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### Exchange rate and commodity price assumptions
- US dollar–euro conversion rates: 1.328 and 1.336.
- Euro–US dollar conversion rates: 1.077 and 1.083.
- Yen–US dollar conversion rates: 149.2 and 146.1.
- Oil price assumptions:
  - $66.94 a barrel in 2025.
  - $62.38 a barrel in 2026.
- National authorities’ established policies are assumed to be maintained.

### Interest rate assumptions
- Three-month government bond yields (average):
  - United States: 4.2 percent in 2025 and 3.5 percent in 2026.
  - Euro area: 2.2 percent in 2025 and 2.1 percent in 2026.
  - Japan: 0.5 percent in 2025 and 0.8 percent in 2026.
- 10-year government bond yields (average):
  - United States: 4.2 percent in 2025 and 3.8 percent in 2026.
  - Euro area: 2.6 percent in 2025 and 2.7 percent in 2026.
  - Japan: 1.4 percent in 2025 and 1.6 percent in 2026.

### What’s new (coverage changes)
- Bolivia: Projections for 2027–30 have been omitted because of significant uncertainty regarding the economic outlook.
- Ecuador: Fiscal projections for 2025–30 are excluded from publication because of ongoing program discussions.

### Data scope, standards, and aggregation conventions
- Data and projections cover 196 economies.
- Data maintenance: jointly by the IMF’s Research Department and regional departments.
- Most countries’ macroeconomic data in the WEO broadly conform to the 2008 version of the System of National Accounts (SNA 2008).
- IMF sector statistical standards referenced: sixth edition of the Balance of Payments and International Investment Position Manual (BPM6), the Monetary and Financial Statistics Manual and Compilation Guide, and the Government Finance Statistics Manual 2014 (GFSM 2014).
- Adaptation to newer manuals is ongoing; WEO estimates are only partly adapted to the most recent versions.
- Fiscal gross and net debt data: drawn from official sources and IMF staff estimates; alignment with GFSM 2014 attempted but deviations can occur.
- Composite construction and weighting:
  - Country group composites for exchange rates, interest rates, and growth rates of monetary aggregates are weighted by GDP converted to US dollars at market exchange rates (averaged over the preceding three years) as a share of group GDP.
  - Composites for other domestic-economy data are weighted by GDP valued at purchasing power parity as a share of total world or group GDP.
  - For emerging market and developing economies group, arithmetically weighted averages are used for all data except inflation and money growth, for which geometric averages are used.
  - 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.
  - Composites for real GDP per capita in purchasing-power-parity terms are sums of individual country data after conversion to international dollars.
  - Fiscal data composites are sums after conversion to US dollars at average market exchange rates in the years indicated.
  - External sector composites: sums after conversion to US dollars at average market exchange rates for balance of payments data and at end-of-year market exchange rates for debt denominated in currencies other than US dollars.
  - Composites of changes in foreign trade volumes and prices: arithmetic averages of percent changes 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 computed if 90 percent or more of the share of group weights is represented.
- Data refer to calendar years except for a few countries with fiscal years; multiyear averages of growth rates are compound annual rates of change unless noted otherwise.

