## tableb — Online Statistical Appendix (Tables B1–B21) — Section summaries

## Source details

**Canonical URL:** [tableb — Online Statistical Appendix (Tables B1–B21) — Section summaries](https://www.imf.org/-/media/files/publications/weo/2026/october/english/tableb.pdf)

## Other formats

- [Markdown version](/-/media/files/publications/weo/2026/october/english/tableb.pdf.md)
- [Structured JSON version](/-/media/files/publications/weo/2026/october/english/tableb.pdf.json)

---

### List of tables and scope
- Online Tables B1–B21 cover unemployment, employment, real GDP per capita, hourly earnings, productivity, consumer prices, fiscal and financial indicators, exchange rates, broad money aggregates, trade volumes and values, current account transactions, external debt and debt-service, and a medium-term baseline for Emerging Market and Developing Economies.
- Source: World Economic Outlook: RESILIENCE UNDER STRAIN, URGENT CHOICES, October 2026, Online Statistical Appendix, International Monetary Fund.

### Labor, employment, and real GDP per capita (Online Table B1)
- Unemployment Rate — Advanced Economies: 7.3, 5.0, 5.1, 4.8, 6.6, 5.6, 4.5, 4.4, 4.6, 4.7, 4.7, 4.6.
- Unemployment Rate — United States: 7.0, 4.5, 3.9, 3.7, 8.1, 5.4, 3.7, 3.6, 4.0, 4.3, 4.2, 4.0.
- Growth in Employment — Advanced Economies (compound annual rate): 0.5, 0.8, 1.5, 1.2, –2.9, 1.8, 2.7, 1.6, 0.7, 0.9, 0.2, 0.5.
- Growth in Real GDP per Capita — Advanced Economies: 0.8, 1.5, 1.9, 1.5, –4.4, 6.0, 2.5, 0.9, 1.4, 1.7, 1.9, 1.7.
- Note: Compound annual rate for employment and output per capita; arithmetic average for unemployment. Output per capita in international dollars at purchasing power parity.

### Prices, earnings, productivity, and unit labor costs (Online Tables B3–B4)
- Hourly Earnings — Advanced Economies: 2.1, 3.6, 2.5, 2.3, 3.7, 1.9, 3.5, 4.7, 4.3, 4.1, 4.9, 3.8.
- Productivity — Advanced Economies: 0.8, 0.8, 0.4, –1.0, –0.5, 3.1, –0.5, 0.0, 1.1, 2.0, 2.2, 1.6.
- Unit Labor Costs — Advanced Economies: 1.4, 2.7, 2.1, 3.3, 4.4, –1.1, 4.1, 4.7, 3.2, 2.1, 2.7, 2.1.
- Emerging Market and Developing Economies (Consumer Prices): 5.7, 4.9, 5.2, 5.3, 5.9, 9.6, 8.2, 8.0, 5.2, 5.7, 5.1, 3.8.
- Emerging and Developing Europe (Consumer Prices): 7.7, 6.3, 6.6, 5.2, 9.2, 25.7, 17.4, 17.2, 13.5, 11.3, 9.5, 6.0.
- Notes: Labor productivity measured as ratio of hourly compensation to unit labor costs; unit wage cost; Argentina included from 2017 onward.

### Fiscal and financial indicators (Online Tables B5–B6, B7)
- Central Government Net Lending/Borrowing — Advanced Economies: –2.4, –2.9, –9.8, –8.0, –3.5, –4.8, –4.6, –4.1, –4.6, –4.1.
- General Government Net Lending/Borrowing — Advanced Economies: –2.4, –2.9, –10.2, –7.3, –2.8, –4.9, –4.9, –4.4, –5.2, –4.8.
- United States — General Government Net Lending/Borrowing: –5.3, –5.8, –14.1, –11.5, –3.7, –7.9, –7.8, –7.1, –8.5, –7.8.
- General Government Structural Balance — Advanced Economies (percent of potential GDP, 2018–2027): composite: 2018 –2.5, 2019 –3.1, 2020 –7.5, 2021 –6.8, 2022 –3.7, 2023 –5.6, 2024 –4.9, 2025 –4.9, 2026 –5.2, 2027 –5.1.
- United States structural balance (2018–2027): 2018 –4.9, 2019 –5.7, 2020 –10.5, 2021 –10.7, 2022 –4.6, 2023 –9.0, 2024 –7.5, 2025 –7.9, 2026 –8.0, 2027 –7.7.
- Long-Term Interest Rate — Advanced Economies (annual averages): 1.9, 1.2, 0.5, 0.9, 2.3, 3.3, 3.4, 3.6, 4.0, 4.1.
- Note: Fiscal data are percent of GDP; country-group composites calculated as sum of US dollar values for relevant individual countries.

### Exchange rate assumptions (Online Table B10)
- Nominal exchange rates (US dollars per national currency unit, selected series 2018–2026):
  - Euro: 2018 1.181, 2019 1.120, 2020 1.141, 2021 1.184, 2022 1.054, 2023 1.082, 2024 1.082, 2025 1.129, 2026 1.162.
  - British Pound: 2018 1.336, 2019 1.277, 2020 1.283, 2021 1.376, 2022 1.237, 2023 1.243, 2024 1.278, 2025 1.318, 2026 1.350.
- Nominal exchange rates (national currency units per US dollar, selected series 2018–2026):
  - Japanese Yen: 2018 110.423, 2019 109.010, 2020 106.775, 2021 109.754, 2022 131.498, 2023 140.491, 2024 151.366, 2025 149.658, 2026 158.799.
  - Korean Won: 2018 1,100.163, 2019 1,165.358, 2020 1,180.005, 2021 1,143.952, 2022 1,291.447, 2023 1,305.663, 2024 1,363.375, 2025 1,422.441, 2026 1,450.031.
- Real Effective Exchange Rates (Index, 2010 = 100, selected economies, 2018–2026):
  - United States: 2018 123.7, 2019 131.2, 2020 135.7, 2021 134.0, 2022 150.4, 2023 150.1, 2024 154.2, 2025 153.3, 2026 154.8.
  - Euro area: 2018 87.8, 2019 84.3, 2020 85.9, 2021 83.8, 2022 79.8, 2023 82.3, 2024 84.1, 2025 86.6, 2026 88.5.
  - Japan: 2018 75.2, 2019 75.8, 2020 75.9, 2021 74.1, 2022 62.4, 2023 56.8, 2024 52.8, 2025 52.9, 2026 48.7.
- Note: Real effective rates defined as ratio of unit labor costs in manufacturing to weighted average of trading partners using moving trade weights.

