## tableb ## Source details **Canonical URL:** [tableb](https://www.imf.org/-/media/files/publications/weo/2026/april/english/tableb.pdf) ## Other formats - [Markdown version](/-/media/files/publications/weo/2026/april/english/tableb.pdf.md) - [Structured JSON version](/-/media/files/publications/weo/2026/april/english/tableb.pdf.json) --- ### Advanced Economies — Labor and Output - Unemployment rate (averages and projections): 7.3 5.0 5.1 4.8 6.6 5.6 4.5 4.4 4.6 4.7 4.8 4.7 - United States unemployment rate: 7.0 4.5 3.9 3.7 8.1 5.4 3.7 3.6 4.0 4.3 4.4 4.2 - Euro Area unemployment rate: 10.4 7.0 8.2 7.6 7.9 7.7 6.7 6.5 6.4 6.3 6.2 6.1 - Selected country unemployment examples: - Spain: 20.5 12.7 15.3 14.1 15.5 14.9 13.0 12.2 11.3 10.5 9.8 9.8 - Japan: 4.0 2.6 2.4 2.4 2.8 2.8 2.6 2.6 2.5 2.5 2.5 2.5 - United Kingdom: 6.6 4.5 4.1 3.8 4.6 4.6 3.8 4.1 4.3 4.9 5.6 5.3 - Korea: 3.5 3.2 3.8 3.8 4.0 3.7 2.9 2.7 2.8 2.8 2.8 2.9 - Growth in employment (Advanced Economies): 0.5 0.8 1.5 1.2 –2.9 1.8 2.7 1.6 0.7 0.9 0.3 0.4 - United States: 0.5 0.7 1.6 1.1 –6.2 3.2 3.7 1.7 0.2 1.4 0.1 0.6 - Euro Area: 0.2 0.9 1.6 1.3 –1.4 1.5 2.4 1.5 1.0 0.7 0.2 0.2 - Spain: –0.9 1.9 2.7 2.3 –2.9 3.3 3.6 3.1 2.2 2.6 1.5 0.6 - Growth in real GDP per capita (Advanced Economies): 0.8 1.4 1.9 1.5 –4.4 6.0 2.5 0.9 1.2 1.6 1.6 1.5 - United States: 0.8 1.9 2.4 2.1 –2.9 5.8 2.0 2.1 1.9 1.5 2.0 1.8 - Euro Area: 0.4 1.0 1.6 1.4 –6.3 6.5 3.4 –0.1 0.6 1.1 0.9 1.0 ### Emerging Market and Developing Economies — Output and Inflation - Real GDP (annual percent change, Emerging Market and Developing Economies): 5.0 4.6 3.8 –1.8 7.0 4.3 4.4 4.5 4.4 3.9 4.2 4.0 - Regional real GDP highlights: - Emerging and Developing Asia: 7.2 6.4 5.4 –0.5 7.8 4.7 5.6 5.4 5.5 4.9 4.8 4.5 - Emerging and Developing Europe: 2.3 3.7 2.6 –1.7 7.2 0.5 3.6 3.8 2.0 2.0 2.1 2.3 - Latin America and the Caribbean: 2.0 1.1 0.2 –6.9 7.5 4.3 2.3 2.4 2.4 2.3 2.7 2.6 - Middle East and Central Asia: 3.8 2.5 2.1 –2.2 4.7 6.4 2.6 2.8 3.6 1.9 4.6 3.8 - Sub-Saharan Africa: 4.4 3.2 3.0 –3.1 3.9 4.4 3.8 4.2 4.5 4.3 4.4 4.7 - Consumer prices (headline inflation, Emerging Market and Developing Economies): 5.7 4.9 5.2 5.3 5.9 9.7 8.2 8.0 5.2 5.5 4.6 3.9 - Regional inflation snapshots: - 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 - 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 ### Advanced Economies — Wages, Productivity, Unit Labor Costs (Manufacturing) - Hourly earnings — Advanced Economies: 2.1 3.4 2.5 2.2 3.7 1.9 3.4 4.7 4.3 4.2 4.0 3.4 - United States hourly earnings: 2.1 3.9 2.4 2.5 6.6 2.2 2.6 4.3 5.1 4.4 5.1 3.7 - Euro Area hourly earnings: 2.3 2.9 1.9 2.0 3.8 0.2 3.3 4.5 4.1 3.7 3.0 2.9 - Productivity (labor productivity, ratio of hourly compensation to unit labor costs) — Advanced Economies: 0.8 0.7 0.4 –1.1 –0.5 3.1 –0.5 –0.2 0.6 1.9 1.7 1.3 - United States productivity: 0.5 0.4 0.2 –2.3 –0.2 1.8 –2.1 –0.2 0.4 2.3 2.2 1.7 - Unit labor costs — Advanced Economies: 1.4 2.8 2.1 3.3 4.3 –1.1 3.9 4.9 3.8 2.2 2.3 2.0 - United States unit labor costs: 1.6 3.5 2.2 4.9 6.8 0.5 4.9 4.5 4.7 2.1 2.8 2.0 ### Fiscal and Financial Indicators — Summary - Advanced Economies — Central Government Net Lending/Borrowing (percent of GDP): –2.4 –2.9 –9.8 –8.0 –3.6 –4.8 –4.6 –4.1 –4.4 –4.2 - United States central government: –4.8 –5.4 –14.4 –12.9 –4.8 –7.6 –7.4 –6.5 –6.8 –6.6 - Euro Area central government: –0.9 –0.9 –5.6 –4.8 –3.7 –3.5 –2.7 –2.6 –2.7 –2.7 - Japan central government: –3.0 –3.3 –8.3 –7.8 –5.6 –3.9 –3.0 –2.3 –3.4 –3.9 - Advanced Economies — General Government Net Lending/Borrowing: –2.4 –3.0 –10.2 –7.3 –2.9 –4.9 –4.9 –4.4 –4.8 –4.7 - United States general government: –5.3 –5.8 –14.1 –11.5 –3.7 –7.9 –7.9 –6.8 –7.5 –7.4 - Euro Area general government: –0.4 –0.5 –7.0 –5.1 –3.4 –3.5 –3.1 –3.0 –3.3 –3.4 - Japan general government: –2.4 –3.0 –9.0 –6.3 –4.2 –2.4 –1.7 –1.1 –2.0 –2.4 - General Government Structural Balance (percent of potential GDP): –2.6 –3.2 –7.5 –6.8 –4.5 –5.2 –4.9 –4.7 –4.9 –4.8 - Long-Term Interest Rate (period averages): 1.9 1.2 0.5 0.9 2.3 3.3 3.4 3.6 3.6 3.6 - United States 10-year Treasury: 2.9 2.1 0.9 1.4 3.0 4.0 4.2 4.3 4.1 4.0 - Japan 10-year government bond yield: 0.1 –0.1 0.0 0.1 0.2 0.6 0.9 1.5 2.3 2.4 - Emerging Market and Developing Economies — General Government Net Lending/Borrowing (weighted average): –3.4 –4.3 –8.4 –4.9 –4.8 –5.2 –5.4 –5.9 –5.8 –5.8 - Growth of Broad Money — Emerging Market and Developing Economies (weighted average): 12.0 10.8 14.7 11.7 12.8 13.8 12.0 11.1 10.7 9.3 ### Advanced Economies — Detailed Fiscal Balances (selected) - General Government Net Lending/Borrowing (percent of GDP) — Advanced Economies: –2.4 –3.0 –10.2 –7.3 –2.9 –4.9 –4.9 –4.4 –4.8 –4.7 - United States: –5.3 –5.8 –14.1 –11.5 –3.7 –7.9 –7.9 –6.8 –7.5 –7.4 - Germany: 1.9 1.3 –4.4 –3.2 –1.9 –2.5 –2.7 –2.7 –3.8 –4.2 - France: –2.3 –2.4 –8.9 –6.6 –4.7 –5.4 –5.8 –5.1 –4.9 –4.8 - Italy: –2.2 –1.5 –9.4 –8.9 –8.1 –7.1 –3.4 –3.1 –2.8 –2.6 - United Kingdom: –2.2 –2.4 –12.9 –7.5 –4.6 –6.0 –6.1 –5.4 –3.9 –3.1 - Net lending/borrowing excluding social security schemes (selected): - United States: –3.2 –3.5 –9.2 –8.0 –1.6 –5.4 –5.3 –3.9 –4.5 –4.2 - Japan: 3.5 2.9 –2.8 –0.3 1.5 3.0 3.5 4.0 3.2 2.9 - Memorandum — Major Advanced Economies central government: –3.3 –3.7 –11.4 –9.9 –4.6 –6.2 –5.9 –5.1 –5.4 –5.2 ### Advanced Economies — Exchange Rates and REERs (assumptions) - Nominal exchange rates (US dollars per national currency unit; selected, 2018–2026): - Euro: 1.181 1.120 1.141 1.184 1.054 1.082 1.082 1.129 1.179 - British Pound: 1.336 1.277 1.283 1.376 1.237 1.243 1.278 1.318 1.359 - Japanese yen (per US dollar): 110.423 109.010 106.775 109.754 131.498 140.491 151.366 149.658 154.730 - Korean Won (per US dollar): 1,100.163 1,165.358 1,180.005 1,143.952 1,291.447 1,305.663 1,363.375 1,422.441 1,443.912 - Canadian Dollar: 1.296 1.327 1.341 1.254 1.302 1.350 1.369 1.398 1.363 - Swiss Franc: 0.978 0.994 0.939 0.914 0.955 0.898 0.880 0.831 0.770 - Real