### Selected country-specific data and reporting notes
- Afghanistan:
  - Data for 2021–23 reported for selected indicators, with estimates for fiscal data; estimates and projections for 2024–30 are omitted.
  - Reported GDP growth rate for solar year 2021 is –20.7 percent (structural break due to change from calendar year to solar year reporting).
- Algeria: Total government expenditure and net lending/borrowing include net lending by the government, reflecting support to pension system and other public sector entities.
- Argentina:
  - Official national CPI starts in December 2016; prior series vary by region and period.
  - WEO does not report average CPI inflation for 2014–16 and end-of-period inflation for 2015–16.
  - Labor market data publication was discontinued starting Q4 2015; new series from Q2 2016.
- Bolivia: Projections for 2027–30 omitted because of significant uncertainty regarding the economic outlook.
- 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 varies by indicator; 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 projections for 2025–30 excluded because of ongoing program discussions.
- Eritrea: Data and projections for 2020–30 excluded from the database because of constraints in data reporting.
- India: Real GDP growth rates calculated in accordance with national accounts with base year 2011/12.
- Iran: Historical nominal GDP in US dollars uses official exchange rate up to 2017; from 2018 onward 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 2022–24 and debt data for 2023–24 are IMF staff estimates; estimates and projections for 2025–30 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 the April 2025 WEO.
- Sri Lanka: Data and projections for 2025–30 excluded owing to ongoing discussions on restructuring of sovereign debt.
- Sudan: Projections reflect IMF staff assumption that ongoing conflict will terminate by the end of 2025 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.
  - Fiscal balance estimates and projections exclude receipts from domestic bond issuances and privatization operations, consistent with GFSM 2014.
- Ukraine: Revised national accounts data available for 2000 onward and exclude Crimea and Sevastopol from 2010 onward.
- Uruguay:
  - Began reporting national accounts data according to SNA 2008 with base year 2016; new series begin in 2016.
  - Starting in October 2018, public pension system transfers recorded as revenues; transfers amounted to 1.2 percent of GDP in 2018 and 1.0 percent of GDP in 2019.

### Data coverage exceptions, revisions, and special notes
- Uruguay:
  - Coverage of fiscal data changed from consolidated public sector to nonfinancial public sector with the October 2019 WEO.
  - Nonfinancial public sector includes the central government, local government, social security funds, nonfinancial public corporations, and Banco de Seguros del Estado.
  - 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 in the past by the government to the central bank are now part of the nonfinancial public sector debt.
- Venezuela:
  - Projection and indicator construction are constrained by the lack of discussions with the authorities (the most recent Article IV consultation took place in 2004), incomplete metadata, and reconciliation difficulties.
  - Fiscal accounts include the budgetary central government; social security; FOGADE; and a reduced set of public enterprises, including Petróleos de Venezuela, S.A.
  - Historical data and indicators expressed as a percentage of GDP were revised from 2012 onward after methodological upgrades to nominal GDP.
  - For most indicators, data for 2018–24 are IMF staff estimates.
  - Hyperinflation effects and data paucity mean IMF staff estimates and projections should be interpreted with caution.
  - Venezuela’s consumer prices are excluded from all WEO group composites.
- West Bank and Gaza: Estimates and projections for 2024–30 are excluded from publication owing to the unusually high degree of uncertainty. The latest actual annual data for consumer prices are for 2024. Annual data for the unemployment rate are available up to 2022.
- Zimbabwe: The 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.
- Public pension disclaimer: The disclaimer about the public pension system applies only to the revenues and net lending/borrowing series.
- Projection treatment for missing budget information: When IMF staff have insufficient information to assess authorities’ budget intentions and prospects for policy implementation, an unchanged structural primary balance is assumed unless indicated otherwise.

### Classification of economies and group composition
- Principal division: world divided into two major groups—advanced economies and emerging market and developing economies.
- Advanced economies: 41 economies are listed as advanced economies. The seven largest by GDP (market exchange rates) constitute the subgroup of major advanced economies (the Group of Seven).
- Emerging market and developing economies: 155 economies (all those 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 (comprising Caucasus and Central Asia; and Middle East, North Africa, Afghanistan, and Pakistan); and sub-Saharan Africa.
- Analytical classifications:
  - Source of export earnings criterion: economies are categorized as fuel, nonfuel, or nonfuel primary products if the main source of export earnings exceeded 50 percent of total exports on average between 2019 and 2023.
  - Financial and income criteria: net creditor economies, net debtor economies, heavily indebted poor countries (HIPCs), low-income developing countries (LIDCs), and emerging market and middle-income economies (EMMIEs). Economies are categorized as net debtors when their latest net international investment position (where available) was less than zero or their current account balance accumulations from 1972 (or earliest available data) to 2023 were negative.
- Note on arrears/rescheduling: During 2019–23, 43 economies incurred external payments arrears or entered into official or commercial bank debt-rescheduling agreements; these are referred to as economies with arrears and/or rescheduling during 2019–23.

