## statsappendix - 2026. For 2026 and 2027, these assumptions imply

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### Key macroeconomic assumptions (2026 and 2027)
- Average US dollar–special drawing right conversion rates: 1.376 (2026) and 1.378 (2027).
- US dollar–euro conversion rates: 1.179 (2026) and 1.177 (2027).
- Yen–US dollar conversion rates: 154.7 (2026) and 153.5 (2027).
- Assumed average oil price: $82.22 a barrel in 2026 and $75.97 a barrel in 2027.
- National authorities’ established policies are assumed to be maintained.
- Box A1 describes the more specific policy assumptions underlying the projections for selected economies (referenced in source).

### Interest rate assumptions
- Three-month government bond yields (average):
  - United States: 3.5 percent (2026) and 3.3 percent (2027).
  - Euro area: 2.0 percent (2026) and 2.0 percent (2027).
  - Japan: 0.9 percent (2026) and 1.4 percent (2027).
- 10-year government bond yields (average):
  - United States: 4.0 percent (2026) and 3.8 percent (2027).
  - Euro area: 2.8 percent (2026) and 3.0 percent (2027).
  - Japan: 2.3 percent (2026) and 2.4 percent (2027).

### Euro introduction and fixed conversion rates
- The irrevocably fixed conversion rates between the euro and currencies of member countries adopting the euro are presented in the accompanying table (as of January 1, 1999 unless noted).
- Unless noted otherwise, the fixed conversion rates were decided by the Council of the European Union effective as of January 1, 1999.
- Reference: See Box 5.4 of the October 1998 WEO for details on how the conversion rates were established.

### What’s New (notable updates)
- On January 1, 2026, Bulgaria became the 21st country to join the euro area. Data for Bulgaria are now included in aggregates for the euro area and for advanced economies and relevant subgroups.
- For Yemen, the revised data reflect the territory under control of the Internationally Recognized Government (IRG).

### Data and conventions (WEO database coverage and methodology)
- Data and projections for 197 economies form the statistical basis of the WEO database.
- Data are maintained jointly by the IMF’s Research Department and regional departments; regional departments regularly update country projections based on consistent global assumptions.
- Most countries’ macroeconomic data in the WEO conform broadly to the 2008 version of the System of National Accounts (SNA 2008).
- IMF sector statistical standards aligned with SNA 2008 include:
  - sixth edition of the Balance of Payments and International Investment Position Manual (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 revised country data from national statistical compilers.
- Fiscal gross and net debt data in the WEO are drawn from official data sources and IMF staff estimates; attempts are made to align with GFSM 2014 definitions but deviations can occur because of data limitations or country circumstances.
- Composite construction rules:
  - 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 at purchasing power parity as a share of total world or group GDP.
  - Advanced-economies inflation: annual rates are simple percent changes from previous years.
  - World and emerging market and developing economies inflation: annual rates are based on logarithmic differences.
  - Real GDP per capita (PPP terms): sums of individual country data after conversion to international dollars.
  - Fiscal data composites: sums of individual country data 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.
  - Changes in foreign trade volumes and prices: arithmetic averages of percent changes weighted by US dollar value of exports or imports as a share of total world or group exports or imports (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 using fiscal years; Table F lists exceptional reporting periods.
- For some countries, figures for 2025 and earlier may be estimates rather than actual outturns; Table G lists dates of latest actual outturns.

