## statsappendix - 2024. For 2024 and 2025 these assumptions imply

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---

### Global baseline assumptions (2024–2025)
- Average US dollar–special drawing right conversion rates:
  - 2024: 1.331
  - 2025: 1.341
- US dollar–euro conversion rates:
  - 2024: 1.090
  - 2025: 1.097
- Yen–US dollar conversion rates:
  - 2024: 150.0
  - 2025: 143.6
- Oil price (average):
  - 2024: $81.29 a barrel
  - 2025: $72.84 a barrel
- Assumption on policies:
  - National authorities’ established policies are assumed to be maintained.
  - Box A1 (referenced in source) describes more specific policy assumptions for selected economies.

### Interest rate assumptions
- Three-month government bond yields (averages):
  - United States:
    - 2024: 5.4 percent
    - 2025: 3.9 percent
  - Euro area:
    - 2024: 3.5 percent
    - 2025: 2.8 percent
  - Japan:
    - 2024: 0.1 percent
    - 2025: 0.5 percent
- 10-year government bond yields (averages):
  - United States:
    - 2024: 4.1 percent
    - 2025: 3.5 percent
  - Euro area:
    - 2024: 2.4 percent
    - 2025: 2.5 percent
  - Japan:
    - 2024: 1.0 percent
    - 2025: 1.3 percent

### What’s New (methodological and data updates)
- ICP and PPP updates:
  - Following the 2021 survey by the World Bank Group’s International Comparison Program, WEO estimates of purchasing-power-parity weights and PPP GDP have been updated (see Box A2 in source).
- Country-specific changes:
  - Bangladesh: Fiscal year estimates of real GDP and PPP GDP are now used in country group aggregates.
  - Zimbabwe: Authorities redenominated national accounts statistics following the introduction on April 5, 2024, of a new national currency, the Zimbabwe gold, replacing the Zimbabwe dollar. The use of the Zimbabwe dollar ceased on April 30, 2024.

### Data and conventions (coverage, standards, and aggregation)
- Database coverage:
  - Data and projections for 196 economies form the WEO database.
  - Data maintained jointly by IMF’s Research Department and regional departments.
- Statistical standards:
  - Most macroeconomic data broadly conform to SNA 2008.
  - IMF sector standards referenced: BPM6, Monetary and Financial Statistics Manual and Compilation Guide, Government Finance Statistics Manual 2014 (GFSM 2014).
  - WEO estimates only partly adapted to the most recent versions due to dependence on national statistical compilers’ revised country data.
- Fiscal gross and net debt:
  - Drawn from official data sources and IMF staff estimates; alignment with GFSM 2014 may have deviations.
- Composite construction and weighting conventions:
  - Composite data are sums or weighted averages of individual country data.
  - Multiyear averages of growth rates are compound annual rates of change unless noted.
  - Arithmetically weighted averages used for all data for the emerging market and developing economies group—except inflation and money growth, for which geometric averages are used.
  - Conventions for weighting:
    - 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 PPP as a share of total world or group GDP.
  - Aggregation of inflation:
    - Advanced economies: annual rates are simple percent changes from the previous years.
    - World and emerging market and developing economies: annual rates are based on logarithmic differences.
  - Specific composite rules include treatment of real GDP per capita in PPP terms, euro area sector composites, unadjusted annual GDP data (with Cyprus, Ireland, Portugal, Spain reporting calendar-adjusted data), use of 1995 ECU exchange rates for pre-1999 data, fiscal data conversion conventions, unemployment composites weighted by labor force, external sector composites conversion rules, and foreign trade volume/price composite weighting.
  - Group composites computed if 90 percent or more of the share of group weights is represented.
- Temporal conventions:
  - Data refer to calendar years except for a few countries that use fiscal years (Table F lists exceptions).
  - For some countries, figures for 2023 and earlier are based on estimates rather than actual outturns; Table G lists latest actual outturns.
- PPP methodology references:
  - See Box A2 in October 2024 WEO for summary of revised PPP-based weights and historical references.

### Country-specific notes (selected entries)
- Afghanistan:
  - Data for 2021–23 reported for selected indicators; estimates for fiscal data.
  - Estimates and projections for 2024–29 are omitted because the IMF has paused engagement owing to lack of clarity regarding recognition of a government.
  - WEO data contain a structural break in 2021 due to change from calendar year to solar year reporting; 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, reflecting support to the pension system and other public sector entities.
- Argentina:
  - Official national CPI starts in December 2016; earlier periods use a sequence of regional and city CPIs.
  - WEO does not report average CPI inflation for 2014–16 and end-of-period inflation for 2015–16 due to limited comparability.
  - Labor market data discontinued Q4 2015; new series start Q2 2016.
- Costa Rica:
  - Central government definition expanded as of January 1, 2021, to include 51 public entities (Law 9524); data back to 2019 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.
- Eritrea:
  - Data and projections for 2020–29 excluded because of constraints in data reporting.
- India:
  - Real GDP growth rates calculated in accordance with national accounts base year 2011/12.
- Iran:
  - Nominal GDP in US dollars: official exchange rate used up to 2017; from 2018 onward, the NIMA exchange rate is used.
- Israel:
  - Projections subject to heightened uncertainty owing to the conflict in the region and may undergo revisions.
- Lebanon:
  - Fiscal and national accounts data for 2022–23 and debt data for 2023 are IMF staff estimates; estimates and projections for 2024–29 are omitted owing to unusually high uncertainty.
- Sierra Leone:
  - Currency redenominated on July 1, 2022; local currency data are expressed in the old leone for October 2024 WEO.
- Sri Lanka:
  - Data and projections for 2023–29 excluded from publication owing to ongoing sovereign debt restructuring discussions.
- Sudan:
  - Projections reflect IMF staff analysis assuming conflict will terminate by end of 2024 and reengagement and reconstruction will commence shortly thereafter.
  - Data for 2011 exclude South Sudan after July 9; data for 2012 onward pertain to the current Sudan.
- Syria:
  - Data excluded from 2011 onward because of the uncertain political situation.
- Timor-Leste:
  - Published real GDP refers to non-oil real GDP; published nominal GDP refers to total nominal GDP.
- Turkmenistan:
  - Real GDP data are IMF staff estimates compiled in line with SNA, using official estimates and UN and World Bank databases.
  - 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 these proceeds.
- Ukraine:
  - Revised national accounts data available for 2000 onward and exclude Crimea and Sevastopol from 2010 onward.
- Uruguay:
  - December 2020: authorities began reporting national accounts data according to SNA 2008, base year 2016; new series begin in 2016.
  - Data prior to 2016 reflect IMF staff’s efforts to preserve previously reported data and avoid structural breaks.
  - Public pension system transfers (Law 19,590 of 2017) recorded as revenues; these transfers affected data for 2018–22 and amounted to:
    - 2018: 1.2 percent of GDP
    - 2019: 1.0 percent of GDP