### Trade volumes, values, and current accounts (Online Tables B11–B15)
- Export Volume, Advanced Economies (annual percent change): 3.5 (2018), 1.4 (2019), –8.8 (2020), 9.8 (2021), 6.2 (2022), 0.8 (2023), 2.3 (2024), 3.6 (2025), 5.1 (2026), 3.7 (2027).
- Emerging Market and Developing Economies — Broad Money Aggregates (annual percent change): 11.0 (2018), 10.2 (2019), 14.3 (2020), 11.5 (2021), 12.7 (2022), 13.8 (2023), 12.0 (2024), 11.6 (2025), 11.4 (2026), 9.8 (2027).
- Online Table B15 — Summary of Current Account Transactions (Billions of US dollars, selected aggregates and projections):
  - Advanced Economies — Current account Balance (annual): 135.5 (2020), 428.8 (2021), –252.1 (2022), 18.6 (2023), 30.1 (2024), 13.8 (2025), 283.4 (2026), 256.8 (2027).
  - United States — Current account Balance (annual): –589.6 (2020), –855.2 (2021), –972.4 (2022), –931.4 (2023), –1,198.6 (2024), –1,177.1 (2025), –1,262.6 (2026), –1,319.0 (2027).
  - Emerging Market and Developing Economies — Current account Balance (annual): 120.0 (2020), 316.8 (2021), 652.9 (2022), 277.1 (2023), 460.0 (2024), 606.0 (2025), 588.5 (2026), 732.6 (2027).

### Regional current account and trade details (Online Tables B15–B21, extracts)
- Emerging and Developing Asia — Current account Balance (billions): 215.4 (2008–17 avg), 143.5 (2012–19 avg), 298.3 (2020), 232.4 (2021), 297.1 (2022), 247.0 (2023), 457.1 (2024), 747.1 (2025), 764.7 (2026), 828.0 (2027).
- Emerging and Developing Europe — Current account Balance (billions): –19.9, 5.0, 1.4, 68.8, 128.0, –21.7, –5.8, –80.7, –45.8, –46.0, –87.4 (series as listed).
- Middle East and Central Asia — Current account Balance (billions): 175.1, 103.1, –119.3, 123.7, 393.9, 181.4, 103.9, 31.0, –57.1, 55.2, 31.9 (series as listed).
- Latin America and the Caribbean — Current account Balance (billions): –123.6, –147.0, –16.3, –93.2, –127.2, –80.7, –73.6, –74.1, –57.0, –80.8, –103.7 (series as listed).
- Sub-Saharan Africa — Current account Balance (billions): –35.0, –49.2, –44.1, –14.8, –38.8, –48.8, –21.6, –17.2, –16.3, –23.7, –31.8 (series as listed).
- Analytical groups by export earnings (Fuel vs Nonfuel exporters) — Current account Balance (billions) and goods/exports/imports series reported for 2008–2027 as listed.

### External debt and debt-service (Online Tables B16–B21)
- Total External Debt — Emerging Market and Developing Economies (billions of US dollars): 2018 9,996.5, 2019 10,523.2, 2020 11,181.2, 2021 11,939.2, 2022 11,643.1, 2023 12,011.1, 2024 12,311.3, 2025 13,442.2, 2026 14,148.2, 2027 14,739.4.
- Debt-Service Payments — Emerging Market and Developing Economies (billions): 2018 3,427.5, 2019 3,678.7, 2020 3,695.9, 2021 3,887.0, 2022 4,146.3, 2023 4,131.3, 2024 4,318.3, 2025 4,360.7, 2026 4,452.2, 2027 4,743.8.
- Total debt as percent of exports (Emerging Market and Developing Economies): 109.1 (2018), 116.3 (2019), 136.7 (2020), 112.4 (2021), 94.7 (2022), 101.3 (2023), 97.9 (2024), 99.8 (2025), 92.7 (2026), 89.5 (2027).
- Debt-Service Payments as percent of exports: 38.0 (2018), 41.2 (2019), 45.6 (2020), 37.0 (2021), 34.2 (2022), 35.3 (2023), 34.7 (2024), 32.7 (2025), 29.5 (2026), 29.1 (2027).
- External Debt by maturity (billions, Emerging Market and Developing Economies): short Term: 2,697.3 (2018) → 3,646.7 (2027); Long Term: 7,301.6 (2018) → 11,092.7 (2027).
- Regional totals (Total Debt, 2018 → 2026 examples): Emerging and Developing Asia: 3,670.9 → 4,963.9; Emerging and Developing Europe: 1,715.4 → 2,487.6; Latin America and the Caribbean: 2,348.3 → 3,271.7; Middle East and Central Asia: 1,584.6 → 2,965.6; Sub-Saharan Africa: 677.3 → 1,050.6.

### Medium-term baseline (Selected indicators, Emerging Market and Developing Economies)
- Real gDP (annual percent change): 5.0 (2008–17 avg), 3.9 (2018–27 avg), 4.5 (2024), 4.5 (2025), 3.7 (2026), 4.4 (2027), 4.3 (2024–27 avg), 4.1 (2028–31).
- Export Volume (annual percent change): 3.9 (2008–17), 3.8 (2018–27), 6.6 (2024), 7.1 (2025), 3.6 (2026), 6.6 (2027).
- Terms of Trade (annual percent change): 0.0 (2008–17), –0.1 (2018–27), 0.1 (2024), –0.9 (2025), 0.4 (2026), –1.2 (2027).
- Regional medium-term Real gDP (selected): Emerging and Developing Asia 5.5 (2024), 5.6 (2025), 5.1 (2026), 4.9 (2027); Emerging and Developing Europe 3.9 (2024), 2.0 (2025), 1.7 (2026), 2.1 (2027); Sub-Saharan Africa 4.2 (2024), 4.5 (2025), 4.5 (2026), 4.5 (2027).