### Selected country notes and data caveats (highlights)
- Afghanistan:
  - Data for 2021–25 are reported for selected indicators, with estimates for fiscal data.
  - GDP growth for 2025 is an estimate.
  - Projections for 2026–31 are omitted because of unusually high uncertainty; IMF has paused engagement owing to lack of clarity regarding recognition of a government.
  - Reported 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 CPI data reflect various regional or alternative indices with limited comparability.
  - WEO does not report average CPI inflation for 2014–16 and end-of-period inflation for 2015–16 due to series incompatibilities.
  - Argentina discontinued publication of labor market data starting Q4 2015; new series available starting Q2 2016.
- Benin: Fiscal and debt data from 2021 through 2024 have been revised in collaboration with authorities; revisions confirmed pending official publication.
- Bolivia: Projections for 2027–31 omitted owing to significant uncertainty.
- 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 adjusted for comparability.
- Dominican Republic: Fiscal series coverage varies; public debt and certain fiscal metrics cover consolidated public sector, while remaining fiscal series cover the central government.
- Ecuador: Fiscal projections for 2026–31 are excluded from publication because of ongoing program discussions.
- Eritrea: Data and projections for 2020–31 are excluded due to constraints in data reporting.
- India: Real GDP growth rates calculated in accordance with national accounts base year 2022/23.
- Iran, Islamic Republic of: Nominal GDP in US dollars uses official exchange rate up to 2017, and NIMA transfer rate from 2018 onward for converting nominal rial GDP to US dollars.
- Israel: Projections assume the latest conflict persists for several weeks followed by recovery as hostilities ease.
- Lebanon: Fiscal and national accounts data for 2022–25, and debt data for 2023–25, are IMF staff estimates; estimates and projections for 2026–31 omitted owing to unusually high uncertainty.
- Libya: Actual data and projections subject to high uncertainty due to frequent data revisions; fiscal and debt data for 2025 are IMF staff estimates; national accounts data for 2020–25 are IMF staff estimates.
- Nigeria:
  - National accounts rebased with 2019 as new base year replacing 2010 benchmark; aligns with SNA 2008, BPM6, and GFSM 2014.
  - Rebasing captured broader sectoral and data coverage including digital economy and parts of the informal economy.
  - Rebasing resulted in an upward revision of nominal GDP for 2019 by 40.8 percent.
- Sierra Leone: Currency redenominated on July 1, 2022; local currency data are expressed in the old leone for the April 2026 WEO.
- Sri Lanka: Data and projections for 2025–31 excluded owing to ongoing sovereign debt restructuring discussions.
- Sudan: Projections assume ongoing conflict will terminate by end-2026 and that reengagement and reconstruction will commence shortly thereafter; data for 2011 exclude South Sudan after July 9; data for 2012 onward pertain to current Sudan.
- Syria: Data excluded from 2011 onward because of lack of adequate data.
- Timor-Leste: Published real GDP data refer to non-oil real GDP; published nominal GDP refers to total nominal GDP. Non-oil GDP and total GDP are equal for both real and nominal GDP from 2026 onward.
- Turkmenistan:
  - Real GDP data are IMF staff estimates compiled in line with SNA using official estimates and UN and World Bank databases.
  - Fiscal balance estimates/projections exclude receipts from domestic bond issuances and privatization operations in line with GFSM 2014; authorities’ official estimates include these receipts.
- Ukraine:
  - SNA 2008 national accounts data available from 2000 annually.
  - Data exclude Crimea, Sevastopol, and occupied territories in Donetsk and Luhansk from 2014–21; from 2022 onward, data exclude areas occupied or affected by ongoing military actions for the duration.
  - Data before 2000 are IMF staff estimates based on SNA 1993.
- Uruguay: In December 2020 authorities began reporting national accounts data according to SNA 2008 with base year 2016.

### 2016. Data prior to 2016 reflect the IMF staff ’s best — Country-specific notes and revisions (selected)
- Uruguay:
  - Starting in October 2018, public pension system received transfers in the context of Law 19,590 of 2017; these funds are recorded as revenues, consistent with the IMF’s methodology.
  - 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.
  - Disclaimer about the public pension system applies only to the revenues and net lending/borrowing series.
- Venezuela:
  - Projecting the economic outlook is rendered difficult by 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.
  - Following methodological upgrades for 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 2018–25 are IMF staff estimates.
  - Effects of hyperinflation, paucity of reported data, and uncertainty 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 2025–31 are excluded from publication owing to unusually high degree of uncertainty.
  - Latest actual annual data for consumer prices, population, and government finances are for 2025; annual data for the unemployment rate are available up to 2022.
- Yemen:
  - Revised data reflect the territory under control of the Internationally Recognized Government (IRG).
- Zimbabwe:
  - Authorities redenominated national accounts statistics mid-2025 following introduction on April 5, 2024, of a new national currency, the Zimbabwe gold, replacing the Zimbabwe dollar. Use of the Zimbabwe dollar ceased on April 30, 2024.

