## tablea

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---

### Section 1 — Summary of World Output (Table A1–A4)
- World real GDP (annual percent change):
  - average 2008–17: 3.3; 2018: 3.6; 2019: 3.0; 2020: –2.7; 2021: 6.7; 2022: 3.8; 2023: 3.3; 2024: 3.4; 2025 (projection): 3.4; 2026 (projection): 3.1; 2027 (projection): 3.2; 2031 (projection): 3.1
- By income group (annual percent change):
  - Advanced Economies: average 2008–17: 1.3; 2018: 2.3; 2019: 1.9; 2020: –3.9; 2021: 6.1; 2022: 3.1; 2023: 1.7; 2024: 1.8; 2025: 1.9; 2026: 1.8; 2027: 1.7; 2031: 1.5
  - Emerging Market and Developing Economies: average 2008–17: 5.0; 2018: 4.6; 2019: 3.8; 2020: –1.8; 2021: 7.0; 2022: 4.3; 2023: 4.4; 2024: 4.5; 2025: 4.4; 2026: 3.9; 2027: 4.2; 2031: 4.0
- Regional highlights (annual percent change, selected):
  - Emerging and Developing Asia: average 2008–17: 7.2; 2023: 5.6; 2025: 5.4; 2026: 5.5; 2027: 4.9; 2031: 4.8
  - Emerging and Developing Europe: average 2008–17: 2.3; 2023: 3.6; 2025: 3.8; 2026: 2.0; 2027: 2.0; 2031: 2.1
  - Latin America and the Caribbean: average 2008–17: 2.0; 2023: 2.3; 2025: 2.4; 2026: 2.4; 2027: 2.3; 2031: 2.7
  - Middle East and Central Asia: average 2008–17: 3.8; 2023: 6.4; 2025: 2.6; 2026: 2.8; 2027: 3.6; 2031: 3.8
  - Sub-Saharan Africa: average 2008–17: 4.4; 2023: 4.4; 2025: 4.2; 2026: 4.5; 2027: 4.3; 2031: 4.4
- Analytical groups (annual percent change, selected):
  - Fuel exporters: average 2008–17: 3.5; 2023: 3.0; 2025: 3.4; 2026: 1.4; 2027: 4.6; 2031: 3.4
  - Nonfuel exporters: average 2008–17: 5.2; 2023: 4.0; 2025: 4.6; 2026: 4.6; 2027: 4.5; 2031: 4.1
  - Net Debtor Economies: average 2008–17: 4.4; 2023: 4.4; 2025: 4.4; 2026: 4.4; 2027: 4.7; 2031: 4.3
- Output per capita (annual percent change, selected):
  - Advanced Economies: average 2008–17: 0.8; 2023: 0.9; 2025: 1.6; 2026: 1.6; 2027: 1.5; 2031: 1.3
  - Emerging Market and Developing Economies: average 2008–17: 3.3; 2023: 3.4; 2025: 3.4; 2026: 3.4; 2027: 3.4; 2031: 3.1
- World growth (market exchange rates) and value of output (selected):
  - World Growth Rate Based on Market Exchange Rates: average 2008–17: 2.4; 2018: 3.2; 2019: 2.6; 2020: –3.0; 2021: 6.5; 2022: 3.4; 2023: 2.8; 2024: 2.9; 2025: 2.9; 2026: 2.6; 2027: 2.6; 2031: 2.4
  - Value of World Output at Market Exchange Rates (billions of US dollars): 2008: 73,761; 2018: 87,168; 2019: 88,478; 2020: 86,192; 2021: 98,435; 2022: 102,670; 2023: 107,246; 2024: 111,599; 2025: 118,176; 2026: 126,295; 2027: 131,891; 2031: 158,392
  - Value of World Output at Purchasing Power Parities (billions of US dollars): 2008: 101,417; 2018: 132,685; 2019: 140,574; 2020: 140,239; 2021: 157,085; 2022: 174,415; 2023: 186,757; 2024: 197,826; 2025: 210,327; 2026: 222,760; 2027: 234,916; 2031: 284,745
- Selected country highlights (Q4 over Q4, annual percent change, selected):
  - United States Real GDP: average 2008–17: 1.6; 2018: 3.0; 2019: 2.6; 2020: –2.1; 2021: 6.2; 2022: 2.5; 2023: 2.9; 2024: 2.8; 2025: 2.1; 2026: 2.3; 2027: 2.1; 2031: 1.8
  - Euro area Real GDP: average 2008–17: 0.6; 2018: 1.8; 2019: 1.6; 2020: –6.0; 2021: 6.4; 2022: 3.6; 2023: 0.4; 2024: 0.9; 2025: 1.4; 2026: 1.1; 2027: 1.2; 2031: 1.1
  - China (Emerging and Developing Asia): average 2008–17: 8.3; 2018: 6.8; 2019: 6.1; 2020: 2.3; 2021: 8.6; 2022: 3.1; 2023: 5.4; 2024: 5.0; 2025: 5.0; 2026: 4.4; 2027: 4.0; 2031: 3.3
  - India: average 2008–17: 6.7; 2018: 6.5; 2019: 3.9; 2020: –5.8; 2021: 9.7; 2022: 7.6; 2023: 7.2; 2024: 7.1; 2025: 7.1; 2026: 6.6; 2027: 6.5; 2031: 6.5

### Section 2 — Inflation measures and scope (Tables A5–A7)
- Coverage: GDP deflators and consumer price inflation (annual percent change) for Advanced Economies, Emerging Market and Developing Economies (regional, analytical groups, country-level), with historical averages (2008–17), annual/end-of-period 2018–2024, projections 2025–2027 and 2031.
- Advanced Economies — GDP Deflators (selected series, sequence corresponds to 2008–17 average and years through projections):
  - Advanced Economies (GDP Deflators): 1.3, 1.7, 1.5, 1.7, 3.3, 5.8, 4.3, 2.9, 2.7, 2.5, 2.2, 1.9
  - United States (GDP Deflators): 1.5, 2.3, 1.7, 1.3, 4.6, 7.1, 3.7, 2.5, 2.8, 2.9, 2.2, 1.8
  - Euro area (GDP Deflators): 1.2, 1.5, 1.7, 1.8, 2.1, 5.3, 6.1, 3.0, 2.5, 2.4, 2.3, 2.0
  - Japan (GDP Deflators): –0.1, –0.1, 0.8, 1.2, 0.0, 0.6, 4.6, 3.2, 3.4, 1.4, 2.7, 2.1
- Advanced Economies — Consumer Prices (selected series):
  - Advanced Economies (Consumer Prices): 1.5, 2.0, 1.4, 0.7, 3.1, 7.3, 4.6, 2.6, 2.5, 2.8, 2.2, 2.1
  - United States (Consumer Prices): 1.7, 2.4, 1.8, 1.3, 4.7, 8.0, 4.1, 3.0, 2.7, 3.2, 2.1, 2.2
  - Euro area (HICP): 1.4, 1.8, 1.2, 0.3, 2.6, 8.4, 5.4, 2.4, 2.4, 2.1, 2.2, 2.0
  - Japan (Consumer Prices): 0.3, 1.0, 0.5, 0.0, –0.2, 2.5, 3.3, 2.7, 3.2, 2.2, 2.3, 2.0
- Emerging Market and Developing Economies — Consumer Prices (selected series):
  - Emerging Market and Developing Economies (Consumer Prices): 5.7, 4.9, 5.2, 5.3, 5.9, 9.7, 8.2, 8.0, 5.2, 5.5, 4.6, 3.9
  - Emerging and Developing Europe: 7.7, 6.3, 6.6, 5.2, 9.2, 25.7, 17.4, 17.2, 13.5, 10.5, 8.2, 6.5
  - Latin America and the Caribbean: 5.1, 6.6, 7.6, 6.5, 9.9, 14.2, 14.8, 16.6, 7.6, 6.7, 4.9, 3.5
  - Sub-Saharan Africa: 9.1, 8.7, 9.6, 12.4, 12.3, 16.1, 19.4, 20.7, 12.5, 8.8, 8.8, 6.5
- Analytical groups (consumer prices, selected):
  - Fuel exporters: 7.8, 8.3, 6.8, 9.6, 11.7, 13.6, 13.0, 12.6, 12.6, 13.3, 10.1, 7.0
  - Nonfuel exporters: 5.4, 4.5, 5.0, 4.8, 5.2, 9.2, 7.7, 7.4, 4.4, 4.4, 4.7, 3.5
  - Net Debtor Economies: 6.8, 6.0, 5.9, 6.5, 7.8, 13.2, 12.2, 11.1, 7.2, 7.0, 6.0, 4.7
  - Economies with arrears and/or Rescheduling during 2020–24: 11.2, 14.1, 12.5, 14.9, 16.1, 21.4, 25.1, 25.5, 15.1, 9.9, 9.1, 5.7
- Selected country examples (consumer prices, selected sequences):
  - India: 7.6, 3.4, 4.8, 6.2, 5.5, 6.6, 5.4, 4.6, 2.1, 4.7, 4.0, 4.0
  - China: 2.6, 2.1, 2.9, 2.5, 0.9, 2.0, 0.2, 0.2, 0.0, 1.2, 1.5, 2.0
  - Türkiye: 8.3, 16.3, 15.2, 12.3, 19.6, 72.3, 53.9, 58.5, 34.9, 28.6, 21.4, 15.0
  - Argentina: 15.3, 34.3, 53.5, 42.0, 48.4, 72.4, 133.5, 219.9, 41.9, 30.4, 15.7, 7.5
  - Venezuela (extreme volatility noted): 77.7, 65,374.1, 19,906.0, 2,355.1, 1,588.5, 186.5, 337.5, 49.4, 252.0, 387.4, 94.4, 475.3, 219.7, 79.6
- Table notes (verbatim points included in source):
  - Movements in consumer prices are shown as annual averages (note 1).
  - End-of-period series are monthly year-over-year changes and, for several countries, on a quarterly basis (note 2).
  - Euro area consumer-price series are based on Eurostat’s harmonized index of consumer prices (note 3).
  - Several country-specific notes (Afghanistan, Argentina, Bolivia, Eritrea, Lebanon, Nigeria, Sri Lanka, Sudan, Syria, Timor-Leste, Turkmenistan, Ukraine, Uruguay, Venezuela, West Bank and Gaza, Yemen, Zimbabwe) are referenced in the “Country Notes” section.