### Fiscal data coverage and revisions (Uruguay focus)
- Coverage change:
  - Uruguay: Coverage of fiscal data was 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.
- Historical data were revised accordingly.
- Under the narrower fiscal perimeter (which excludes the central bank), assets and liabilities held by the nonfinancial public sector for which the counterpart is the central bank are not netted out in debt figures.
- Capitalization bonds issued to the central bank are now part of nonfinancial public sector debt.
- Note: “The disclaimer about the public pension system applies only to the revenues and net lending/borrowing series.”

### Country-specific data caveats and special cases (selection)
- Venezuela:
  - Lack of discussions with authorities (most recent Article IV was in 2004).
  - Incomplete metadata and difficulties reconciling reported indicators with developments.
  - Fiscal accounts include budgetary central government; social security; FOGADE; and a reduced set of public enterprises including Petróleos de Venezuela, S.A.
  - Methodological upgrades for nominal GDP: historical data and indicators as percent of GDP revised from 2012 onward.
  - For most indicators, data for 2018–22 are IMF staff estimates.
  - “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 owing to unusually high uncertainty.
  - Annual unemployment rate data available up to 2022.
- Zimbabwe:
  - Authorities redenominated national accounts statistics after introducing the Zimbabwe gold on April 5, 2024; use of the Zimbabwe dollar ceased on April 30, 2024.

### Classification of economies (WEO)
- Two major groups: advanced economies and emerging market and developing economies (classification not based on strict criteria).
- Advanced economies:
  - Table B lists 41 advanced economies.
  - Subgroup of seven largest by GDP at market exchange rates: United States, Japan, Germany, France, Italy, the United Kingdom, and Canada (the Group of Seven).
  - Euro area members distinguished as a subgroup; composites cover current members for all years.
- Emerging market and developing economies:
  - Comprise 155 economies.
  - Regional breakdowns: emerging and developing Asia; emerging and developing Europe; Latin America and the Caribbean; Middle East and Central Asia; sub-Saharan Africa.
  - Analytical classifications include source of export earnings (fuel, nonfuel, nonfuel primary products) and external financing source (net creditor, net debtor, HIPCs, LIDCs, EMMIEs).
  - Source-of-export-earnings criterion: main source exceeds 50 percent of total exports on average between 2019 and 2023.
  - Net debtor classification: latest net international investment position < 0 or current account balance accumulations from 1972 (or earliest available data) to 2023 were negative.
  - During 2019–23, 41 economies incurred external payments arrears or entered into official or commercial bank debt-rescheduling agreements.

### Key statistical aggregates (Table A highlights, 2023)
- Advanced Economies: Number of Economies: 41.
- Advanced Economies: GDP share 100.0 40.7 100.0 61.8 100.0 13.8.
- United States: 37.0 15.0 16.1 9.9 30.7 4.2.
- Euro Area: 20; 29.3 11.9 42.6 26.3 31.8 4.4.
- Major Advanced Economies (memorandum): 7; 72.4 29.5; 50.9 31.5; 71.2 9.9.
- Emerging Market and Developing Economies: Number of Economies: 155; World shares: 100.0 59.3 100.0 38.2 100.0 86.2.
- Emerging and Developing Asia: 30; 56.7 33.6 49.4 18.9 55.3 47.6.
- China: 31.6 18.7 29.7 11.3 20.7 17.9.
- India: 13.4 7.9 6.6 2.5 21.0 18.1.
- Analytical groups by source of export earnings:
  - Fuel 26; 9.8 5.8 16.0 6.1 9.7 8.4.
  - Nonfuel 127; 90.2 53.5 84.0 32.1 90.2 77.7.
  - Primary Products 35; 4.9 2.9 5.0 1.9 9.3 8.0.
- By external financing source:
  - Net Debtor Economies 118; 48.8 28.9 42.5 16.2 67.1 57.8.
  - Economies with Arrears and/or Rescheduling during 2019–23 41; 5.7 3.4 3.9 1.5 12.6 10.9.

### Exceptional reporting periods and documentation (Table F and Table G summaries)
- Table F: Lists economies with exceptional national accounts or government finance reporting periods (examples: Afghanistan Apr/Mar; The Bahamas Jul/Jun; Bangladesh Jul/Jun; India Apr/Mar).
- Table G: Documentation for national accounts, CPI, government finance, and balance of payments indicating currency, historical data source, latest actual annual data, base year, SNA/ESA, chain-weighted methodology, government finance subsectors coverage and accounting practice (A = accrual, C = cash, CB = commitments basis, Mixed), balance of payments data source and BPM edition.