### Classification of economies — summary and key aggregates (Table A, 2025)
- General:
  - WEO divides world into two major groups: advanced economies and emerging market and developing economies.
  - Classification not based on strict criteria; objective is to facilitate analysis.
- Advanced Economies (aggregate and subgroups):
  - Number of economies: 43
  - GDP: 100.0 (Advanced Economies) | 39.4 (World)
  - Exports of Goods and Services: 100.0 (Advanced Economies) | 61.4 (World)
  - Population: 100.0 (Advanced Economies) | 13.9 (World)
  - United States: GDP 37.1 | World 14.6; Exports 16.1 | World 9.9; Population 30.7 | World 4.3
  - Euro Area: GDP 21 | World 29.0; Exports 11.4 | World 41.0; Population 25.2 | World 32.2; (composite covers current members for all years)
  - Major Advanced Economies (memorandum): Number 7; GDP 71.9 | World 28.3; Exports 48.5 | World 29.8; Population 70.8 | World 9.8
  - Other Advanced Economies: Number 18; GDP 16.6 | World 6.5; Exports 29.2 | World 17.9; Population 16.0 | World 2.2
- Emerging Market and Developing Economies (aggregate and regions):
  - Number of economies: 154
  - GDP: 100.0 (Emerging Market and Developing Economies) | 60.1 (World)
  - Exports of Goods and Services: 100.0 | 38.8 (World)
  - Population: 100.0 | 86.1 (World)
  - Emerging and Developing Asia: Number 30; GDP share 57.5 | World 34.8; Exports 50.9 | World 19.6; Population 55.0 | World 47.4
  - China: GDP 32.4 | World 19.6; Exports 30.4 | World 11.7; Population 20.3 | World 17.5
  - India: GDP 13.5 | World 8.2; Exports 6.5 | World 2.5; Population 21.2 | World 18.2
  - Emerging and Developing Europe: Number 14; GDP 12.5 | World 7.6; Exports 14.4 | World 5.5; Population 5.1 | World 4.4
  - Latin America and the Caribbean: Number 33; GDP 11.7 | World 7.1; Exports 14.0 | World 5.4; Population 9.4 | World 8.1
  - Middle East and Central Asia: Number 32; GDP 12.3 | World 7.5; Exports 16.4 | World 6.4; Population 13.1 | World 11.3
  - Sub-Saharan Africa: Number 45; GDP 5.9 | World 3.6; Exports 4.4 | World 1.7; Population 17.3 | World 14.9
- Analytical groups (by source of export earnings and external financing):
  - By source of export earnings:
    - Fuel: Number 25; GDP 10.3 | World 6.2; Exports 15.4 | World 5.9; Population 9.4 | World 8.1
    - Nonfuel: Number 127; GDP 89.7 | World 54.3; Exports 84.6 | World 32.6; Population 90.6 | World 77.9
    - Of which, Primary Products: Number 35; GDP 3.6 | World 2.2; Exports 4.6 | World 1.8; Population 9.1 | World 7.8
  - By external financing source:
    - Net Debtor Economies: Number 115; GDP 48.1 | World 29.1; Exports 41.4 | World 16.0; Population 67.0 | World 57.7
    - Of which, Economies with Arrears and/or Rescheduling during 2020–24: Number 41; GDP 5.5 | World 3.4; Exports 4.0 | World 1.6; Population 13.2 | World 11.4
- Other groups:
  - Emerging Market and Middle-Income Economies: Number 95; GDP 92.5 | World 56.0; Exports 95.5 | World 36.8; Population 76.7 | World 66.1
  - Low-Income Developing Countries (LIDCs): Number 58; GDP 7.5 | World 4.5; Exports 4.5 | World 1.7; Population 23.3 | World 20.0
  - Heavily Indebted Poor Countries (HIPCs): Number 39; GDP 2.9 | World 1.8; Exports 2.6 | World 1.0; Population 13.3 | World 11.5
- Notes:
  - GDP shares are based on purchasing-power-parity valuation.
  - West Bank and Gaza omitted from some composites for source of export earnings; Syria omitted from composites across all Analytical and Other Groups because of insufficient data.

### Classification listings and special tables (overview)
- Table B: lists 43 advanced economies, distinguishes Major Currency Areas, Major Advanced Economies, Other Advanced Economies.
- Table C: lists member countries of the European Union.
- Table D: Emerging Market and Developing Economies by region and main source of export earnings (Fuel / Nonfuel Primary Products); note Timor-Leste gas and oil production ceased in 2025.
- Table E: Emerging Market and Developing Economies by region, net external position, HIPC status, and per capita income classification (dot/star notation indicates net creditor/debtor, HIPC completion point status, and per capita income classification).
- Table F: Economies with exceptional reporting periods — National Accounts and Government Finance reporting periods listed for specified economies.
- Table G: Key Data Documentation — extensive country-by-country entries for National Accounts (currency, historical data source, latest actual annual database year, system of national accounts used, use of chain-weighted methodology where applicable), 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, accounting practice), and Balance of Payments (historical data source, latest actual annual data, statistics manual in use at source).
  - Selected exact entries (examples preserved exactly as in source):
    - Afghanistan: National Accounts currency Afghan afghani; historical Data Source NSO; Latest Actual Annual Database year 2024/25; System of National Accounts SNA 2008; Use of Chain-Weighted Methodology 2016; Prices (CPI) historical Data Source NSO; Latest Actual Annual Data 2025/26.
    - China: National Accounts currency Chinese yuan; historical Data Source NSO; Latest Actual Annual Database year 2025; System of National Accounts SNA 2008; Use of Chain-Weighted Methodology From 1980; Prices (CPI) historical Data Source NSO; Latest Actual Annual Data 2025.
    - Uruguay: Government Finance historical Data Source MoF; Latest Actual Annual Data 2025; Subsector Coverage CG,LG,SS; Accounting Practice CC; Balance of Payments historical Data Source Cb; Latest Actual Annual Data 2024.
  - Note on notation: Cb = central bank; GAD = General Administration Department; MEP = Ministry of Economy, Planning, Commerce, and/or Development; MoF = Ministry of Finance and/or Treasury; NSO = National Statistics Office.