### Section 3 — Major Advanced Economies: Fiscal Balances, Debt, and World Trade (Tables A8–A9)
- Major Advanced Economies (aggregate fiscal indicators, percent of GDP, sequence corresponds to table series):
  - Net Lending/borrowing: –5.5, –3.4, –3.8, –11.7, –8.9, –3.7, –6.2, –6.1, –5.3, –5.8, –5.7, –5.5
  - Output Gap (Percent of potential GDP): –1.4, 0.0, 0.2, –3.9, –0.6, 0.3, 0.1, 0.0, –0.2, –0.2, –0.2, 0.0
  - Structural balance (Percent of potential GDP): –4.6, –3.2, –3.8, –8.7, –8.1, –5.2, –6.1, –5.7, –5.5, –5.6, –5.6, –5.4
- United States (selected fiscal and debt indicators):
  - Net Lending/borrowing: –7.0, –5.3, –5.8, –14.1, –11.5, –3.7, –7.9, –7.9, –6.8, –7.5, –7.4, –7.4
  - Structural balance: –5.9, –4.9, –5.7, –10.5, –10.6, –6.0, –7.8, –7.4, –7.2, –7.4, –7.3, –7.3
  - Net Debt: 72.7, 79.9, 81.6, 95.9, 95.2, 91.3, 94.0, 95.7, 96.7, 98.5, 101.3, 115.4
  - Gross Debt: 98.9, 107.7, 108.8, 132.6, 125.0, 119.1, 120.0, 122.3, 123.9, 125.8, 128.6, 142.1
- Euro area (aggregate) and selected countries (percent of GDP, selected series):
  - Euro Area Net Lending/borrowing: –3.3, –0.4, –0.5, –7.0, –5.1, –3.4, –3.5, –3.1, –3.0, –3.3, –3.4, –3.0
  - Germany Net Debt: 55.0, 42.1, 39.8, 45.3, 46.2, 45.8, 45.7, 46.0, 47.2, 49.4, 51.9, 60.7; Gross Debt: 73.2, 60.8, 58.7, 68.0, 67.9, 64.4, 62.3, 62.2, 62.9, 64.6, 66.5, 73.7
  - Japan Net Debt: 134.2, 146.7, 148.2, 160.8, 157.5, 159.6, 149.5, 141.7, 136.5, 134.3, 130.1, 122.8; Gross Debt (Nonconsolidated basis): 190.3, 203.7, 206.3, 228.8, 222.7, 227.8, 220.3, 214.5, 206.5, 204.4, 200.1, 192.8
  - France Net Debt: 80.9, 89.4, 89.0, 101.6, 100.5, 101.1, 101.5, 105.0, 108.8, 110.2, 112.3, 112.6; Gross Debt: 90.5, 98.5, 98.2, 114.9, 112.8, 111.4, 109.6, 113.2, 116.0, 118.4, 120.5, 120.7
- World Trade (Table A9, annual percent change, selected):
  - World Trade Volume (goods and services): 3.2, 2.9, 4.0, 1.2, –8.3, 10.8, 5.9, 0.9, 3.7, 5.1, 2.8, 3.8
  - Price Deflator (In US Dollars): –0.2, 2.5, 5.5, –2.5, –1.6, 12.8, 6.7, –2.5, 0.2, 2.0, 4.9, 0.0
  - World exports, goods and services (billions of US dollars, memorandum): 21,132; 30,512; 25,094; 24,718; 22,336; 28,017; 31,522; 30,986; 32,307; 34,614; 37,088; 38,442
  - Average Oil Price in US Dollars a barrel (levels and percent change): percent change series includes –2.9, 3.7, 29.4, –10.4, –32.0, 65.8, 39.2, –16.4, –1.8, –14.4, 21.4, –7.6; price levels: 79.4, 72.3, 68.5, 61.4, 41.8, 69.2, 96.4, 80.6, 79.2, 67.7, 82.2, 76.0

### Section 4 — Emerging Market and Developing Economies: Current Account Balance (Table A12)
- Regional aggregates (percent of GDP; sequence corresponds to 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2031):
  - Emerging and Developing Asia: –0.3, 0.5, 1.5, 1.2, 1.3, 1.0, 1.6, 2.7, 2.2, 2.0, 1.5
  - Emerging and Developing Europe: 1.8, 1.4, 0.0, 1.6, 2.7, –0.4, –0.1, –1.2, –1.2, –1.3, –1.0
  - Latin America and the Caribbean: –2.7, –2.0, –0.2, –1.8, –2.2, –1.2, –1.1, –1.2, –0.9, –1.1, –1.1
  - Middle East and Central Asia: 3.0, 0.6, –3.4, 3.0, 7.8, 3.7, 2.0, 0.7, 1.1, 0.4, –0.2
  - Sub-Saharan Africa: –1.8, –2.5, –2.4, –0.7, –1.9, –2.4, –1.3, –0.9, –0.6, –1.1, –0.9
- Selected country-level balances (percent of GDP; 2018–2031 sequence selected):
  - China: 0.2, 0.7, 1.6, 1.9, 2.4, 1.4, 2.2, 3.7, 3.5, 3.3, 2.8
  - India: –2.2, –0.9, 0.9, –1.3, –2.1, –0.7, –0.6, –0.9, –2.0, –1.6, –1.9
  - Russia: 7.0, 3.9, 2.4, 6.8, 10.4, 2.4, 2.9, 1.6, 2.9, 2.3, 1.1
  - Saudi arabia: 7.9, 3.6, –4.5, 4.6, 11.7, 2.1, –1.3, –3.0, –1.6, –3.0, –3.8
  - Kuwait: 14.3, 12.7, 4.4, 25.2, 34.4, 31.1, 29.0, 23.3, 26.0, 21.8, 14.3
  - Nigeria (note indicator present in country notes): 1.2, –2.0, –2.7, –0.5, 0.2, 1.3, 6.8, 5.1, 5.8, 3.1, 3.3
- Notable extreme country series (percent of GDP):
  - Tuvalu: 59.3, –16.5, 16.2, 29.8, –0.3, 40.0, 15.8, 29.9, –1.0, –4.2, –7.8
  - Mongolia: –16.7, –15.2, –5.1, –13.8, –13.4, 0.6, –10.4, –8.6, –7.9, –8.6, –9.3
  - Mozambique: –29.5, –16.1, –26.5, –21.2, –33.7, –10.6, –11.0, –14.2, –43.0, –39.6, –1.8
  - Guyana: –29.0, –68.8, –17.3, –24.7, 25.9, 9.9, 16.5, 12.9, 21.5, 13.9, 19.3
  - Suriname: –3.0, –11.2, 8.9, –2.6, 1.3, –3.7, –12.9, –53.3, –44.8, –42.2, 28.9

### Section 5 — Net Lending/Borrowing, Sectoral Balances, and Medium-Term Reference Forecast (Tables A14–A15)
- Table A14 — Summary of Net Lending and Borrowing (percent of GDP, selected aggregates and years):
  - Advanced Economies — Net Lending and borrowing: 0.2, 0.6, 0.2, 0.8, –0.2, 0.0, 0.1, 0.1, –0.1, –0.1, 0.0
  - Advanced Economies — Savings: 21.8, 22.7, 22.8, 23.7, 23.1, 22.2, 22.0, 22.1, 22.3, 22.4, 22.4
  - Advanced Economies — Investment: 21.7, 22.1, 22.7, 23.0, 23.6, 22.8, 22.3, 22.4, 22.5, 22.5, 22.4
  - Emerging Market and Developing Economies — Net Lending and borrowing: 1.0, 0.3, 0.5, 1.0, 1.6, 0.7, 1.0, 1.3, 1.1, 0.9, 0.7
  - World — Net Lending and borrowing: 0.4, 0.4, 0.4, 0.9, 0.5, 0.3, 0.4, 0.6, 0.4, 0.3, 0.3
- Major economies — selected series (percent of GDP, sequences correspond to table entries):
  - United States Net Lending and borrowing: –2.6, –2.2, –2.8, –3.6, –3.8, –3.4, –4.0, –3.6, –3.7, –3.6, –3.6
  - Germany Net Lending and borrowing: 6.9, 7.7, 6.0, 6.8, 3.3, 4.9, 5.3, 3.8, 3.9, 3.8, 3.8
  - Japan Net Lending and borrowing: 2.4, 2.5, 2.9, 3.7, 2.0, 3.5, 4.5, 4.8, 3.8, 3.8, 3.9
  - United Kingdom Net Lending and borrowing: –3.8, –4.1, –2.9, –0.9, –2.0, –3.8, –3.1, –3.3, –3.5, –3.3, –2.6
- Analytical groups (percent of GDP, selected):
  - Fuel exporters — Net Lending and borrowing: 6.0, 3.7, –3.0, 4.7, 10.2, 5.2, 4.4, 2.6, 3.2, 2.3, 1.7
  - Nonfuel exporters — Net Lending and borrowing: 0.1, –0.3, 0.9, 0.6, 0.5, 0.1, 0.6, 1.2, 0.9, 0.7, 0.6
  - Net Debtor Economies — Net Lending and borrowing: –2.4, –2.4, –0.7, –1.8, –2.6, –1.4, –1.3, –1.4, –1.7, –1.7, –1.5
  - Net Debtor Economies with arrears and/or rescheduling during 2020–24 — Net Lending and borrowing: –3.6, –4.2, –2.0, –2.3, –2.0, –2.4, –2.2, –2.8, –3.3, –3.5, –2.2
- Table A15 — Summary of World Medium-Term Reference Forecast (selected series)
  - World Real GDP (annual percent change): 3.3, 3.1, 3.4, 3.4, 3.1, 3.2, 3.3, 3.1
  - Advanced Economies — Real GDP: 1.3, 1.8, 1.8, 1.9, 1.8, 1.7, 1.8, 1.6
  - Emerging Market and Developing Economies — Real GDP: 5.0, 3.9, 4.5, 4.4, 3.9, 4.2, 4.2, 4.0
  - World Trade, Volume (goods and services): 3.2, 2.9, 3.7, 5.1, 2.8, 3.8, 3.8, 3.1
  - Consumer Prices — Advanced Economies: 1.5, 2.9, 2.6, 2.5, 2.8, 2.2, 2.5, 2.1
  - Consumer Prices — Emerging Market and Developing Economies: 5.7, 6.2, 8.0, 5.2, 5.5, 4.6, 5.8, 3.9
  - World Real Long-Term Interest Rate (GDP-weighted average for major economies): 0.8, –0.5, 0.8, 1.2, 0.8, 1.6, 1.1, 1.7
  - External debt and debt service — Emerging Market and Developing Economies: Total External Debt: 27.4, 28.8, 28.1, 27.3, 26.8, 26.3, 27.1, 24.6; Debt Service: 9.6, 9.7, 9.7, 9.0, 8.6, 8.4, 8.9, 7.5

*Source: tablea (tablea.pdf) — World Economic Outlook: Statistical Appendix (tables A1–A15).*

### Section 1

### tablea - Section 1

### List of Tables
- Tables included: A1. Summary of World Output; A2. Advanced Economies: Real GDP and Total Domestic Demand; A3. Advanced Economies: Components of Real GDP; A4. Emerging Market and Developing Economies: Real GDP; A5–A7. Inflation; A8. Major Advanced Economies: General Government Fiscal Balances and Debt; A9. Summary of World Trade Volumes and Prices; A10–A12. Current Account Transactions; A13. Summary of Financial Account Balances; A14. Summary of Net Lending and Borrowing; A15. Summary of World Medium-Term Reference Forecast.
- Note: When countries are not listed alphabetically, they are ordered on the basis of economic size.