*World Economic Outlook: RESILIENCE UNDER STRAIN, URGENT CHOICES, October 2026, Online Statistical Appendix, Tables B1–B21; International Monetary Fund.*

### Section 1

### tableb - Section 1

### List of Tables
- Online Table B1. Advanced Economies: Unemployment, Employment, and Real GDP per Capita
- Online Table B2. Emerging Market and Developing Economies: Real GDP
- Online Table B3. Advanced Economies: Hourly Earnings, Productivity, and Unit Labor Costs in Manufacturing
- Online Table B4. Emerging Market and Developing Economies: Consumer Prices
- Online Table B5. Summary of Fiscal and Financial Indicators
- Online Table B6. Advanced Economies: General and Central Government Net Lending/Borrowing and General Government Net Lending/Borrowing Excluding Social Security Schemes
- Online Table B7. Advanced Economies: General Government Structural Balances
- Online Table B8. Emerging Market and Developing Economies: General Government Net Lending/Borrowing and Overall Fiscal Balance
- Online Table B9. Emerging Market and Developing Economies: General Government Net Lending/Borrowing
- Online Table B10. Selected Advanced Economies: Exchange Rates
- Online Table B11. Emerging Market and Developing Economies: Broad Money Aggregates
- Online Table B12. Advanced Economies: Export Volumes, Import Volumes, and Terms of Trade in Goods and Services
- Online Table B13. Emerging Market and Developing Economies by Region: Total Trade in Goods
- Online Table B14. Emerging Market and Developing Economies by Source of Export Earnings: Total Trade in Goods
- Online Table B15. Summary of Current Account Transactions
- Online Table B16. Emerging Market and Developing Economies: Summary of External Debt and Debt Service
- Online Table B17. Emerging Market and Developing Economies by Region: External Debt by Maturity
- Online Table B18. Emerging Market and Developing Economies by Analytical Criteria: External Debt by Maturity
- Online Table B19. Emerging Market and Developing Economies: External Debt
- Online Table B20. Emerging Market and Developing Economies: Debt-Service Ratios
- Online Table B21. Emerging Market and Developing Economies, Medium-Term Baseline: Selected Economic Indicators

### Online Table B1 — Advanced Economies: Unemployment, Employment, and Real GDP per Capita (Percent; averages and projections)
- Unemployment Rate — Advanced Economies: 7.3 5.0 5.1 4.8 6.6 5.6 4.5 4.4 4.6 4.7 4.7 4.6
- Unemployment Rate — United States: 7.0 4.5 3.9 3.7 8.1 5.4 3.7 3.6 4.0 4.3 4.2 4.0
- Unemployment Rate — Euro area: 10.4 7.0 8.2 7.6 7.9 7.7 6.7 6.5 6.4 6.3 6.3 6.3
- Memorandum — Major advanced Economies (Unemployment): 6.7 4.6 4.5 4.3 6.5 5.2 4.1 4.1 4.3 4.5 4.5 4.4
- Growth in Employment — Advanced Economies (compound annual rate): 0.5 0.8 1.5 1.2 –2.9 1.8 2.7 1.6 0.7 0.9 0.2 0.5
- Growth in Employment — United States: 0.5 0.7 1.6 1.1 –6.2 3.2 3.7 1.7 0.2 1.4 –0.2 0.8
- Growth in Real GDP per Capita — Advanced Economies: 0.8 1.5 1.9 1.5 –4.4 6.0 2.5 0.9 1.4 1.7 1.9 1.7
- Growth in Real GDP per Capita — United States: 0.8 1.9 2.4 2.1 –2.9 5.9 1.9 2.1 2.0 1.8 2.0 2.0

Note: Compound annual rate of change for employment and output per capita; arithmetic average for unemployment rate. National definitions of unemployment may vary. Output per capita is in international dollars at purchasing power parity.

### Online Table B2 — Emerging Market and Developing Economies: Real GDP (Annual percent change; averages and projections)
- Emerging Market and Developing Economies (Real GDP): 5.0 4.6 3.8 –1.8 7.0 4.3 4.5 4.5 4.5 3.7 4.4 4.0
- Regional Groups — Emerging and Developing Asia: 7.2 6.4 5.4 –0.5 7.8 4.7 5.6 5.5 5.6 5.1 4.9 4.5
- Regional Groups — Emerging and Developing Europe: 2.3 3.7 2.6 –1.7 7.2 0.5 3.6 3.9 2.0 1.7 2.1 2.3
- Analytical Groups — By Source of Export Earnings: Fuel: 3.5 0.6 0.6 –4.5 4.1 6.6 3.0 3.7 3.6 –1.4 6.6 3.4
- Memorandum — Output per Capita, Emerging Market and Developing Economies: 3.3 3.3 2.5 –3.2 5.9 3.2 3.4 3.4 3.5 2.6 3.4 3.0

Note: Output per capita is in international dollars at purchasing power parity.

### Online Table B3 — Advanced Economies: Hourly Earnings, Productivity, and Unit Labor Costs in Manufacturing (Annual percent change)
- Hourly Earnings — Advanced Economies: 2.1 3.6 2.5 2.3 3.7 1.9 3.5 4.7 4.3 4.1 4.9 3.8
- Hourly Earnings — United States: 2.1 4.0 2.4 2.5 6.6 2.2 2.6 4.3 5.1 4.3 5.4 4.6
- Productivity — Advanced Economies: 0.8 0.8 0.4 –1.0 –0.5 3.1 –0.5 0.0 1.1 2.0 2.2 1.6
- Unit Labor Costs — Advanced Economies: 1.4 2.7 2.1 3.3 4.4 –1.1 4.1 4.7 3.2 2.1 2.7 2.1
- Memorandum — Major advanced Economies (Hourly Earnings): 2.0 3.5 2.3 2.2 4.5 1.5 3.1 4.9 4.4 4.3 4.4 3.5

Notes: Refers to labor productivity, measured as the ratio of hourly compensation to unit labor costs. Data refer to unit wage cost. Excludes the group of seven and euro area countries where indicated.

### Online Table B4 — Emerging Market and Developing Economies: Consumer Prices (Annual percent change; averages and projections)
- Emerging Market and Developing Economies (Consumer Prices): 5.7 4.9 5.2 5.3 5.9 9.6 8.2 8.0 5.2 5.7 5.1 3.8
- Emerging and Developing Asia: 4.2 2.6 3.3 3.2 2.3 3.9 2.4 1.9 1.1 2.7 2.7 2.8
- Emerging and Developing Europe: 7.7 6.3 6.6 5.2 9.2 25.7 17.4 17.2 13.5 11.3 9.5 6.0
- Median — Emerging Market and Developing Economies: 4.4 3.1 2.6 2.6 4.0 7.9 5.9 3.7 3.3 4.2 4.2 3.0

Notes: Excludes Venezuela but includes Argentina from 2017 onward. Includes Argentina from 2017 onward for primary products series.

