29 are excluded because of constraints in data reporting.
- India: Real GDP growth rates are calculated in accordance with national accounts with base year 2011/12.
- Iran: Historical nominal GDP in US dollars computed using official exchange rate up to 2017; from 2018 onward the NIMA exchange rate is used to convert nominal rial GDP into US dollars.
- Israel: Projections are subject to heightened uncertainty due to the conflict in Israel and Gaza and may undergo revisions.
- Lebanon: Data for 2021–22 are IMF staff estimates and not provided by national authorities; estimates and projections for 2023–29 are omitted owing to an unusually high degree of uncertainty.
- Sierra Leone: Currency redenominated on July 1, 2022; local currency data are expressed in the old leone for the April 2024 WEO.
- Sri Lanka: Data and projections for 2023–29 are excluded from publication owing to ongoing discussions on sovereign debt restructuring.
- Sudan:
  - Projections reflect IMF staff analysis based on assumption that ongoing conflict will end by mid-2024.
  - Data for 2011 exclude South Sudan after July 9; data for 2012 and onward pertain to the current Sudan.
- Syria: Data excluded from 2011 onward because of the uncertain political situation.
- Turkmenistan:
  - Real GDP data are IMF staff estimates compiled in line with SNA, using official estimates and international sources.
  - Estimates and projections for the fiscal balance exclude receipts from domestic bond issuances and privatization operations, in line with GFSM 2014; authorities’ official estimates include those items as government revenues.
- Ukraine: Revised national accounts data available beginning in 2000 and exclude Crimea and Sevastopol from 2010 onward.
- Uruguay:
  - Authorities began reporting national accounts data according to SNA 2008 with base year 2016 in December 2020; new series begin in 2016.
  - Data prior to 2016 reflect IMF staff’s best effort to preserve previously reported data and avoid structural breaks.
  - Public pension system transfers in context of Law 19,590 of 2017 are recorded as revenues consistent with IMF methodology; transfers affected data for 2018–22:
    - 1.2 percent of GDP in 2018.
    - 1.0 percent of GDP in 2019.
    - 0.6 percent of GDP in 2020.
    - 0.3 percent of GDP in 2021.
- Venezuela:
  - Projection and assessment difficulties due to: lack of discussions with the authorities (most recent Article IV consultation: 2004), incomplete metadata for reported statistics, and difficulties reconciling reported indicators with economic developments.
  - Fiscal accounts include: budgetary central government; social security; FOGADE; a reduced set of public enterprises, including Petróleos de Venezuela, S.A.
  - Historical data and GDP-expressed indicators revised from 2012 onward due to methodological upgrades.
  - For most indicators, data for 2018–22 are IMF staff estimates.
  - Venezuela’s consumer prices are excluded from all WEO group composites.
- West Bank and Gaza: Projections for 2024–29 are excluded from publication owing to the unusually high degree of uncertainty.
- Zimbabwe:
  - Authorities redeveloped national accounts after introduction in 2019 of the Real Time Gross Settlement dollar (later renamed the Zimbabwe dollar).
  - Zimbabwe dollar previously ceased circulating in 2009; during 2009–19 Zimbabwe operated under a multicurrency regime with the US dollar as the unit of account.
- General disclaimer: The disclaimer about the public pension system applies only to the revenues and net lending/borrowing series.

### Classification of economies: structure and key counts
- Two major groups in WEO classification:
  - Advanced economies
    - Number of economies: 41
  - Emerging market and developing economies
    - Number of economies: 155
- Classification is not based on strict criteria; objective is to facilitate analysis.
- Examples of economies outside the classification because they are not IMF members: Cuba and the Democratic People’s Republic of Korea.