### Summary of World Output (Table A1)
- World real GDP (annual percent change):
  - average 2008–17: 3.3
  - 2018: 3.6
  - 2019: 3.0
  - 2020: –2.7
  - 2021: 6.7
  - 2022: 3.8
  - 2023: 3.3
  - 2024: 3.4
  - 2025 (projection): 3.4
  - 2026 (projection): 3.1
  - 2027 (projection): 3.2
  - 2031 (projection): 3.1
- Advanced Economies (annual percent change):
  - average 2008–17: 1.3
  - 2018: 2.3
  - 2019: 1.9
  - 2020: –3.9
  - 2021: 6.1
  - 2022: 3.1
  - 2023: 1.7
  - 2024: 1.8
  - 2025 (projection): 1.9
  - 2026 (projection): 1.8
  - 2027 (projection): 1.7
  - 2031 (projection): 1.5
- Emerging Market and Developing Economies (annual percent change):
  - average 2008–17: 5.0
  - 2018: 4.6
  - 2019: 3.8
  - 2020: –1.8
  - 2021: 7.0
  - 2022: 4.3
  - 2023: 4.4
  - 2024: 4.5
  - 2025 (projection): 4.4
  - 2026 (projection): 3.9
  - 2027 (projection): 4.2
  - 2031 (projection): 4.0
- Regional group highlights (annual percent change, selected):
  - Emerging and Developing Asia: average 2008–17: 7.2; 2023: 5.6; 2025: 5.4; 2026: 5.5; 2027: 4.9; 2031: 4.8
  - Emerging and Developing Europe: average 2008–17: 2.3; 2023: 3.6; 2025: 3.8; 2026: 2.0; 2027: 2.0; 2031: 2.1
  - Latin America and the Caribbean: average 2008–17: 2.0; 2023: 2.3; 2025: 2.4; 2026: 2.4; 2027: 2.3; 2031: 2.7
  - Middle East and Central Asia: average 2008–17: 3.8; 2023: 6.4; 2025: 2.6; 2026: 2.8; 2027: 3.6; 2031: 3.8
  - Sub-Saharan Africa: average 2008–17: 4.4; 2023: 4.4; 2025: 4.2; 2026: 4.5; 2027: 4.3; 2031: 4.4
- Analytical groups (annual percent change, selected):
  - Fuel exporters: average 2008–17: 3.5; 2023: 3.0; 2025: 3.4; 2026: 1.4; 2027: 4.6; 2031: 3.4
  - Nonfuel exporters: average 2008–17: 5.2; 2023: 4.0; 2025: 4.6; 2026: 4.6; 2027: 4.5; 2031: 4.1
  - Net Debtor Economies: average 2008–17: 4.4; 2023: 4.4; 2025: 4.4; 2026: 4.4; 2027: 4.7; 2031: 4.3
- Output per capita (in international dollars at purchasing power parity, annual percent change, selected):
  - Advanced Economies: average 2008–17: 0.8; 2023: 0.9; 2025: 1.6; 2026: 1.6; 2027: 1.5; 2031: 1.3
  - Emerging Market and Developing Economies: average 2008–17: 3.3; 2023: 3.4; 2025: 3.4; 2026: 3.4; 2027: 3.4; 2031: 3.1
- World Growth Rate Based on Market Exchange Rates:
  - average 2008–17: 2.4; 2018: 3.2; 2019: 2.6; 2020: –3.0; 2021: 6.5; 2022: 3.4; 2023: 2.8; 2024: 2.9; 2025: 2.9; 2026: 2.6; 2027: 2.6; 2031: 2.4
- Value of World Output:
  - at Market Exchange Rates (billions of US dollars): 2008: 73,761; 2018: 87,168; 2019: 88,478; 2020: 86,192; 2021: 98,435; 2022: 102,670; 2023: 107,246; 2024: 111,599; 2025: 118,176; 2026: 126,295; 2027: 131,891; 2031: 158,392
  - at Purchasing Power Parities (billions of US dollars): 2008: 101,417; 2018: 132,685; 2019: 140,574; 2020: 140,239; 2021: 157,085; 2022: 174,415; 2023: 186,757; 2024: 197,826; 2025: 210,327; 2026: 222,760; 2027: 234,916; 2031: 284,745

### Advanced Economies: Real GDP and Total Domestic Demand (Table A2)
- Real GDP (Q4 over Q4, annual percent change, selected):
  - Advanced Economies: average 2008–17: 1.3; 2018: 2.3; 2019: 1.9; 2020: –3.9; 2021: 6.1; 2022: 3.1; 2023: 1.7; 2024: 1.8; 2025: 1.9; 2026: 1.8; 2027: 1.7; 2031: 1.5
  - United States: average 2008–17: 1.6; 2018: 3.0; 2019: 2.6; 2020: –2.1; 2021: 6.2; 2022: 2.5; 2023: 2.9; 2024: 2.8; 2025: 2.1; 2026: 2.3; 2027: 2.1; 2031: 1.8
  - Euro area: average 2008–17: 0.6; 2018: 1.8; 2019: 1.6; 2020: –6.0; 2021: 6.4; 2022: 3.6; 2023: 0.4; 2024: 0.9; 2025: 1.4; 2026: 1.1; 2027: 1.2; 2031: 1.1
  - Japan: average 2008–17: 0.5; 2018: 0.8; 2019: –0.3; 2020: –4.3; 2021: 3.6; 2022: 1.3; 2023: 0.7; 2024: –0.2; 2025: 1.2; 2026: 0.7; 2027: 0.6; 2031: 0.6
- Country-specific Q4-over-Q4 highlights (selected):
  - Germany: 2023: –0.9; 2024: –0.5; 2025: 0.2; 2026: 0.8; 2027: 1.2; 2031: 0.7
  - France: 2023: 1.6; 2024: 1.0; 2025: 0.9; 2026: 0.9; 2027: 0.9; 2031: 1.2
  - United Kingdom: average 2008–17: 1.2; 2023: 0.3; 2024: 1.1; 2025: 0.3; 2026: 1.3; 2027: 1.4; 2031: 1.0
  - Korea: average 2008–17: 3.3; 2023: 2.7; 2024: 1.6; 2025: 2.0; 2026: 1.9; 2027: 1.6; 2031: 1.9
  - Taiwan Province of China: 2023: 2.7; 2024: 1.1; 2025: 8.7; 2026: 5.2; 2027: 3.0; 2031: 2.1
- Real Total Domestic Demand (Q4 over Q4, annual percent change, selected):
  - Advanced Economies: average 2008–17: 1.2; 2018: 2.4; 2019: 2.1; 2020: –3.8; 2021: 6.1; 2022: 3.5; 2023: 1.1; 2024: 1.8; 2025: 2.2; 2026: 1.8; 2027: 1.8; 2031: 1.7
  - United States: average 2008–17: 1.5; 2018: 3.1; 2019: 2.6; 2020: –1.8; 2021: 7.2; 2022: 2.8; 2023: 4.3; 2024: 3.1; 2025: 2.3; 2026: 2.3; 2027: 2.1; 2031: 1.7
  - Euro area: 2023: 4.0; 2024: 0.0; 2025: 0.6; 2026: 2.1; 2027: 1.3; 2031: 1.2

### Advanced Economies: Components of Real GDP (Table A3)
- Private Consumer Expenditure (annual percent change, selected):
  - Advanced Economies average 2008–17: 1.3; 2018–27 average: 1.7; 2018: 2.1; 2019: 1.6; 2020: –5.4; 2021: 6.1; 2022: 4.3; 2023: 1.6; 2024: 1.8; 2025: 2.0; 2026: 1.7; 2027: 1.7
  - United States: average 2008–17: 1.7; 2018: 2.6; 2019: 2.7; 2020: 2.1; 2021: –2.5; 2022: 8.8; 2023: 3.0; 2024: 2.6; 2025: 2.9; 2026: 2.6; 2027: 2.2
- Public Consumption (annual percent change, selected):
  - Advanced Economies average 2008–17: 1.1; 2018: 1.9; 2019: 1.6; 2020: 3.0; 2021: 2.3; 2022: 3.4; 2023: 0.6; 2024: 2.0; 2025: 2.8; 2026: 1.3; 2027: 1.3
  - United States public consumption: 2021: 3.0; 2022: 0.5; 2023: –1.3; 2024: 3.0; 2025: 3.3; 2026: 0.6; 2027: 1.5; 2031: 1.2
- Gross Fixed Capital Formation (annual percent change, selected):
  - Advanced Economies average 2008–17: 1.0; 2018: 2.3; 2019: 3.4; 2020: 3.3; 2021: –3.0; 2022: 6.2; 2023: 2.3; 2024: 2.5; 2025: 1.0; 2026: 2.7; 2027: 2.8
  - United States: average 2008–17: 1.7; 2018: 3.1; 2019: 5.0; 2020: 2.9; 2021: –0.8; 2022: 5.6; 2023: 1.9; 2024: 3.8; 2025: 3.5; 2026: 2.7; 2027: 3.8
- Final Domestic Demand (annual percent change, selected):
  - Advanced Economies average 2008–17: 1.2; 2018: 1.9; 2019: 2.2; 2020: 2.3; 2021: –3.5; 2022: 5.6; 2023: 3.1; 2024: 1.8; 2025: 1.8; 2026: 2.1; 2027: 1.9
- Stock Building (changes expressed as percent of GDP in the preceding period, selected):
  - Advanced Economies: 2008–17 average: 0.1; 2018: 0.0; 2019: 0.2; 2020: –0.1; 2021: –0.3; 2022: 0.5; 2023: 0.4; 2024: –0.7; 2025: 0.0; 2026: 0.1; 2027: –0.0
  - United States stock building: 2018: 0.0; 2019: 0.0; 2020: 0.1; 2021: 0.1; 2022: –0.5; 2023: 0.3; 2024: 0.7; 2025: –0.5; 2026: 0.0; 2027: –0.1
- Foreign Balance (changes expressed as percent of GDP in the preceding period, selected):
  - Advanced Economies: 2008–17 average: 0.2; 2018: 0.0; 2019: –0.0; 2020: –0.1; 2021: –0.2; 2022: –0.2; 2023: 0.0; 2024: –0.3; 2025: 0.5; 2026: 0.0; 2027: –0.2
  - United States foreign balance: 2008–17 average: 0.1; 2018: –0.3; 2019: –0.3; 2020: –0.3; 2021: –0.1; 2022: –0.2; 2023: –1.3; 2024: –0.4; 2025: 0.5; 2026: –0.4; 2027: –0.2