### Online Table B5 — Summary of Fiscal and Financial Indicators (Percent; projections)
- Central Government Net Lending/Borrowing — Advanced Economies: –2.4 –2.9 –9.8 –8.0 –3.5 –4.8 –4.6 –4.1 –4.6 –4.1
- Central Government Net Lending/Borrowing — United States: –4.8 –5.4 –14.4 –12.9 –4.8 –7.6 –7.5 –6.6 –7.7 –6.8
- General Government Net Lending/Borrowing — Advanced Economies: –2.4 –2.9 –10.2 –7.3 –2.8 –4.9 –4.9 –4.4 –5.2 –4.8
- General Government Net Lending/Borrowing — United States: –5.3 –5.8 –14.1 –11.5 –3.7 –7.9 –7.8 –7.1 –8.5 –7.8
- General Government Structural Balance — Advanced Economies: –2.5 –3.1 –7.5 –6.8 –3.7 –5.6 –4.9 –4.9 –5.2 –5.1
- Long-Term Interest Rate (annual averages) — Advanced Economies: 1.9 1.2 0.5 0.9 2.3 3.3 3.4 3.6 4.0 4.1
- Emerging Market and Developing Economies — Central Government Net Lending/Borrowing (Weighted average): –1.2 –1.5 –3.9 –2.1 –1.7 –2.1 –2.1 –2.5 –2.7 –2.5
- 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 –5.8 –6.0 –5.9
- Growth of Broad Money — Emerging Market and Developing Economies (Weighted average): 11.0 10.2 14.3 11.5 12.7 13.8 12.0 11.6 11.4 9.8
- Growth of Broad Money — Emerging Market and Developing Economies (Median): 8.1 8.7 13.7 11.3 8.4 8.9 9.4 10.0 9.9 8.6

Notes: Fiscal data are percent of GDP; country group composites for fiscal data are calculated as the sum of US dollar values for relevant individual countries. Figures reported by national statistical agencies for some items are adjusted as indicated in notes. Long-term interest rates defined as noted (10-year yields).

### Online Table B6 — Advanced Economies: General and Central Government Net Lending/Borrowing and Net Lending/Borrowing Excluding Social Security Schemes (Percent of GDP; projections)
- General Government Net Lending/Borrowing — Advanced Economies: –2.4 –2.9 –10.2 –7.3 –2.8 –4.9 –4.9 –4.4 –5.2 –4.8
- General Government Net Lending/Borrowing — United States: –5.3 –5.8 –14.1 –11.5 –3.7 –7.9 –7.8 –7.1 –8.5 –7.8
- General Government Net Lending/Borrowing — Euro area: –0.4 –0.5 –7.0 –5.1 –3.3 –3.4 –3.0 –3.0 –3.6 –3.6
- Net Lending/Borrowing Excluding Social Security Schemes — United States: –3.2 –3.5 –9.2 –8.0 –1.6 –5.4 –5.3 –4.3 –5.7 –4.8
- Net Lending/Borrowing Excluding Social Security Schemes — Italy: 6.8 7.7 3.5 1.9 1.8 2.7 6.6 6.1 6.3 6.7
- Central Government Net Lending/Borrowing — Advanced Economies: –2.4 –2.9 –9.8 –8.0 –3.5 –4.8 –4.6 –4.1 –4.6 –4.1
- Central Government Net Lending/Borrowing — United States: –4.8 –5.4 –14.4 –12.9 –4.8 –7.6 –7.5 –6.6 –7.7 –6.8
- Central Government Net Lending/Borrowing — Euro area: –1.0 –0.9 –5.4 –4.8 –3.5 –3.3 –2.5 –2.3 –2.5 –2.5
- Memorandum — Major advanced Economies (General Government Net Lending/Borrowing): –3.3 –3.7 –11.4 –9.9 –4.6 –6.1 –5.8 –5.0 –5.7 –5.2

Note: On a national income accounts basis except as indicated in notes. Country group composites for fiscal data are calculated as the sum of US dollar values for the relevant individual countries.

*World Economic Outlook: RESILIENCE UNDER STRAIN, URGENT CHOICES, October 2026, Online Statistical Appendix, Tables B1–B6; International Monetary Fund.*

### Section 2

### Online Tables B7–B10: General Government Fiscal Balances and Exchange Rates

### Advanced Economies — General Government Structural Balances (Percent of potential GDP, projections 2018–2027)
- Advanced Economies (composite): 2018 –2.5, 2019 –3.1, 2020 –7.5, 2021 –6.8, 2022 –3.7, 2023 –5.6, 2024 –4.9, 2025 –4.9, 2026 –5.2, 2027 –5.1
- United States (figures adjusted as noted): 2018 –4.9, 2019 –5.7, 2020 –10.5, 2021 –10.7, 2022 –4.6, 2023 –9.0, 2024 –7.5, 2025 –7.9, 2026 –8.0, 2027 –7.7
- Euro area: 2018 –0.4, 2019 –0.5, 2020 –3.5, 2021 –4.0, 2022 –3.5, 2023 –3.5, 2024 –3.0, 2025 –2.9, 2026 –3.5, 2027 –3.6
- Germany: 2018 1.5, 2019 1.0, 2020 –3.1, 2021 –2.9, 2022 –1.7, 2023 –1.9, 2024 –2.1, 2025 –2.2, 2026 –4.0, 2027 –4.5
- France: 2018 –1.6, 2019 –1.4, 2020 –5.9, 2021 –5.1, 2022 –4.2, 2023 –5.3, 2024 –5.7, 2025 –5.0, 2026 –5.0, 2027 –4.8
- Italy (see country-specific note): 2018 –1.3, 2019 –0.5, 2020 –3.0, 2021 –7.9, 2022 –8.6, 2023 –7.6, 2024 –3.7, 2025 –3.2, 2026 –2.9, 2027 –2.8
- Spain: 2018 –2.7, 2019 –4.0, 2020 –3.7, 2021 –4.2, 2022 –4.9, 2023 –3.3, 2024 –2.6, 2025 –2.3, 2026 –2.3, 2027 –2.3
- Japan: 2018 –3.0, 2019 –3.3, 2020 –8.1, 2021 –5.8, 2022 –4.3, 2023 –2.4, 2024 –1.6, 2025 –0.9, 2026 –1.6, 2027 –2.2
- United Kingdom: 2018 –3.0, 2019 –3.1, 2020 –10.9, 2021 –7.8, 2022 –5.6, 2023 –6.0, 2024 –5.9, 2025 –5.1, 2026 –3.6, 2027 –2.9
- Canada: 2018 0.0, 2019 –0.2, 2020 –8.2, 2021 –2.0, 2022 0.1, 2023 –0.2, 2024 –0.8, 2025 –1.1, 2026 –1.9, 2027 –2.0
- Memorandum — Major advanced Economies: 2018 –3.2, 2019 –3.8, 2020 –8.7, 2021 –8.2, 2022 –4.3, 2023 –6.8, 2024 –5.8, 2025 –5.8, 2026 –6.0, 2027 –5.9