Effective Exchange Rates (REER index, 2010 = 100; selected economies, 2018–2026): - United States REER: 123.7 131.2 135.7 134.0 150.4 149.8 153.8 151.2 147.8 - Euro Area REER: 87.8 84.3 85.9 83.8 79.7 82.8 85.0 88.2 91.2 - Japan REER: 75.2 75.8 75.9 74.1 62.4 56.8 52.7 52.6 49.7 - Korea REER: 152.7 147.1 139.6 138.4 137.6 138.8 128.7 122.3 120.2 - Switzerland REER: 108.2 109.1 111.3 112.5 116.9 119.4 118.2 119.8 123.6 - Norway REER: 83.9 83.4 72.5 82.1 84.0 75.8 77.0 80.2 85.9 - REER definition: ratio, in common currency, of unit labor costs in the manufacturing sector to the weighted average of those of its advanced economy trading partners, using moving trade weights. ### Broad Money, Trade, and Current Account — Emerging Market and Developing Economies - Broad money aggregates (annual percent change, Emerging Market and Developing Economies): 12.0 10.8 14.7 11.7 12.8 13.8 12.0 11.1 10.7 9.3 - Regional highlights: - China: 8.1 8.7 10.1 9.0 11.8 9.7 7.3 8.5 8.5 8.3 - India: 10.5 8.9 12.2 8.2 8.9 11.1 9.6 13.6 11.2 11.2 - Latin America and the Caribbean: 25.3 18.4 26.8 16.2 15.1 20.5 21.0 13.4 13.8 8.6 - Advanced Economies — Export volume (Averages/Projections): 2.8 2.3 3.5 1.5 –8.7 9.7 6.2 0.6 2.1 3.7 2.5 2.7 - Advanced Economies — Import volume: 2.4 2.6 3.8 2.0 –8.1 10.1 7.5 –0.8 2.2 4.7 2.6 3.1 - Advanced Economies — Terms of trade: 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 — Total trade in goods (Value in US dollars, Exports/Imports): Exports: 3.8 5.9 11.6 –2.6 –6.6 31.4 13.5 –6.2 4.6 6.5 8.4 3.7; Imports: 4.9 6.1 11.3 –1.8 –7.8 30.5 12.0 –2.8 4.0 6.2 9.2 5.0 - Volume (exports/imports): Exports: 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: 4.5 2.9 4.3 –0.6 –5.5 10.7 1.7 1.7 4.5 5.6 2.3 5.3 - Terms of trade (Emerging Market and Developing Economies): –0.1 –0.8 0.5 –1.2 –0.3 –0.2 1.1 –2.3 –0.8 –1.7 –1.9 –1.5 - Selected trade by source of export earnings: - Fuel (Exports value): 0.3 5.4 19.0 –8.9 –28.3 46.5 37.6 –9.9 2.6 2.0 8.1 6.0 - Nonfuel (Exports value): 4.8 6.0 10.1 –1.2 –2.2 29.2 9.5 –5.5 5.0 7.3 8.4 3.2 ### Summary of Current Account Transactions (Billions of US dollars) - Advanced Economies — Current account balance (Averages/Projections): 91.4 303.4 136.5 429.7 –278.9 –16.2 47.1 49.8 –86.9 –50.3 44.3 - Advanced Economies — Trade balance: 143.4 297.7 233.8 437.4 –76.6 326.1 477.2 447.6 317.9 349.2 415.7 - Advanced Economies — Exports of goods: 9,936.6 10,525.9 10,058.7 12,486.0 13,711.0 13,201.4 13,298.5 14,356.7 15,437.2 15,824.7 17,006.8 - Advanced Economies — Imports of goods: 10,262.0 10,790.1 10,313.5 12,794.4 14,554.0 13,633.3 13,731.2 14,842.4 15,924.3 16,355.8 17,617.4 - United States — Current account balance (selected series): –426.4 –397.6 –593.5 –858.6 –993.1 –928.0 –1,185.3 –1,116.0 –1,199.7 –1,227.8 –1,323.6 - United States — Trade balance: –510.9 –510.1 –646.0 –837.3 –923.7 –774.2 –903.5 –911.7 –1,006.8 –1,060.7 –1,156.0 - Emerging Market and Developing Economies — Current account balance (selected): 210.6 56.0 152.4 375.4 682.5 288.6 421.0 601.0 529.8 457.8 399.7 ### Current Account and External Debt — Regional and Group Summaries - Regional current account highlights (Averages/Projections): - Emerging and Developing Asia — Current Account Balance: 215.3 145.0 323.4 287.9 336.4 253.4 422.7 741.4 638.9 637.7 619.8 - Emerging and Developing Europe — Current Account Balance: –19.8 4.9 1.3 69.4 129.1 –20.3 –4.7 –75.4 –78.3 –85.8 –78.9 - Middle East and Central Asia — Current Account Balance: 173.7 102.3 –118.7 124.6 389.8 182.6 101.6 35.4 60.2 22.9 –10.7 - Latin America and the Caribbean — Current Account Balance: –123.6 –147.3 –9.1 –91.1 –129.4 –76.9 –74.2 –81.7 –75.6 –89.2 –99.6 - Emerging Market and Developing Economies — External debt totals (end-year, 2018–2027): 9,970.0 10,495.7 11,184.5 11,966.5 11,674.4 12,023.6 12,389.4 13,250.2 13,794.1 14,278.5 - By maturity — Short Term: 2,695.2 2,695.8 2,799.4 3,068.6 3,047.8 3,137.3 3,220.8 3,339.5 3,419.2 3,459.3 - By maturity — Long Term: 7,274.9 7,799.9 8,385.0 8,897.9 8,626.6 8,886.3 9,168.6 9,910.7 10,374.8 10,819.2 - External debt ratios (Emerging Market and Developing Economies): - External Debt (percent of exports of goods and services): 108.8 116.2 136.9 112.5 94.9 101.8 99.1 99.2 95.7 95.1 - External Debt (ratio to GDP): 29.9 29.9 32.4 30.6 28.1 28.8 28.1 27.3 26.8 26.3 ### Debt-Service and Debt-Service Ratios — Emerging Market and Developing Economies - Debt-service payments (totals, 2018–2027): 3,418.1 3,654.9 3,674.4 3,861.9 4,136.7 4,138.2 4,317.7 4,387.1 4,428.9 4,532.1 - Net Debtor Economies — Debt-Service Payments: 1,381.4 1,412.0 1,453.0 1,457.3 1,499.3 1,670.3 1,810.6 1,860.8 1,922.5 2,039.6 - Debt-service ratios (percent of exports of goods and services): - Interest payments (Emerging Market and Developing Economies): 4.0 4.4 4.5 3.5 3.5 4.5 4.6 4.2 3.8 3.7 - Amortization (Emerging Market and Developing Economies): 33.7 36.6 40.9 33.2 30.6 30.9 30.3 29.0 27.3 26.8 - Regional debt-service snapshots (percent of exports of goods and services): - Emerging and Developing Asia — Interest payments: 3.6 3.8 4.0 3.5 3.6 4.0 3.8 3.5 3.0 2.8; Amortization: 38.6 42.8 43.0 36.5 36.9 36.5 34.6 32.6 30.2 28.8 - Latin America and the Caribbean — Interest payments: 7.5 8.1 8.1 5.6 5.3 6.9 7.2 6.7 6.4 6.6; Amortization: 37.0 41.9 50.0 36.4 31.1 31.7 31.3 29.2 27.6 28.8 - Middle East and Central Asia — Interest payments: 3.6 4.2 4.5 2.9 2.9 5.0 5.5 4.8 4.5 4.2; Amortization: 11.5 13.3 20.4 15.2 13.3 12.7 13.2 14.1 14.9 14.4 ### Medium-Term Reference Forecasts — Selected Indicators (Emerging Market and Developing Economies) - Real GDP (Averages and Projections): Averages 2008–17: 5.0; 2018–27: 3.9; Projections 2024: 4.5; 2025: 4.4; 2026: 3.9; 2027: 4.2; 2024–27: 4.2; 2028–31: 4.0 - Export volume (trade in goods and services): 3.8 3.9 6.6 7.4 3.5 5.4 5.7 4.0 - Import volume: 4.7 3.3 6.0 5.7 2.7 4.9 4.8 4.1 - Terms of trade (aggregates): 0.0 –0.3 0.2 –0.7 –1.5 –1.2 –0.8 –0.2 *Source: International Monetary Fund — Statistical Appendix, April 2026.