### Emerging Market and Developing Economies: Real GDP (Table A4, selected countries and regions)
- Regional aggregates (annual percent change):
  - Emerging and Developing Asia: average 2008–17: 7.2; 2018: 6.4; 2019: 5.4; 2020: –0.5; 2021: 7.8; 2022: 4.7; 2023: 5.6; 2024: 5.4; 2025: 5.5; 2026: 4.9; 2027: 4.8; 2031: 4.5
  - Emerging and Developing Europe: average 2008–17: 2.3; 2018: 3.7; 2019: 2.6; 2020: –1.7; 2021: 7.2; 2022: 0.5; 2023: 3.6; 2024: 3.8; 2025: 2.0; 2026: 2.0; 2027: 2.1; 2031: 2.3
  - Latin America and the Caribbean: average 2008–17: 2.0; 2018: 1.1; 2019: 0.2; 2020: –6.9; 2021: 7.5; 2022: 4.3; 2023: 2.3; 2024: 2.3; 2025: 2.4; 2026: 2.3; 2027: 2.2; 2031: 2.6
  - Middle East and Central Asia: average 2008–17: 3.8; 2018: 2.5; 2019: 2.1; 2020: –2.2; 2021: 4.7; 2022: 6.4; 2023: 2.6; 2024: 2.8; 2025: 3.6; 2026: 1.9; 2027: 4.6; 2031: 3.8
  - Sub-Saharan Africa: average 2008–17: 4.4; 2018: 3.2; 2019: 3.0; 2020: –3.1; 2021: 3.9; 2022: 4.4; 2023: 3.8; 2024: 4.2; 2025: 4.5; 2026: 4.3; 2027: 4.4; 2031: 4.7
- Selected countries — Emerging and Developing Asia (annual percent change, selected):
  - China: average 2008–17: 8.3; 2018: 6.8; 2019: 6.1; 2020: 2.3; 2021: 8.6; 2022: 3.1; 2023: 5.4; 2024: 5.0; 2025: 5.0; 2026: 4.4; 2027: 4.0; 2031: 3.3
  - India: average 2008–17: 6.7; 2018: 6.5; 2019: 3.9; 2020: –5.8; 2021: 9.7; 2022: 7.6; 2023: 7.2; 2024: 7.1; 2025: 7.1; 2026: 6.6; 2027: 6.5; 2031: 6.5
  - Vietnam: average 2008–17: 6.2; 2018: 7.5; 2019: 7.4; 2020: 2.9; 2021: 2.6; 2022: 8.5; 2023: 5.1; 2024: 7.0; 2025: 8.0; 2026: 7.1; 2027: 6.7; 2031: 5.4
- Selected countries — Emerging and Developing Europe (annual percent change, selected):
  - Poland: average 2008–17: 3.4; 2018: 6.2; 2019: 4.6; 2020: –2.0; 2021: 6.9; 2022: 5.3; 2023: 0.2; 2024: 3.0; 2025: 3.6; 2026: 3.3; 2027: 2.4; 2031: 2.5
  - Türkiye: average 2008–17: 4.9; 2018: 3.5; 2019: 1.3; 2020: 1.8; 2021: 11.8; 2022: 5.4; 2023: 5.0; 2024: 3.3; 2025: 3.6; 2026: 3.4; 2027: 3.5; 2031: 4.0
- Selected countries — Latin America and the Caribbean (annual percent change, selected):
  - Brazil: average 2008–17: 1.6; 2018: 1.8; 2019: 1.2; 2020: –3.3; 2021: 4.8; 2022: 3.0; 2023: 3.2; 2024: 3.4; 2025: 2.3; 2026: 1.9; 2027: 2.0; 2031: 2.5
  - Mexico: average 2008–17: 1.6; 2018: 2.0; 2019: –0.4; 2020: –8.4; 2021: 6.0; 2022: 3.7; 2023: 3.1; 2024: 1.4; 2025: 0.6; 2026: 1.6; 2027: 2.2; 2031: 2.0
  - Colombia: average 2008–17: 3.6; 2018: 2.6; 2019: 3.2; 2020: –7.2; 2021: 10.8; 2022: 7.3; 2023: 0.8; 2024: 1.5; 2025: 2.6; 2026: 2.3; 2027: 2.5; 2031: 2.8
- Selected countries — Middle East and Central Asia (annual percent change, selected):
  - Saudi Arabia: average 2008–17: 4.2; 2018: 3.2; 2019: 1.7; 2020: –3.8; 2021: 6.5; 2022: 12.0; 2023: 0.5; 2024: 2.6; 2025: 4.5; 2026: 3.1; 2027: 4.5; 2031: 3.6
  - Iran: 2018: 2.0; 2019: –3.7; 2020: –2.4; 2021: 4.4; 2022: 4.1; 2023: 4.4; 2024: 5.3; 2025: 3.7; 2026: –1.5; 2027: –6.1; 2031: 3.2; 2.1 (note: multiple-year sequence entries present)
- Selected countries — Sub-Saharan Africa (annual percent change, selected):
  - Democratic Republic of the Congo: average 2008–17: 6.0; 2018: 6.1; 2019: 6.0; 2020: 0.8; 2021: 6.4; 2022: 9.3; 2023: 8.5; 2024: 6.1; 2025: 5.7; 2026: 5.9; 2027: 5.4
  - Côte d’Ivoire: average 2008–17: 5.4; 2018: 4.8; 2019: 6.7; 2020: 0.7; 2021: 7.1; 2022: 6.4; 2023: 6.6; 2024: 6.0; 2025: 6.5; 2026: 6.2; 2027: 6.3; 2031: 6.5

*Source: tablea - Section 1 (Statistical Appendix tables A1–A4).*

### Section 2

### tablea - Section 2

### Summary of inflation measures and scope
- Content includes Tables A5–A7 reporting GDP deflators and consumer price inflation (annual percent change), with historical averages (2008–17) and annual/end-of-period series for 2018–2024 and projections for 2025–2027 and 2031 for selected aggregates and countries.
- Coverage: Advanced Economies (GDP Deflators and Consumer Prices), Emerging Market and Developing Economies (regional groups, analytical groups, and country-level consumer prices), and detailed country entries for Sub-Saharan Africa and other regions.

### Advanced Economies — GDP Deflators (Selected series)
- Advanced Economies (GDP Deflators): 1.3, 1.7, 1.5, 1.7, 3.3, 5.8, 4.3, 2.9, 2.7, 2.5, 2.2, 1.9
- United States (GDP Deflators): 1.5, 2.3, 1.7, 1.3, 4.6, 7.1, 3.7, 2.5, 2.8, 2.9, 2.2, 1.8
- Euro area (GDP Deflators): 1.2, 1.5, 1.7, 1.8, 2.1, 5.3, 6.1, 3.0, 2.5, 2.4, 2.3, 2.0
- Japan (GDP Deflators): –0.1, –0.1, 0.8, 1.2, 0.0, 0.6, 4.6, 3.2, 3.4, 1.4, 2.7, 2.1
- Other advanced Economies (GDP Deflators): 1.6, 1.7, 1.4, 2.0, 4.1, 6.3, 2.7, 3.4, 2.5, 2.6, 2.0, 1.9

### Advanced Economies — Consumer Prices (Selected series)
- Advanced Economies (Consumer Prices): 1.5, 2.0, 1.4, 0.7, 3.1, 7.3, 4.6, 2.6, 2.5, 2.8, 2.2, 2.1
- United States (Consumer Prices): 1.7, 2.4, 1.8, 1.3, 4.7, 8.0, 4.1, 3.0, 2.7, 3.2, 2.1, 2.2
- Euro area (HICP) (Consumer Prices): 1.4, 1.8, 1.2, 0.3, 2.6, 8.4, 5.4, 2.4, 2.4, 2.1, 2.2, 2.0
- Japan (Consumer Prices): 0.3, 1.0, 0.5, 0.0, –0.2, 2.5, 3.3, 2.7, 3.2, 2.2, 2.3, 2.0
- Other advanced Economies (Consumer Prices): 2.0, 1.9, 1.4, 0.6, 2.6, 6.6, 4.9, 2.4, 2.3, 2.6, 2.1, 1.9

### Emerging Market and Developing Economies — Aggregates (Consumer Prices)
- Emerging Market and Developing Economies (Consumer Prices): 5.7, 4.9, 5.2, 5.3, 5.9, 9.7, 8.2, 8.0, 5.2, 5.5, 4.6, 3.9
- Emerging and Developing Asia: 4.2, 2.7, 3.3, 3.2, 2.3, 3.9, 2.3, 1.9, 1.1, 2.6, 2.5, 2.8
- Emerging and Developing Europe: 7.7, 6.3, 6.6, 5.2, 9.2, 25.7, 17.4, 17.2, 13.5, 10.5, 8.2, 6.5
- Latin America and the Caribbean: 5.1, 6.6, 7.6, 6.5, 9.9, 14.2, 14.8, 16.6, 7.6, 6.7, 4.9, 3.5
- Middle East and Central Asia: 7.8, 9.5, 7.4, 10.4, 11.9, 13.3, 15.5, 13.9, 11.2, 11.9, 9.1, 6.0
- Sub-Saharan Africa: 9.1, 8.7, 9.6, 12.4, 12.3, 16.1, 19.4, 20.7, 12.5, 8.8, 8.8, 6.5

### Analytical groups (Consumer Prices)
- By Source of Export Earnings:
  - fuel: 7.8, 8.3, 6.8, 9.6, 11.7, 13.6, 13.0, 12.6, 12.6, 13.3, 10.1, 7.0
  - Nonfuel: 5.4, 4.5, 5.0, 4.8, 5.2, 9.2, 7.7, 7.4, 4.4, 4.4, 4.7, 3.5
- By External Financing Source:
  - Net Debtor Economies: 6.8, 6.0, 5.9, 6.5, 7.8, 13.2, 12.2, 11.1, 7.2, 7.0, 6.0, 4.7
  - Economies with arrears and/or Rescheduling during 2020–24: 11.2, 14.1, 12.5, 14.9, 16.1, 21.4, 25.1, 25.5, 15.1, 9.9, 9.1, 5.7
- Other groups:
  - European Union: 1.5, 1.8, 1.5, 0.7, 2.9, 9.3, 6.3, 2.5, 2.5, 2.8, 2.4, 2.1
  - Low-Income Developing Countries: 9.4, 9.8, 10.2, 14.0, 14.9, 16.9, 19.0, 19.9, 13.1, 9.9, 8.9, 6.5

### Selected country-level highlights (Emerging Market & Developing economies; consumer prices; examples pulled from tables)
- India (Consumer Prices): 7.6, 3.4, 4.8, 6.2, 5.5, 6.6, 5.4, 4.6, 2.1, 4.7, 4.0, 4.0
- China (Consumer Prices): 2.6, 2.1, 2.9, 2.5, 0.9, 2.0, 0.2, 0.2, 0.0, 1.2, 1.5, 2.0
- Türkiye (Consumer Prices): 8.3, 16.3, 15.2, 12.3, 19.6, 72.3, 53.9, 58.5, 34.9, 28.6, 21.4, 15.0
- Argentina (Consumer Prices): 15.3, 34.3, 53.5, 42.0, 48.4, 72.4, 133.5, 219.9, 41.9, 30.4, 15.7, 7.5
- Venezuela (Consumer Prices): 77.7, 65,374.1, 19,906.0, 2,355.1, 1,588.5, 186.5, 337.5, 49.4, 252.0, 387.4, 94.4, 475.3, 219.7, 79.6 (table shows extremely large historical volatility)
- Iran (Consumer Prices): 17.3, 26.9, 34.8, 36.5, 40.2, 45.8, 40.7, 32.5, 50.9, 68.9, 39.3, 25.0, 74.4, 48.7, 35.0

### Sub-Saharan Africa — selected country consumer price series (annual averages and end-of-period where indicated)
- Eswatini: 7.0, 4.8, 2.6, 3.9, 3.7, 4.8, 4.9, 4.0, 3.1, 3.5, 3.8, 3.0
- Ethiopia: 15.4, 13.8, 15.8, 20.4, 26.8, 33.9, 30.2, 21.0, 13.2, 11.8, 10.7, 7.5, 9.7, 12.3, 9.1
- Ghana: 12.5, 9.8, 7.2, 9.9, 10.0, 31.9, 39.2, 22.9, 14.2, 5.8, 7.8, 8.0, 5.4, 7.9, 8.0
- Nigeria: 11.8, 12.1, 11.4, 13.2, 17.0, 18.8, 24.7, 33.2, 23.0, 16.0, 15.9, 10.0, 15.2, 17.0, 14.5
- South africa: 6.1, 4.6, 4.1, 3.3, 4.6, 6.9, 5.9, 4.4, 3.2, 3.9, 3.4, 3.0, 2.9

### Table notes and methodological points included in the source
- Movements in consumer prices are shown as annual averages (note 1).
- End-of-period series are monthly year-over-year changes and, for several countries, on a quarterly basis (note 2).
- Euro area consumer-price series are based on Eurostat’s harmonized index of consumer prices (note 3).
- Several country-specific notes are referenced for Afghanistan, Argentina, Bolivia, Eritrea, Lebanon, Nigeria, Sri Lanka, Sudan, Syria, Timor-Leste, Turkmenistan, Ukraine, Uruguay, Venezuela, West Bank and Gaza, Yemen, and Zimbabwe; these are in the “Country Notes” section of the Statistical appendix (notes in source).