Note on definition and methodology:
- The structural balance position is defined as actual net lending/borrowing with the effects of cyclical output subtracted from potential output, corrected for one-time and other factors, such as asset and commodity prices and output composition effects. In the period beyond that for which specific consolidation programs exist, it is assumed that the structural deficit remains unchanged.
- Figures reported by national statistical agencies are adjusted to exclude items related to the accrual-basis accounting of government employees’ defined-benefit pension plans, as noted for specific countries.

### Emerging Market and Developing Economies — General Government Net Lending/Borrowing and Overall Fiscal Balance (Percent of GDP, projections 2018–2027)
- Emerging Market and Developing Economies (composite): Net lending/borrowing 2018 –3.4, 2019 –4.3, 2020 –8.4, 2021 –4.9, 2022 –4.8, 2023 –5.2, 2024 –5.4, 2025 –5.8, 2026 –6.0, 2027 –5.9
- Regional groups (Net lending/borrowing, 2018–2027):
  - Emerging and Developing Asia: –4.1, –5.6, –9.4, –6.2, –7.0, –6.3, –6.6, –7.0, –7.2, –7.4
  - Emerging and Developing Europe: 0.1, –0.8, –5.4, –1.7, –2.6, –4.5, –4.4, –4.8, –4.4, –4.3
  - Latin America and the Caribbean: –4.7, –3.6, –8.1, –3.8, –3.6, –5.2, –4.7, –4.8, –4.8, –4.5
  - Middle East and Central Asia: –1.5, –2.4, –7.5, –2.2, 2.2, –0.6, –2.0, –3.2, –4.3, –2.6
  - Sub-Saharan Africa: –3.1, –3.7, –5.8, –4.6, –3.9, –3.9, –3.6, –3.6, –3.7, –3.4
- Analytical groups by source of export earnings (Net lending/borrowing, 2018–2027):
  - Fuel exporters: –0.8, –1.4, –6.9, –1.2, 3.4, 0.2, –1.0, –2.9, –3.9, –1.8
  - Nonfuel exporters: –3.7, –4.7, –8.6, –5.3, –5.8, –5.8, –5.9, –6.1, –6.2, –6.3
- Selected country examples (General government overall fiscal balance, percent of GDP, 2018–2027):
  - Indonesia: –1.8, –2.1, –6.1, –4.4, –2.3, –1.7, –2.3, –2.9, –2.9, –2.9
  - Brazil: –5.4, –3.2, –11.5, –1.8, –3.2, –7.4, –6.3, –7.4, –8.1, –7.6
  - India (Net lending/borrowing): –6.4, –7.8, –13.1, –9.7, –9.2, –8.3, –7.9, –7.4, –7.5, –7.2
  - China (Net lending/borrowing): –4.2, –6.0, –9.6, –5.9, –7.3, –6.7, –7.2, –7.9, –8.0, –8.4
  - Russia (Emerging and Developing Europe): 2.9, 1.9, –4.0, 0.8, –1.3, –2.2, –1.6, –3.9, –3.2, –3.2
  - Ukraine (Emerging and Developing Europe): –2.1, –2.1, –5.9, –4.0, –15.6, –19.3, –17.2, –17.6, –11.3, –2.9
- Memorandum — Median Emerging Market and Developing Economies (Net lending/borrowing): 2018 –2.2, 2019 –2.2, 2020 –6.1, 2021 –4.0, 2022 –3.2, 2023 –3.1, 2024 –3.0, 2025 –2.8, 2026 –3.3, 2027 –3.1

Note on coverage:
- Country group composites for fiscal data are calculated as the sum of the US dollar values for the relevant individual countries.
- Net lending/borrowing includes policy lending, which represents transactions in financial assets deemed to be for public policy purposes.

### Selected Advanced Economies — Exchange Rate Assumptions (Nominal and Real Effective, selected series)
- Nominal exchange rates (US dollars per national currency unit, 2018–2026):
  - Euro: 2018 1.181, 2019 1.120, 2020 1.141, 2021 1.184, 2022 1.054, 2023 1.082, 2024 1.082, 2025 1.129, 2026 1.162
  - British Pound: 2018 1.336, 2019 1.277, 2020 1.283, 2021 1.376, 2022 1.237, 2023 1.243, 2024 1.278, 2025 1.318, 2026 1.350
- Nominal exchange rates (national currency units per US dollar, 2018–2026):
  - Japanese Yen: 2018 110.423, 2019 109.010, 2020 106.775, 2021 109.754, 2022 131.498, 2023 140.491, 2024 151.366, 2025 149.658, 2026 158.799
  - Korean Won: 2018 1,100.163, 2019 1,165.358, 2020 1,180.005, 2021 1,143.952, 2022 1,291.447, 2023 1,305.663, 2024 1,363.375, 2025 1,422.441, 2026 1,450.031
- Real Effective Exchange Rates (Index, 2010 = 100, selected economies, 2018–2026):
  - United States: 2018 123.7, 2019 131.2, 2020 135.7, 2021 134.0, 2022 150.4, 2023 150.1, 2024 154.2, 2025 153.3, 2026 154.8
  - Euro area: 2018 87.8, 2019 84.3, 2020 85.9, 2021 83.8, 2022 79.8, 2023 82.3, 2024 84.1, 2025 86.6, 2026 88.5
  - Japan: 2018 75.2, 2019 75.8, 2020 75.9, 2021 74.1, 2022 62.4, 2023 56.8, 2024 52.8, 2025 52.9, 2026 48.7