### Fiscal policy assumptions underlying projections (Box A1)
- General approach:
  - Short-term fiscal policy assumptions 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 announced, projections incorporate policy measures judged likely to be implemented.
  - Medium-term projections based on judgment about policies’ most likely path; where insufficient information, an unchanged structural primary balance is assumed unless indicated otherwise.
  - Structural balance computations based on IMF staff estimates of potential GDP and revenue and expenditure elasticities.
- Selected country-specific fiscal assumptions and notes (phrasing preserved where exact):
  - Argentina: Fiscal projections based on available information regarding budget outturn, budget plans, and IMF-supported program targets for the federal government; interest bill excludes interest payments of zero-coupon bonds issued prior to December 2025, which are recorded below the line.
  - Australia: Fiscal projections 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 state/territory governments, and the IMF staff’s estimates and projections.
  - Austria: Based on authorities’ latest medium-term plans, adjusted for IMF staff macroeconomic assumptions and assuming some moderate expenditure restraint over the medium term.
  - Belgium: Based on the 2026 Budgetary Plan, Belgian Monitoring Committee’s reports, and other available information, with adjustments for IMF staff assumptions.
  - Canada: Projections use baseline forecasts from Budget 2025 and latest provincial budget updates; IMF staff makes adjustments including differences in macroeconomic projections.
  - China: Fiscal projections incorporate the 2025 budget as well as estimates of off-budget financing.
  - France: Projections for 2026 onward based on the 2026 budget and measures in the 2023–27 multiannual budget programming bill, adjusted for differences in assumptions and consistent with the 0.5 percent of GDP minimum structural adjustment under the EU’s Excessive Deficit Procedure.
  - Germany: Projections based on IMF staff macroeconomic framework and assume a gradual increase in infrastructure and defense spending; assume additional fiscal room generated by reforms to Germany’s fiscal rule (the “debt brake”) in March 2025 is mostly used.
  - India: Projections based on available information on authorities’ fiscal plans with adjustments; general government data cover only central and state governments; state government data incorporated with a lag of up to two years.
  - Russia: Fiscal rule suspended in March 2022; 2023–25 budget based on a modified rule with fixed benchmark oil and gas revenues in rubles at Rub 8 trillion; late September 2023 proposal to revert to earlier fiscal rule from 2024 with benchmark oil price at $60 a barrel; new rule effective in the 2025 budget allows higher oil and gas revenues to be spent while targeting a smaller primary structural deficit.
  - Saudi Arabia: Reference fiscal projections based primarily on IMF staff interpretation of government policies in the 2026 budget and recent announcements; export oil revenues based on WEO database reference oil price assumptions and IMF staff understanding of production adjustments under OPEC+.
  - Spain: Figures for 2021–28 reflect disbursements under the EU Recovery and Resilience Facility.
  - Switzerland: Projections assume fiscal policy is adjusted as necessary to keep fiscal balances in line with Switzerland’s fiscal rules.
  - United Kingdom: Projections based on March 2026 OBR forecast and January 2026 ONS public sector finances releases; IMF staff overlays adjustments for differences in assumptions; data presented on calendar year basis.
  - United States: Fiscal projections based on February 2026 Congressional Budget Office baseline, adjusted for IMF staff policy and macroeconomic assumptions; projections incorporate effects of the One Big Beautiful Bill Act (OBBBA).
- Additional treatment:
  - Where relevant, IMF staff notes specific accounting/treatment adjustments (for example, treatment of off-budget components, exclusion of certain transactions from nontax revenue, treatment of capital transfers such as Eskom debt relief in South Africa).

### Monetary policy assumptions underlying projections (Box A1)
- General approach:
  - Based on established policy framework in each economy; in most cases implies a nonaccommodative stance over the business cycle:
    - Official interest rates will increase when indicators suggest inflation will rise above acceptable rate or range.
    - Rates will decrease when indicators suggest inflation will not exceed acceptable rate or range, output growth is below potential, and slack is significant.
  - See “Assumptions” section at beginning of Statistical Appendix for interest-rate specifics.
- Selected country-specific monetary assumptions (phrasing preserved where exact):
  - Canada: Projections reflect gradual unwinding of monetary policy tightening by the Bank of Canada as inflation returns to target of 2 percent by end of 2026.
  - Denmark: Monetary policy to maintain the peg to the euro.
  - Euro area: Monetary policy assumptions drawn from suite of models (semi-structural, DSGE, Taylor rule), market expectations, and ECB Governing Council communications.
  - Hong Kong SAR: IMF staff assumes the currency board system will remain intact.
  - India: Projections consistent with achieving the Reserve Bank of India’s inflation target over the medium term.
  - Korea: Projections assume policy rate evolves in line with Bank of Korea’s forward guidance.
  - Russia: Monetary policy projections assume Central Bank of the Russian Federation is adopting a tight monetary policy stance.
  - 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: Monetary policy assumptions consistent with maintaining inflation at a 3 percent target with a ±1 percentage point tolerance band over the medium term.
  - Türkiye: Baseline assumes monetary policy stance will remain contractionary, in line with announced and observed policies.
  - United Kingdom and United States: IMF staff assumptions based on assessment of most likely path for interest rates, considering broader macroeconomic outlook, central bank communications and forecasts, model results, and market expectations.