* ### Section 1 ### tableb - Section 1 ### Advanced Economies — Unemployment (Table B1) - Advanced Economies unemployment rate (averages and projections): 7.3 5.0 5.1 4.8 6.6 5.6 4.5 4.4 4.6 4.7 4.8 4.7 - United States unemployment rate (2008–172018–27…2027): 7.0 4.5 3.9 3.7 8.1 5.4 3.7 3.6 4.0 4.3 4.4 4.2 - Euro Area unemployment rate: 10.4 7.0 8.2 7.6 7.9 7.7 6.7 6.5 6.4 6.3 6.2 6.1 - Selected country examples (2008–172018–27…2027): - Spain: 20.5 12.7 15.3 14.1 15.5 14.9 13.0 12.2 11.3 10.5 9.8 9.8 - Japan: 4.0 2.6 2.4 2.4 2.8 2.8 2.6 2.6 2.5 2.5 2.5 2.5 - United Kingdom: 6.6 4.5 4.1 3.8 4.6 4.6 3.8 4.1 4.3 4.9 5.6 5.3 - Korea: 3.5 3.2 3.8 3.8 4.0 3.7 2.9 2.7 2.8 2.8 2.8 2.9 - Memorandum — Major Advanced Economies: 6.7 4.7 4.5 4.3 6.5 5.2 4.1 4.1 4.3 4.5 4.6 4.5 ### Advanced Economies — Growth in Employment (Table B1) - Advanced Economies growth in employment (averages and projections): 0.5 0.8 1.5 1.2 –2.9 1.8 2.7 1.6 0.7 0.9 0.3 0.4 - United States: 0.5 0.7 1.6 1.1 –6.2 3.2 3.7 1.7 0.2 1.4 0.1 0.6 - Euro Area: 0.2 0.9 1.6 1.3 –1.4 1.5 2.4 1.5 1.0 0.7 0.2 0.2 - Japan: 0.2 0.2 2.1 1.0 –0.6 0.0 0.2 0.4 0.1 –0.3 –0.2 –0.2 - Spain: –0.9 1.9 2.7 2.3 –2.9 3.3 3.6 3.1 2.2 2.6 1.5 0.6 - Memorandum — Major Advanced Economies: 0.5 0.6 1.4 1.1 –3.5 2.0 2.5 1.4 0.5 0.9 0.0 0.3 ### Advanced Economies — Growth in Real GDP per Capita (Table B1 continued) - Advanced Economies: 0.8 1.4 1.9 1.5 –4.4 6.0 2.5 0.9 1.2 1.6 1.6 1.5 - United States: 0.8 1.9 2.4 2.1 –2.9 5.8 2.0 2.1 1.9 1.5 2.0 1.8 - Euro Area (sum of individual euro area countries): 0.4 1.0 1.6 1.4 –6.3 6.5 3.4 –0.1 0.6 1.1 0.9 1.0 - Japan: 0.6 0.8 1.0 –0.1 –4.0 3.9 1.7 1.2 0.2 1.7 1.2 1.2 - Memorandum — Major Advanced Economies: 0.7 1.3 1.8 1.4 –4.6 5.8 2.3 1.1 1.0 1.3 1.5 1.5 ### Emerging Market and Developing Economies — Real GDP (Table B2) - Emerging Market and Developing Economies (annual percent change): 5.0 4.6 3.8 –1.8 7.0 4.3 4.4 4.5 4.4 3.9 4.2 4.0 (columns include 2008–17 average, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2031) - Regional groups: - Emerging and Developing Asia: 7.2 6.4 5.4 –0.5 7.8 4.7 5.6 5.4 5.5 4.9 4.8 4.5 - Emerging and Developing Europe: 2.3 3.7 2.6 –1.7 7.2 0.5 3.6 3.8 2.0 2.0 2.1 2.3 - Latin America and the Caribbean: 2.0 1.1 0.2 –6.9 7.5 4.3 2.3 2.4 2.4 2.3 2.7 2.6 - Middle East and Central Asia: 3.8 2.5 2.1 –2.2 4.7 6.4 2.6 2.8 3.6 1.9 4.6 3.8 - Sub-Saharan Africa: 4.4 3.2 3.0 –3.1 3.9 4.4 3.8 4.2 4.5 4.3 4.4 4.7 - Analytical and financing groups (selected lines): - Fuel exporters: 3.5 0.7 0.6 –4.5 4.1 6.5 3.0 3.4 3.4 1.4 4.6 3.4 - Nonfuel exporters: 5.2 5.2 4.2 –1.5 7.4 4.0 4.6 4.6 4.5 4.1 4.1 4.0 - Net Debtor Economies (weighted average): 4.4 4.5 3.3 –3.8 6.9 5.1 4.4 4.4 4.7 4.3 4.5 4.8 - Memorandum — Output per capita for Emerging Market and Developing Economies: 3.3 3.3 2.5 –3.2 5.9 3.2 3.4 3.4 3.4 3.4 3.1 2.9 ### Advanced Economies — Hourly Earnings, Productivity, Unit Labor Costs in Manufacturing (Table B3) - Hourly Earnings — Advanced Economies: 2.1 3.4 2.5 2.2 3.7 1.9 3.4 4.7 4.3 4.2 4.0 3.4 - United States hourly earnings: 2.1 3.9 2.4 2.5 6.6 2.2 2.6 4.3 5.1 4.4 5.1 3.7 - Euro Area hourly earnings: 2.3 2.9 1.9 2.0 3.8 0.2 3.3 4.5 4.1 3.7 3.0 2.9 - Productivity (labor productivity, ratio of hourly compensation to unit labor costs) — Advanced Economies: 0.8 0.7 0.4 –1.1 –0.5 3.1 –0.5 –0.2 0.6 1.9 1.7 1.3 - United States productivity: 0.5 0.4 0.2 –2.3 –0.2 1.8 –2.1 –0.2 0.4 2.3 2.2 1.7 - Unit Labor Costs — Advanced Economies: 1.4 2.8 2.1 3.3 4.3 –1.1 3.9 4.9 3.8 2.2 2.3 2.0 - United States unit labor costs: 1.6 3.5 2.2 4.9 6.8 0.5 4.9 4.5 4.7 2.1 2.8 2.0 - Memorandum — Major Advanced Economies: - Hourly Earnings: 2.0 3.5 2.3 2.1 4.5 1.5 3.2 4.8 4.5 4.3 4.2 3.3 - Productivity: 0.6 0.5 0.3 –1.4 –0.8 2.2 –0.8 0.0 0.1 1.9 1.8 1.3 - Unit Labor Costs: 1.5 3.0 2.0 3.6 5.3 –0.6 4.0 4.8 4.4 2.4 2.4 2.0 ### Emerging Market and Developing Economies — Consumer Prices (Table B4) - Emerging Market and Developing Economies headline inflation (annual percent change): 5.7 4.9 5.2 5.3 5.9 9.7 8.2 8.0 5.2 5.5 4.6 3.9 - Regional groups (selected): - 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 - 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: - Fuel exporters inflation: 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 inflation: 5.4 4.5 5.0 4.8 5.2 9.2 7.7 7.4 4.4 4.4 4.0 3.5 - Memorandum — Median Emerging Market and Developing Economies: 4.4 3.1 2.6 2.6 4.0 7.9 5.9 3.7 3.3 3.9 3.7 3.0 ### Summary of Fiscal and Financial Indicators (Table B5) - Advanced Economies — Central Government Net Lending/Borrowing (percent of GDP): –2.4 –2.9 –9.8 –8.0 –3.6 –4.8 –4.6 –4.1 –4.4 –4.2 (2018–2027 series) - United States central government: –4.8 –5.4 –14.4 –12.9 –4.8 –7.6 –7.4 –6.5 –6.8 –6.6 - Euro Area central government: –0.9 –0.9 –5.6 –4.8 –3.7 –3.5 –2.7 –2.6 –2.7 –2.7 - Japan central government: –3.0 –3.3 –8.3 –7.8 –5.6 –3.9 –3.0 –2.3 –3.4 –3.9 - Advanced Economies — General Government Net Lending/Borrowing: –2.4 –3.0 –10.2 –7.3 –2.9 –4.9 –4.9 –4.4 –4.8 –4.7 - United States general government: –5.3 –5.8 –14.1 –11.5 –3.7 –7.9 –7.9 –6.8 –7.5 –7.4 - Euro Area general government: –0.4 –0.5 –7.0 –5.1 –3.4 –3.5 –3.1 –3.0 –3.3 –3.4 - Japan general government: –2.4 –3.0 –9.0 –6.3 –4.2 –2.4 –1.7 –1.1 –2.0 –2.4 - General Government Structural Balance (percent of potential GDP): –2.6 –3.2 –7.5 –6.8 –4.5 –5.2 –4.9 –4.7 –4.9 –4.8 - Long-Term Interest Rate (period averages): 1.9 1.2 0.5 0.9 2.3 3.3 3.4 3.6 3.6 3.6 - United States 10-year Treasury: 2.9 2.1 0.9 1.4 3.0 4.0 4.2 4.3 4.1 4.0 - Japan 10-year government bond yield: 0.1 –0.1 0.0 0.1 0.2 0.6 0.9 1.5 2.3 2.4 - Emerging Market and Developing Economies — General Government Net Lending/Borrowing (weighted average): –3.4 –4.3 –8.4 –4.9 –4.8 –5.2 –5.4 –5.9 –5.8 –5.8 - Growth of Broad Money — Emerging Market and Developing Economies (weighted average): 12.0 10.8 14.7 11.7 12.8 13.8 12.0 