### Key counts and group shares
- Advanced Economies: 41 economies.
- Emerging Market and Developing Economies: 155 economies.
- Emerging Market and Middle-Income Economies: 96.
- Low-Income Developing Countries: 58.
- Heavily Indebted Poor Countries (HIPC): 39.

### Tables, documentation, and exceptional reporting periods (high-level)
- Table G (Key Data Documentation) includes per-country metadata on national accounts, prices (CPI), government finance, and balance of payments sources, latest actual annual data, base years, systems/manuals in use, and subsector coverage.
- Table F lists economies with exceptional reporting periods for national accounts and government finance (examples: Afghanistan Apr/Mar; Bangladesh Jul/Jun; India Apr/Mar).
- Notes on accounting practices (Table G): A = accrual accounting; C = cash accounting; CB = commitments basis accounting; Mixed = combination of accrual and cash accounting.
- Base year deflator note: Base year deflator is not equal to 100 in some cases because nominal GDP is not measured the same way as real GDP or because data are seasonally adjusted.

### Fiscal policy assumptions (general approach and selected cases)
- General rule: Short-term fiscal policy assumptions are normally based on officially announced budgets, adjusted for differences between national authorities and IMF staff regarding macroeconomic assumptions and projected fiscal outturns. When no official budget is announced, projections incorporate policy measures judged likely to be implemented. Medium-term fiscal projections are based on judgment about the most likely policy path.
- Default assumption: When IMF staff lack sufficient information on authorities’ budget intentions and policy-implementation prospects, an unchanged structural primary balance is assumed unless indicated otherwise.
- Selected country-specific phrasings:
  - Argentina: Fiscal projections are based on the available information regarding budget outturn, budget plans, and IMF-supported program targets for the federal government; on fiscal measures announced by the authorities; and on IMF staff macroeconomic projections.
  - Australia: Fiscal projections are based on data from the Australian Bureau of Statistics, the FY2025/26 budgets published by the Commonwealth Government and the FY2024/25 budgets published by the respective state/territory governments, and the IMF staff’s estimates and projections.
  - China: Staff fiscal projections incorporate the 2025 budget as well as estimates of off-budget financing.
  - India: Projections are based on available information on the authorities’ fiscal plans, with adjustments for IMF staff assumptions. General government data cover only central and state governments; state government data are incorporated with a lag of up to one year. Starting with FY2020/21 data, expenditure also includes the off-budget component of food subsidies, consistent with the revised treatment of food subsidies in the budget. The IMF staff adjusts expenditure to take out payments for previous years’ food subsidies, which are included as expenditure in budget estimates for FY2020/21.
  - Russia: Fiscal rule suspended in March 2022; 2023–25 budget used a modified rule with benchmark oil and gas revenues fixed in rubles at Rub 8 trillion; Ministry of Finance proposed reverting to earlier fiscal rule with benchmark oil price at $60 a barrel effective in the 2025 budget; new rule allows for higher oil and gas revenues to be spent while targeting a smaller primary structural deficit.
  - Saudi Arabia: Reference fiscal projections are based primarily on understanding of government policies as outlined in the 2025 budget and recent official announcements. Export oil revenues are based on WEO reference oil price assumptions and IMF staff understanding of OPEC+ production adjustments.
  - United Kingdom: Fiscal projections are based on the October 2024 forecast from the Office for Budget Responsibility (OBR) and the January 2025 release on public sector finances from the Office for National Statistics. IMF staff projections take the OBR forecast as a reference and overlay adjustments for differences in assumptions. The IMF staff’s forecasts do not necessarily assume that the UK fiscal rules will be met at the end of the forecast period. Data are presented on a calendar year basis.
  - United States: Fiscal projections are based on the January 2025 Congressional Budget Office baseline, adjusted for IMF staff policy and macroeconomic assumptions. Projections incorporate the effects of the Fiscal Responsibility Act.