### Summary statistics and regional/analytical group shares (Table A selections)
- Group counts and shares (as shown in Table A)
  - Advanced Economies: 41
  - Emerging Market and Developing Economies: 155
- Selected table entries (percent of total for group or world), preserving values exactly as presented:
  - Advanced Economies 41 100.0 41.2 100.0 61.7 100.0 13.9
  - United States 37.8 15.6 16.0 9.9 30.7 4.3
  - Euro Area 20 28.5 11.7 42.2 26.1 31.8 4.4
  - Major Advanced Economies 7 73.0 30.0 50.9 31.4 71.4 9.9
  - Emerging Market and Developing Economies 155 100.0 58.8 100.0 38.3 100.0 86.1
  - Emerging and Developing Asia 30 56.8 33.4 49.4 18.9 55.6 47.9
  - China 31.8 18.7 29.7 11.3 20.9 18.0
  - India 12.9 7.7 6.5 2.5 21.2 18.2
  - Emerging and Developing Europe 15 12.6 7.4 15.6 6.0 5.4 4.7
  - Latin America and the Caribbean 33 12.4 7.3 14.2 5.4 9.5 8.1
  - Middle East and Central Asia 32 12.8 7.5 16.8 6.4 12.6 10.8
  - Sub-Saharan Africa 45 5.3 3.1 4.1 1.6 16.9 14.5
- Analytical groups (source of export earnings, external financing)
  - Fuel 26 10.2 6.0 15.9 6.1 9.8 8.4
  - Nonfuel 127 89.8 52.8 84.1 32.2 90.2 77.6
  - Of which, Primary Products 35 4.9 2.9 5.1 1.9 8.7 7.5
  - Net Debtor Economies 120 51.9 30.5 48.6 18.6 69.9 60.2
  - Economies with Arrears and/or Rescheduling during 2018–22 39 5.3 3.1 3.9 1.5 12.5 10.8
  - Emerging Market and Middle-Income Economies 96 93.0 54.7 95.9 36.7 77.6 66.8
  - Low-Income Developing Countries 58 7.0 4.1 4.1 1.6 22.4 19.3
  - Heavily Indebted Poor Countries 39 2.8 1.6 2.2 0.8 12.3 10.6

### Composition lists and group definitions
- Advanced economies: Table B lists 41 economies; subgroup of seven major advanced economies (United States, Japan, Germany, France, Italy, the United Kingdom, Canada) commonly referred to as the Group of Seven.
- Euro area members are distinguished as a subgroup; composite data cover current members for all years.
- Emerging market and developing economies (155) comprise all countries not classified as advanced.
- Regional breakdowns for emerging market and developing economies: emerging and developing Asia; emerging and developing Europe; Latin America and the Caribbean; Middle East and Central Asia (Caucasus and Central Asia; Middle East, North Africa, Afghanistan, and Pakistan); sub-Saharan Africa.
- Analytical criteria for emerging market and developing economies:
  - Source of export earnings distinguishes fuel (SITC 3) and nonfuel, focusing on nonfuel primary products (SITCs 0, 1, 2, 4, and 68). Economies are categorized if their main source of export earnings exceeded 50 percent of total exports on average between 2018 and 2022.
  - Financial and income criteria classify net creditor vs net debtor economies, HIPCs, LIDCs, and EMMIEs. Net debtor classification uses latest net international investment position (where available) or current account balance accumulations from 1972 (or earliest available data) to 2022.

### Exceptional reporting periods and documentation (high-level)
- Table F provides economies with exceptional national accounts or government finance reporting periods (examples include Afghanistan Apr/Mar; Bangladesh Jul/Jun; India Apr/Mar).
- Table G (Key Data Documentation) documents national accounts, CPI, government finance, and balance of payments data sources, latest actual annual data, base years, system of national accounts used, subsector coverage, and accounting practice for each country.