### Fiscal and monetary policy assumptions underlying projections (Box A1)
- Fiscal policy assumptions:
  - Short-term assumptions based on officially announced budgets adjusted for differences between authorities and IMF staff.
  - When no budget is announced, projections incorporate policy measures judged likely to be implemented.
  - Medium-term projections based on judgment about policies’ most likely path.
  - Where insufficient information on budget intentions, an unchanged structural primary balance is assumed unless indicated otherwise.
  - Country-specific fiscal bases include Argentina, Australia, Austria, Belgium, Brazil, Canada, China, France, Germany, India, Italy, Japan, Korea, Mexico, Netherlands, New Zealand, Portugal, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Türkiye, United Kingdom, United States.
- Monetary policy assumptions:
  - Assumed to follow established policy frameworks; generally nonaccommodative over the business cycle.
  - Country-specific assumptions include:
    - Canada: gradual unwinding of monetary policy tightening as inflation returns to 2 percent by early 2025.
    - Denmark: maintain the peg to the euro.
    - Euro area: drawn from models (semi-structural, DSGE, Taylor rule), market expectations, and ECB communications.
    - Hong Kong SAR: currency board system assumed intact.
    - India: projections consistent with Reserve Bank of India’s inflation target over the medium term.
    - Russia: Central Bank adopting a tight monetary policy stance.
    - Saudi Arabia: continuation of exchange rate peg to the US dollar.
    - Singapore: broad money projected to grow in line with projected growth in nominal GDP; includes policy changes such as GST and carbon tax increases noted for FY2024 projections.
    - South Africa: maintain inflation within 3–6 percent target band.
    - United States: IMF staff expects the FOMC to continue to adjust the federal funds target rate in line with macro outlook.

### PPP weights revision (Box A2) and impact
- PPP source and update:
  - PPPs sourced from the ICP, maintained by the World Bank.
  - New PPPs released in May 2024 for the 2021 reference year; revised 2017 and annual PPP estimates for 2018–20 released.
  - October 2024 WEO: PPPs derived by taking new 2017–21 data and extrapolating to all years using growth rates in relative GDP deflators (country GDP deflator divided by US GDP deflator).
  - PPPGDP = NGDP / PPPEX.
- Result of update:
  - Price levels estimated lower for most countries compared with extrapolated data from previous ICP release, so PPP-based GDP is estimated higher for both advanced and emerging market and developing economies.
  - Relative increase in PPP GDP larger for emerging market and developing economies than for advanced economies; share of advanced economies in world GDP decreased.
  - Author of Box A2: Evgenia Weaver.

### Changes in world GDP shares from PPP revisions
- Advanced economies share of world GDP:
  - Previous (ICP 2017-based) 2024: 40.9 percent
  - New (ICP 2021-based) 2024: 40.2 percent
  - Difference (2024 new minus previous): –0.7 percentage point
- Emerging market and developing economies share of world GDP:
  - Previous (ICP 2017-based) 2024: 59.1 percent
  - New (ICP 2021-based) 2024: 59.8 percent
  - Difference (2024 new minus previous): 0.7 percentage point
- Drivers of revisions:
  - Advanced economies revision driven mostly by the decline in the United States share.
  - Among emerging market and developing economies, Russia and India drove most of the upward revision.
  - The Middle East and Central Asia share of world GDP decreased by 0.3 percentage point in 2024.
- PPP versus market exchange rate shares (2024):
  - PPP-based share of world GDP for emerging market and developing economies is generally higher than the market exchange rate share of 41.2 percent.
  - For advanced economies, PPP-based share is lower than the market exchange rate share of 58.8 percent.

### Selected country and regional PPP share values (Table A2.1 highlights)
- Advanced Economies (2017/2021/2024 previous; 2017/2021/2024 new; 2024 difference; 2024 market US dollar share):
  - Advanced Economies: 44.0 / 42.3 / 40.9 ; 43.6 / 41.6 / 40.2 ; –0.7 ; 58.8
  - United States: 16.0 / 15.9 / 15.6 ; 15.9 / 15.2 / 15.0 ; –0.6 ; 26.5
  - Germany: 3.7 / 3.4 / 3.1 ; 3.6 / 3.4 / 3.1 ; 0.0 ; 4.3
  - France: 2.4 / 2.3 / 2.2 ; 2.4 / 2.4 / 2.2 ; 0.0 ; 2.9
  - Italy: 2.1 / 1.9 / 1.8 ; 2.0 / 1.9 / 1.8 ; 0.0 ; 2.2
  - Spain: 1.5 / 1.4 / 1.4 ; 1.5 / 1.3 / 1.4 ; 0.0 ; 1.6
  - Japan: 4.3 / 3.8 / 3.6 ; 4.3 / 3.6 / 3.4 ; –0.2 ; 3.7
  - United Kingdom: 2.5 / 2.3 / 2.2 ; 2.5 / 2.3 / 2.2 ; 0.0 ; 3.3
  - Canada: 1.4 / 1.4 / 1.3 ; 1.4 / 1.4 / 1.3 ; 0.0 ; 2.0
  - Other Advanced Economies: 6.9 / 6.8 / 6.6 ; 6.9 / 6.8 / 6.6 ; 0.0 ; 8.3
- Emerging Market and Developing Economies (selected):
  - Emerging Market and Developing Economies: 56.0 / 57.7 / 59.1 ; 56.4 / 58.4 / 59.8 ; 0.7 ; 41.2
  - Emerging and Developing Asia: 29.6 / 32.2 / 33.9 ; 30.1 / 32.5 / 34.3 ; 0.4 ; 23.9
  - China: 16.1 / 18.4 / 18.9 ; 16.6 / 18.5 / 19.1 ; 0.2 ; 16.6
  - India: 6.7 / 7.0 / 7.9 ; 6.8 / 7.3 / 8.2 ; 0.3 ; 3.5
  - Emerging and Developing Europe: 7.5 / 7.6 / 7.4 ; 7.4 / 8.1 / 7.8 ; 0.4 ; 5.0
  - Russia: 3.1 / 3.1 / 2.9 ; 3.1 / 3.7 / 3.6 ; 0.7 ; 2.0
  - Latin America and the Caribbean: 8.0 / 7.3 / 7.2 ; 7.9 / 7.3 / 7.2 ; 0.0 ; 6.1
  - Brazil: 2.5 / 2.3 / 2.3 ; 2.4 / 2.4 / 2.4 ; 0.1 ; 2.0
  - Mexico: 2.1 / 1.9 / 1.8 ; 2.0 / 1.7 / 1.7 ; –0.1 ; 1.7
  - Middle East and Central Asia: 7.8 / 7.5 / 7.5 ; 7.8 / 7.3 / 7.2 ; –0.3 ; 4.5
  - Saudi Arabia: 1.3 / 1.3 / 1.2 ; 1.3 / 1.1 / 1.1 ; –0.1 ; 1.0
  - Sub-Saharan Africa: 3.1 / 3.1 / 3.1 ; 3.2 / 3.2 / 3.2 ; 0.1 ; 1.7
  - Nigeria: 0.8 / 0.8 / 0.8 ; 0.8 / 0.8 / 0.8 ; 0.0 ; 0.2
  - South Africa: 0.6 / 0.6 / 0.6 ; 0.6 / 0.5 / 0.5 ; –0.1 ; 0.4
  - Emerging Market and Middle-Income Economies: 52.1 / 53.7 / 55.1 ; 52.4 / 54.3 / 55.7 ; 0.6 ; 39.2
  - Low-Income Developing Countries: 3.9 / 4.0 / 4.1 ; 3.9 / 4.1 / 4.2 ; 0.1 ; 2.0