### Monetary policy assumptions (general approach and selected cases)
- General rule: Monetary policy assumptions are based on the established policy framework in each economy. In most cases, this implies a nonaccommodative stance over the business cycle: official interest rates increase when indicators suggest inflation will rise above acceptable range; they decrease when indicators suggest inflation will not exceed the acceptable range and output growth is below potential.
- Country-specific phrasings:
  - Canada: Projections reflect the gradual unwinding of monetary policy tightening by the Bank of Canada as inflation slowly returns to its mid-range target of 2 percent by early 2025.
  - Euro area: Monetary policy assumptions drawn from a suite of models (semi-structural, DSGE, Taylor rule), market expectations, and European Central Bank Governing Council communications.
  - India: Monetary policy projections are consistent with achieving the Reserve Bank of India’s inflation target over the medium term.
  - Japan: Monetary policy assumptions are based on IMF staff assessment of the most likely path for interest rates, considering the broader macroeconomic outlook, the Bank of Japan’s communications, and market expectations.
  - Russia: Monetary policy projections assume that the Central Bank of the Russian Federation is adopting a tight monetary policy stance.
  - Saudi Arabia: Monetary policy projections are based on continuation of the exchange rate peg to the US dollar.
  - South Africa: Monetary policy assumptions are consistent with maintaining inflation within the 3–6 percent target band over the medium term.
  - Türkiye: Reference projections assume the monetary policy stance will remain contractionary in line with announced and observed policies.
  - United States: IMF staff expects the Federal Open Market Committee to continue to adjust the federal funds target rate in line with the broader macroeconomic outlook.

### Revisions to economic projections
- Medium-term economic projections for a large set of economies have been revised based on developments in commodity markets and international trade as of April 4, 2025.

*International Monetary Fund — Statistical Appendix (selected extracts).*

### 1.328 and 1.336, US dollar–euro conversion rates

### 1.328 and 1.336, US dollar–euro conversion rates

### Exchange rate and commodity price assumptions
- US dollar–euro conversion rates: 1.328 and 1.336.
- Euro–US dollar conversion rates: 1.077 and 1.083.
- Yen–US dollar conversion rates: 149.2 and 146.1.
- Oil price assumptions:
  - $66.94 a barrel in 2025.
  - $62.38 a barrel in 2026.
- National authorities’ established policies are assumed to be maintained.

### Interest rate assumptions
- Three-month government bond yields (average):
  - United States: 4.2 percent in 2025 and 3.5 percent in 2026.
  - Euro area: 2.2 percent in 2025 and 2.1 percent in 2026.
  - Japan: 0.5 percent in 2025 and 0.8 percent in 2026.
- 10-year government bond yields (average):
  - United States: 4.2 percent in 2025 and 3.8 percent in 2026.
  - Euro area: 2.6 percent in 2025 and 2.7 percent in 2026.
  - Japan: 1.4 percent in 2025 and 1.6 percent in 2026.

### What’s new (coverage changes)
- Bolivia: Projections for 2027–30 have been omitted because of significant uncertainty regarding the economic outlook.
- Ecuador: Fiscal projections for 2025–30 are excluded from publication because of ongoing program discussions.

### Data scope, standards, and aggregation conventions
- Data and projections cover 196 economies.
- Data maintenance: jointly by the IMF’s Research Department and regional departments.
- Most countries’ macroeconomic data in the WEO broadly conform to the 2008 version of the System of National Accounts (SNA 2008).
- IMF sector statistical standards referenced: sixth edition of the Balance of Payments and International Investment Position Manual (BPM6), the Monetary and Financial Statistics Manual and Compilation Guide, and the Government Finance Statistics Manual 2014 (GFSM 2014).
- Adaptation to newer manuals is ongoing; WEO estimates are only partly adapted to the most recent versions.
- Fiscal gross and net debt data: drawn from official sources and IMF staff estimates; alignment with GFSM 2014 attempted but deviations can occur.
- Composite construction and weighting:
  - Country group composites for exchange rates, interest rates, and growth rates of monetary aggregates are weighted by GDP converted to US dollars at market exchange rates (averaged over the preceding three years) as a share of group GDP.
  - Composites for other domestic-economy data are weighted by GDP valued at purchasing power parity as a share of total world or group GDP.
  - For emerging market and developing economies group, arithmetically weighted averages are used for all data except inflation and money growth, for which geometric averages are used.
  - 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.
  - Composites for real GDP per capita in purchasing-power-parity terms are sums of individual country data after conversion to international dollars.
  - Fiscal data composites are sums after conversion to US dollars at average market exchange rates in the years indicated.
  - External sector composites: sums after conversion to US dollars at average market exchange rates for balance of payments data and at end-of-year market exchange rates for debt denominated in currencies other than US dollars.
  - Composites of changes in foreign trade volumes and prices: arithmetic averages of percent changes 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 computed if 90 percent or more of the share of group weights is represented.
- Data refer to calendar years except for a few countries with fiscal years; multiyear averages of growth rates are compound annual rates of change unless noted otherwise.