### Fiscal and monetary policy assumptions underlying projections (Box A1)
- Fiscal policy assumptions (short-term and medium-term)
  - Short-term fiscal policy assumptions normally based on officially announced budgets, adjusted for differences between national authorities and IMF staff on macro assumptions and projected fiscal outturns.
  - When no official budget announced, projections incorporate policy measures judged likely to be implemented.
  - When insufficient information about authorities’ intentions, an unchanged structural primary balance is assumed unless indicated otherwise.
  - Country-specific fiscal assumption highlights (selected)
    - Argentina: Based on available budget outturn, budget plans, IMF-supported program targets for the federal government, announced fiscal measures, and IMF staff macro projections.
    - Australia: Based on Australian Bureau of Statistics data, FY2023/24 budgets (Commonwealth and state/territory), and IMF staff estimates and projections.
    - Austria: Based on the 2024 budget; incorporates Next Generation EU (NGEU) fund and latest announcements on fiscal measures.
    - Belgium: Based on Belgian Stability Programme 2023–26 and 2024 Budgetary Plan, with IMF staff adjustments.
    - Brazil: Fiscal projections for 2024 reflect current policies in place.
    - China: IMF staff fiscal projections incorporate the 2024 budget and estimates of off-budget financing.
    - India: Based on available fiscal plan information with adjustments for IMF staff assumptions; subnational data incorporated with a lag; FY2020/21 expenditure includes off-budget component of food subsidies.
    - Russia: Fiscal rule suspended in March 2022; 2023–25 budget based on modified rule with Rub 8 trillion benchmark; Ministry of Finance proposed reverting to earlier fiscal rule with $60 a barrel benchmark from 2024 onward.
    - Saudi Arabia: Baseline fiscal projections based primarily on 2024 budget and recent official announcements; export oil revenues based on WEO baseline oil price assumptions and IMF staff understanding of OPEC+ arrangements.
    - Singapore: Staff projections include (1) increase in the Goods and Services Tax from 8 percent to 9 percent on January 1, 2024; and (2) increase of the carbon tax from S$5 a tonne to S$25 a tonne in 2024 and 2025 and S$45 a tonne in 2026 and 2027.
    - Spain: Fiscal projections for 2023 assume energy support measures amounting to 1 percent of GDP, phased out throughout 2024; figures for 2021–28 reflect disbursements under the EU Recovery and Resilience Facility.
    - United States: Fiscal projections based on the February 2024 Congressional Budget Office baseline, adjusted for IMF staff policy and macro assumptions; projections incorporate effects of the Fiscal Responsibility Act.
- Monetary policy assumptions
  - Generally based on established policy frameworks; in most cases assume a nonaccommodative stance over the business cycle (rates up if inflation above acceptable range; down when slack is significant).
  - Country-specific monetary assumption highlights (selected)
    - Brazil: Assumptions consistent with convergence of inflation within the tolerance band by the end of 2024.
    - Canada: Projections reflect gradual unwind of monetary policy tightening by the Bank of Canada, as inflation returns to 2 percent by early 2025.
    - China: Monetary stance moderately accommodative in 2023 and expected to remain broadly accommodative in 2024.
    - Denmark: Monetary policy to maintain the peg to the euro.
    - Euro area: Assumptions drawn from suite of models (semi-structural, DSGE, Taylor rule), market expectations, and ECB communications.
    - Russia: Monetary policy projections assume a tight monetary policy stance by the Central Bank of the Russian Federation.
    - Saudi Arabia: Projections based on continuation of exchange rate peg to the US dollar.
    - Singapore: Broad money projected to grow in line with projected growth in nominal GDP.
    - South Africa: Assumptions consistent with maintaining inflation within the 3–6 percent target band.
    - Switzerland: Inflation outlook suggests Swiss National Bank can keep interest rates on hold in 2024.
    - United Kingdom and United States: Projections based on IMF staff assessments of most likely interest-rate paths given macro outlook, central bank guidance, and market expectations.