*Source: STATISTICAL APPENDIX, WORLD ECONOMIC OUTLOOK: GLOBAL ECONOMY IN THE SHADOW OF WAR (April 2026).*

### 2026. For 2026 and 2027, these assumptions imply

### statsappendix - 2026. For 2026 and 2027, these assumptions imply

### Key macroeconomic assumptions (2026 and 2027)
- Average US dollar–special drawing right conversion rates: 1.376 (2026) and 1.378 (2027).
- US dollar–euro conversion rates: 1.179 (2026) and 1.177 (2027).
- Yen–US dollar conversion rates: 154.7 (2026) and 153.5 (2027).
- Assumed average oil price: $82.22 a barrel in 2026 and $75.97 a barrel in 2027.
- National authorities’ established policies are assumed to be maintained.
- Box A1 describes the more specific policy assumptions underlying the projections for selected economies (referenced in source).

### Interest rate assumptions
- Three-month government bond yields (average):
  - United States: 3.5 percent (2026) and 3.3 percent (2027).
  - Euro area: 2.0 percent (2026) and 2.0 percent (2027).
  - Japan: 0.9 percent (2026) and 1.4 percent (2027).
- 10-year government bond yields (average):
  - United States: 4.0 percent (2026) and 3.8 percent (2027).
  - Euro area: 2.8 percent (2026) and 3.0 percent (2027).
  - Japan: 2.3 percent (2026) and 2.4 percent (2027).

### Euro introduction and fixed conversion rates
- The irrevocably fixed conversion rates between the euro and currencies of member countries adopting the euro are presented in the accompanying table (as of January 1, 1999 unless noted).
- Unless noted otherwise, the fixed conversion rates were decided by the Council of the European Union effective as of January 1, 1999.
- Reference: See Box 5.4 of the October 1998 WEO for details on how the conversion rates were established.

### What’s New (notable updates)
- On January 1, 2026, Bulgaria became the 21st country to join the euro area. Data for Bulgaria are now included in aggregates for the euro area and for advanced economies and relevant subgroups.
- For Yemen, the revised data reflect the territory under control of the Internationally Recognized Government (IRG).

### Data and conventions (WEO database coverage and methodology)
- Data and projections for 197 economies form the statistical basis of the WEO database.
- Data are maintained jointly by the IMF’s Research Department and regional departments; regional departments regularly update country projections based on consistent global assumptions.
- Most countries’ macroeconomic data in the WEO conform broadly to the 2008 version of the System of National Accounts (SNA 2008).
- IMF sector statistical standards aligned with SNA 2008 include:
  - sixth edition of the Balance of Payments and International Investment Position Manual (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 revised country data from national statistical compilers.
- Fiscal gross and net debt data in the WEO are drawn from official data sources and IMF staff estimates; attempts are made to align with GFSM 2014 definitions but deviations can occur because of data limitations or country circumstances.
- Composite construction rules:
  - 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 at purchasing power parity as a share of total world or group GDP.
  - Advanced-economies inflation: annual rates are simple percent changes from previous years.
  - World and emerging market and developing economies inflation: annual rates are based on logarithmic differences.
  - Real GDP per capita (PPP terms): sums of individual country data after conversion to international dollars.
  - Fiscal data composites: sums of individual country data 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.
  - Changes in foreign trade volumes and prices: arithmetic averages of percent changes weighted by US dollar value of exports or imports as a share of total world or group exports or imports (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 using fiscal years; Table F lists exceptional reporting periods.
- For some countries, figures for 2025 and earlier may be estimates rather than actual outturns; Table G lists dates of latest actual outturns.