Note on real effective rates:
- 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: International Monetary Fund, WORLD ECONOMIC OUTLOOK: REsILIENCE UNDER STRAIN, URGENT CHOICES, October 2026.*

### Section 3

### Online Table B11–B15 (Section 3)

### Online Table B11 — Emerging Market and Developing Economies: Broad Money Aggregates (Annual percent change)
- Emerging Market and Developing Economies: 11.0 (2018), 10.2 (2019), 14.3 (2020), 11.5 (2021), 12.7 (2022), 13.8 (2023), 12.0 (2024), 11.6 (2025), 11.4 (2026), 9.8 (2027).
- Regional highlights:
  - Emerging and Developing Asia: 8.4, 8.6, 10.6, 9.2, 10.7, 9.4, 7.4, 9.5, 9.6, 8.9 (2018–2027).
  - China: 8.1, 8.7, 10.1, 9.0, 11.8, 9.7, 7.3, 8.5, 8.5, 8.3 (2018–2027).
  - India: 10.5, 8.9, 12.2, 8.2, 8.9, 11.6, 9.4, 15.3, 14.8, 12.5 (2018–2027).
  - Emerging and Developing Europe: 12.9, 11.5, 20.4, 19.0, 19.1, 24.3, 18.3, 15.3, 16.4, 12.0 (2018–2027).
  - Latin America and the Caribbean: 18.8, 14.4, 23.8, 14.4, 14.1, 20.1, 20.8, 13.9, 12.8, 9.6 (2018–2027).
- Analytical groups:
  - Fuel exporters: 24.1, 16.9, 15.1, 12.3, 14.0, 18.6, 16.1, 16.4, 16.8, 13.6 (2018–2027).
  - Nonfuel exporters: 9.4, 9.4, 14.2, 11.4, 12.5, 13.3, 11.5, 11.0, 10.8, 9.4 (2018–2027).
- Memorandum medians:
  - Emerging Market and Developing Economies median: 8.1, 8.7, 13.7, 11.3, 8.4, 8.9, 9.4, 10.0, 9.9, 8.6 (2018–2027).

*International Monetary Fund, October 2026.*

### Online Table B12 — Advanced Economies: Export Volumes, Import Volumes, and Terms of Trade in Goods and Services (Annual percent change)
- Export Volume, Advanced Economies: averages 2.8 (2008–17), 2.7 (2018–27); annual: 3.5 (2018), 1.4 (2019), –8.8 (2020), 9.8 (2021), 6.2 (2022), 0.8 (2023), 2.3 (2024), 3.6 (2025), 5.1 (2026), 3.7 (2027).
- United States export volume: 3.2, 2.3, 2.9, 0.5, –12.6, 6.5, 7.6, 2.8, 3.6, 2.1, 5.7, 5.9 (selected years 2008–2027 as listed).
- Import Volume, Advanced Economies: averages 2.4 (2008–17), 3.0 (2018–27); annual: 3.8 (2018), 2.0 (2019), –8.2 (2020), 10.1 (2021), 7.5 (2022), –0.8 (2023), 2.5 (2024), 4.7 (2025), 5.0 (2026), 4.2 (2027).
- Terms of Trade, Advanced Economies: 0.1 (2008–17), 0.3 (2018–27); annual: –0.3 (2018), 0.1 (2019), 1.0 (2020), 1.0 (2021), –1.7 (2022), 0.6 (2023), 0.8 (2024), 0.7 (2025), 0.7 (2026), 0.5 (2027).
- Memorandum, Major advanced Economies export volume: 2.3 (2008–17), 1.7 (2018–27); annual: 3.1 (2018), 1.1 (2019), –12.4 (2020), 8.4 (2021), 7.5 (2022), 1.7 (2023), 1.3 (2024), 1.1 (2025), 3.4 (2026), 3.1 (2027).

*International Monetary Fund, October 2026.*

### Online Table B13 — 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 (2008–17 avg), 7.1 (2018–27 avg); annual: 11.6 (2018), –2.3 (2019), –6.5 (2020), 31.6 (2021), 13.5 (2022), –6.0 (2023), 4.9 (2024), 6.7 (2025), 15.0 (2026), 7.9 (2027).
  - Imports: 4.9 (2008–17 avg), 7.1 (2018–27 avg); annual: 11.3 (2018), –1.2 (2019), –7.8 (2020), 30.7 (2021), 11.8 (2022), –2.7 (2023), 3.9 (2024), 6.6 (2025), 15.5 (2026), 8.0 (2027).
- Volume and unit-value components and region-specific series are reported for Emerging and Developing Asia; Emerging and Developing Europe; Latin America and the Caribbean; Middle East and Central Asia; Sub-Saharan Africa (annual series 2018–2027 as listed).

*International Monetary Fund, October 2026.*

### Online Table B14 — Emerging Market and Developing Economies by Source of Export Earnings: Total Trade in Goods (Annual percent change)
- Fuel exporters (Value in US Dollars):
  - Exports: 0.3 (2008–17 avg), 5.6 (2018–27 avg); annual: 19.4 (2018), –9.1 (2019), –28.4 (2020), 47.3 (2021), 37.4 (2022), –10.8 (2023), 2.8 (2024), 3.5 (2025), 2.5 (2026), 12.7 (2027).
  - Imports: 3.3 (2008–17 avg), 6.4 (2018–27 avg); annual: 0.9 (2018), 2.7 (2019), –12.0 (2020), 15.0 (2021), 19.8 (2022), 8.6 (2023), 9.4 (2024), 12.6 (2025), –0.1 (2026), 10.2 (2027).
- Nonfuel exporters (Value in US Dollars):
  - Exports: 4.8 (2008–17 avg), 7.4 (2018–27 avg); annual: 10.1 (2018), –0.8 (2019), –2.1 (2020), 29.3 (2021), 9.6 (2022), –5.1 (2023), 5.4 (2024), 7.3 (2025), 17.3 (2026), 7.2 (2027).
- Primary products and unit-value/volume series also provided for 2018–2027 (annual values as listed).