*International Monetary Fund | April 2024 — Statistical Appendix (excerpts provided above).*

### 25. The second section briefly describes the changes

### 25. The second section briefly describes the changes

### Overview and structure
- The appendix describes changes to the database and statistical tables since the October 2023 World Economic Outlook (WEO).
- Sections included:
  - Second section: changes to the database and statistical tables since October 2023 WEO.
  - Third section: general description of the data and conventions used for calculating country group composites.
  - Fourth section: selected key information for each country.
  - Fifth section: classification of economies in the various groups presented in the WEO.
  - Sixth section: further detail on that classification.
  - Seventh section: methods and reporting standards for national account and government finance indicators.
  - Last and main section: the statistical tables, with Statistical Appendix A included here and Statistical Appendix B available online.
- Data compilation cutoff: information available through April 1, 2024.
- Note on precision: figures for 2024–25 are shown with the same degree of precision as historical figures solely for convenience; because they are projections, the same degree of accuracy is not to be inferred.

### Key assumptions used in projections
- Real effective exchange rates for the advanced economies are assumed to remain constant at their average levels measured during January 30, 2024–February 27, 2024.
- Implied average conversion rates for 2024 and 2025:
  - US dollar–special drawing right conversion rates of 1.329 and 1.331.
  - US dollar–euro conversion rates of 1.078 and 1.073.
  - Yen–US dollar conversion rates of 148.5 and 146.4.
- Oil price assumptions:
  - $78.61 a barrel in 2024.
  - $73.68 a barrel in 2025.
- Policy assumption: national authorities’ established policies are assumed to be maintained. (Box A1 describes more specific policy assumptions for selected economies.)
- Short-term government bond yield assumptions (three-month):
  - United States: 5.2 percent in 2024 and 4.1 percent in 2025.
  - Euro area: 3.5 percent in 2024 and 2.6 percent in 2025.
  - Japan: 0.0 percent in 2024 and 0.1 percent in 2025.
- Long-term government bond yield assumptions (10-year):
  - United States: 4.1 percent in 2024 and 3.7 percent in 2025.
  - Euro area: 2.5 percent in 2024 and 2.6 percent in 2025.
  - Japan: 1.0 percent in 2024 and 1.1 percent in 2025.

### What’s New (changes since October 2023 WEO)
- Ecuador’s fiscal sector projections are excluded from publication for 2024–29 because of ongoing program discussions.
- Vietnam has been removed from the Low-Income Developing Countries (LIDCs) group and added to the Emerging Market and Middle-Income Economies (EMMIEs) group.
- For West Bank and Gaza:
  - Data for 2022–23 previously excluded pending methodological adjustments are now included.
  - Projections for 2024–29 are excluded from publication on account of the unusually high degree of uncertainty.

### Data coverage, standards, and compilation conventions
- Database coverage: Data and projections for 196 economies form the statistical basis of the WEO database.
- Maintenance: Data are maintained jointly by the IMF’s Research Department and regional departments; regional departments regularly update country projections based on consistent global assumptions.
- Source of historical data: National statistical agencies are the ultimate providers; international organizations also contribute to harmonizing methodologies.
- Alignment with international manuals:
  - Most countries’ macroeconomic data broadly conform to the 2008 version of the System of National Accounts (SNA 2008).
  - IMF sector statistical standards aligned with SNA 2008 include BPM6, Monetary and Financial Statistics Manual and Compilation Guide, and Government Finance Statistics Manual 2014 (GFSM 2014).
  - Full concordance depends on national statistical compilers providing revised country data; WEO estimates are only partly adapted to the most recent manuals.
  - Many countries have partly adopted the latest standards and will continue implementation over a number of years.
- Fiscal gross and net debt data:
  - Drawn from official data sources and IMF staff estimates.
  - Efforts are made to align with GFSM 2014 definitions, but deviations can occur due to data limitations or country circumstances.
  - Metadata for the online WEO database provide clarification on deviations in sectoral or instrument coverage.