### Selected country notes and data caveats (highlights)
- Afghanistan:
  - Data for 2021–25 are reported for selected indicators, with estimates for fiscal data.
  - GDP growth for 2025 is an estimate.
  - Projections for 2026–31 are omitted because of unusually high uncertainty; IMF has paused engagement owing to lack of clarity regarding recognition of a government.
  - Reported 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 CPI data reflect various regional or alternative indices with limited comparability.
  - WEO does not report average CPI inflation for 2014–16 and end-of-period inflation for 2015–16 due to series incompatibilities.
  - Argentina discontinued publication of labor market data starting Q4 2015; new series available starting Q2 2016.
- Benin: Fiscal and debt data from 2021 through 2024 have been revised in collaboration with authorities; revisions confirmed pending official publication.
- Bolivia: Projections for 2027–31 omitted owing to significant uncertainty.
- 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 adjusted for comparability.
- Dominican Republic: Fiscal series coverage varies; public debt and certain fiscal metrics cover consolidated public sector, while remaining fiscal series cover the central government.
- Ecuador: Fiscal projections for 2026–31 are excluded from publication because of ongoing program discussions.
- Eritrea: Data and projections for 2020–31 are excluded due to constraints in data reporting.
- India: Real GDP growth rates calculated in accordance with national accounts base year 2022/23.
- Iran, Islamic Republic of: Nominal GDP in US dollars uses official exchange rate up to 2017, and NIMA transfer rate from 2018 onward for converting nominal rial GDP to US dollars.
- Israel: Projections assume the latest conflict persists for several weeks followed by recovery as hostilities ease.
- Lebanon: Fiscal and national accounts data for 2022–25, and debt data for 2023–25, are IMF staff estimates; estimates and projections for 2026–31 omitted owing to unusually high uncertainty.
- Libya: Actual data and projections subject to high uncertainty due to frequent data revisions; fiscal and debt data for 2025 are IMF staff estimates; national accounts data for 2020–25 are IMF staff estimates.
- Nigeria:
  - National accounts rebased with 2019 as new base year replacing 2010 benchmark; aligns with SNA 2008, BPM6, and GFSM 2014.
  - Rebasing captured broader sectoral and data coverage including digital economy and parts of the informal economy.
  - Rebasing resulted in an upward revision of nominal GDP for 2019 by 40.8 percent.
- Sierra Leone: Currency redenominated on July 1, 2022; local currency data are expressed in the old leone for the April 2026 WEO.
- Sri Lanka: Data and projections for 2025–31 excluded owing to ongoing sovereign debt restructuring discussions.
- Sudan: Projections assume ongoing conflict will terminate by end-2026 and that reengagement and reconstruction will commence shortly thereafter; data for 2011 exclude South Sudan after July 9; data for 2012 onward pertain to current Sudan.
- Syria: Data excluded from 2011 onward because of lack of adequate data.
- Timor-Leste: Published real GDP data refer to non-oil real GDP; published nominal GDP refers to total nominal GDP. Non-oil GDP and total GDP are equal for both real and nominal GDP from 2026 onward.
- Turkmenistan:
  - Real GDP data are IMF staff estimates compiled in line with SNA using official estimates and UN and World Bank databases.
  - Fiscal balance estimates/projections exclude receipts from domestic bond issuances and privatization operations in line with GFSM 2014; authorities’ official estimates include these receipts.
- Ukraine:
  - SNA 2008 national accounts data available from 2000 annually.
  - Data exclude Crimea, Sevastopol, and occupied territories in Donetsk and Luhansk from 2014–21; from 2022 onward, data exclude areas occupied or affected by ongoing military actions for the duration.
  - Data before 2000 are IMF staff estimates based on SNA 1993.
- Uruguay: In December 2020 authorities began reporting national accounts data according to SNA 2008 with base year 2016.

*Source: STATISTICAL APPENDIX, WORLD ECONOMIC OUTLOOK: GLOBAL ECONOMY IN THE SHADOW OF WAR (April 2026).*

### 2016. Data prior to 2016 reflect the IMF staff ’s best

### statsappendix - 2016. Data prior to 2016 reflect the IMF staff ’s best

### Country-specific data notes and revisions
- Uruguay:
  - Starting in October 2018, public pension system received transfers in the context of Law 19,590 of 2017; these funds are recorded as revenues, consistent with the IMF’s methodology.
  - 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.
  - Disclaimer about the public pension system applies only to the revenues and net lending/borrowing series.
- Venezuela:
  - Projecting the economic outlook is rendered difficult by 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.
  - Following methodological upgrades for 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 2018–25 are IMF staff estimates.
  - Effects of hyperinflation, paucity of reported data, and uncertainty 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 2025–31 are excluded from publication owing to unusually high degree of uncertainty.
  - Latest actual annual data for consumer prices, population, and government finances are for 2025; annual data for the unemployment rate are available up to 2022.
- Yemen:
  - Revised data reflect the territory under control of the Internationally Recognized Government (IRG).
- Zimbabwe:
  - Authorities redenominated national accounts statistics mid-2025 following introduction on April 5, 2024, of a new national currency, the Zimbabwe gold, replacing the Zimbabwe dollar. Use of the Zimbabwe dollar ceased on April 30, 2024.