### Selected country-specific data and reporting notes
- Afghanistan: Data for 2021–23 reported for selected indicators, with estimates for fiscal data; estimates and projections for 2024–30 are omitted. Reported GDP growth rate for solar year 2021 is –20.7 percent (structural break due to change from calendar year to solar year reporting).
- Algeria: Total government expenditure and net lending/borrowing include net lending by the government, reflecting support to pension system and other public sector entities.
- Argentina: Official national CPI starts in December 2016; prior series vary by region and period. WEO does not report average CPI inflation for 2014–16 and end-of-period inflation for 2015–16. Labor market data publication was discontinued starting Q4 2015; new series from Q2 2016.
- Bolivia: Projections for 2027–30 omitted because of significant uncertainty regarding the economic outlook.
- 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 varies by indicator; 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 projections for 2025–30 excluded because of ongoing program discussions.
- Eritrea: Data and projections for 2020–30 excluded from the database because of constraints in data reporting.
- India: Real GDP growth rates calculated in accordance with national accounts with base year 2011/12.
- Iran: Historical nominal GDP in US dollars uses official exchange rate up to 2017; from 2018 onward 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 2022–24 and debt data for 2023–24 are IMF staff estimates; estimates and projections for 2025–30 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 the April 2025 WEO.
- Sri Lanka: Data and projections for 2025–30 excluded owing to ongoing discussions on restructuring of sovereign debt.
- Sudan: Projections reflect IMF staff assumption that ongoing conflict will terminate by the end of 2025 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; fiscal balance estimates and projections exclude receipts from domestic bond issuances and privatization operations, consistent with GFSM 2014.
- Ukraine: Revised national accounts data available for 2000 onward and exclude Crimea and Sevastopol from 2010 onward.
- Uruguay:
  - Began reporting national accounts data according to SNA 2008 with base year 2016; new series begin in 2016.
  - Starting in October 2018, public pension system transfers recorded as revenues; transfers amounted to 1.2 percent of GDP in 2018 and 1.0 percent of GDP in 2019.

*International Monetary Fund — Statistical Appendix (selected extracts).*

### 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

### Data coverage exceptions, revisions, and special notes
- Uruguay: Coverage of fiscal data changed from consolidated public sector to nonfinancial public sector with the October 2019 WEO. Nonfinancial public sector includes the 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 in the past by the government to the central bank are now part of the nonfinancial public sector debt. (See Staff Report for the 2018 Article IV Consultation, Country Report 19/64.)
- Venezuela: Projection and indicator construction are constrained by the lack of discussions with the authorities (the most recent Article IV consultation took place in 2004), incomplete metadata, and reconciliation difficulties. Fiscal accounts include the budgetary central government; social security; FOGADE; and a reduced set of public enterprises, including Petróleos de Venezuela, S.A. Historical data and indicators expressed as a percentage of GDP were revised from 2012 onward after methodological upgrades to nominal GDP. For most indicators, data for 2018–24 are IMF staff estimates. Hyperinflation effects and data paucity mean IMF staff estimates and projections should be interpreted with caution. Venezuela’s consumer prices are excluded from all WEO group composites.
- West Bank and Gaza: Estimates and projections for 2024–30 are excluded from publication owing to the unusually high degree of uncertainty. The latest actual annual data for consumer prices are for 2024. Annual data for the unemployment rate are available up to 2022.
- Zimbabwe: The 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.
- Public pension disclaimer: The disclaimer about the public pension system applies only to the revenues and net lending/borrowing series.
- Projection treatment for missing budget information: When IMF staff have insufficient information to assess authorities’ budget intentions and prospects for policy implementation, an unchanged structural primary balance is assumed unless indicated otherwise.