### Conventions for country group composites and aggregation
- Composites are either sums or weighted averages of individual country data.
- Multiyear averages of growth rates are expressed as compound annual rates of change unless noted otherwise.
- Weighting conventions:
  - Arithmetically weighted averages for all data for the emerging market and developing economies group—except inflation and money growth, for which geometric averages are used.
  - Exchange rates, interest rates, and growth rates of monetary aggregates: weighted by GDP converted to US dollars at market exchange rates (averaged over the preceding three years) as a share of group GDP.
  - Other domestic-economy data (growth rates or ratios): weighted by GDP valued at purchasing power parity as a share of total world or group GDP.
  - Aggregation of inflation:
    - World and advanced economies (and subgroups): annual rates are simple percent changes from the previous years.
    - Emerging market and developing economies (and subgroups): annual rates are based on logarithmic differences.
  - Real GDP per capita in PPP terms: sums of individual country data after conversion to international dollars in the years indicated.
  - Euro area composites: corrected for reporting discrepancies in transactions within the area unless noted otherwise.
  - Unadjusted annual GDP data used for the euro area and majority of individual countries; exceptions: Cyprus, Ireland, Portugal, and Spain report calendar-adjusted data.
  - For data prior to 1999, aggregations apply 1995 European currency unit exchange rates.
  - Fiscal data composites: sums of individual country data after conversion to US dollars at the average market exchange rates in the years indicated.
  - Composite unemployment rates and employment growth: weighted by labor force as a share of group labor force.
  - External sector composites: sums of individual country data after conversion to US dollars at average market exchange rates for balance of payments data and at end-of-year market exchange rates for debt denominated in currencies other than US dollars.
  - Composites of changes in foreign trade volumes and prices: arithmetic averages of percent changes for individual countries weighted by the US dollar value of exports or imports as a share of total world or group exports or imports (in the preceding year).
- Group composites are computed if 90 percent or more of the share of group weights is represented.
- Data refer to calendar years except for a few countries that use fiscal years; exceptional reporting periods are listed in Table F.
- For some countries, figures for 2023 and earlier are based on estimates rather than actual outturns; latest actual outturns are listed in Table G.

### Selected country notes (highlights and reporting exceptions)
- Afghanistan:
  - Data for 2021 and 2022 reported for selected indicators, with estimates for fiscal data.
  - Estimates and projections for 2023–29 are omitted because of an unusually high degree of uncertainty owing to paused IMF engagement.
  - WEO contains a structural break in 2021 owing to change from calendar year to solar year; actual reported GDP growth rate for solar year 2021 is –20.7 percent.
- Algeria: Total government expenditure and net lending/borrowing include net lending by the government, mostly reflecting support to the pension system and other public sector entities.
- Argentina:
  - Official national consumer price index (CPI) starts in December 2016.
  - Earlier CPI data reflect various regional and national series with limited comparability; WEO does not report average CPI inflation for 2014–16 and end-of-period inflation for 2015–16.
  - Argentina discontinued publication of labor market data starting in Q4 2015; new series available starting in Q2 2016.
- Bangladesh: Data and forecasts presented on a fiscal year basis; country group aggregates use calendar year estimates of real GDP and PPP GDP.
- Costa Rica: Central government definition expanded as of January 1, 2021, to include 51 public entities in accordance with Law 9524; data back to 2019 are adjusted for comparability.
- Dominican Republic: Fiscal series coverage—public debt, debt service, and cyclically adjusted/structural balances are for the consolidated public sector; remaining fiscal series are for the central government.
- Ecuador: Fiscal sector projections are excluded from publication for 2024–29 because of ongoing program discussions.
- Eritrea: Data and projections for 2020–29 are excluded because of constraints in data reporting.
- India: Real GDP growth rates are calculated in accordance with national accounts with base year 2011/12.
- Iran: Historical nominal GDP in US dollars computed using official exchange rate up to 2017; from 2018 onward the NIMA exchange rate is used to convert nominal rial GDP into US dollars.
- Israel: Projections are subject to heightened uncertainty due to the conflict in Israel and Gaza and may undergo revisions.
- Lebanon: Data for 2021–22 are IMF staff estimates and not provided by national authorities; estimates and projections for 2023–29 are omitted owing to an unusually high degree of uncertainty.
- Sierra Leone: Currency redenominated on July 1, 2022; local currency data are expressed in the old leone for the April 2024 WEO.
- Sri Lanka: Data and projections for 2023–29 are excluded from publication owing to ongoing discussions on sovereign debt restructuring.
- Sudan:
  - Projections reflect IMF staff analysis based on assumption that ongoing conflict will end by mid-2024.
  - Data for 2011 exclude South Sudan after July 9; data for 2012 and onward pertain to the current Sudan.
- Syria: Data excluded from 2011 onward because of the uncertain political situation.
- Turkmenistan:
  - Real GDP data are IMF staff estimates compiled in line with SNA, using official estimates and international sources.
  - Estimates and projections for the fiscal balance exclude receipts from domestic bond issuances and privatization operations, in line with GFSM 2014; authorities’ official estimates include those items as government revenues.
- Ukraine: Revised national accounts data available beginning in 2000 and exclude Crimea and Sevastopol from 2010 onward.
- Uruguay:
  - Authorities began reporting national accounts data according to SNA 2008 with base year 2016 in December 2020; new series begin in 2016.
  - Data prior to 2016 reflect IMF staff’s best effort to preserve previously reported data and avoid structural breaks.
  - Public pension system transfers in context of Law 19,590 of 2017 are recorded as revenues consistent with IMF methodology; transfers affected data for 2018–22:
    - 1.2 percent of GDP in 2018.
    - 1.0 percent of GDP in 2019.
    - 0.6 percent of GDP in 2020.
    - 0.3 percent of GDP in 2021.