### Classification of economies — summary and key aggregates (Table A, 2025)
- General:
  - WEO divides world into two major groups: advanced economies and emerging market and developing economies.
  - Classification not based on strict criteria; objective is to facilitate analysis.
- Advanced Economies (aggregate and subgroups):
  - Number of economies: 43
  - GDP: 100.0 (Advanced Economies) | 39.4 (World)
  - Exports of Goods and Services: 100.0 (Advanced Economies) | 61.4 (World)
  - Population: 100.0 (Advanced Economies) | 13.9 (World)
  - United States: GDP 37.1 | World 14.6; Exports 16.1 | World 9.9; Population 30.7 | World 4.3
  - Euro Area: GDP 21 | World 29.0; Exports 11.4 | World 41.0; Population 25.2 | World 32.2; (composite covers current members for all years)
  - Major Advanced Economies (memorandum): Number 7; GDP 71.9 | World 28.3; Exports 48.5 | World 29.8; Population 70.8 | World 9.8
  - Other Advanced Economies: Number 18; GDP 16.6 | World 6.5; Exports 29.2 | World 17.9; Population 16.0 | World 2.2
- Emerging Market and Developing Economies (aggregate and regions):
  - Number of economies: 154
  - GDP: 100.0 (Emerging Market and Developing Economies) | 60.1 (World)
  - Exports of Goods and Services: 100.0 | 38.8 (World)
  - Population: 100.0 | 86.1 (World)
  - Emerging and Developing Asia: Number 30; GDP share 57.5 | World 34.8; Exports 50.9 | World 19.6; Population 55.0 | World 47.4
  - China: GDP 32.4 | World 19.6; Exports 30.4 | World 11.7; Population 20.3 | World 17.5
  - India: GDP 13.5 | World 8.2; Exports 6.5 | World 2.5; Population 21.2 | World 18.2
  - Emerging and Developing Europe: Number 14; GDP 12.5 | World 7.6; Exports 14.4 | World 5.5; Population 5.1 | World 4.4
  - Latin America and the Caribbean: Number 33; GDP 11.7 | World 7.1; Exports 14.0 | World 5.4; Population 9.4 | World 8.1
  - Middle East and Central Asia: Number 32; GDP 12.3 | World 7.5; Exports 16.4 | World 6.4; Population 13.1 | World 11.3
  - Sub-Saharan Africa: Number 45; GDP 5.9 | World 3.6; Exports 4.4 | World 1.7; Population 17.3 | World 14.9
- Analytical groups (by source of export earnings and external financing):
  - By source of export earnings:
    - Fuel: Number 25; GDP 10.3 | World 6.2; Exports 15.4 | World 5.9; Population 9.4 | World 8.1
    - Nonfuel: Number 127; GDP 89.7 | World 54.3; Exports 84.6 | World 32.6; Population 90.6 | World 77.9
    - Of which, Primary Products: Number 35; GDP 3.6 | World 2.2; Exports 4.6 | World 1.8; Population 9.1 | World 7.8
  - By external financing source:
    - Net Debtor Economies: Number 115; GDP 48.1 | World 29.1; Exports 41.4 | World 16.0; Population 67.0 | World 57.7
    - Of which, Economies with Arrears and/or Rescheduling during 2020–24: Number 41; GDP 5.5 | World 3.4; Exports 4.0 | World 1.6; Population 13.2 | World 11.4
- Other groups:
  - Emerging Market and Middle-Income Economies: Number 95; GDP 92.5 | World 56.0; Exports 95.5 | World 36.8; Population 76.7 | World 66.1
  - Low-Income Developing Countries (LIDCs): Number 58; GDP 7.5 | World 4.5; Exports 4.5 | World 1.7; Population 23.3 | World 20.0
  - Heavily Indebted Poor Countries (HIPCs): Number 39; GDP 2.9 | World 1.8; Exports 2.6 | World 1.0; Population 13.3 | World 11.5
- Notes:
  - GDP shares are based on purchasing-power-parity valuation.
  - West Bank and Gaza omitted from some composites for source of export earnings; Syria omitted from composites across all Analytical and Other Groups because of insufficient data.

### Classification listings and special tables (overview)
- Table B: lists 43 advanced economies, distinguishes Major Currency Areas, Major Advanced Economies, Other Advanced Economies.
- Table C: lists member countries of the European Union.
- Table D: Emerging Market and Developing Economies by region and main source of export earnings (Fuel / Nonfuel Primary Products); note Timor-Leste gas and oil production ceased in 2025.
- Table E: Emerging Market and Developing Economies by region, net external position, HIPC status, and per capita income classification (dot/star notation indicates net creditor/debtor, HIPC completion point status, and per capita income classification).
- Table F: Economies with exceptional reporting periods — National Accounts and Government Finance reporting periods listed for specified economies.
- Table G: Key Data Documentation — extensive country-by-country entries for National Accounts (currency, historical data source, latest actual annual database year, system of national accounts used, use of chain-weighted methodology where applicable), 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, accounting practice), and Balance of Payments (historical data source, latest actual annual data, statistics manual in use at source).
  - Selected exact entries (examples preserved exactly as in source):
    - Afghanistan: National Accounts currency Afghan afghani; historical Data Source NSO; Latest Actual Annual Database year 2024/25; System of National Accounts SNA 2008; Use of Chain-Weighted Methodology 2016; Prices (CPI) historical Data Source NSO; Latest Actual Annual Data 2025/26.
    - China: National Accounts currency Chinese yuan; historical Data Source NSO; Latest Actual Annual Database year 2025; System of National Accounts SNA 2008; Use of Chain-Weighted Methodology From 1980; Prices (CPI) historical Data Source NSO; Latest Actual Annual Data 2025.
    - Uruguay: Government Finance historical Data Source MoF; Latest Actual Annual Data 2025; Subsector Coverage CG,LG,SS; Accounting Practice CC; Balance of Payments historical Data Source Cb; Latest Actual Annual Data 2024.
  - Note on notation: Cb = central bank; GAD = General Administration Department; MEP = Ministry of Economy, Planning, Commerce, and/or Development; MoF = Ministry of Finance and/or Treasury; NSO = National Statistics Office.