### Classification of economies and group composition
- Principal division: world divided into two major groups—advanced economies and emerging market and developing economies.
- Advanced economies: 41 economies are listed as advanced economies. The seven largest by GDP (market exchange rates) constitute the subgroup of major advanced economies (the Group of Seven).
- Emerging market and developing economies: 155 economies (all those 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 (comprising Caucasus and Central Asia; and Middle East, North Africa, Afghanistan, and Pakistan); and sub-Saharan Africa.
- Analytical classifications:
  - Source of export earnings criterion: economies are categorized as fuel, nonfuel, or nonfuel primary products if the main source of export earnings exceeded 50 percent of total exports on average between 2019 and 2023.
  - Financial and income criteria: net creditor economies, net debtor economies, heavily indebted poor countries (HIPCs), low-income developing countries (LIDCs), and emerging market and middle-income economies (EMMIEs). Economies are categorized as net debtors when their latest net international investment position (where available) was less than zero or their current account balance accumulations from 1972 (or earliest available data) to 2023 were negative.
- Note on arrears/rescheduling: During 2019–23, 43 economies incurred external payments arrears or entered into official or commercial bank debt-rescheduling agreements; these are referred to as economies with arrears and/or rescheduling during 2019–23.

### Key counts and group shares (from Table A and overview)
- Advanced Economies: 41 economies.
- Emerging Market and Developing Economies: 155 economies.
- Major subgroup distinctions:
  - The seven largest advanced economies form the Group of Seven (the seven largest in terms of GDP based on market exchange rates).
- Analytical group examples and counts:
  - Emerging Market and Middle-Income Economies: 96 (noted as a group in Table A).
  - Low-Income Developing Countries: 58 (noted as a group in Table A).
  - Heavily Indebted Poor Countries (HIPC): 39 (noted as a group in Table A).

### Tables, documentation, and exceptional reporting periods (high-level)
- Table G (Key Data Documentation) provides per-country metadata including:
  - National accounts historical data source, latest actual annual data, base year, system of national accounts in use, and chain-weighted methodology usage.
  - Prices (CPI) historical data source and latest actual annual data.
  - Government finance historical data source, latest actual annual data, statistics manual in use at source, subsectors coverage, and accounting practice.
  - Balance of payments historical data source, latest actual annual data, and statistics manual in use at source.
- Table F lists economies with exceptional reporting periods for national accounts and government finance (examples include Afghanistan Apr/Mar; Bangladesh Jul/Jun for both; India Apr/Mar for both; many others).
- Notes on accounting practices (Table G): A = accrual accounting; C = cash accounting; CB = commitments basis accounting; Mixed = combination of accrual and cash accounting.
- Note on base year deflators: Base year deflator is not equal to 100 in some cases because nominal GDP is not measured the same way as real GDP or because data are seasonally adjusted.