11.1 10.7 9.3 ### Advanced Economies — Detailed Fiscal Balances (Table B6) - General Government Net Lending/Borrowing by selected countries (percent of GDP, projections 2018–2027 series shown where available): - Advanced Economies overall: –2.4 –3.0 –10.2 –7.3 –2.9 –4.9 –4.9 –4.4 –4.8 –4.7 - United States: –5.3 –5.8 –14.1 –11.5 –3.7 –7.9 –7.9 –6.8 –7.5 –7.4 - Germany: 1.9 1.3 –4.4 –3.2 –1.9 –2.5 –2.7 –2.7 –3.8 –4.2 - France: –2.3 –2.4 –8.9 –6.6 –4.7 –5.4 –5.8 –5.1 –4.9 –4.8 - Italy: –2.2 –1.5 –9.4 –8.9 –8.1 –7.1 –3.4 –3.1 –2.8 –2.6 - United Kingdom: –2.2 –2.4 –12.9 –7.5 –4.6 –6.0 –6.1 –5.4 –3.9 –3.1 - Net Lending/Borrowing Excluding Social Security Schemes (selected lines): - United States: –3.2 –3.5 –9.2 –8.0 –1.6 –5.4 –5.3 –3.9 –4.5 –4.2 - Japan: 3.5 2.9 –2.8 –0.3 1.5 3.0 3.5 4.0 3.2 2.9 - Germany: 1.6 1.1 –3.5 –2.6 –2.0 –2.6 –2.6 –3.2 –4.3 –4.9 - Italy (excluding total social contributions and payments): 6.8 7.7 3.5 1.9 1.8 2.7 6.6 6.0 6.6 6.9 - Central Government Net Lending/Borrowing (selected lines, percent of GDP): - Advanced Economies: –2.4 –2.9 –9.8 –8.0 –3.6 –4.8 –4.6 –4.1 –4.4 –4.2 - United States (budget basis, adjusted): –4.8 –5.4 –14.4 –12.9 –4.8 –7.6 –7.4 –6.5 –6.8 –6.6 - Euro Area central government: –0.9 –0.9 –5.6 –4.8 –3.7 –3.5 –2.7 –2.6 –2.7 –2.7 - Japan (national income basis, excludes social security): –3.0 –3.3 –8.3 –7.8 –5.6 –3.9 –3.0 –2.3 –3.4 –3.9 - Memorandum — Major Advanced Economies central government: –3.3 –3.7 –11.4 –9.9 –4.6 –6.2 –5.9 –5.1 –5.4 –5.2 *Source: International Monetary Fund — Statistical Appendix, April 2026.* ### Section 2 ### Advanced Economies: General Government Structural Balances (Section 2) ### Aggregate projections (Percent of potential GDP) - Advanced Economies: –2.6, –3.2, –7.5, –6.8, –4.5, –5.2, –4.9, –4.7, –4.9, –4.8 (2018–2027) - Major Advanced Economies (memorandum): –3.2, –3.8, –8.7, –8.1, –5.2, –6.1, –5.7, –5.5, –5.6, –5.6 (2018–2027) ### Selected country structural balances (Percent of potential GDP; 2018–2027) - United States: –4.9, –5.7, –10.5, –10.6, –6.0, –7.8, –7.4, –7.2, –7.4, –7.3 - Euro Area: –0.4, –0.5, –3.5, –4.0, –3.6, –3.7, –3.2, –3.0, –3.2, –3.4 - Japan: –3.0, –3.3, –8.1, –5.8, –4.3, –2.4, –1.7, –1.2, –2.2, –2.4 - United Kingdom: –3.2, –3.5, –11.1, –7.0, –5.8, –6.3, –5.6, –4.9, –3.3, –2.5 - Germany: 1.5, 1.1, –3.0, –2.8, –1.9, –2.4, –2.1, –2.1, –3.3, –4.0 - France: –1.6, –1.4, –5.9, –5.1, –4.2, –5.2, –5.7, –5.1, –4.8, –4.6 ### Notable advanced-economy specifics and footnotes - Norway structural balances exclude oil and income from the Government Pension Fund–Global. - National statistical agency adjustments: United States 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. - Exclusions: Several country series exclude sizable one-time receipts from the sale of assets, including licenses (noted for select European countries). - Definition note: Structural balance = actual net lending/borrowing with cyclical output effects subtracted from potential output, corrected for one-time and other factors (see table footnote). *Source: tableb - Section 2 (PDF).* --- ### Emerging Market and Developing Economies: General Government Net Lending/Borrowing and Overall Fiscal Balance ### Aggregate net lending/borrowing (Percent of GDP) - Emerging Market and Developing Economies (aggregate): –3.4, –4.3, –8.4, –4.9, –4.8, –5.2, –5.4, –5.9, –5.8, –5.8 (2018–2027) ### Regional group projections (Percent of GDP; 2018–2027) - Emerging and Developing Asia: –4.1, –5.6, –9.4, –6.2, –7.0, –6.3, –6.5, –7.0, –7.3, –7.4 - Emerging and Developing Europe: 0.3, –0.7, –5.3, –1.6, –2.5, –4.4, –4.3, –4.9, –4.2, –4.3 - Latin America and the Caribbean: –4.9, –3.7, –8.1, –3.9, –3.6, –5.1, –4.6, –5.1, –4.7, –4.0 - Middle East and Central Asia: –1.5, –2.4, –7.5, –2.2, 2.2, –0.6, –2.0, –3.0, –2.6, –2.3 - Sub-Saharan Africa: –3.1, –3.7, –5.9, –4.6, –4.0, –4.0, –3.7, –3.8, –4.0, –3.5 ### Analytical groups (Percent of GDP; 2018–2027) - By source of export earnings: - Fuel exporters: –1.2, –1.6, –6.9, –1.3, 3.4, 0.3, –1.0, –2.7, –1.8, –1.5 - Nonfuel exporters: –3.7, –4.7, –8.6, –5.3, –5.8, –5.8, –5.8, –6.2, –6.2, –6.2 - By external financing source: - Net Debtor Economies: –4.0, –4.3, –8.1, –5.3, –4.8, –5.4, –5.4, –5.3, –5.2, –4.9 ### Selected country net lending/borrowing (Percent of GDP; 2018–2027) - China: –4.2, –6.0, –9.6, –5.9, –7.3, –6.7, –7.1, –7.9, –8.2, –8.4 - India: –6.5, –7.9, –13.2, –9.7, –9.2, –8.4, –7.9, –7.4, –7.4, –7.3 - Brazil (general government overall fiscal balance entry): –7.0, –4.9, –11.6, –2.6, –4.0, –7.7, –6.2, –8.1, –7.7, –6.9 - Indonesia (overall fiscal balance entry): –1.8, –2.1, –6.1, –4.4, –2.3, –1.7, –2.3, –2.9, –2.9, –2.9 - Philippines (general government overall fiscal balance entry): –1.5, –1.6, –5.7, –6.3, –5.6, –4.5, –4.5, –4.0, –3.8, –2.9 - Colombia (overall fiscal balance entry): –4.7, –3.5, –7.1, –7.3, –6.4, –2.9, –6.0, –5.7, –5.2, –4.3 - Ukraine (net lending/borrowing): –2.1, –2.1, –5.9, –4.0, –15.6, –19.3, –17.2, –23.3, –18.4, –17.7 ### Memorandum medians (Percent of GDP; 2018–2027) - Median Emerging Market and Developing Economies: –2.2, –2.2, –6.1, –4.0, –3.2, –3.1, –3.0, –2.9, –3.3, –3.0 - Emerging and Developing Asia (median): –1.5, –1.7, –5.1, –5.5, –4.4, –2.8, –2.5, –2.4, –3.5, –3.4 *Source: tableb - Section 2 (PDF).