*Source: Statistical Appendix text (data compiled through April 1, 2024).*

### 0.1 percent of GDP in 2022, and 0 percent thereafter.

### statsappendix - 0.1 percent of GDP in 2022, and 0 percent thereafter.

### Country-specific data notes and caveats
- Uruguay
  - Coverage of fiscal data changed from consolidated public sector to nonfinancial public sector with the October 2019 WEO.
  - Nonfinancial public sector includes: central government, local government, social security funds, nonfinancial public corporations, and Banco de Seguros del Estado.
  - Under the nonfinancial public sector perimeter (which excludes the central bank), assets and liabilities held by the nonfinancial public sector whose counterpart is the central bank are not netted out in debt figures.
  - Capitalization bonds issued in the past by the government to the central bank are now part of the nonfinancial public sector debt.
  - Staff Report reference: Staff Report for the 2018 Article IV Consultation, Country Report 19/64.
- Venezuela
  - Projection and assessment difficulties due to: lack of discussions with the authorities (most recent Article IV consultation: 2004), incomplete metadata for reported statistics, and difficulties reconciling reported indicators with economic developments.
  - Fiscal accounts include: budgetary central government; social security; FOGADE; a reduced set of public enterprises, including Petróleos de Venezuela, S.A.
  - Methodological upgrades to achieve a more robust nominal GDP led to revisions of historical data and GDP-expressed indicators from 2012 onward.
  - For most indicators, data for 2018–22 are IMF staff estimates.
  - Effects of hyperinflation and paucity of reported data mean projections should be interpreted with caution; broad uncertainty surrounds these projections.
  - Venezuela’s consumer prices are excluded from all WEO group composites.
- West Bank and Gaza
  - Projections for 2024–29 are excluded from publication owing to the unusually high degree of uncertainty.
- Zimbabwe
  - Authorities redeveloped national accounts after introduction in 2019 of the Real Time Gross Settlement dollar (later renamed the Zimbabwe dollar).
  - Zimbabwe dollar previously ceased circulating in 2009; during 2009–19 Zimbabwe operated under a multicurrency regime with the US dollar as the unit of account.
- General disclaimer
  - The disclaimer about the public pension system applies only to the revenues and net lending/borrowing series.

### Classification of economies: structure and key counts
- Two major groups in WEO classification:
  - Advanced economies
    - Number of economies: 41
  - Emerging market and developing economies
    - Number of economies: 155
- Note: Classification is not based on strict criteria; objective is to facilitate analysis.
- Examples of economies outside the classification because they are not IMF members: Cuba and the Democratic People’s Republic of Korea.