### Impact of PPP revision on aggregate growth (Table A2.2 highlights)
- Overall assessment:
  - Given relatively small changes in world GDP shares, impact of new weights on world and regional aggregates is negligible.
  - Differences in aggregate real GDP growth rates (2023–25) derived using previous and new weights do not exceed 0.1 percentage point.
- Selected differences (previous; new; difference = new minus previous):
  - World:
    - Previous: 2023 3.3, 2024 3.2, 2025 3.2
    - New: 2023 3.3, 2024 3.2, 2025 3.2
    - Difference: 2023 0.0, 2024 0.0, 2025 0.0
  - Advanced Economies:
    - Previous: 2023 1.8, 2024 1.8, 2025 1.8
    - New: 2023 1.7, 2024 1.8, 2025 1.8
    - Difference: 2023 –0.1, 2024 0.0, 2025 0.0
  - Emerging Market and Developing Economies:
    - Previous: 2023 4.4, 2024 4.2, 2025 4.2
    - New: 2023 4.4, 2024 4.2, 2025 4.2
    - Difference: 2023 0.0, 2024 0.0, 2025 0.0
  - Emerging and Developing Europe:
    - Previous: 2023 3.4, 2024 3.1, 2025 2.3
    - New: 2023 3.3, 2024 3.2, 2025 2.2
    - Difference: 2023 –0.1, 2024 0.1, 2025 –0.1
  - Middle East and Central Asia:
    - Previous: 2023 2.0, 2024 2.4, 2025 4.0
    - New: 2023 2.1, 2024 2.4, 2025 3.9
    - Difference: 2023 0.1, 2024 0.0, 2025 –0.1
  - Sub-Saharan Africa:
    - Previous: 2023 3.5, 2024 3.6, 2025 4.1
    - New: 2023 3.6, 2024 3.6, 2025 4.2
    - Difference: 2023 0.1, 2024 0.0, 2025 0.1
  - Low-Income Developing Countries:
    - Previous: 2023 4.0, 2024 3.9, 2025 4.7
    - New: 2023 4.1, 2024 4.0, 2025 4.7
    - Difference: 2023 0.1, 2024 0.1, 2025 0.0

*Source: STATISTICAL APPENDIX, WORLD ECONOMIC OUTLOOK: POLICY PIVOT, RISING THREATS (October 2024), International Monetary Fund*

### 2024. For 2024 and 2025 these assumptions imply

### statsappendix - 2024. For 2024 and 2025 these assumptions imply

### Global baseline assumptions (2024–2025)
- Average US dollar–special drawing right conversion rates:
  - 2024: 1.331
  - 2025: 1.341
- US dollar–euro conversion rates:
  - 2024: 1.090
  - 2025: 1.097
- Yen–US dollar conversion rates:
  - 2024: 150.0
  - 2025: 143.6
- Oil price (average):
  - 2024: $81.29 a barrel
  - 2025: $72.84 a barrel
- Assumption on policies:
  - National authorities’ established policies are assumed to be maintained.
  - Box A1 (referenced in source) describes more specific policy assumptions for selected economies.

### Interest rate assumptions
- Three-month government bond yields (averages):
  - United States:
    - 2024: 5.4 percent
    - 2025: 3.9 percent
  - Euro area:
    - 2024: 3.5 percent
    - 2025: 2.8 percent
  - Japan:
    - 2024: 0.1 percent
    - 2025: 0.5 percent
- 10-year government bond yields (averages):
  - United States:
    - 2024: 4.1 percent
    - 2025: 3.5 percent
  - Euro area:
    - 2024: 2.4 percent
    - 2025: 2.5 percent
  - Japan:
    - 2024: 1.0 percent
    - 2025: 1.3 percent

### What’s New (methodological and data updates)
- Following the 2021 survey by the World Bank Group’s International Comparison Program, the WEO’s estimates of purchasing-power-parity weights and GDP valued at purchasing power parity have been updated. (See Box A2 in source.)
- Bangladesh: Fiscal year estimates of real GDP and purchasing-power-parity GDP are now used in country group aggregates.
- Zimbabwe: Authorities redenominated national accounts statistics following the introduction on April 5, 2024, of a new national currency, the Zimbabwe gold, replacing the Zimbabwe dollar. The use of the Zimbabwe dollar ceased on April 30, 2024.