### Fiscal policy assumptions (Box A1) — general approach and selected cases
- General rule: Short-term fiscal policy assumptions are normally based on officially announced budgets, adjusted for differences between national authorities and IMF staff regarding macroeconomic assumptions and projected fiscal outturns. When no official budget is announced, projections incorporate policy measures judged likely to be implemented. Medium-term fiscal projections are based on judgment about the most likely policy path.
- Default assumption: When IMF staff lack sufficient information on authorities’ budget intentions and policy-implementation prospects, an unchanged structural primary balance is assumed unless indicated otherwise.
- Selected country-specific notes (exact phrasings preserved):
  - Argentina: Fiscal projections are based on the available information regarding budget outturn, budget plans, and IMF-supported program targets for the federal government; on fiscal measures announced by the authorities; and on IMF staff macroeconomic projections.
  - Australia: Fiscal projections are based on data from the Australian Bureau of Statistics, the FY2025/26 budgets published by the Commonwealth Government and the FY2024/25 budgets published by the respective state/territory governments, and the IMF staff’s estimates and projections.
  - China: Staff fiscal projections incorporate the 2025 budget as well as estimates of off-budget financing.
  - India: Projections are based on available information on the authorities’ fiscal plans, with adjustments for IMF staff assumptions. General government data cover only central and state governments; state government data are incorporated with a lag of up to one year. Starting with FY2020/21 data, expenditure also includes the off-budget component of food subsidies, consistent with the revised treatment of food subsidies in the budget. The IMF staff adjusts expenditure to take out payments for previous years’ food subsidies, which are included as expenditure in budget estimates for FY2020/21.
  - Russia: Fiscal rule suspended in March 2022; 2023–25 budget used a modified rule with benchmark oil and gas revenues fixed in rubles at Rub 8 trillion; Ministry of Finance proposed reverting to earlier fiscal rule with benchmark oil price at $60 a barrel effective in the 2025 budget; new rule allows for higher oil and gas revenues to be spent while targeting a smaller primary structural deficit.
  - Saudi Arabia: Reference fiscal projections are based primarily on understanding of government policies as outlined in the 2025 budget and recent official announcements. Export oil revenues are based on WEO reference oil price assumptions and IMF staff understanding of OPEC+ production adjustments.
  - United Kingdom: Fiscal projections are based on the October 2024 forecast from the Office for Budget Responsibility (OBR) and the January 2025 release on public sector finances from the Office for National Statistics. IMF staff projections take the OBR forecast as a reference and overlay adjustments for differences in assumptions. The IMF staff’s forecasts do not necessarily assume that the UK fiscal rules will be met at the end of the forecast period. Data are presented on a calendar year basis.
  - United States: Fiscal projections are based on the January 2025 Congressional Budget Office baseline, adjusted for IMF staff policy and macroeconomic assumptions. Projections incorporate the effects of the Fiscal Responsibility Act.

### Monetary policy assumptions (Box A1) — general approach and selected cases
- General rule: Monetary policy assumptions are based on the established policy framework in each economy. In most cases, this implies a nonaccommodative stance over the business cycle: official interest rates increase when indicators suggest inflation will rise above acceptable range; they decrease when indicators suggest inflation will not exceed the acceptable range and output growth is below potential.
- Country-specific phrasings and targets preserved where present:
  - Canada: Projections reflect the gradual unwinding of monetary policy tightening by the Bank of Canada as inflation slowly returns to its mid-range target of 2 percent by early 2025.
  - Euro area: Monetary policy assumptions drawn from a suite of models (semi-structural, DSGE, Taylor rule), market expectations, and European Central Bank Governing Council communications.
  - India: Monetary policy projections are consistent with achieving the Reserve Bank of India’s inflation target over the medium term.
  - Japan: Monetary policy assumptions are based on IMF staff assessment of the most likely path for interest rates, considering the broader macroeconomic outlook, the Bank of Japan’s communications, and market expectations.
  - Russia: Monetary policy projections assume that the Central Bank of the Russian Federation is adopting a tight monetary policy stance.
  - Saudi Arabia: Monetary policy projections are based on continuation of the exchange rate peg to the US dollar.
  - South Africa: Monetary policy assumptions are consistent with maintaining inflation within the 3–6 percent target band over the medium term.
  - Türkiye: Reference projections assume the monetary policy stance will remain contractionary in line with announced and observed policies.
  - United States: IMF staff expects the Federal Open Market Committee to continue to adjust the federal funds target rate in line with the broader macroeconomic outlook.

### Revisions to economic projections (Box A2)
- Medium-term economic projections for a large set of economies have been revised based on developments in commodity markets and international trade as of April 4, 2025. (A list of economies revised is provided in the box.)

*Source: Statistical Appendix, World Economic Outlook: A Critical Juncture amid Policy Shifts (April 2025).*

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_Source: https://www.imf.org/-/media/files/publications/weo/2025/april/english/statsappendix.pdf_