*Source: tablea - Section 2 (Tables A5–A7) — WORLD ECONOMIC OUTLOOK: GLOBAL ECONOMY IN THE SHADOW OF WAR, Statistical Appendix.*

### Section 3

### tablea - Section 3

### Major Advanced Economies: General Government Fiscal Balances and Debt (Percent of GDP, unless noted otherwise)
- Major Advanced Economies (aggregate)
  - Net Lending/borrowing: –5.5, –3.4, –3.8, –11.7, –8.9, –3.7, –6.2, –6.1, –5.3, –5.8, –5.7, –5.5
  - Output Gap (Percent of potential GDP): –1.4, 0.0, 0.2, –3.9, –0.6, 0.3, 0.1, 0.0, –0.2, –0.2, –0.2, 0.0
  - Structural balance (Percent of potential GDP): –4.6, –3.2, –3.8, –8.7, –8.1, –5.2, –6.1, –5.7, –5.5, –5.6, –5.6, –5.4

- United States
  - Net Lending/borrowing: –7.0, –5.3, –5.8, –14.1, –11.5, –3.7, –7.9, –7.9, –6.8, –7.5, –7.4, –7.4
  - Output Gap: –1.7, –0.6, 0.1, –3.4, 0.1, 0.1, 0.3, 0.4, 0.0, 0.0, 0.0, 0.0
  - Structural balance: –5.9, –4.9, –5.7, –10.5, –10.6, –6.0, –7.8, –7.4, –7.2, –7.4, –7.3, –7.3
  - Net Debt: 72.7, 79.9, 81.6, 95.9, 95.2, 91.3, 94.0, 95.7, 96.7, 98.5, 101.3, 115.4
  - Gross Debt: 98.9, 107.7, 108.8, 132.6, 125.0, 119.1, 120.0, 122.3, 123.9, 125.8, 128.6, 142.1

- Euro Area (aggregate)
  - Net Lending/borrowing: –3.3, –0.4, –0.5, –7.0, –5.1, –3.4, –3.5, –3.1, –3.0, –3.3, –3.4, –3.0
  - Output Gap: –1.4, 0.1, 0.4, –5.3, –1.5, 0.8, 0.2, –0.1, –0.1, –0.2, –0.2, 0.0
  - Structural balance: –2.3, –0.4, –0.5, –3.5, –4.0, –3.6, –3.7, –3.2, –3.0, –3.2, –3.4, –2.9
  - Net Debt: 70.2, 70.2, 68.5, 78.2, 76.3, 73.8, 72.8, 73.2, 74.1, 74.9, 75.9, 78.3
  - Gross Debt: 86.4, 85.2, 83.3, 96.1, 93.4, 88.9, 86.5, 86.6, 87.1, 87.8, 88.4, 89.7

- Germany
  - Net Lending/borrowing: –0.5, 1.9, 1.3, –4.4, –3.2, –1.9, –2.5, –2.7, –2.7, –3.8, –4.2, –3.7
  - Output Gap: –0.1, 0.9, 0.4, –3.1, –0.8, 1.3, –0.1, –1.0, –1.1, –0.9, –0.4, 0.0
  - Structural balance: –0.1, 1.5, 1.1, –3.0, –2.8, –1.9, –2.4, –2.1, –2.1, –3.3, –4.0, –3.7
  - Net Debt: 55.0, 42.1, 39.8, 45.3, 46.2, 45.8, 45.7, 46.0, 47.2, 49.4, 51.9, 60.7
  - Gross Debt: 73.2, 60.8, 58.7, 68.0, 67.9, 64.4, 62.3, 62.2, 62.9, 64.6, 66.5, 73.7

- France
  - Net Lending/borrowing: –4.9, –2.3, –2.4, –8.9, –6.6, –4.7, –5.4, –5.8, –5.1, –4.9, –4.8, –2.9
  - Output Gap: –1.6, –0.8, 0.0, –4.5, –2.1, –0.8, –0.5, –0.2, 0.1, 0.2, –0.3, –0.1
  - Structural balance: –3.9, –1.6, –1.4, –5.9, –5.1, –4.2, –5.2, –5.7, –5.1, –4.8, –4.6, –2.8
  - Net Debt: 80.9, 89.4, 89.0, 101.6, 100.5, 101.1, 101.5, 105.0, 108.8, 110.2, 112.3, 112.6
  - Gross Debt: 90.5, 98.5, 98.2, 114.9, 112.8, 111.4, 109.6, 113.2, 116.0, 118.4, 120.5, 120.7

- Italy
  - Net Lending/borrowing: –3.1, –2.2, –1.5, –9.4, –8.9, –8.1, –7.1, –3.4, –3.1, –2.8, –2.6, –2.7
  - Output Gap: –3.7, –1.9, –1.9, –11.1, –3.9, 0.0, 0.2, 0.2, 0.0, –0.2, –0.4, 0.0
  - Structural balance: –1.4, –1.3, –0.5, –3.0, –7.9, –8.7, –7.6, –4.1, –3.6, –2.9, –2.6, –1.1
  - Net Debt: 115.2, 123.4, 123.0, 141.4, 134.0, 127.9, 123.9, 125.3, 127.7, 129.0, 129.4, 126.7
  - Gross Debt: 125.5, 134.2, 133.9, 154.4, 145.8, 138.4, 133.9, 134.7, 137.1, 138.4, 138.8, 136.1

- Japan
  - Net Lending/borrowing: –6.3, –2.4, –3.0, –9.0, –6.3, –4.2, –2.4, –1.7, –1.1, –2.0, –2.4, –4.0
  - Output Gap: –0.4, 1.9, 0.7, –2.9, –1.3, –0.6, 0.0, 0.0, 0.4, 0.4, 0.2, 0.0
  - Structural balance: –6.2, –3.0, –3.3, –8.1, –5.8, –4.3, –2.4, –1.7, –1.2, –2.2, –2.4, –4.0
  - Net Debt: 134.2, 146.7, 148.2, 160.8, 157.5, 159.6, 149.5, 141.7, 136.5, 134.3, 130.1, 122.8
  - Gross Debt (Nonconsolidated basis): 190.3, 203.7, 206.3, 228.8, 222.7, 227.8, 220.3, 214.5, 206.5, 204.4, 200.1, 192.8

- United Kingdom
  - Net Lending/borrowing: –6.1, –2.2, –2.4, –12.9, –7.5, –4.6, –6.0, –6.1, –5.4, –3.9, –3.1, –1.6
  - Output Gap: –1.2, 1.6, 1.5, –3.5, 0.5, 2.2, –0.3, –0.5, –0.6, –0.9, –0.9, –0.1
  - Structural balance: –5.2, –3.2, –3.5, –11.1, –7.0, –5.8, –6.3, –5.6, –4.9, –3.3, –2.5, –1.5
  - Net Debt: 70.9, 75.9, 75.1, 92.2, 90.2, 87.9, 90.4, 92.4, 93.8, 95.5, 95.9, 94.5
  - Gross Debt: 78.8, 85.6, 84.9, 104.8, 103.4, 97.5, 98.9, 99.9, 101.9, 102.3, 103.6, 104.1

- Canada
  - Net Lending/borrowing: –1.6, 0.4, 0.0, –10.9, –3.1, 0.6, –0.2, –2.1, –1.8, –2.7, –2.5, –1.5
  - Output Gap: –0.4, 0.6, 0.4, –3.4, –1.4, 0.8, 0.0, –0.7, –0.9, –0.8, –0.6, 0.0
  - Structural balance: –1.4, 0.0, –0.2, –8.2, –2.0, 0.1, –0.2, –0.8, –1.2, –2.2, –2.1, –1.5
  - Net Debt (includes equity shares): 23.5, 11.8, 8.7, 16.2, 14.1, 13.3, 12.7, 10.8, 10.2, 10.3, 10.7, 10.4
  - Gross Debt: 85.7, 90.8, 90.1, 118.1, 112.6, 103.5, 105.1, 110.0, 113.5, 110.7, 109.5, 103.5

Note: Debt data refer to the end of the year and are not always comparable across countries. Gross and net debt levels reported by national statistical agencies for countries that have adopted the System of National accounts 2008 (australia, Canada, hong Kong Special administrative Region, United States) are adjusted to exclude unfunded pension liabilities of government employees’ defined-benefit pension plans. Percent of potential GDP. Figures reported by the national statistical agency are adjusted to exclude items related to the accrual-basis accounting of government employees’ defined-benefit pension plans. Nonconsolidated basis. Includes equity shares.

### Table A9 — Summary of World Trade Volumes and Prices (Annual percent change, unless noted otherwise)
- Trade in Goods and Services (World)
  - World Trade Volume: 3.2, 2.9, 4.0, 1.2, –8.3, 10.8, 5.9, 0.9, 3.7, 5.1, 2.8, 3.8
  - Price Deflator (In US Dollars): –0.2, 2.5, 5.5, –2.5, –1.6, 12.8, 6.7, –2.5, 0.2, 2.0, 4.9, 0.0
  - Price Deflator (In SDRs): 0.8, 2.5, 3.3, –0.1, –2.3, 10.3, 13.7, –2.3, 0.7, 0.3, 2.9, –0.2

- Volume of Trade — Exports (selected groups)
  - Advanced Economies exports: 2.8, 2.3, 3.5, 1.5, –8.7, 9.7, 6.2, 0.6, 2.1, 3.7, 2.5, 2.7
  - Emerging Market and Developing Economies exports: 3.8, 3.9, 4.1, 0.7, –6.6, 12.7, 4.5, 1.4, 6.6, 7.4, 3.5, 5.4

- Volume of Trade — Imports (selected groups)
  - Advanced Economies imports: 2.4, 2.6, 3.8, 2.0, –8.1, 10.1, 7.5, –0.8, 2.2, 4.7, 2.6, 3.1
  - Emerging Market and Developing Economies imports: 4.7, 3.3, 5.2, –0.5, –9.6, 12.0, 4.1, 3.8, 6.0, 5.7, 2.7, 4.9

- Terms of Trade (annual percent change)
  - Advanced Economies: 0.1, 0.2, –0.4, 0.1, 1.0, 1.0, –1.7, 0.6, 0.8, 0.6, –1.0, 0.4
  - Emerging Market and Developing Economies: 0.0, –0.3, 1.3, –1.2, –1.2, 1.4, 1.3, –1.0, 0.2, –0.7, –1.5, –1.2

- Trade in Goods — World trade volume and price deflators
  - World Trade Volume (goods): 2.9, 2.6, 3.7, 0.1, –5.5, 11.0, 3.4, –0.8, 2.8, 5.4, 2.8, 3.9
  - Price Deflator (goods, In US Dollars): –0.4, 2.4, 6.0, –2.9, –2.2, 14.6, 8.5, –3.9, –0.6, 1.6, 5.2, –0.5

- World Trade Prices in US Dollars (selected commodities, percent change)
  - Manufactures: 0.1, 1.8, 2.0, 0.4, –3.1, 6.8, 10.2, –1.7, 1.2, 1.1, 1.4, 0.2
  - Oil: –2.9, 3.7, 29.4, –10.4, –32.0, 65.8, 39.2, –16.4, –1.8, –14.4, 21.4, –7.6
  - Nonfuel Primary Commodities: 0.4, 7.1, 1.3, 0.7, 6.5, 26.7, 7.9, –5.7, 3.7, 9.6, 21.7, 1.9
  - Food: 1.0, 2.7, –1.2, –3.1, 1.7, 27.0, 14.8, –6.8, –3.1, –4.6, 6.0, 0.7

- Price Deflators in SDRs and Euros for selected commodity groups are reported with corresponding annual percent changes (see table for full series).