### Data and conventions (coverage, standards, and aggregation)
- Database coverage:
  - Data and projections for 196 economies form the statistical basis of the WEO database.
  - Data maintained jointly by IMF’s Research Department and regional departments.
- Statistical standards and alignment:
  - Most macroeconomic data broadly conform to the 2008 version of the System of National Accounts (SNA 2008).
  - IMF sector statistical standards referenced: BPM6, Monetary and Financial Statistics Manual and Compilation Guide, Government Finance Statistics Manual 2014 (GFSM 2014).
  - WEO estimates are only partly adapted to the most recent versions of these manuals due to dependence on national statistical compilers’ revised country data.
- Fiscal gross and net debt:
  - Drawn from official data sources and IMF staff estimates.
  - While attempts are made to align with GFSM 2014 definitions, deviations can occur because of data limitations or country-specific circumstances.
- Composite construction and weighting conventions:
  - Composite data for country groups are sums or weighted averages of individual country data.
  - Unless noted otherwise, multiyear averages of growth rates are expressed as compound annual rates of change.
  - Arithmetically weighted averages are used for all data for the emerging market and developing economies group—except inflation and money growth, for which geometric averages are used.
  - Conventions:
    - Exchange rates, interest rates, and growth rates of monetary aggregates: weighted by GDP converted to US dollars at market exchange rates (averaged over the preceding three years) as a share of group GDP.
    - Other domestic-economy data (growth rates or ratios): weighted by GDP valued at purchasing power parity as a share of total world or group GDP.
    - Aggregation of inflation:
      - Advanced economies (and subgroups): annual rates are simple percent changes from the previous years.
      - World and emerging market and developing economies (and subgroups): annual rates are based on logarithmic differences.
  - Specific composite rules:
    - Real GDP per capita in PPP terms: sums of individual country data after conversion to international dollars in the years indicated.
    - Euro area sector composites: corrected for reporting discrepancies in transactions within the area unless noted otherwise.
    - Unadjusted annual GDP data used for the euro area and most individual countries; 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.
    - Unemployment and employment composites: weighted by labor force as a share of group labor force.
    - External sector composites: sums after conversion to US dollars at average market exchange rates for balance of payments data and at end-of-year market exchange rates for debt denominated in currencies other than US dollars.
    - Foreign trade volume and price composites: arithmetic averages of percent changes for individual countries weighted by US dollar value of exports or imports as a share of total world or group exports or imports (in the preceding year).
  - Group composites computed if 90 percent or more of the share of group weights is represented.
- Temporal conventions:
  - Data refer to calendar years, except for a few countries that use fiscal years (Table F in source lists exceptions).
  - For some countries, figures for 2023 and earlier are based on estimates rather than actual outturns; Table G in source lists latest actual outturns for indicators.
- Notes on PPP weights and methodology references:
  - See Box A2 in the October 2024 WEO for a summary of revised PPP-based weights and historical references listed in the source.

### Country-specific notes (selected entries from Country Notes)
- Afghanistan:
  - Data for 2021–23 are reported for selected indicators, with estimates for fiscal data.
  - Estimates and projections for 2024–29 are omitted because the IMF has paused engagement owing to lack of clarity within the international community regarding the recognition of a government.
  - WEO data contain a structural break in 2021 due to change from calendar year to solar year reporting; 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, which mostly reflects support to the pension system and other public sector entities.
- Argentina:
  - Official national CPI starts in December 2016; earlier periods use a sequence of regional and city CPIs (Greater Buenos Aires Area CPI, IPCNu, City of Buenos Aires CPI).
  - WEO does not report average CPI inflation for 2014–16 and end-of-period inflation for 2015–16 due to limited comparability.
  - Argentina discontinued publication of labor market data starting Q4 2015; new series available starting Q2 2016.
- Costa Rica:
  - Central government definition expanded as of January 1, 2021, to include 51 public entities (Law 9524). Data back to 2019 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.
- Eritrea:
  - Data and projections for 2020–29 are excluded because of constraints in data reporting.
- India:
  - Real GDP growth rates calculated in accordance with national accounts with base year 2011/12.
- Iran:
  - Nominal GDP in US dollars: official exchange rate used up to 2017; from 2018 onward, the NIMA exchange rate is used to convert nominal rial GDP into US dollars.
- Israel:
  - Projections subject to heightened uncertainty owing to the conflict in the region and may undergo revisions.
- Lebanon:
  - Fiscal and national accounts data for 2022–23 and debt data for 2023 are IMF staff estimates and not provided by national authorities.
  - Estimates and projections for 2024–29 are omitted owing to an unusually high degree of uncertainty.
- Sierra Leone:
  - Currency was redenominated on July 1, 2022; local currency data are expressed in the old leone for the October 2024 WEO.
- Sri Lanka:
  - Data and projections for 2023–29 are excluded from publication owing to ongoing discussions on restructuring of sovereign debt.
- Sudan:
  - Projections reflect IMF staff analysis assuming the ongoing conflict will terminate by the end of 2024 and that reengagement and reconstruction will commence shortly thereafter.
  - Data for 2011 exclude South Sudan after July 9; data for 2012 onward pertain to the current Sudan.
- Syria:
  - Data excluded from 2011 onward because of the uncertain political situation.
- Timor-Leste:
  - Published real GDP refers to non-oil real GDP; published nominal GDP refers to total nominal GDP.
- Turkmenistan:
  - Real GDP data are IMF staff estimates compiled in line with SNA, using official estimates and United Nations and World Bank databases.
  - 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 these proceeds.
- Ukraine:
  - Revised national accounts data available for 2000 onward and exclude Crimea and Sevastopol from 2010 onward.
- Uruguay:
  - December 2020: authorities began reporting national accounts data according to SNA 2008, base year 2016; new series begin in 2016.
  - Data prior to 2016 reflect IMF staff’s efforts to preserve previously reported data and avoid structural breaks.
  - Public pension system transfers (Law 19,590 of 2017) recorded as revenues; these transfers affected data for 2018–22 and amounted to:
    - 2018: 1.2 percent of GDP
    - 2019: 1.0 percent of GDP

*Source: STATISTICAL APPENDIX, WORLD ECONOMIC OUTLOOK: POLICY PIVOT, RISING THREATS (October 2024), International Monetary Fund*

### 0.6 percent of GDP in 2020, 0.3 percent of GDP in

### statsappendix - 0.6 percent of GDP in 2020, 0.3 percent of GDP in

### Fiscal data coverage and revisions
- Uruguay: Coverage of fiscal data was changed from consolidated public sector to nonfinancial public sector with the October 2019 WEO.
- Uruguay: Nonfinancial public sector includes the central government, local government, social security funds, nonfinancial public corporations, and Banco de Seguros del Estado.
- Uruguay: Historical data were revised accordingly.
- Uruguay: Under the narrower fiscal perimeter (which excludes the central bank), assets and liabilities held by the nonfinancial public sector for which the counterpart is the central bank are not netted out in debt figures.
- Uruguay: Capitalization bonds issued in the past by the government to the central bank are now part of the nonfinancial public sector debt.
- Note: “The disclaimer about the public pension system applies only to the revenues and net lending/borrowing series.”