### Summary statistics and regional/analytical group shares (Table A selections)
- Group counts and shares (as shown in Table A)
  - Advanced Economies: 41
  - Emerging Market and Developing Economies: 155
- Selected table entries (percent of total for group or world), preserving values exactly as presented:
  - Advanced Economies 41 100.0 41.2 100.0 61.7 100.0 13.9
  - United States 37.8 15.6 16.0 9.9 30.7 4.3
  - Euro Area 20 28.5 11.7 42.2 26.1 31.8 4.4
  - Major Advanced Economies 7 73.0 30.0 50.9 31.4 71.4 9.9
  - Emerging Market and Developing Economies 155 100.0 58.8 100.0 38.3 100.0 86.1
  - Emerging and Developing Asia 30 56.8 33.4 49.4 18.9 55.6 47.9
  - China 31.8 18.7 29.7 11.3 20.9 18.0
  - India 12.9 7.7 6.5 2.5 21.2 18.2
  - Emerging and Developing Europe 15 12.6 7.4 15.6 6.0 5.4 4.7
  - Latin America and the Caribbean 33 12.4 7.3 14.2 5.4 9.5 8.1
  - Middle East and Central Asia 32 12.8 7.5 16.8 6.4 12.6 10.8
  - Sub-Saharan Africa 45 5.3 3.1 4.1 1.6 16.9 14.5
- Analytical groups (source of export earnings, external financing)
  - Fuel 26 10.2 6.0 15.9 6.1 9.8 8.4
  - Nonfuel 127 89.8 52.8 84.1 32.2 90.2 77.6
  - Of which, Primary Products 35 4.9 2.9 5.1 1.9 8.7 7.5
  - Net Debtor Economies 120 51.9 30.5 48.6 18.6 69.9 60.2
  - Economies with Arrears and/or Rescheduling during 2018–22 39 5.3 3.1 3.9 1.5 12.5 10.8
  - Emerging Market and Middle-Income Economies 96 93.0 54.7 95.9 36.7 77.6 66.8
  - Low-Income Developing Countries 58 7.0 4.1 4.1 1.6 22.4 19.3
  - Heavily Indebted Poor Countries 39 2.8 1.6 2.2 0.8 12.3 10.6

### Composition lists and group definitions
- Advanced economies: Table B lists 41 economies; subgroup of seven major advanced economies (United States, Japan, Germany, France, Italy, the United Kingdom, Canada) commonly referred to as the Group of Seven.
- Euro area members are distinguished as a subgroup; composite data cover current members for all years.
- Emerging market and developing economies (155) comprise all countries not classified as advanced.
- Regional breakdowns for emerging market and developing economies: emerging and developing Asia; emerging and developing Europe; Latin America and the Caribbean; Middle East and Central Asia (Caucasus and Central Asia; Middle East, North Africa, Afghanistan, and Pakistan); sub-Saharan Africa.
- Analytical criteria for emerging market and developing economies:
  - Source of export earnings distinguishes fuel (SITC 3) and nonfuel, focusing on nonfuel primary products (SITCs 0, 1, 2, 4, and 68). Economies are categorized if their main source of export earnings exceeded 50 percent of total exports on average between 2018 and 2022.
  - Financial and income criteria classify net creditor vs net debtor economies, HIPCs, LIDCs, and EMMIEs. Net debtor classification uses latest net international investment position (where available) or current account balance accumulations from 1972 (or earliest available data) to 2022.

### Exceptional reporting periods and documentation (high-level)
- Table F provides economies with exceptional national accounts or government finance reporting periods (examples include Afghanistan Apr/Mar; Bangladesh Jul/Jun; India Apr/Mar).
- Table G (Key Data Documentation) documents national accounts, CPI, government finance, and balance of payments data sources, latest actual annual data, base years, system of national accounts used, subsector coverage, and accounting practice for each country.