* --- ### Selected Advanced Economies: Exchange Rates (Assumptions and REERs) ### Nominal exchange rates (US dollars per national currency unit; selected currencies, 2018–2026) - Euro (US dollars per euro): 1.181, 1.120, 1.141, 1.184, 1.054, 1.082, 1.082, 1.129, 1.179 (2018–2026) - British Pound (US dollars per pound): 1.336, 1.277, 1.283, 1.376, 1.237, 1.243, 1.278, 1.318, 1.359 (2018–2026) - Japanese yen (national currency units per US dollar): 110.423, 109.010, 106.775, 109.754, 131.498, 140.491, 151.366, 149.658, 154.730 (2018–2026) - Korean Won (national currency units per US dollar): 1,100.163, 1,165.358, 1,180.005, 1,143.952, 1,291.447, 1,305.663, 1,363.375, 1,422.441, 1,443.912 (2018–2026) - Canadian Dollar (US dollars per Canadian dollar): 1.296, 1.327, 1.341, 1.254, 1.302, 1.350, 1.369, 1.398, 1.363 (2018–2026) - Swiss Franc (US dollars per franc): 0.978, 0.994, 0.939, 0.914, 0.955, 0.898, 0.880, 0.831, 0.770 (2018–2026) ### Real Effective Exchange Rates (REER index, 2010 = 100; selected economies) - United States REER: 123.7, 131.2, 135.7, 134.0, 150.4, 149.8, 153.8, 151.2, 147.8 (2018–2026) - Euro Area REER: 87.8, 84.3, 85.9, 83.8, 79.7, 82.8, 85.0, 88.2, 91.2 (2018–2026) - Japan REER: 75.2, 75.8, 75.9, 74.1, 62.4, 56.8, 52.7, 52.6, 49.7 (2018–2026) - Korea REER: 152.7, 147.1, 139.6, 138.4, 137.6, 138.8, 128.7, 122.3, 120.2 (2018–2026) - Switzerland REER: 108.2, 109.1, 111.3, 112.5, 116.9, 119.4, 118.2, 119.8, 123.6 (2018–2026) - Norway REER: 83.9, 83.4, 72.5, 82.1, 84.0, 75.8, 77.0, 80.2, 85.9 (2018–2026) ### Note on REER definition - REER defined as the ratio, in common currency, of unit labor costs in the manufacturing sector to the weighted average of those of its advanced economy trading partners, using moving trade weights. *Source: tableb - Section 2 (PDF).* ### Section 3 ### tableb - Section 3 ### Emerging Market and Developing Economies: Broad Money Aggregates (Annual percent change) - Emerging Market and Developing Economies: 12.0 10.8 14.7 11.7 12.8 13.8 12.0 11.1 10.7 9.3 (2018 2019 2020 2021 2022 2023 2024 2025 2026 2027) - Regional Groups: - Emerging and Developing Asia: 8.4 8.6 10.6 9.2 10.7 9.4 7.4 9.3 9.0 8.7 - China: 8.1 8.7 10.1 9.0 11.8 9.7 7.3 8.5 8.5 8.3 - India: 10.5 8.9 12.2 8.2 8.9 11.1 9.6 13.6 11.2 11.2 - Emerging and Developing Europe: 12.9 11.5 20.4 19.0 19.1 24.3 18.3 15.2 13.2 11.8 - Russia: 12.3 5.1 16.7 11.3 13.1 18.8 16.6 9.2 6.3 7.3 - Latin America and the Caribbean: 25.3 18.4 26.8 16.2 15.1 20.5 21.0 13.4 13.8 8.6 - Brazil: 8.1 8.6 18.6 8.7 10.6 15.5 12.4 11.3 9.0 6.2 - Mexico: 4.5 4.7 13.4 9.5 7.3 11.0 13.8 4.3 6.0 5.8 - Middle East and Central Asia: 9.6 9.7 12.8 12.2 13.6 13.4 13.9 13.2 11.8 10.3 - Sub-Saharan Africa: 12.9 13.2 18.7 13.4 17.5 31.1 27.0 12.9 13.2 10.8 - Analytical Groups: - By Source of Export Earnings: - Fuel: 33.8 22.8 19.2 14.8 15.3 19.1 16.5 15.2 14.4 11.5 - Nonfuel: 9.4 9.4 14.2 11.4 12.6 13.2 11.5 10.7 10.3 9.1 - Of Which, Primary Products: 13.5 14.6 22.0 13.2 13.5 16.6 19.8 7.7 9.1 9.0 - By External Financing Source: - Net Debtor Economies: 9.5 10.1 16.4 13.3 12.5 16.3 14.7 12.5 11.7 10.0 - Net Debtor Economies by Debt-Servicing Experience: - Economies with Arrears and/or Rescheduling during 2020–24: 18.1 18.9 26.4 18.9 22.8 31.8 29.3 16.3 14.4 11.0 - Other Groups: - Middle East and North Africa: 9.7 9.9 12.1 11.2 13.3 13.6 13.3 12.4 10.8 9.4 - Emerging Market and Middle-Income Economies: 11.7 10.6 14.4 11.3 12.5 12.9 11.1 10.9 10.4 9.1 - Low-Income Developing Countries: 16.2 14.6 19.8 18.2 18.3 28.9 27.5 15.6 16.0 12.9 - Heavily Indebted Poor Countries: 18.0 15.7 21.8 19.8 16.6 16.0 17.1 16.8 16.1 14.5 - Memorandum (Median): - Emerging Market and Developing Economies: 8.1 8.7 13.7 11.3 8.4 8.9 9.4 9.8 8.5 8.2 - Emerging and Developing Asia: 8.4 8.7 12.2 11.4 8.0 9.7 7.7 11.5 8.4 8.3 - Emerging and Developing Europe: 9.0 8.5 16.5 11.6 6.9 11.9 12.2 9.7 7.9 7.4 - Latin America and the Caribbean: 5.7 8.0 10.7 10.0 5.9 5.0 9.3 7.7 7.8 6.6 - Middle East and Central Asia: 6.4 9.4 11.9 8.2 10.1 8.4 11.1 10.5 9.6 8.6 - Middle East and North Africa: 3.9 8.2 8.6 6.7 8.3 7.7 8.9 7.0 6.9 6.7 - Sub-Saharan Africa: 10.3 8.8 16.8 12.2 11.4 9.7 9.7 10.4 9.7 8.6 ### Advanced Economies: Export Volumes, Import Volumes, and Terms of Trade in Goods and Services (Annual percent change) - Export Volume (Averages/Projections): - Advanced Economies: 2.8 2.3 3.5 1.5 –8.7 9.7 6.2 0.6 2.1 3.7 2.5 2.7 (Averages 2008–17, 2018–27; years 2018–2027) - United States: 3.2 1.6 2.9 0.5 –12.6 6.5 7.6 2.8 3.6 1.6 1.8 3.0 - Euro Area (calculated as average of individual euro area countries): 2.6 2.0 3.3 3.0 –9.1 11.3 7.5 –0.9 0.4 2.1 1.6 2.4 - Japan: 1.8 1.5 3.8 –1.4 –11.7 11.8 5.3 3.1 0.9 2.9 0.7 1.2 - United Kingdom: 2.3 1.3 3.8 1.9 –12.0 2.9 15.2 –2.3 1.4 1.6 1.7 1.2 - Other Advanced Economies (excludes G7 and euro area countries): 3.6 3.5 3.9 0.1 –4.4 10.7 2.3 1.2 4.5 8.6 4.6 3.8 - Memorandum Major Advanced Economies: 2.3 1.4 3.1 1.2 –12.3 8.3 7.6 1.5 1.3 1.0 1.3 2.1 - Import Volume: - Advanced Economies: 2.4 2.6 3.8 2.0 –8.1 10.1 7.5 –0.8 2.2 4.7 2.6 3.1 - United States: 2.1 3.1 4.0 1.2 –8.8 14.6 8.5 –0.9 5.8 2.7 1.7 4.0 - Euro Area: 2.1 2.3 3.7 4.6 –8.3 9.0 8.4 –1.6 –0.6 3.8 2.2 2.5 - Japan: 1.9 1.9 3.8 1.1 –6.9 4.7 8.0 –0.4 0.9 4.0 2.0 2.1 - United Kingdom: 2.5 1.8 3.4 3.1 –15.2 5.3 13.9 –1.6 2.7 4.2 3.2 1.7 - Other Advanced Economies: 3.5 3.2 3.8 –1.0 –5.6 10.7 3.8 0.2 4.1 8.8 4.1 3.6 - Memorandum Major Advanced Economies: 2.1 2.3 3.9 1.6 –10.0 10.5 9.2 –0.8 2.3 3.0 1.8 2.8 - Terms of Trade: - 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 - United States: 0.6 0.6 0.6 1.2 –0.4 4.0 2.5 0.5 0.2 1.2 –4.5 0.8 - Euro Area: 0.1 0.0 –0.7 0.4 1.6 –1.7 –4.0 3.0 0.9 0.7 –0.3 0.3 - Japan: –0.6 –0.7 –4.1 1.4 5.5 –7.6 –10.4 4.9 3.1 2.8 –3.1 1.6 - Canada: –0.4 1.1 0.8 –0.9 –3.2 13.1 4.0 –5.8 –1.1 –0.8 4.2 1.7 - Other Advanced Economies: 0.1 –0.1 –0.3 –0.9 –0.1 3.6 1.0 –2.8 0.5 –0.5 –1.4 0.0 - Memorandum Major Advanced Economies: 0.2 0.3 –0.4 0.6 1.5 0.6 –2.6 1.7 1.0 1.1 –1.3 0.7 - Trade in Goods (Memorandum, Advanced Economies): - Export Volume: 2.4 1.9 3.0 0.4 –6.5 9.9 3.8 –1.1 0.8 4.1 2.5 2.4 - Import Volume: 2.1 2.3 3.9 0.5 –5.9 11.5 5.2 –3.2 1.3 5.0 2.7 3.2 - Terms of Trade: 0.1 0.2 –0.5 0.1 1.1 1.3 –2.1 0.7 0.6 0.8 –0.2 0.6 ### Emerging Market and Developing Economies by Region: Total Trade in Goods (Annual percent change) - Emerging Market and Developing Economies (Value in US Dollars): - Exports: 3.8 5.9 11.6 –2.6 –6.6 31.4 13.5 –6.2 4.6 6.5 8.4 3.7 (Averages/Projections 2008–17, 2018–27; years 2018–2027) - Imports: 4.9 6.1 11.3 –1.8 –7.8 30.5 12.0 –2.8 4.0 6.2 9.2 5.0 - Volume: - Exports: 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: 