### Country-specific data caveats and special cases
- Venezuela:
  - Lack of discussions with the authorities (most recent Article IV consultation took place in 2004).
  - Incomplete metadata for limited reported statistics and difficulties reconciling reported indicators with economic developments.
  - Fiscal accounts include the budgetary central government; social security; FOGADE; and a reduced set of public enterprises, including Petróleos de Venezuela, S.A.
  - Methodological upgrades to achieve a more robust nominal GDP: historical data and indicators expressed as a percentage of GDP have been revised from 2012 onward.
  - For most indicators, data for 2018–22 are IMF staff estimates.
  - The effects of hyperinflation and paucity of reported data mean IMF staff’s projected macroeconomic indicators 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.
  - Annual data for the unemployment rate are available up to 2022.
- Zimbabwe:
  - Authorities redenominated national accounts statistics following the introduction on April 5, 2024, of a new national currency, the Zimbabwe gold, replacing the Zimbabwe dollar.
  - The use of the Zimbabwe dollar ceased on April 30, 2024.

### Classification of economies (WEO)
- Two major groups: advanced economies and emerging market and developing economies.
- Classification is not based on strict criteria and has evolved over time; objective is to facilitate analysis by organizing data.
- Some economies are outside the classification (examples: Cuba and the Democratic People’s Republic of Korea are not IMF members and therefore not monitored).

Advanced economies
- Table B lists 41 advanced economies.
- Subgroup of seven largest by GDP at market exchange rates: United States, Japan, Germany, France, Italy, the United Kingdom, and Canada (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
- Comprise 155 economies (all those not classified as advanced economies).
- Regional breakdowns: emerging and developing Asia; emerging and developing Europe; Latin America and the Caribbean; Middle East and Central Asia; sub-Saharan Africa.
- Analytical classifications include source of export earnings (fuel, nonfuel, nonfuel primary products) and external financing source (net creditor, net debtor, HIPCs, LIDCs, EMMIEs).
- Source-of-export-earnings criterion: main source exceeds 50 percent of total exports on average between 2019 and 2023.
- Net debtor classification: latest net international investment position < 0 or current account balance accumulations from 1972 (or earliest available data) to 2023 were negative.
- During 2019–23, 41 economies incurred external payments arrears or entered into official or commercial bank debt-rescheduling agreements (referred to as economies with arrears and/or rescheduling during 2019–23).

### Key statistical aggregates (Table A highlights, 2023)
- Advanced Economies: Number of Economies: 41.
- Advanced Economies: GDP share 100.0 40.7 100.0 61.8 100.0 13.8 (table-format preserved as in source).
- United States: 37.0 15.0 16.1 9.9 30.7 4.2 (table-format preserved).
- Euro Area: 20; 29.3 11.9 42.6 26.3 31.8 4.4 (table-format preserved).
- Major Advanced Economies (memorandum): 7; 72.4 29.5; 50.9 31.5; 71.2 9.9 (table-format preserved).
- Emerging Market and Developing Economies: Number of Economies: 155; Emerging Market and Developing Economies World shares: 100.0 59.3 100.0 38.2 100.0 86.2 (table-format preserved).
- Emerging and Developing Asia: 30; 56.7 33.6 49.4 18.9 55.3 47.6 (table-format preserved).
- China: 31.6 18.7 29.7 11.3 20.7 17.9 (table-format preserved).
- India: 13.4 7.9 6.6 2.5 21.0 18.1 (table-format preserved).
- Analytical groups by source of export earnings: Fuel 26; 9.8 5.8 16.0 6.1 9.7 8.4 (table-format preserved). Nonfuel 127; 90.2 53.5 84.0 32.1 90.2 77.7. Of which, Primary Products 35; 4.9 2.9 5.0 1.9 9.3 8.0.
- By external financing source: Net Debtor Economies 118; 48.8 28.9 42.5 16.2 67.1 57.8. Of which, Economies with Arrears and/or Rescheduling during 2019–23 41; 5.7 3.4 3.9 1.5 12.6 10.9.

### Exceptional reporting periods and documentation (Table F and Table G summaries)
- Table F: Lists economies with exceptional national accounts or government finance reporting periods (examples include Afghanistan Apr/Mar; The Bahamas Jul/Jun; Bangladesh Jul/Jun Jul/Jun; India Apr/Mar Apr/Mar).
- Table G: Key data documentation provided for national accounts, prices (CPI), government finance, and balance of payments for each economy, indicating:
  - Currency, historical data source, latest actual annual data, base year, system of national accounts (SNA/ESA), use of chain-weighted methodology.
  - Government finance subsectors coverage and accounting practice (A = accrual, C = cash, CB = commitments basis, Mixed).
  - Balance of payments historical data source and latest actual annual data, and BPM edition in use (BPM 6 commonly).