- Volume of Trade — detailed exports and imports (goods)
  - Exports, advanced Economies: 2.4, 1.9, 3.0, 0.4, –6.5, 9.9, 3.8, –1.1, 0.8, 4.1, 2.5, 2.4
  - Exports, Emerging Market and Developing Economies: 3.7, 3.6, 3.8, –0.2, –3.6, 12.0, 1.6, 0.5, 6.3, 7.7, 3.7, 5.4
  - Imports, advanced Economies: 2.1, 2.3, 3.9, 0.5, –5.9, 11.5, 5.2, –3.2, 1.3, 5.0, 2.7, 3.2
  - Imports, Emerging Market and Developing Economies: 4.5, 2.9, 4.3, –0.6, –5.5, 10.7, 1.7, 1.7, 4.5, 5.6, 2.3, 5.3

- Memorandum (World exports in billions of US dollars)
  - World exports, goods and services: 21,132; 30,512; 25,094; 24,718; 22,336; 28,017; 31,522; 30,986; 32,307; 34,614; 37,088; 38,442
  - World exports, goods: 16,471; 22,724; 18,991; 18,430; 17,075; 21,691; 24,155; 23,002; 23,550; 25,217; 27,158; 27,976
  - Average Oil Price (percent change): –2.9, 3.7, 29.4, –10.4, –32.0, 65.8, 39.2, –16.4, –1.8, –14.4, 21.4, –7.6
  - Average Oil Price in US Dollars a barrel: 79.4, 72.3, 68.5, 61.4, 41.8, 69.2, 96.4, 80.6, 79.2, 67.7, 82.2, 76.0
  - Export Unit Value of Manufactures: 0.1, 1.8, 2.0, 0.4, –3.1, 6.8, 10.2, –1.7, 1.2, 1.1, 1.4, 0.2

Note: SDRs = special drawing rights. Average of annual percent change for world exports and imports. Commodity and price indices described in table notes.

### Table A10 — Summary of Current Account Balances (Billions of US dollars and Percent of GDP)
- Current Account Balances (Billions of US dollars, selected entries)
  - Advanced Economies (aggregate): 413.1, 380.3, 136.5, 429.7, –278.9, –16.2, 47.1, 49.8, –86.9, –50.3, 68.1
  - United States: –439.0, –442.0, –593.5, –858.6, –993.1, –928.0, –1,185.3, –1,116.0, –1,199.7, –1,227.8, –1,388.6
  - Euro area: 410.0, 324.7, 245.0, 408.6, –30.8, 264.7, 443.0, 288.2, 254.7, 292.1, 432.7
  - Japan: 177.8, 176.3, 149.9, 196.2, 89.9, 156.2, 189.2, 214.2, 166.4, 176.3, 207.8
  - United Kingdom: –108.0, –71.3, –74.2, –24.2, –61.2, –122.2, –110.1, –125.2, –144.2, –140.4, –119.8
  - Canada: –41.0, –34.1, –33.4, –0.4, –10.1, –15.1, –10.9, –21.7, –5.4, –9.2, –0.7
  - Other advanced Economies (aggregate): 323.4, 330.1, 372.4, 577.4, 562.8, 483.6, 608.7, 657.3, 685.2, 705.7, 779.7
  - Emerging Market and Developing Economies (aggregate): –45.7, 13.0, 152.4, 375.4, 682.5, 288.6, 421.0, 601.0, 529.8, 457.8, 377.7

- Current Account Balances (Percent of GDP, selected entries)
  - Advanced Economies (aggregate): 0.8, 0.7, 0.3, 0.7, –0.5, 0.0, 0.1, 0.1, –0.1, –0.1, 0.1
  - United States: –2.1, –2.1, –2.8, –3.6, –3.8, –3.3, –4.0, –3.6, –3.7, –3.6, –3.6
  - Euro area: 2.9, 2.4, 1.8, 2.7, –0.2, 1.7, 2.7, 1.6, 1.3, 1.5, 1.9
  - Japan: 3.4, 3.4, 2.9, 3.8, 2.0, 3.6, 4.5, 4.8, 3.8, 3.9, 4.1
  - United Kingdom: –3.7, –2.5, –2.7, –0.8, –1.9, –3.6, –3.0, –3.1, –3.4, –3.1, –2.2
  - Canada: –2.4, –2.0, –2.0, 0.0, –0.5, –0.7, –0.5, –0.9, –0.2, –0.3, 0.0
  - Other advanced Economies (aggregate): 4.2, 4.4, 5.0, 6.6, 6.4, 5.5, 6.6, 6.8, 6.4, 6.3, 5.9
  - Emerging Market and Developing Economies (aggregate): –0.1, 0.0, 0.4, 0.9, 1.6, 0.6, 0.9, 1.2, 1.0, 0.8, 0.5

- Regional and Analytical Highlights (selected)
  - Emerging and Developing asia (Percent of GDP): –0.3, 0.5, 1.5, 1.2, 1.3, 1.0, 1.6, 2.7, 2.2, 2.0, 1.5
  - Emerging and Developing Europe (Percent of GDP): 1.8, 1.4, 0.0, 0.1, 1.6, 2.7, –0.4, –0.1, –1.2, –1.2, –1.0
  - Middle East and Central asia (Percent of GDP): 3.0, 0.6, –3.4, 3.0, 7.8, 3.7, 2.0, 0.7, 1.1, 0.4, –0.2
  - By Source of Export Earnings — fuel exporters (Percent of GDP): 5.4, 2.1, –2.9, 5.0, 10.5, 5.4, 4.5, 2.6, 3.3, 2.4, 1.6
  - By Source of Export Earnings — nonfuel (Percent of GDP): –0.8, –0.2, 0.8, 0.5, 0.5, 0.1, 0.5, 1.1, 0.8, 0.7, 0.4

- Memorandum (Selected levels and ratios)
  - World current account (Billions of US dollars): 367.4, 393.3, 288.9, 805.1, 403.5, 272.4, 468.0, 650.8, 442.9, 407.5, 445.8
  - European Union (Billions of US dollars): 512.3, 460.5, 376.1, 569.5, 125.9, 478.5, 629.7, 504.3, 459.7, 495.4, 660.8
  - Emerging Market and Middle-Income Economies (Percent of GDP): 0.0, 0.2, 0.7, 1.2, 1.9, 0.9, 1.1, 1.4, 1.1, 1.0, 0.7
  - Low-Income Developing Countries (Percent of GDP): –2.9, –3.0, –2.9, –3.0, –4.2, –3.4, –2.0, –1.1, –0.7, –1.5, –1.7

- Additional formats: Table A10 also reports current account balances as Percent of exports of goods and services (see table for series).

### Table A11 — Advanced Economies: Current Account Balance (Percent of GDP, country detail)
- Advanced Economies (aggregate): 0.8, 0.7, 0.3, 0.7, –0.5, 0.0, 0.1, 0.1, –0.1, –0.1, 0.1
- United States: –2.1, –2.1, –2.8, –3.6, –3.8, –3.3, –4.0, –3.6, –3.7, –3.6, –3.6
- Euro area (sum of euro area countries): 3.6, 3.1, 2.4, 3.6, 0.9, 2.6, 3.3, 2.5, 2.1, 2.2, 2.6
- Selected advanced economy country series (percent of GDP) reported individually in Table A11 include Germany, France, Italy, Spain, The Netherlands, Belgium, Ireland, Austria, Portugal, Greece, Finland, Bulgaria, Slovak Republic, Croatia, Lithuania, Slovenia, Luxembourg, Latvia, Estonia, Cyprus, Malta, Japan, United Kingdom, Korea, Canada, australia, Taiwan Province of China, Singapore, Switzerland, Sweden, Czech Republic, Norway, hong Kong SaR, Israel, Denmark, New Zealand, Macao SaR, Iceland, Liechtenstein, and others (see table for full series).

*Source: tablea - Section 3, World Economic Outlook Statistical Appendix (selected tables and series).*

### Section 4

### Table A12. Emerging Market and Developing Economies: Current Account Balance (Percent of GDP)

### Regional aggregates (percent of GDP; values correspond to 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2031)
- Emerging and Developing Asia: –0.3, 0.5, 1.5, 1.2, 1.3, 1.0, 1.6, 2.7, 2.2, 2.0, 1.5
- Emerging and Developing Europe: 1.8, 1.4, 0.0, 1.6, 2.7, –0.4, –0.1, –1.2, –1.2, –1.3, –1.0
- Latin America and the Caribbean: –2.7, –2.0, –0.2, –1.8, –2.2, –1.2, –1.1, –1.2, –0.9, –1.1, –1.1
- Middle East and Central Asia: 3.0, 0.6, –3.4, 3.0, 7.8, 3.7, 2.0, 0.7, 1.1, 0.4, –0.2
- Sub-Saharan Africa: –1.8, –2.5, –2.4, –0.7, –1.9, –2.4, –1.3, –0.9, –0.6, –1.1, –0.9