*International Monetary Fund, October 2026.*

### Online Table B15 — Summary of Current Account Transactions (Billions of US dollars)
- Advanced Economies (selected aggregates and projections):
  - Current account Balance: 112.7 (2008–17 avg), 328.8 (2012–19 avg); annual: 135.5 (2020), 428.8 (2021), –252.1 (2022), 18.6 (2023), 30.1 (2024), 13.8 (2025), 283.4 (2026), 256.8 (2027), 265.6 (2028–31 avg).
  - Trade Balance: 168.6 (2008–17 avg), 322.6 (2012–19 avg); annual: 237.6 (2020), 441.7 (2021), –73.3 (2022), 355.8 (2023), 480.9 (2024), 422.8 (2025), 767.4 (2026), 722.4 (2027), 703.2 (2028–31 avg).
- United States:
  - Current account Balance: –407.5 (2008–17 avg), –376.4 (2012–19 avg); annual: –589.6 (2020), –855.2 (2021), –972.4 (2022), –931.4 (2023), –1,198.6 (2024), –1,177.1 (2025), –1,262.6 (2026), –1,319.0 (2027), –1,329.6 (2028–31 avg).
  - Goods Exports: 1,448.6 (2020), 1,581.2 (2018–selected), 2,714.5 (2027) — full annual series listed for 2018–2027.
  - Goods Imports: 2,172.0 (2018), 2,361.0 (2019), 4,392.2 (2027) — full annual series listed for 2018–2027.
- Euro Area, Germany, France, Italy, Spain, Japan, United Kingdom, Canada, Other Advanced Economies: tables report Current account Balances, Trade Balances, goods and services balances, Exports and Imports of goods, Primary Income Balance, Secondary Income Balance for 2018–2027 and selected averages.
- Emerging Market and Developing Economies:
  - Current account Balance: 212.0 (2008–17 avg), 55.4 (2012–19 avg); annual: 120.0 (2020), 316.8 (2021), 652.9 (2022), 277.1 (2023), 460.0 (2024), 606.0 (2025), 588.5 (2026), 732.6 (2027), 678.6 (2028–31 avg).
  - Trade Balance: 388.6 (2008–17 avg), 277.8 (2012–19 avg); annual: 298.5 (2020), 552.8 (2021), 903.1 (2022), 501.7 (2023), 634.3 (2024), 744.8 (2025), 793.8 (2026), 902.2 (2027), 841.4 (2028–31 avg).
  - Exports of goods: 6,529.4 (2018), 7,165.6 (2019), 7,030.9 (2020), 9,249.5 (2021), 10,500.3 (2022), 9,866.4 (2023), 10,352.2 (2024), 11,046.9 (2025), 12,701.4 (2026), 13,712.1 (2027), 15,284.8 (2028–31 avg).
  - Imports of goods: 5,823.8 (2018), 6,519.6 (2019), 6,477.6 (2020), 8,467.6 (2021), 9,468.8 (2022), 9,211.9 (2023), 9,572.1 (2024), 10,204.0 (2025), 11,784.3 (2026), 12,730.8 (2027), 14,517.4 (2028–31 avg).
- The Online statistical appendix provides full bilateral and component series for 2018–2027 and multiyear averages as listed.

*International Monetary Fund, October 2026.*

### Section 4

### Online Table B15–B21: Selected External and Current Account Statistics, Emerging Market and Developing Economies (extracts)

### Summary of Current Account Transactions — Regional Groups (Billions of US dollars)
- Emerging and Developing Asia
  - Current account Balance: 215.4 (2008–17 average), 143.5 (2012–19 average), 298.3 (2020), 232.4 (2021), 297.1 (2022), 247.0 (2023), 457.1 (2024), 747.1 (2025), 764.7 (2026), 828.0 (2027), 869.6 (2028–31)
  - Trade Balance: 195.1, 151.9, 348.6, 287.5, 379.6, 304.1, 461.3, 726.3, 726.0, 753.0, 723.7
  - goods Balance: 259.7, 280.3, 465.4, 382.1, 409.9, 387.7, 548.5, 766.8, 747.1, 765.8, 684.0
  - Exports of goods: 2,920.1, 3,414.3, 3,847.0, 4,943.0, 5,289.1, 5,024.2, 5,379.2, 5,789.1, 6,874.6, 7,500.7, 8,493.9
  - Imports of goods: 2,660.4, 3,134.0, 3,381.7, 4,560.8, 4,879.2, 4,636.5, 4,830.7, 5,022.2, 6,127.5, 6,734.9, 7,809.9
  - services Balance: –64.6, –128.4, –116.8, –94.6, –30.3, –83.6, –87.2, –40.5, –21.1, –12.8, 39.7
  - Primary Income Balance: –111.6, –143.7, –220.8, –248.5, –291.9, –276.5, –247.6, –256.2, –273.3, –251.6, –243.9
  - secondary Income Balance: 131.8, 135.3, 170.6, 193.5, 209.3, 219.3, 243.4, 277.0, 312.0, 326.5, 389.9

- Emerging and Developing Europe
  - Current account Balance: –19.9, 5.0, 1.4, 68.8, 128.0, –21.7, –5.8, –80.7, –45.8, –46.0, –87.4
  - Trade Balance: 56.4, 88.3, 60.3, 161.2, 193.6, 36.6, 57.8, –10.2, 27.2, 26.6, 32.1
  - goods Balance: 33.2, 51.2, 7.3, 83.4, 101.5, –58.7, –43.3, –109.4, –90.7, –106.3, –126.7
  - Exports of goods: 997.5, 1,060.3, 1,028.4, 1,379.6, 1,536.3, 1,396.1, 1,408.1, 1,458.6, 1,651.8, 1,686.1, 1,841.2
  - Imports of goods: 964.3, 1,009.0, 1,021.2, 1,296.2, 1,434.9, 1,454.8, 1,451.4, 1,568.1, 1,742.6, 1,792.4, 1,967.9
  - services Balance: 23.2, 37.0, 53.1, 77.7, 92.1, 95.3, 101.0, 99.2, 118.0, 132.9, 158.8
  - Primary Income Balance: –89.9, –94.2, –73.5, –107.1, –96.3, –89.5, –98.3, –106.8, –118.8, –127.6, –146.7
  - secondary Income Balance: 13.6, 11.0, 14.5, 14.7, 30.7, 31.2, 34.7, 36.3, 45.8, 55.0, 27.2