### Fiscal and monetary policy assumptions underlying projections (Box A1)
Fiscal policy assumptions
- Short-term fiscal policy assumptions normally based on officially announced budgets adjusted for differences between national authorities and IMF staff regarding macro assumptions and projected fiscal outturns.
- When no official budget announced, projections incorporate policy measures judged likely to be implemented.
- Medium-term fiscal projections based on judgment about policies’ most likely path.
- Where insufficient information on authorities’ budget intentions, an unchanged structural primary balance is assumed unless indicated otherwise.
- Country-specific fiscal projection notes include (preserved text excerpts):
  - Argentina: based on available information regarding budget outturn, budget plans, and IMF-supported program targets for the federal government; fiscal measures announced by the authorities; IMF staff macroeconomic projections.
  - Australia: based on Australian Bureau of Statistics, FY2024/25 budgets published by Commonwealth and state/territory governments, and IMF staff estimates and projections.
  - Austria: based on authorities’ latest medium-term plans, adjusted for IMF staff macro assumptions and assuming some moderate expenditure restraint.
  - Belgium: based on the 2024 Budgetary Plan and other available information.
  - Brazil: based on authorities’ budget proposal, fiscal measures announced, and staff estimates.
  - Canada: uses baseline forecasts from Government of Canada’s Budget 2024 and is adjusted for one-time disbursements and provincial updates.
  - China: incorporates the 2024 budget and estimates of off-budget financing.
  - France, Germany, India, Italy, Japan, Korea, Mexico, Netherlands, New Zealand, Portugal, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Türkiye, United Kingdom, United States — fiscal projection bases and notable assumptions are described in country-specific notes (see source for full list and exact wording).

Monetary policy assumptions
- Assumed to follow established policy frameworks in each economy; generally nonaccommodative over the business cycle (rates increase if inflation above acceptable rate/range, decrease when inflation not a threat and slack exists).
- Country-specific monetary assumptions include:
  - Canada: projections reflect gradual unwinding of monetary policy tightening as inflation returns to 2 percent by early 2025.
  - Denmark: maintain the peg to the euro.
  - Euro area: drawn from models (semi-structural, DSGE, Taylor rule), market expectations, and ECB communications.
  - Hong Kong SAR: currency board system assumed intact.
  - India: projections consistent with Reserve Bank of India’s inflation target over the medium term.
  - Russia: assumes Central Bank adopting a tight monetary policy stance.
  - Saudi Arabia: continuation of exchange rate peg to the US dollar.
  - Singapore: broad money projected to grow in line with projected growth in nominal GDP; includes policy changes such as GST and carbon tax increases noted for FY2024 projections.
  - South Africa: maintain inflation within 3–6 percent target band.
  - United States: IMF staff expects the Federal Open Market Committee to continue to adjust the federal funds target rate in line with macro outlook.
- Many other country-specific monetary policy assumptions are listed in Box A1 (preserved wording in source).

### PPP weights revision (Box A2)
- PPPs sourced from the International Comparison Program (ICP), maintained by the World Bank.
- New PPPs released in May 2024 for the 2021 reference year; revised 2017 and annual PPP estimates for 2018–20 were also released.
- In October 2024 WEO, PPPs derived by taking new 2017–21 data and extrapolating to all years using growth rates in relative GDP deflators (country GDP deflator divided by US GDP deflator).
- PPPGDP = NGDP / PPPEX (where NGDP is nominal GDP in local currency and PPPEX is the PPP exchange rate).
- Result of update: price levels estimated to be lower for most countries compared with extrapolated data from previous ICP release, so PPP-based GDP is estimated higher for both advanced and emerging market and developing economies.
- Relative increase in PPP GDP was larger for emerging market and developing economies than for advanced economies; consequently, the share of advanced economies in world GDP decreased.
- Author of Box A2: Evgenia Weaver.

_Italic source: International Monetary Fund, STATISTICAL APPENDIX, World Economic Outlook: Policy Pivot, Rising Threats (October 2024)._

### 40.9 percent, based on the previous PPP measures

### statsappendix - 40.9 percent, based on the previous PPP measures

### Changes in world GDP shares from PPP revisions
- Advanced economies share of world GDP:
  - Previous (ICP 2017-based) 2024: 40.9 percent
  - New (ICP 2021-based) 2024: 40.2 percent
  - Difference (2024 new minus previous): –0.7 percentage point
- Emerging market and developing economies share of world GDP:
  - Previous (ICP 2017-based) 2024: 59.1 percent
  - New (ICP 2021-based) 2024: 59.8 percent
  - Difference (2024 new minus previous): 0.7 percentage point
- Drivers of revisions:
  - Advanced economies revision driven mostly by the decline in the United States share.
  - Among emerging market and developing economies, Russia and India drove most of the upward revision.
  - The Middle East and Central Asia share of world GDP decreased by 0.3 percentage point in 2024.
- PPP versus market exchange rate shares (2024):
  - PPP-based share of world GDP for emerging market and developing economies is generally higher than the market exchange rate share of 41.2 percent (column 8).
  - For advanced economies, PPP-based share is lower than the market exchange rate share of 58.8 percent (column 8).