### Selected country-level balances (percent of GDP; values follow the same year sequence as above)
- China: 0.2, 0.7, 1.6, 1.9, 2.4, 1.4, 2.2, 3.7, 3.5, 3.3, 2.8
- India: –2.2, –0.9, 0.9, –1.3, –2.1, –0.7, –0.6, –0.9, –2.0, –1.6, –1.9
- Indonesia: –2.9, –2.7, –0.4, 0.3, 1.0, –0.1, –0.6, –0.1, –1.1, –0.9, –0.8
- Russia: 7.0, 3.9, 2.4, 6.8, 10.4, 2.4, 2.9, 1.6, 2.9, 2.3, 1.1
- Turkey (Türkiye): –1.8, 1.9, –4.2, –0.9, –5.0, –3.6, –1.0, –1.9, –2.8, –2.5, –1.2
- Brazil: –2.8, –3.4, –1.6, –2.4, –2.1, –1.2, –3.0, –3.0, –2.7, –2.4, –1.8
- Mexico: –2.1, –0.3, 2.4, –0.3, –1.3, –0.7, –0.9, –0.4, –0.4, –0.5, –0.7
- Argentina: –5.2, –0.8, 0.7, 1.4, –0.6, –3.2, 0.9, –1.1, –0.8, –0.6, –0.3
- Saudi arabia: 7.9, 3.6, –4.5, 4.6, 11.7, 2.1, –1.3, –3.0, –1.6, –3.0, –3.8
- Kuwait: 14.3, 12.7, 4.4, 25.2, 34.4, 31.1, 29.0, 23.3, 26.0, 21.8, 14.3
- South africa: –2.9, –2.6, 2.0, 3.7, –0.3, –1.1, 0.7, –0.5, –0.9, 1.4, 1.8
- Nigeria (note indicator present in country notes): 1.2, –2.0, –2.7, –0.5, 0.2, 1.3, 6.8, 5.1, 5.8, 3.1, 3.3
- Egypt: –2.3, –3.4, –2.9, –4.4, –3.5, –1.2, –5.4, –4.2, –4.2, –4.6, –2.7
- Vietnam: 1.9, 3.8, 4.3, –2.2, 0.3, 6.4, 6.6, 6.7, 5.3, 4.4, 0.6

### Notable extreme country series (percent of GDP)
- Tuvalu: 59.3, –16.5, 16.2, 29.8, –0.3, 40.0, 15.8, 29.9, –1.0, –4.2, –7.8
- Mongolia: –16.7, –15.2, –5.1, –13.8, –13.4, 0.6, –10.4, –8.6, –7.9, –8.6, –9.3
- Mozambique: –29.5, –16.1, –26.5, –21.2, –33.7, –10.6, –11.0, –14.2, –43.0, –39.6, –1.8
- Guyana: –29.0, –68.8, –17.3, –24.7, 25.9, 9.9, 16.5, 12.9, 21.5, 13.9, 19.3
- Suriname: –3.0, –11.2, 8.9, –2.6, 1.3, –3.7, –12.9, –53.3, –44.8, –42.2, 28.9

### Observations implicit in the data
- Regional aggregates show varying trajectories: Emerging and Developing Asia and Middle East and Central Asia record positive aggregate current account balances across much of the period, while Latin America and Sub-Saharan Africa remain negative on aggregate.
- Several smaller economies display highly volatile series (large positive or negative swings), reflecting episodic commodity, fiscal, or statistical factors captured in the table.

*See the country-specific notes for afghanistan, Eritrea, Lebanon, Nigeria, Sri Lanka, Sudan, Syria, Timor-Leste, Venezuela, West bank and Gaza, and yemen in the “Country Notes” section of the Statistical appendix.*

*Table A12. Emerging Market and Developing Economies: Current Account Balance (Percent of GDP) — source content from the supplied PDF.*

### Section 5

### Table A14. Summary of Net Lending and Borrowing

### Global and Advanced Economies — key aggregates (percent of GDP)
- Advanced Economies — Net Lending and borrowing: 0.2, 0.6, 0.2, 0.8, –0.2, 0.0, 0.1, 0.1, –0.1, –0.1, 0.0 (averages and yearly sequence shown as 2008–17, 2012–19, 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028–31)
- Advanced Economies — Current account balance: 0.2, 0.6, 0.3, 0.7, –0.5, 0.0, 0.1, 0.1, –0.1, –0.1, 0.1
- Advanced Economies — Savings: 21.8, 22.7, 22.8, 23.7, 23.1, 22.2, 22.0, 22.1, 22.3, 22.4, 22.4
- Advanced Economies — Investment: 21.7, 22.1, 22.7, 23.0, 23.6, 22.8, 22.3, 22.4, 22.5, 22.5, 22.4
- Advanced Economies — Capital account balance: 0.0, –0.1, 0.0, 0.0, 0.2, 0.0, 0.0, 0.0, 0.0, 0.0, 0.0

### Major economies — yearly values (percent of GDP)
- United States
  - Net Lending and borrowing: –2.6, –2.2, –2.8, –3.6, –3.8, –3.4, –4.0, –3.6, –3.7, –3.6, –3.6
  - Current account balance: –2.6, –2.1, –2.8, –3.6, –3.8, –3.3, –4.0, –3.6, –3.7, –3.6, –3.6
  - Savings: 17.4, 19.0, 18.2, 17.6, 18.2, 17.0, 16.5, 16.8, 17.7, 17.9, 17.5
  - Investment: 20.1, 21.0, 21.4, 21.4, 22.0, 21.6, 21.5, 21.4, 21.4, 21.5, 21.1
  - Capital account balance: 0.0, 0.0, 0.0, 0.0, 0.0, 0.0, 0.0, 0.0, 0.0, 0.0, 0.0

- Euro Area
  - Net Lending and borrowing: 1.2, 2.5, 1.9, 3.1, 0.9, 2.0, 2.8, 1.8, . . ., . . ., . . .
  - Current account balance: 1.2, 2.5, 1.8, 2.7, –0.2, 1.7, 2.7, 1.6, 1.3, 1.5, 1.8
  - Savings: 22.6, 23.7, 24.4, 26.4, 24.8, 25.0, 24.8, 24.4, 24.0, 24.1, 24.5
  - Investment: 20.6, 20.6, 22.0, 22.8, 23.9, 22.4, 21.4, 21.9, 21.9, 21.8, 22.0
  - Capital account balance: 0.1, 0.0, 0.0, 0.4, 1.1, 0.3, 0.1, 0.2, . . ., . . ., . . .

- Germany
  - Net Lending and borrowing: 6.9, 7.7, 6.0, 6.8, 3.3, 4.9, 5.3, 3.8, 3.9, 3.8, 3.8
  - Current account balance: 7.0, 7.8, 6.3, 6.9, 3.8, 5.5, 5.8, 4.4, 3.9, 3.8, 3.8
  - Savings: 26.9, 28.1, 28.0, 29.6, 27.1, 27.5, 27.3, 26.3, 25.4, 25.4, 25.6
  - Investment: 19.9, 20.3, 21.7, 22.7, 23.3, 22.0, 21.5, 21.9, 21.5, 21.6, 21.8
  - Capital account balance: –0.1, –0.1, –0.3, –0.1, –0.5, –0.6, –0.5, –0.6, 0.0, 0.0, 0.0

- France
  - Net Lending and borrowing: –0.8, –0.6, –2.0, 0.6, –1.0, –0.8, 0.3, –0.2, –0.1, 0.0, 0.6
  - Current account balance: –0.8, –0.6, –2.1, 0.3, –1.4, –1.0, 0.1, –0.4, –0.3, –0.2, 0.4
  - Savings: 21.1, 21.4, 20.8, 23.7, 22.6, 21.9, 21.6, 21.6, 21.0, 20.9, 21.3
  - Investment: 21.9, 22.0, 22.8, 23.4, 24.0, 23.0, 21.5, 22.1, 21.3, 21.1, 20.9
  - Capital account balance: 0.0, 0.0, 0.1, 0.4, 0.4, 0.3, 0.2, 0.2, 0.2, 0.2, 0.2

- Italy
  - Net Lending and borrowing: –0.1, 1.9, 3.8, 2.1, –1.3, 1.0, 1.1, 1.3, 0.7, 1.2, 1.9
  - Current account balance: –0.2, 1.8, 3.8, 2.0, –1.8, 0.2, 1.1, 1.2, 0.6, 1.1, 1.9
  - Savings: 18.7, 19.6, 21.7, 24.0, 22.8, 23.3, 23.3, 23.5, 23.8, 24.3, 25.4
  - Investment: 18.8, 17.8, 17.9, 22.0, 24.6, 23.1, 22.3, 22.2, 23.2, 23.2, 23.6
  - Capital account balance: 0.1, 0.1, 0.0, 0.1, 0.5, 0.8, 0.0, 0.1, 0.1, 0.1, 0.1

- Spain
  - Net Lending and borrowing: –0.3, 2.4, 1.2, 1.6, 1.3, 3.9, 4.3, 3.5, 3.5, 2.2, 1.7
  - Current account balance (selected sequence shown): –0.7, 2.0, 0.8, 0.8, 0.4, 2.7, 3.2, 2.9, 2.2, 1.9, 1.6
  - Savings: 20.0, 21.2, 21.4, 22.6, 23.1, 23.9, 24.4, 24.4, 24.0, 23.6, 23.1
  - Investment: 20.7, 19.2, 20.6, 21.9, 22.7, 21.1, 21.2, 21.5, 21.8, 21.7, 21.5
  - Capital account balance: 0.4, 0.4, 0.4, 0.9, 0.9, 1.1, 1.1, 0.6, 1.3, 0.2, 0.2

- Japan
  - Net Lending and borrowing: 2.4, 2.5, 2.9, 3.7, 2.0, 3.5, 4.5, 4.8, 3.8, 3.8, 3.9
  - Current account balance: 2.5, 2.5, 2.9, 3.8, 2.0, 3.6, 4.5, 4.8, 3.8, 3.9, 4.0
  - Savings: 28.0, 28.9, 29.8, 31.1, 30.3, 31.3, 32.2, 32.6, 32.0, 32.0, 31.9
  - Investment: 25.5, 26.3, 26.9, 27.3, 28.3, 27.8, 27.7, 27.7, 28.2, 28.1, 27.9
  - Capital account balance: –0.1, –0.1, 0.0, –0.1, 0.0, –0.1, 0.0, –0.1, –0.1, –0.1, –0.1

- United Kingdom
  - Net Lending and borrowing: –3.8, –4.1, –2.9, –0.9, –2.0, –3.8, –3.1, –3.3, –3.5, –3.3, –2.6
  - Current account balance: –3.7, –4.0, –2.7, –0.8, –1.9, –3.6, –3.0, –3.1, –3.4, –3.1, –2.5
  - Savings: 13.7, 14.1, 15.5, 17.8, 17.2, 15.4, 15.9, 15.4, 16.1, 16.7, 17.7
  - Investment: 17.5, 18.1, 18.3, 18.6, 19.1, 18.9, 18.9, 18.6, 19.5, 19.8, 20.1
  - Capital account balance: –0.1, –0.1, –0.1, –0.1, –0.1, –0.2, –0.2, –0.1, –0.1, –0.1, –0.1

- Canada
  - Net Lending and borrowing: –2.7, –2.8, –2.0, 0.0, –0.5, –0.7, –0.5, –1.0, –0.2, –0.4, –0.3
  - Current account balance: –2.7, –2.8, –2.0, 0.0, –0.5, –0.7, –0.5, –0.9, –0.2, –0.3, –0.2
  - Savings: 21.1, 21.1, 20.7, 24.3, 24.6, 22.9, 22.7, 22.2, 22.8, 22.7, 23.1
  - Investment: 23.8, 23.9, 22.7, 24.3, 25.0, 23.6, 23.2, 23.2, 23.1, 23.1, 23.3
  - Capital account balance: 0.0, 0.0, 0.0, 0.0, 0.0, 0.0, –0.1, 0.0, 0.0, 0.0, 0.0