4.5 2.9 4.3 –0.6 –5.5 10.7 1.7 1.7 4.5 5.6 2.3 5.3 - Unit Value in US Dollars: - Exports: 0.4 2.3 7.2 –2.4 –2.6 18.1 11.3 –6.6 –1.3 –1.0 4.9 –1.8 - Imports: 0.4 3.2 6.7 –1.2 –2.4 18.3 10.1 –4.4 –0.5 0.7 6.9 –0.3 - Terms of Trade: –0.1 –0.8 0.5 –1.2 –0.3 –0.2 1.1 –2.3 –0.8 –1.7 –1.9 –1.5 - Regional Groups (selected rows): - Emerging and Developing Asia (Value in US Dollars): - Exports: 6.5 6.2 9.0 –1.2 1.9 28.4 6.8 –5.7 6.6 7.5 7.1 3.3 - Imports: 7.2 6.2 15.2 –2.8 –5.1 34.5 7.1 –5.3 4.3 3.6 11.0 4.3 - Emerging and Developing Europe (Volume, Exports): 3.2 1.9 4.7 1.9 –1.9 9.2 –1.4 –2.7 0.3 3.6 2.9 3.0 - Latin America and the Caribbean (Value in US Dollars, Exports): 2.6 5.8 8.7 –2.4 –9.7 28.2 17.5 –1.3 4.1 6.8 8.4 2.7 - Middle East and Central Asia (Terms of Trade): –1.8 0.4 11.5 –5.2 –18.3 23.0 15.6 –8.3 –0.8 –7.5 5.6 –4.8 - Sub-Saharan Africa (Volume, Exports): 1.2 2.5 2.8 2.0 –8.5 4.3 5.2 2.7 0.9 8.0 5.1 3.4 ### Emerging Market and Developing Economies by Source of Export Earnings: Total Trade in Goods (Annual percent change) - Fuel (Value in US Dollars): - Exports: 0.3 5.4 19.0 –8.9 –28.3 46.5 37.6 –9.9 2.6 2.0 8.1 6.0 - Imports: 3.3 6.7 1.1 2.6 –12.5 14.6 20.7 9.2 9.3 10.6 4.0 11.4 - Volume (Exports): 1.8 1.4 –0.7 –3.7 –8.4 2.1 6.2 2.3 2.0 8.7 –3.8 10.3 - Unit Value in US Dollars (Exports): –1.5 4.1 18.0 –5.9 –20.0 44.3 28.4 –11.8 0.8 –5.7 13.4 –4.8 - Terms of Trade: –2.2 0.3 13.4 –6.5 –20.2 25.9 19.1 –10.0 –1.0 –9.1 5.5 –5.2 - Nonfuel (Value in US Dollars): - Exports: 4.8 6.0 10.1 –1.2 –2.2 29.2 9.5 –5.5 5.0 7.3 8.4 3.2 - Imports: 5.2 6.0 12.8 –2.4 –7.1 32.5 11.0 –4.2 3.3 5.6 9.9 4.1 - Volume (Exports): 4.1 4.0 4.7 0.6 –2.7 13.3 0.9 0.2 7.1 7.5 5.0 4.5 - Unit Value in US Dollars (Exports): 0.8 2.0 5.2 –1.7 0.6 14.5 8.7 –5.6 –1.7 –0.1 3.4 –1.2 - Terms of Trade: 0.4 –1.0 –1.8 –0.3 3.4 –3.6 –1.5 –1.0 –0.9 –0.4 –3.3 –0.9 - Primary Products (Value in US Dollars, Exports): 3.2 7.7 8.7 –4.4 –1.8 35.5 6.7 –4.3 5.6 13.7 20.6 2.8 ### Summary of Current Account Transactions (Billions of US dollars) - Advanced Economies (Averages/Projections): - Current Account Balance: 91.4 303.4 136.5 429.7 –278.9 –16.2 47.1 49.8 –86.9 –50.3 44.3 - Trade Balance: 143.4 297.7 233.8 437.4 –76.6 326.1 477.2 447.6 317.9 349.2 415.7 - Goods Balance: –325.5 –264.2 –254.8 –308.4 –842.9 –431.9 –432.7 –485.7 –487.1 –531.1 –610.6 - Exports of Goods: 9,936.6 10,525.9 10,058.7 12,486.0 13,711.0 13,201.4 13,298.5 14,356.7 15,437.2 15,824.7 17,006.8 - Imports of Goods: 10,262.0 10,790.1 10,313.5 12,794.4 14,554.0 13,633.3 13,731.2 14,842.4 15,924.3 16,355.8 17,617.4 - Services Balance: 468.9 561.9 488.6 745.8 766.3 758.0 909.9 927.1 805.0 880.3 1,026.3 - Primary Income Balance: 304.3 375.1 324.4 422.2 264.4 158.4 107.4 150.8 113.5 70.0 117.8 - Secondary Income Balance: –356.2 –369.1 –421.4 –429.7 –466.6 –500.7 –537.5 –548.6 –518.7 –470.0 –489.6 - United States (selected): - Current Account Balance: –426.4 –397.6 –593.5 –858.6 –993.1 –928.0 –1,185.3 –1,116.0 –1,199.7 –1,227.8 –1,323.6 - Trade Balance: –510.9 –510.1 –646.0 –837.3 –923.7 –774.2 –903.5 –911.7 –1,006.8 –1,060.7 –1,156.0 - Exports of Goods: 1,448.6 1,581.2 1,433.9 1,765.9 2,095.6 2,047.5 2,079.8 2,197.5 2,334.5 2,361.8 2,400.2 - Imports of Goods: 2,172.0 2,361.0 2,346.7 2,849.0 3,270.1 3,105.0 3,295.2 3,444.5 3,517.7 3,625.7 3,782.7 - Services Balance: 212.6 269.7 266.8 245.9 250.8 283.3 311.9 329.1 176.4 203.3 226.6 - Euro Area (selected): - Current Account Balance: 148.1 325.4 245.0 408.6 –30.8 264.7 443.0 288.2 254.7 292.1 396.4 - Trade Balance: 284.6 424.4 387.4 477.2 119.5 425.9 582.3 563.4 - Exports of Goods: 2,278.9 2,435.1 2,402.0 2,882.1 3,036.0 3,053.7 3,047.8 3,274.3 - Imports of Goods: 2,087.6 2,127.0 2,015.9 2,542.0 3,097.4 2,779.8 2,666.7 2,871.7 - Japan (selected): - Current Account Balance: 131.9 129.3 149.9 196.2 89.9 156.2 189.2 214.2 166.4 176.3 197.4 - Exports of Goods: 694.1 693.5 630.6 749.2 752.5 714.7 693.8 720.5 696.2 700.8 730.6 - Imports of Goods: 688.0 711.5 604.0 732.7 868.3 763.7 718.4 725.5 744.3 741.4 766.5 - Emerging Market and Developing Economies (selected): - Current Account Balance: 210.6 56.0 152.4 375.4 682.5 288.6 421.0 601.0 529.8 457.8 399.7 - Trade Balance: 387.5 277.4 326.9 609.8 931.1 507.7 621.5 763.7 713.9 642.2 542.3 - Goods Balance: 704.5 646.7 567.1 807.2 1,037.5 650.5 739.1 811.5 799.9 681.3 518.7 - Exports of Goods: 6,529.7 7,161.1 7,000.1 9,201.4 10,440.5 9,788.6 10,239.4 10,900.6 11,813.2 12,244.9 13,590.6 - Imports of Goods: 5,825.2 6,514.3 6,433.0 8,394.2 9,403.0 9,138.1 9,500.3 10,089.1 11,013.3 11,563.6 13,071.9 - Services Balance: –304.7 –361.3 –240.0 –182.8 –86.1 –128.8 –108.0 –39.8 –71.1 –25.3 37.2 - Primary Income Balance: –422.0 –467.6 –493.7 –615.9 –689.3 –666.3 –687.3 –713.5 –757.5 –773.9 –823.3 - Secondary Income Balance: 238.3 244.7 324.0 377.4 431.0 439.7 487.5 548.9 568.6 585.8 676.8 *International Monetary Fund | April 2026 (extracted from tableb - Section 3 of the source PDF)* ### Section 4 ### tableb - Section 4 ### Current account transactions — Regional groups (selected lines) - Emerging and Developing Asia — Current Account Balance (Averages/Projections): 215.3, 145.0, 323.4, 287.9, 336.4, 253.4, 422.7, 741.4, 638.9, 637.7, 619.8 - Emerging and Developing Asia — Trade Balance (Averages/Projections): 195.0, 153.4, 373.7, 343.0, 419.0, 310.6, 447.0, 727.5, 588.4, 564.9, 475.9 - Emerging and Developing Europe — Current Account Balance (Averages/Projections): –19.8, 4.9, 1.3, 69.4, 129.1, –20.3, –4.7, –75.4, –78.3, –85.8, –78.9 - Emerging and Developing Europe — Trade Balance (Averages/Projections): 56.7, 88.2, 60.2, 161.2, 194.9, 38.1, 59.5, –4.9, 3.9, 4.3, 21.0 - Middle East and Central Asia — Current Account Balance (Averages/Projections): 173.7, 102.3, –118.7, 124.6, 389.8, 182.6, 101.6, 35.4, 60.2, 22.9, –10.7 - Middle East and Central Asia — Trade Balance (Averages/Projections): 212.2, 153.5, –63.3, 173.3, 446.8, 239.8, 158.8, 67.7, 96.1, 64.0, 34.0 - Latin America and the Caribbean — Current Account Balance (Averages/Projections): –123.6, –147.3, –9.1, –91.1, –129.4, –76.9, –74.2, –81.7, –75.6, –89.2, –99.6 - Latin America and the Caribbean — Trade Balance (Averages/Projections): –45.2, –66.2, 22.8, –42.8, –89.6, –22.6, –9.2, –4.9, 20.3, 14.4, 14.8 - Sub-Saharan Africa — Current Account Balance (Averages/Projections): –35.0, –49.0, –44.5, –15.4, –43.4, –50.3, –24.5, –18.7, –15.4, –27.9, –31.0 - Sub-Saharan Africa — Trade Balance (Averages/Projections): –31.3, –51.5, –66.6, –25.0, –40.0, –58.2, –34.4, –21.7, 5.2, –5.5, –3.5 ### Current account transactions — Analytical groups (by source of export earnings) - Fuel — Current Account Balance (Averages/Projections): 239.0, 165.4, –94.2, 191.5, 497.7, 248.8, 205.0, 120.0, 161.7, 124.0, 101.8 - Fuel — Trade Balance (Averages/Projections): 354.9, 300.7, 32.1, 332.5, 665.7, 384.7, 336.7, 260.5, 318.1, 283.1, 281.7 - Nonfuel — Current Account Balance (Averages/Projections): –26.3, –107.4, 248.5, 185.6, 186.8, 42.1, 218.9, 483.2, 371.3, 337.2, 300.7 - Nonfuel — Trade Balance (Averages/Projections): 37.5, –17.7, 300.5, 284.3, 274.2, 130.8, 290.3, 508.9, 401.6, 365.3, 266.8 ### Current account transactions — By external financing source (Net debtor economies) - Net Debtor Economies — Current Account Balance (Averages/Projections): –328.4, –357.5, –130.6, –301.5, –449.1, –273.7, –279.2, –314.3, –425.7, –444.2, –465.8 - Net Debtor Economies — Trade Balance (Averages/Projections): –335.2, –373.6, –227.0, –359.2, –546.8, –326.8, –345.0, –404.5, –473.1, –478.5, –519.1 ### Memorandum — World current account - World — Current Account Balance (Averages/Projections): 302.0, 359.4, 288.9, 805.1, 403.5, 272.4, 468.0, 650.8, 442.9, 407.5, 444.0 ### Emerging Market and Developing Economies — Summary of external debt (totals) - External Debt (Emerging Market and Developing Economies) — Total Debt at end-year (2018–2027): 9,970.0, 10,495.7, 11,184.5, 11,966.5, 11,674.4, 12,023.6, 12,389.4, 13,250.2, 13,794.1, 14,278.5 - Regional totals (selected): - Emerging and Developing Asia — Total Debt (2018–2027): 3,670.9, 3,854.3, 4,270.9, 4,721.0, 4,431.3, 4,514.7, 4,610.0, 4,663.6, 4,689.1, 4,724.2 - Emerging and Developing Europe — Total Debt (2018–2027): 1,725.9, 1,750.9, 1,823.4, 1,876.9, 1,813.7, 1,864.6, 1,944.7, 2,170.9, 2,338.0, 2,473.1 - Latin America and the Caribbean — Total Debt (2018–2027): 2,333.7, 2,427.4, 2,464.8, 2,546.9, 2,585.3, 2,700.5, 2,696.4, 2,907.6, 3,048.6, 3,189.1 - Middle East and Central Asia — Total Debt (2018–2027): 1,584.7, 1,756.6, 1,896.8, 2,070.6, 2,065.4, 2,141.5, 2,315.9, 2,586.7, 2,749.5, 2,871.0 - Sub-Saharan Africa — Total Debt (2018–2027): 654.8, 706.4, 728.7, 751.0, 778.8, 802.3, 822.3, 921.4, 968.9, 1,021.3 ### Emerging Market and Developing Economies — Debt-service payments (totals) - Debt-Service Payments — Emerging Market and Developing Economies (2018–2027): 3,418.1, 3,654.9, 3,674.4, 3,861.9, 4,136.7, 4,138.2, 4,317.7, 4,387.1, 4,428.9, 4,532.1 - Debt-Service Payments — Net Debtor Economies (2018–2027): 1,381.4, 1,412.0, 1,453.0, 1,457.3, 1,499.3, 1,670.3, 1,810.6, 1,860.8, 1,922.5, 2,039.6 ### External debt expressed as shares of exports and of GDP (selected ratios) - External Debt (percent of exports of goods and services) — Emerging Market and Developing Economies (2018–2027): 108.8, 116.2, 136.9, 112.5, 94.9, 101.8, 99.1, 99.2, 95.7, 95.1 - Debt-Service Payments (percent of exports of goods and services) — Emerging Market and Developing Economies (2018–2027): 37.9, 41.0, 45.4, 36.7, 34.1, 35.5, 34.9, 33.2, 31.1, 30.5 - External Debt (ratio to GDP) — Emerging Market and Developing Economies (2018–2027): 29.9, 29.9, 32.4, 30.6, 28.1, 28.8, 28.1, 27.3, 26.8, 26.3 ### External debt by maturity (selected totals) - Emerging Market and Developing Economies — Total Debt (2018–2027): 9,970.0, 10,495.7, 11,184.5, 11,966.5, 11,674.4, 12,023.6, 12,389.4, 13,250.2, 13,794.1, 14,278.5 - By maturity — Short Term (2018–2027): 2,695.2, 2,695.8, 2,799.4, 3,068.6, 3,047.8, 3,137.3, 3,220.8, 3,339.5, 3,419.2, 3,459.3 - By maturity — Long Term (2018–2027): 7,274.9, 7,799.9, 8,385.0, 8,897.9, 8,626.6, 8,886.3, 9,168.6, 9,910.7, 10,374.8, 10,819.2 *Source: tableb - Section 4 (STATISTICAL APPENDIX, Tables B15–B19) — World Economic Outlook, April 2026* ### Section 5 ### Emerging Market and Developing Economies: Debt-Service Ratios ### Interest Payments (Percent of exports of goods and services) - Emerging Market and Developing Economies: 4.0 4.4 4.5 3.5 3.5 4.5 4.6 4.2 3.8 3.7 - Regional Groups - Emerging and Developing Asia: 3.6 3.8 4.0 3.5 3.6 4.0 3.8 3.5 3.0 2.8 - Emerging and Developing Europe: 3.0 3.0 3.1 2.2 2.1 3.4 3.9 3.5 3.2 3.3 - Latin America and the Caribbean: 7.5 8.1 8.1 5.6 5.3 6.9 7.2 6.7 6.4 6.6 - Middle East and Central Asia: 3.6 4.2 4.5 2.9 2.9 5.0 5.5 4.8 4.5 4.2 - Sub-Saharan Africa: 4.1 4.5 5.2 4.4 3.4 4.4 4.7 4.0 4.1 4.1 - Analytical Groups - By Source of Export Earnings - Fuel: 3.4 3.9 4.2 2.6 2.6 4.7 5.2 4.4 4.1 3.9 - Nonfuel: 4.2 4.4 4.6 3.7 3.6 4.5 4.5 4.1 3.7 3.7 - Of Which, Primary Products: 5.5 5.8 5.9 4.5 4.7 5.6 5.5 4.9 4.4 4.6 - By External Financing Source - Net Debtor Economies: 4.7 5.0 5.1 3.8 3.9 5.5 6.0 5.4 5.0 5.0 - Net Debtor Economies by Debt-Servicing Experience - Economies with Arrears and/or Rescheduling during 2020–24: 5.3 6.2 7.0 5.0 4.6 6.4 7.4 6.0 5.9 5.4 - Other Groups - Middle East and North Africa: 2.9 3.6 3.7 2.3 2.5 4.6 5.1 4.4 4.0 3.6 - Emerging Market and Middle-Income Economies: 4.1 4.4 4.5 3.5 3.5 4.5 4.6 4.1 3.8 3.7 - Low-Income Developing Countries: 3.6 3.6 4.5 4.1 3.4 4.4 4.9 4.5 4.4 4.3 - Heavily Indebted Poor Countries: 4.0 4.5 5.0 4.7 3.8 4.3 4.3 3.8 4.0 3.8 ### Amortization (Percent of exports of goods and services) - Emerging Market and Developing Economies: 33.7 36.6 40.9 33.2 30.6 30.9 30.3 29.0 27.3 26.8 - Regional Groups - Emerging and Developing Asia: 38.6 42.8 43.0 36.5 36.9 36.5 34.6 32.6 30.2 28.8 - Emerging