### Fiscal and monetary policy assumptions underlying projections (Box A1)
- Fiscal policy assumptions (short-term and medium-term)
  - Short-term fiscal policy assumptions normally based on officially announced budgets, adjusted for differences between national authorities and IMF staff on macro assumptions and projected fiscal outturns.
  - When no official budget announced, projections incorporate policy measures judged likely to be implemented.
  - When insufficient information about authorities’ intentions, an unchanged structural primary balance is assumed unless indicated otherwise.
  - Country-specific fiscal assumption highlights (selected)
    - Argentina: Based on available budget outturn, budget plans, IMF-supported program targets for the federal government, announced fiscal measures, and IMF staff macro projections.
    - Australia: Based on Australian Bureau of Statistics data, FY2023/24 budgets (Commonwealth and state/territory), and IMF staff estimates and projections.
    - Austria: Based on the 2024 budget; incorporates Next Generation EU (NGEU) fund and latest announcements on fiscal measures.
    - Belgium: Based on Belgian Stability Programme 2023–26 and 2024 Budgetary Plan, with IMF staff adjustments.
    - Brazil: Fiscal projections for 2024 reflect current policies in place.
    - China: IMF staff fiscal projections incorporate the 2024 budget and estimates of off-budget financing.
    - India: Based on available fiscal plan information with adjustments for IMF staff assumptions; subnational data incorporated with a lag; FY2020/21 expenditure includes off-budget component of food subsidies.
    - Russia: Fiscal rule suspended in March 2022; 2023–25 budget based on modified rule with Rub 8 trillion benchmark; Ministry of Finance proposed reverting to earlier fiscal rule with $60 a barrel benchmark from 2024 onward.
    - Saudi Arabia: Baseline fiscal projections based primarily on 2024 budget and recent official announcements; export oil revenues based on WEO baseline oil price assumptions and IMF staff understanding of OPEC+ arrangements.
    - Singapore: Staff projections include (1) increase in the Goods and Services Tax from 8 percent to 9 percent on January 1, 2024; and (2) increase of the carbon tax from S$5 a tonne to S$25 a tonne in 2024 and 2025 and S$45 a tonne in 2026 and 2027.
    - Spain: Fiscal projections for 2023 assume energy support measures amounting to 1 percent of GDP, phased out throughout 2024; figures for 2021–28 reflect disbursements under the EU Recovery and Resilience Facility.
    - United States: Fiscal projections based on the February 2024 Congressional Budget Office baseline, adjusted for IMF staff policy and macro assumptions; projections incorporate effects of the Fiscal Responsibility Act.
- Monetary policy assumptions
  - Generally based on established policy frameworks; in most cases assume a nonaccommodative stance over the business cycle (rates up if inflation above acceptable range; down when slack is significant).
  - Country-specific monetary assumption highlights (selected)
    - Brazil: Assumptions consistent with convergence of inflation within the tolerance band by the end of 2024.
    - Canada: Projections reflect gradual unwind of monetary policy tightening by the Bank of Canada, as inflation returns to 2 percent by early 2025.
    - China: Monetary stance moderately accommodative in 2023 and expected to remain broadly accommodative in 2024.
    - Denmark: Monetary policy to maintain the peg to the euro.
    - Euro area: Assumptions drawn from suite of models (semi-structural, DSGE, Taylor rule), market expectations, and ECB communications.
    - Russia: Monetary policy projections assume a tight monetary policy stance by the Central Bank of the Russian Federation.
    - Saudi Arabia: Projections based on continuation of exchange rate peg to the US dollar.
    - Singapore: Broad money projected to grow in line with projected growth in nominal GDP.
    - South Africa: Assumptions consistent with maintaining inflation within the 3–6 percent target band.
    - Switzerland: Inflation outlook suggests Swiss National Bank can keep interest rates on hold in 2024.
    - United Kingdom and United States: Projections based on IMF staff assessments of most likely interest-rate paths given macro outlook, central bank guidance, and market expectations.

*International Monetary Fund | April 2024 — Statistical Appendix (excerpts provided above).*

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_Source: https://www.imf.org/-/media/files/publications/weo/2024/april/english/statsappendix.pdf_