### Fiscal policy assumptions underlying projections (Box A1)
- General approach:
  - Short-term fiscal policy assumptions 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 announced, projections incorporate policy measures judged likely to be implemented.
  - Medium-term projections based on judgment about policies’ most likely path; where insufficient information, an unchanged structural primary balance is assumed unless indicated otherwise.
  - Structural balance computations based on IMF staff estimates of potential GDP and revenue and expenditure elasticities.
- Selected country-specific fiscal assumptions and notes (phrasing preserved where exact):
  - Argentina: Fiscal projections based on available information regarding budget outturn, budget plans, and IMF-supported program targets for the federal government; interest bill excludes interest payments of zero-coupon bonds issued prior to December 2025, which are recorded below the line.
  - Australia: Fiscal projections 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 state/territory governments, and the IMF staff’s estimates and projections.
  - Austria: Based on authorities’ latest medium-term plans, adjusted for IMF staff macroeconomic assumptions and assuming some moderate expenditure restraint over the medium term.
  - Belgium: Based on the 2026 Budgetary Plan, Belgian Monitoring Committee’s reports, and other available information, with adjustments for IMF staff assumptions.
  - Canada: Projections use baseline forecasts from Budget 2025 and latest provincial budget updates; IMF staff makes adjustments including differences in macroeconomic projections.
  - China: Fiscal projections incorporate the 2025 budget as well as estimates of off-budget financing.
  - France: Projections for 2026 onward based on the 2026 budget and measures in the 2023–27 multiannual budget programming bill, adjusted for differences in assumptions and consistent with the 0.5 percent of GDP minimum structural adjustment under the EU’s Excessive Deficit Procedure.
  - Germany: Projections based on IMF staff macroeconomic framework and assume a gradual increase in infrastructure and defense spending; assume additional fiscal room generated by reforms to Germany’s fiscal rule (the “debt brake”) in March 2025 is mostly used.
  - India: Projections based on available information on authorities’ fiscal plans with adjustments; general government data cover only central and state governments; state government data incorporated with a lag of up to two years.
  - Russia: Fiscal rule suspended in March 2022; 2023–25 budget based on a modified rule with fixed benchmark oil and gas revenues in rubles at Rub 8 trillion; late September 2023 proposal to revert to earlier fiscal rule from 2024 with benchmark oil price at $60 a barrel; new rule effective in the 2025 budget allows higher oil and gas revenues to be spent while targeting a smaller primary structural deficit.
  - Saudi Arabia: Reference fiscal projections based primarily on IMF staff interpretation of government policies in the 2026 budget and recent announcements; export oil revenues based on WEO database reference oil price assumptions and IMF staff understanding of production adjustments under OPEC+.
  - Spain: Figures for 2021–28 reflect disbursements under the EU Recovery and Resilience Facility.
  - Switzerland: Projections assume fiscal policy is adjusted as necessary to keep fiscal balances in line with Switzerland’s fiscal rules.
  - United Kingdom: Projections based on March 2026 OBR forecast and January 2026 ONS public sector finances releases; IMF staff overlays adjustments for differences in assumptions; data presented on calendar year basis.
  - United States: Fiscal projections based on February 2026 Congressional Budget Office baseline, adjusted for IMF staff policy and macroeconomic assumptions; projections incorporate effects of the One Big Beautiful Bill Act (OBBBA).
- Additional treatment:
  - Where relevant, IMF staff notes specific accounting/treatment adjustments (for example, treatment of off-budget components, exclusion of certain transactions from nontax revenue, treatment of capital transfers such as Eskom debt relief in South Africa).

### Monetary policy assumptions underlying projections (Box A1)
- General approach:
  - Based on established policy framework in each economy; in most cases implies a nonaccommodative stance over the business cycle:
    - Official interest rates will increase when indicators suggest inflation will rise above acceptable rate or range.
    - Rates will decrease when indicators suggest inflation will not exceed acceptable rate or range, output growth is below potential, and slack is significant.
  - See “Assumptions” section at beginning of Statistical Appendix for interest-rate specifics.
- Selected country-specific monetary assumptions (phrasing preserved where exact):
  - Canada: Projections reflect gradual unwinding of monetary policy tightening by the Bank of Canada as inflation returns to target of 2 percent by end of 2026.
  - Denmark: Monetary policy to maintain the peg to the euro.
  - Euro area: Monetary policy assumptions drawn from suite of models (semi-structural, DSGE, Taylor rule), market expectations, and ECB Governing Council communications.
  - Hong Kong SAR: IMF staff assumes the currency board system will remain intact.
  - India: Projections consistent with achieving the Reserve Bank of India’s inflation target over the medium term.
  - Korea: Projections assume policy rate evolves in line with Bank of Korea’s forward guidance.
  - Russia: Monetary policy projections assume Central Bank of the Russian Federation is adopting a tight monetary policy stance.
  - 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: Monetary policy assumptions consistent with maintaining inflation at a 3 percent target with a ±1 percentage point tolerance band over the medium term.
  - Türkiye: Baseline assumes monetary policy stance will remain contractionary, in line with announced and observed policies.
  - United Kingdom and United States: IMF staff assumptions based on assessment of most likely path for interest rates, considering broader macroeconomic outlook, central bank communications and forecasts, model results, and market expectations.

*International Monetary Fund — Statistical Appendix (excerpts and tables preserved exactly as in the source content provided).*

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_Source: https://www.imf.org/-/media/files/publications/weo/2026/april/english/statsappendix.pdf_