### Selected country and regional PPP share values (Table A2.1 highlights)
- Advanced Economies (2017/2021/2024 previous; 2017/2021/2024 new; 2024 difference; 2024 market US dollar share):
  - Advanced Economies: 44.0 / 42.3 / 40.9 ; 43.6 / 41.6 / 40.2 ; –0.7 ; 58.8
  - United States: 16.0 / 15.9 / 15.6 ; 15.9 / 15.2 / 15.0 ; –0.6 ; 26.5
  - Germany: 3.7 / 3.4 / 3.1 ; 3.6 / 3.4 / 3.1 ; 0.0 ; 4.3
  - France: 2.4 / 2.3 / 2.2 ; 2.4 / 2.4 / 2.2 ; 0.0 ; 2.9
  - Italy: 2.1 / 1.9 / 1.8 ; 2.0 / 1.9 / 1.8 ; 0.0 ; 2.2
  - Spain: 1.5 / 1.4 / 1.4 ; 1.5 / 1.3 / 1.4 ; 0.0 ; 1.6
  - Japan: 4.3 / 3.8 / 3.6 ; 4.3 / 3.6 / 3.4 ; –0.2 ; 3.7
  - United Kingdom: 2.5 / 2.3 / 2.2 ; 2.5 / 2.3 / 2.2 ; 0.0 ; 3.3
  - Canada: 1.4 / 1.4 / 1.3 ; 1.4 / 1.4 / 1.3 ; 0.0 ; 2.0
  - Other Advanced Economies: 6.9 / 6.8 / 6.6 ; 6.9 / 6.8 / 6.6 ; 0.0 ; 8.3
- Emerging Market and Developing Economies (selected):
  - Emerging Market and Developing Economies: 56.0 / 57.7 / 59.1 ; 56.4 / 58.4 / 59.8 ; 0.7 ; 41.2
  - Emerging and Developing Asia: 29.6 / 32.2 / 33.9 ; 30.1 / 32.5 / 34.3 ; 0.4 ; 23.9
  - China: 16.1 / 18.4 / 18.9 ; 16.6 / 18.5 / 19.1 ; 0.2 ; 16.6
  - India: 6.7 / 7.0 / 7.9 ; 6.8 / 7.3 / 8.2 ; 0.3 ; 3.5
  - Emerging and Developing Europe: 7.5 / 7.6 / 7.4 ; 7.4 / 8.1 / 7.8 ; 0.4 ; 5.0
  - Russia: 3.1 / 3.1 / 2.9 ; 3.1 / 3.7 / 3.6 ; 0.7 ; 2.0
  - Latin America and the Caribbean: 8.0 / 7.3 / 7.2 ; 7.9 / 7.3 / 7.2 ; 0.0 ; 6.1
  - Brazil: 2.5 / 2.3 / 2.3 ; 2.4 / 2.4 / 2.4 ; 0.1 ; 2.0
  - Mexico: 2.1 / 1.9 / 1.8 ; 2.0 / 1.7 / 1.7 ; –0.1 ; 1.7
  - Middle East and Central Asia: 7.8 / 7.5 / 7.5 ; 7.8 / 7.3 / 7.2 ; –0.3 ; 4.5
  - Saudi Arabia: 1.3 / 1.3 / 1.2 ; 1.3 / 1.1 / 1.1 ; –0.1 ; 1.0
  - Sub-Saharan Africa: 3.1 / 3.1 / 3.1 ; 3.2 / 3.2 / 3.2 ; 0.1 ; 1.7
  - Nigeria: 0.8 / 0.8 / 0.8 ; 0.8 / 0.8 / 0.8 ; 0.0 ; 0.2
  - South Africa: 0.6 / 0.6 / 0.6 ; 0.6 / 0.5 / 0.5 ; –0.1 ; 0.4
  - Emerging Market and Middle-Income Economies: 52.1 / 53.7 / 55.1 ; 52.4 / 54.3 / 55.7 ; 0.6 ; 39.2
  - Low-Income Developing Countries: 3.9 / 4.0 / 4.1 ; 3.9 / 4.1 / 4.2 ; 0.1 ; 2.0

### Impact of PPP revision on aggregate growth (Table A2.2 highlights)
- Overall assessment: Given relatively small changes in world GDP shares, impact of new weights on world and regional aggregates is negligible.
- Differences in aggregate real GDP growth rates (2023–25) derived using previous and new weights:
  - Differences are small (columns 7–9), not exceeding 0.1 percentage point in either direction.
  - Differences are driven by changes in weights for some of the slower- or faster-growing economies within those groups.
- Selected aggregate real GDP growth rates (previous weights; new weights; difference = new minus previous):
  - World:
    - Previous: 2023 3.3, 2024 3.2, 2025 3.2
    - New: 2023 3.3, 2024 3.2, 2025 3.2
    - Difference: 2023 0.0, 2024 0.0, 2025 0.0
  - Advanced Economies:
    - Previous: 2023 1.8, 2024 1.8, 2025 1.8
    - New: 2023 1.7, 2024 1.8, 2025 1.8
    - Difference: 2023 –0.1, 2024 0.0, 2025 0.0
  - Other Advanced Economies:
    - Previous: 2023 1.9, 2024 2.1, 2025 2.2
    - New: 2023 1.8, 2024 2.1, 2025 2.2
    - Difference: 2023 –0.1, 2024 0.0, 2025 0.0
  - Emerging Market and Developing Economies:
    - Previous: 2023 4.4, 2024 4.2, 2025 4.2
    - New: 2023 4.4, 2024 4.2, 2025 4.2
    - Difference: 2023 0.0, 2024 0.0, 2025 0.0
  - Emerging and Developing Asia:
    - Previous: 2023 5.7, 2024 5.3, 2025 5.0
    - New: 2023 5.7, 2024 5.3, 2025 5.0
    - Difference: 2023 0.0, 2024 0.0, 2025 0.0
  - Emerging and Developing Europe:
    - Previous: 2023 3.4, 2024 3.1, 2025 2.3
    - New: 2023 3.3, 2024 3.2, 2025 2.2
    - Difference: 2023 –0.1, 2024 0.1, 2025 –0.1
  - Latin America and the Caribbean:
    - Previous: 2023 2.3, 2024 2.1, 2025 2.5
    - New: 2023 2.2, 2024 2.1, 2025 2.5
    - Difference: 2023 –0.1, 2024 0.0, 2025 0.0
  - Middle East and Central Asia:
    - Previous: 2023 2.0, 2024 2.4, 2025 4.0
    - New: 2023 2.1, 2024 2.4, 2025 3.9
    - Difference: 2023 0.1, 2024 0.0, 2025 –0.1
  - Sub-Saharan Africa:
    - Previous: 2023 3.5, 2024 3.6, 2025 4.1
    - New: 2023 3.6, 2024 3.6, 2025 4.2
    - Difference: 2023 0.1, 2024 0.0, 2025 0.1
  - Emerging Market and Middle-Income Economies:
    - Previous: 2023 4.4, 2024 4.2, 2025 4.2
    - New: 2023 4.4, 2024 4.2, 2025 4.2
    - Difference: 2023 0.0, 2024 0.0, 2025 0.0
  - Low-Income Developing Countries:
    - Previous: 2023 4.0, 2024 3.9, 2025 4.7
    - New: 2023 4.1, 2024 4.0, 2025 4.7
    - Difference: 2023 0.1, 2024 0.1, 2025 0.0

*Source: IMF staff calculations.*

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