and Developing Europe: 41.6 38.9 46.4 38.0 32.1 35.0 36.3 35.2 33.5 35.3 - Latin America and the Caribbean: 37.0 41.9 50.0 36.4 31.1 31.7 31.3 29.2 27.6 28.8 - Middle East and Central Asia: 11.5 13.3 20.4 15.2 13.3 12.7 13.2 14.1 14.9 14.4 - Sub-Saharan Africa: 22.0 23.6 27.0 18.8 15.8 18.6 19.0 18.9 15.8 16.0 - Analytical Groups - By Source of Export Earnings - Fuel: 9.3 9.9 16.6 12.2 10.7 10.5 11.0 11.1 11.9 11.8 - Nonfuel: 38.4 41.3 44.2 36.3 34.3 34.7 33.8 32.1 29.9 29.4 - Of Which, Primary Products: 32.2 38.2 41.3 26.2 27.2 30.3 28.4 25.7 21.7 23.0 - By External Financing Source - Net Debtor Economies: 33.2 33.6 39.9 31.4 26.8 28.3 29.3 28.5 27.0 27.6 - Net Debtor Economies by Debt-Servicing Experience - Economies with Arrears and/or Rescheduling during 2020–24: 37.1 38.4 44.1 33.3 30.4 28.3 30.2 30.3 26.7 25.4 - Other Groups - Middle East and North Africa: 10.8 12.4 19.2 14.2 12.3 11.0 11.9 12.8 13.8 13.2 - Emerging Market and Middle-Income Economies: 34.6 37.7 42.0 33.9 31.3 31.7 31.0 29.8 28.1 27.7 - Low-Income Developing Countries: 13.1 11.7 14.0 13.2 11.6 12.2 12.8 11.6 10.2 9.5 - Heavily Indebted Poor Countries: 9.5 11.1 12.0 11.4 10.3 9.5 9.2 9.0 9.0 7.9 ### Medium-Term Reference Forecast: Selected Economic Indicators (Annual percent change; Averages and Projections) - Averages and Projections (Emerging Market and Developing Economies) - Real GDP: Averages 2008–17: 5.0; 2018–27: 3.9; Projections 2024: 4.5; 2025: 4.4; 2026: 3.9; 2027: 4.2; 2024–27: 4.2; 2028–31: 4.0 - Export Volume (trade in goods and services): Averages 3.8 3.9 6.6 7.4 3.5 5.4 5.7 4.0 - Terms of Trade: 0.0 –0.3 0.2 –0.7 –1.5 –1.2 –0.8 –0.2 - Import Volume: 4.7 3.3 6.0 5.7 2.7 4.9 4.8 4.1 - Regional Groups (selected figures) - Emerging and Developing Asia - Real GDP: 7.2 5.0 5.4 5.5 4.9 4.8 5.2 4.6 - Export Volume: 5.0 5.1 10.3 8.9 5.8 4.9 7.5 4.0 - Terms of Trade: 0.6 –1.4 –1.3 0.1 –5.6 –0.8 –1.9 –0.5 - Import Volume: 6.8 3.2 6.7 4.8 2.8 4.7 4.7 4.2 - Emerging and Developing Europe - Real GDP: 2.3 2.6 3.8 2.0 2.0 2.1 2.5 2.3 - Export Volume: 3.6 2.2 0.7 2.3 3.2 3.3 2.4 3.2 - Terms of Trade: –0.7 1.2 5.1 0.3 1.4 –0.3 1.6 0.6 - Import Volume: 2.5 3.8 5.0 6.5 4.1 3.0 4.6 3.5 - Latin America and the Caribbean - Real GDP: 2.0 1.8 2.4 2.4 2.3 2.7 2.4 2.8 - Export Volume: 2.3 2.8 5.1 6.3 3.7 3.9 4.7 3.7 - Terms of Trade: 0.0 1.0 0.5 –0.1 1.4 –0.5 0.3 –0.2 - Import Volume: 3.1 3.4 5.0 5.8 3.9 3.8 4.6 3.6 - Middle East and Central Asia - Real GDP: 3.8 2.9 2.8 3.6 1.9 4.6 3.2 3.9 - Export Volume: 3.0 2.7 3.7 8.4 –4.4 11.0 4.5 5.0 - Terms of Trade: –1.5 0.4 –1.3 –6.4 4.1 –3.8 –1.9 –0.3 - Import Volume: 3.8 2.9 6.4 6.6 –1.4 9.1 5.1 4.8 - Sub-Saharan Africa - Real GDP: 4.4 3.2 4.2 4.5 4.3 4.4 4.4 4.7 - Export Volume: 1.6 2.2 1.5 7.7 4.1 3.4 4.1 4.2 - Terms of Trade: 0.6 2.3 5.7 5.6 7.0 –0.8 4.3 0.4 - Import Volume: 3.5 3.5 3.5 9.7 6.5 4.1 6.0 4.4 - Analytical Group: Net Debtor Economies with Arrears and/or Rescheduling during 2020–24 - Real GDP: 3.5 3.0 3.0 4.5 4.0 4.5 4.0 4.9 - Export Volume: 0.8 2.2 2.6 3.8 4.3 4.4 3.8 5.6 - Terms of Trade: 0.4 1.7 5.1 8.2 6.2 0.9 5.1 1.2 - Import Volume: 2.6 3.1 8.4 15.1 6.4 5.2 8.7 5.2 ### Debt and Debt-Service Indicators (Percent of exports of goods and services; projections) - Aggregates (Projections) - Current Account Balance (2015 2019 2023 2024 2025 2026 2027 2031): –0.9 0.1 2.4 3.4 4.5 3.7 3.0 2.1 - Total External Debt: 109.3 116.2 101.8 99.1 99.2 95.7 95.1 91.2 - Debt-Service Payments: 46.1 41.0 35.5 34.9 33.2 31.1 30.5 27.1 - Interest Payments: 3.9 4.4 4.5 4.6 4.2 3.8 3.7 3.3 - Amortization: 42.1 36.6 30.9 30.3 29.0 27.3 26.8 23.8 - Regional Breakdowns (selected projections) - Emerging and Developing Asia - Current Account Balance: 7.7 2.1 4.3 6.7 10.9 8.8 8.4 6.9 - Total External Debt: 74.5 86.6 77.4 73.2 68.6 64.5 62.6 56.2 - Debt-Service Payments: 53.2 46.5 40.5 38.4 36.1 33.2 31.6 25.0 - Interest Payments: 3.5 3.8 4.0 3.8 3.5 3.0 2.8 2.3 - Amortization: 49.7 42.8 36.5 34.6 32.6 30.2 28.8 22.7 - Emerging and Developing Europe - Current Account Balance: 3.2 3.6 –1.1 –0.3 –3.9 –3.7 –3.9 –3.1 - Total External Debt: 151.4 120.9 104.0 106.0 113.0 110.2 113.6 114.4 - Debt-Service Payments: 56.0 41.9 38.4 40.3 38.6 36.7 38.6 41.0 - Interest Payments: 4.1 3.0 3.4 3.9 3.5 3.2 3.3 3.3 - Amortization: 51.8 38.9 35.0 36.3 35.2 33.5 35.3 37.7 - Latin America and the Caribbean - Current Account Balance: –16.6 –8.5 –4.6 –4.2 –4.4 –3.7 –4.3 –4.6 - Total External Debt: 193.3 192.9 161.2 153.7 155.6 151.0 153.2 149.0 - Debt-Service Payments: 53.4 50.5 38.8 38.8 36.1 34.3 35.6 33.2 - Interest Payments: 6.5 8.1 6.9 7.2 6.7 6.4 6.6 6.2 - Amortization: 45.7 41.9 31.7 31.3 29.2 27.6 28.8 26.7 - Middle East and Central Asia - Current Account Balance: –10.4 1.4 9.0 5.0 1.7 2.5 0.9 –0.5 - Total External Debt: 94.5 119.8 106.1 110.5 118.3 119.2 114.8 113.4 - Debt-Service Payments: 13.7 17.6 17.7 18.8 18.9 19.4 18.6 18.5 - Interest Payments: 2.5 4.2 5.0 5.5 4.8 4.5 4.2 3.9 - Amortization: 11.2 13.3 12.7 13.2 14.1 14.9 14.4 14.6 - Sub-Saharan Africa - Current Account Balance: –26.4 –12.3 –10.2 –4.7 –3.2 –2.2 –3.9 –3.5 - Total External Debt: 140.3 171.0 164.0 159.7 158.7 140.5 143.2 140.9 - Debt-Service Payments: 23.6 28.1 23.0 23.7 22.9 19.9 20.1 20.3 - Interest Payments: 4.2 4.5 4.4 4.7 4.0 4.1 4.1 3.8 - Amortization: 19.4 23.6 18.6 19.0 18.9 15.8 16.0 16.5 - Analytical Group: Net Debtor Economies with Arrears and/or Rescheduling during 2020–24 - Current Account Balance: –23.9 –13.5 –10.8 –11.6 –11.4 –13.0 –13.8 –8.0 - Total External Debt: 179.6 196.7 201.3 192.4 196.9 184.8 182.0 155.8 - Debt-Service Payments: 46.4 44.6 34.6 34.7 37.6 36.3 32.6 30.7 27.8 - Interest Payments: 3.9 6.2 6.4 7.4 6.0 5.9 5.4 4.2 - Amortization: 42.6 38.4 28.4 28.3 30.2 30.3 26.7 25.4 *Italic: Source — tableb - Section 5, WORLD ECONOMIC OUTLOOK: GLOBAL ECONOMy IN THE SHADOW OF WAR (Table B21 and debt-service tables).* --- _Source: https://www.imf.org/-/media/files/publications/weo/2026/april/english/tableb.pdf_