- Other Advanced Economies (excludes G7 and euro area)
  - Net Lending and borrowing: 4.3, 4.5, 5.1, 6.5, 6.5, 5.6, 6.7, 6.8, 6.5, 6.4, 6.2
  - Current account balance: 4.4, 4.6, 5.0, 6.6, 6.4, 5.5, 6.6, 6.8, 6.4, 6.3, 6.1
  - Savings: 30.4, 30.4, 31.2, 33.3, 33.3, 31.4, 32.0, 32.4, 31.8, 31.8, 31.8
  - Investment: 25.8, 25.7, 26.0, 26.3, 26.4, 25.8, 25.3, 25.3, 25.3, 25.5, 25.7
  - Capital account balance: –0.1, –0.1, 0.1, –0.2, 0.1, 0.2, 0.1, 0.1, 0.1, 0.1, 0.1

### Emerging market and developing economies — summary (percent of GDP)
- Emerging Market and Developing Economies — Net Lending and borrowing: 1.0, 0.3, 0.5, 1.0, 1.6, 0.7, 1.0, 1.3, 1.1, 0.9, 0.7
- Emerging Market and Developing Economies — Current account balance: 0.9, 0.2, 0.4, 0.9, 1.6, 0.6, 0.9, 1.2, 1.0, 0.8, 0.6
- Emerging Market and Developing Economies — Savings: 32.3, 32.1, 32.7, 34.2, 34.4, 32.8, 32.6, 31.9, 31.7, 31.6, 31.9
- Emerging Market and Developing Economies — Investment: 31.5, 32.0, 32.3, 33.4, 33.0, 32.2, 31.8, 30.8, 30.8, 30.9, 31.5
- Emerging Market and Developing Economies — Capital account balance: 0.1, 0.1, 0.1, 0.0, 0.0, 0.0, 0.0, 0.1, 0.1, 0.1, 0.0

### Regional groups — selected highlights (percent of GDP)
- Emerging and Developing Asia — Net Lending and borrowing: 2.0, 0.9, 1.5, 1.2, 1.3, 1.0, 1.6, 2.7, 2.2, 2.0, 1.7; Savings: 42.3, 40.9, 40.0, 40.7, 40.7, 39.2, 39.4, 38.9, 38.5, 38.4, 38.6; Investment: 40.3, 40.0, 38.4, 39.5, 39.5, 38.2, 37.8, 36.4, 36.3, 36.3, 36.9
- Emerging and Developing Europe — Net Lending and borrowing: –0.3, 0.4, 0.6, 2.0, 2.8, –0.1, 0.2, –0.9, –0.7, –1.0, –0.8
- Latin America and the Caribbean — Net Lending and borrowing: –2.2, –2.6, –0.1, –1.9, –2.3, –1.3, –1.2, –1.1, –0.9, –1.0, –1.0; Savings: 19.1, 17.7, 17.8, 18.7, 18.1, 18.2, 18.4, 17.8, 18.1, 18.3, 18.7
- Middle East and Central Asia — Net Lending and borrowing: 4.8, 2.5, –3.4, 2.8, 7.5, 3.5, 1.9, 0.7, 1.0, 0.4, –0.2
- Sub-Saharan Africa — Net Lending and borrowing: –1.3, –2.2, –2.0, –0.4, –1.7, –2.0, –0.8, –0.5, –0.3, –0.7, –0.7

### Analytical groups and external-financing categories
- By source of export earnings — Fuel exporters
  - Net Lending and borrowing: 6.0, 3.7, –3.0, 4.7, 10.2, 5.2, 4.4, 2.6, 3.2, 2.3, 1.7
  - Current account balance: 6.0, 3.8, –2.9, 5.0, 10.5, 5.4, 4.5, 2.6, 3.3, 2.4, 1.8
  - Savings: 32.9, 30.1, 23.7, 30.9, 35.7, 32.8, 32.0, 30.3, 30.8, 29.7, 28.6
  - Investment: 26.6, 25.9, 26.4, 26.2, 25.7, 27.9, 28.1, 28.4, 28.2, 28.5, 28.6
- Nonfuel exporters
  - Net Lending and borrowing: 0.1, –0.3, 0.9, 0.6, 0.5, 0.1, 0.6, 1.2, 0.9, 0.7, 0.6
  - Current account balance: 0.0, –0.4, 0.8, 0.5, 0.5, 0.1, 0.5, 1.1, 0.8, 0.7, 0.5
  - Savings: 32.2, 32.3, 33.6, 34.6, 34.6, 33.2, 32.8, 32.6, 32.0, 31.8, 32.2
  - Investment: 32.2, 32.7, 32.8, 34.1, 33.8, 32.6, 32.1, 31.0, 31.0, 31.1, 31.7

- By external financing source — Net Debtor Economies
  - Net Lending and borrowing: –2.4, –2.4, –0.7, –1.8, –2.6, –1.4, –1.3, –1.4, –1.7, –1.7, –1.5
  - Current account balance: –2.7, –2.6, –1.0, –2.0, –2.7, –1.5, –1.5, –1.6, –1.9, –1.9, –1.7
  - Savings: 22.9, 22.5, 23.2, 23.8, 23.6, 23.8, 23.7, 23.2, 23.1, 23.3, 24.1
  - Investment: 25.5, 25.1, 24.1, 25.7, 26.2, 25.2, 25.2, 24.9, 25.1, 25.2, 25.7

- Net Debtor Economies with arrears and/or rescheduling during 2020–24
  - Net Lending and borrowing: –3.6, –4.2, –2.0, –2.3, –2.0, –2.4, –2.2, –2.8, –3.3, –3.5, –2.2
  - Current account balance: –4.4, –4.7, –2.5, –2.7, –2.4, –2.9, –3.1, –3.1, –3.7, –3.8, –2.5
  - Savings: 20.3, 19.5, 18.4, 18.6, 18.3, 16.5, 15.1, 14.8, 15.0, 14.9, 16.5
  - Investment: 24.9, 24.4, 20.5, 20.9, 20.3, 19.1, 17.8, 18.5, 19.0, 18.9, 19.3

### Memorandum (World totals, percent of GDP)
- World — Net Lending and borrowing: 0.4, 0.4, 0.4, 0.9, 0.5, 0.3, 0.4, 0.6, 0.4, 0.3, 0.3
- World — Current account balance: 0.4, 0.4, 0.3, 0.8, 0.4, 0.3, 0.4, 0.6, 0.4, 0.3, 0.3
- World — Savings: 25.7, 26.4, 26.7, 28.0, 27.9, 26.6, 26.4, 26.1, 26.2, 26.3, 26.5
- World — Investment: 25.3, 25.9, 26.4, 27.2, 27.5, 26.6, 26.2, 25.8, 25.9, 26.0, 26.3
- World — Capital account balance: 0.0, 0.0, 0.0, 0.0, 0.1, 0.0, 0.0, 0.0, 0.1, 0.0, 0.0

### Notes on methodology (verbatim where provided)
- Country group composites are calculated as the sum of the US dollar values for the relevant individual countries. Some group aggregates for the financial derivatives are not shown because of incomplete data. Projections for the euro area are not available because of data constraints.
- The estimates in this table are based on individual countries’ national accounts and balance of payments statistics. Country group composites are calculated as the sum of the US dollar values for the relevant individual countries. This differs from the calculations in the april 2005 and earlier issues of the World Economic Outlook, in which the composites were weighted by GDP valued at purchasing power parities as a share of total world GDP.
- The estimates of gross national savings and investment (or gross capital formation) are from individual countries’ national accounts statistics. The estimates of the current account balance, the capital account balance, and the financial account balance (or net lending/net borrowing) are from the balance of payments statistics.
- Accounting identities noted: Savings (S) minus investment (I) is equal to the current account balance (Cab) (S – I = Cab). Net lending/net borrowing (NLb) is the sum of the current account balance and the capital account balance (Kab) (NLb = Cab + Kab). In practice, these identities do not hold exactly; imbalances result from imperfections in source data and compilation as well as from asymmetries in group composition due to data availability.
- Footnote: Excludes the Group of Seven (Canada, france, Germany, Italy, Japan, United Kingdom, United States) and euro area countries.

### Table A15. Summary of World Medium-Term Reference Forecast — Selected series

### Real GDP and trade (annual percent change)
- World Real GDP (annual percent change): 3.3, 3.1, 3.4, 3.4, 3.1, 3.2, 3.3, 3.1 (columns shown as 2008–17, 2018–27, 2024, 2025, 2026, 2027, 2024–27, 2028–31)
- Advanced Economies — Real GDP: 1.3, 1.8, 1.8, 1.9, 1.8, 1.7, 1.8, 1.6
- Emerging Market and Developing Economies — Real GDP: 5.0, 3.9, 4.5, 4.4, 3.9, 4.2, 4.2, 4.0
- World Trade, Volume (goods and services): 3.2, 2.9, 3.7, 5.1, 2.8, 3.8, 3.8, 3.1
- Advanced Economies — Imports: 2.4, 2.6, 2.2, 4.7, 2.6, 3.1, 3.1, 2.4
- Emerging Market and Developing Economies — Imports: 4.7, 3.3, 6.0, 5.7, 2.7, 4.9, 4.8, 4.1
- Advanced Economies — Exports: 2.8, 2.3, 2.1, 3.7, 2.5, 2.7, 2.8, 2.5
- Emerging Market and Developing Economies — Exports: 3.8, 3.9, 6.6, 7.4, 3.5, 5.4, 5.7, 4.0

### Prices, inflation, and interest rates
- Terms of Trade — Advanced Economies: 0.1, 0.2, 0.8, 0.6, –1.0, 0.4, 0.2, –0.1
- Terms of Trade — Emerging Market and Developing Economies: 0.0, –0.3, 0.2, –0.7, –1.5, –1.2, –0.8, –0.2
- World Prices in US Dollars — Manufactures: 0.1, 1.8, 1.2, 1.1, 1.4, 0.2, 1.0, 0.5
- World Prices in US Dollars — Oil: –2.9, 3.7, –1.8, –14.4, 21.4, –7.6, –1.5, –0.9
- World Prices in US Dollars — Nonfuel Primary Commodities: 0.4, 7.1, 3.7, 9.6, 21.7, 1.9, 9.0, –0.1
- Consumer Prices — Advanced Economies: 1.5, 2.9, 2.6, 2.5, 2.8, 2.2, 2.5, 2.1
- Consumer Prices — Emerging Market and Developing Economies: 5.7, 6.2, 8.0, 5.2, 5.5, 4.6, 5.8, 3.9
- World Real Long-Term Interest Rate (GDP-weighted average of 10-year or nearest-maturity government bond rates for Canada, france, Germany, Italy, Japan, the United Kingdom, and the United States): 0.8, –0.5, 0.8, 1.2, 0.8, 1.6, 1.1, 1.7

### External balances and debt indicators (percent of GDP or percent)
- Current Account Balances — Advanced Economies: 0.2, 0.2, 0.1, 0.1, –0.1, –0.1, 0.0, 0.1
- Current Account Balances — Emerging Market and Developing Economies: 0.9, 0.7, 0.9, 1.2, 1.0, 0.8, 1.0, 0.6
- Total External Debt — Emerging Market and Developing Economies: 27.4, 28.8, 28.1, 27.3, 26.8, 26.3, 27.1, 24.6
- Debt Service — Emerging Market and Developing Economies: 9.6, 9.7, 9.7, 9.0, 8.6, 8.4, 8.9, 7.5

*Source: tablea - Section 5 (tablea.pdf), World Economic Outlook, April 2026.*

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