- Middle East and Central Asia
  - Current account Balance: 175.1, 103.1, –119.3, 123.7, 393.9, 181.4, 103.9, 31.0, –57.1, 55.2, 31.9
  - Trade Balance: 213.6, 154.6, –62.2, 170.9, 451.2, 235.7, 153.4, 45.6, –24.5, 80.1, 71.4
  - goods Balance: 362.7, 302.9, 23.6, 265.5, 507.1, 279.7, 197.4, 79.7, 38.1, 118.2, 137.0
  - Exports of goods: 1,291.2, 1,303.6, 906.0, 1,299.8, 1,768.2, 1,600.7, 1,643.6, 1,716.1, 1,698.3, 1,953.9, 2,144.1
  - Imports of goods: 928.5, 1,000.7, 882.4, 1,034.3, 1,261.1, 1,321.1, 1,446.2, 1,636.4, 1,660.2, 1,835.7, 2,107.1
  - services Balance: –136.8, –140.2, –85.6, –79.9, –35.8, –30.0, –32.5, –22.9, –47.5, –23.7, 45.7
  - Primary Income Balance: –22.4, –21.3, –26.1, –27.2, –44.3, –16.7, –9.7, 14.3, –14.8, –0.7, –7.6
  - secondary Income Balance: –23.0, –31.6, –26.2, –24.1, –22.6, –45.1, –42.4, –32.3, –21.5, –27.6, –35.1

- Latin America and the Caribbean
  - Current account Balance: –123.6, –147.0, –16.3, –93.2, –127.2, –80.7, –73.6, –74.1, –57.0, –80.8, –103.7
  - Trade Balance: –45.3, –65.6, 18.5, –42.5, –83.2, –17.6, –3.9, 4.1, 54.3, 36.8, 14.6
  - goods Balance: 21.2, 4.1, 71.1, 23.4, –8.4, 44.9, 58.6, 66.9, 130.6, 116.0, 92.0
  - Exports of goods: 972.1, 1,038.5, 960.9, 1,235.5, 1,449.6, 1,424.9, 1,486.5, 1,592.9, 1,866.8, 1,944.9, 2,129.3
  - Imports of goods: 950.8, 1,034.3, 889.8, 1,212.1, 1,458.0, 1,380.0, 1,427.9, 1,526.1, 1,736.2, 1,828.9, 2,037.3
  - services Balance: –66.6, –69.8, –52.5, –66.0, –74.7, –62.3, –62.5, –62.8, –76.3, –79.2, –77.3
  - Primary Income Balance: –147.1, –159.7, –143.0, –185.4, –194.9, –224.3, –240.9, –262.9, –308.7, –322.4, –341.6
  - secondary Income Balance: 68.8, 78.3, 108.3, 134.7, 150.9, 161.1, 171.3, 184.6, 197.4, 204.7, 223.2

- Sub-Saharan Africa
  - Current account Balance: –35.0, –49.2, –44.1, –14.8, –38.8, –48.8, –21.6, –17.2, –16.3, –23.7, –31.8
  - Trade Balance: –31.2, –51.4, –66.7, –24.3, –38.1, –57.2, –34.3, –21.0, 10.8, 5.6, –0.5
  - goods Balance: 28.8, 7.4, –14.0, 27.4, 21.3, 1.0, 18.9, 39.0, 91.9, 87.6, 81.1
  - Exports of goods: 348.6, 349.0, 288.6, 391.5, 457.0, 420.6, 434.7, 490.2, 609.8, 626.4, 676.3
  - Imports of goods: 319.8, 341.6, 302.5, 364.1, 435.7, 419.6, 415.9, 451.2, 517.9, 538.8, 595.2
  - services Balance: –60.8, –59.4, –52.8, –51.7, –59.5, –58.2, –53.1, –59.9, –81.1, –82.0, –81.6
  - Primary Income Balance: –51.0, –49.5, –33.4, –49.5, –63.6, –58.6, –59.4, –66.7, –101.9, –108.0, –117.3
  - secondary Income Balance: 47.2, 51.7, 56.1, 59.0, 62.9, 67.0, 72.1, 70.5, 74.9, 78.7, 85.9

### Analytical Groups — By Source of Export Earnings (Billions of US dollars)
- Fuel exporters
  - Current account Balance: 239.1, 165.9, –101.0, 189.9, 505.3, 244.0, 207.5, 118.8, 70.6, 169.6, 134.5
  - Trade Balance: 354.9, 301.3, 27.7, 330.7, 673.4, 383.0, 333.8, 245.6, 244.0, 345.7, 328.4
  - goods Balance: 583.7, 525.2, 160.6, 473.1, 798.7, 516.6, 458.1, 364.7, 408.3, 494.4, 424.2
  - Exports of goods: 1,414.6, 1,401.2, 893.3, 1,315.9, 1,808.2, 1,613.4, 1,657.8, 1,715.8, 1,758.0, 1,981.2, 2,123.7
  - Imports of goods: 831.0, 876.0, 732.7, 842.9, 1,009.5, 1,096.8, 1,199.8, 1,351.1, 1,349.7, 1,486.9, 1,699.5
  - services Balance: –216.4, –215.8, –132.8, –127.7, –105.3, –119.7, –112.8, –107.9, –149.2, –134.2, –84.5
  - Primary Income Balance: –48.8, –43.6, –25.8, –32.5, –60.6, –20.7, –3.3, 12.1, –31.0, –24.0, –21.8
  - secondary Income Balance: –73.0, –93.3, –98.0, –112.3, –117.1, –120.1, –123.2, –139.4, –142.9, –152.4, –171.5

- Nonfuel exporters
  - Current account Balance: –26.7, –110.5, 220.9, 126.9, 147.6, 33.1, 252.6, 487.2, 517.9, 563.0, 544.2
  - Trade Balance: 34.1, –23.6, 270.8, 222.1, 229.7, 118.7, 300.5, 499.2, 549.9, 556.5, 513.0
  - goods Balance: 122.8, 120.8, 392.7, 308.8, 232.7, 137.9, 322.1, 478.2, 508.7, 486.9, 343.2
  - Exports of goods: 5,110.8, 5,764.4, 6,137.5, 7,933.6, 8,692.0, 8,253.1, 8,694.4, 9,331.1, 10,943.3, 11,730.9, 13,161.1
  - Imports of goods: 4,988.0, 5,643.6, 5,744.8, 7,624.8, 8,459.3, 8,115.2, 8,372.3, 8,853.0, 10,434.6, 11,243.9, 12,817.9
  - services Balance: –89.5, –145.0, –121.9, –86.8, –2.8, –19.1, –21.6, 21.1, 41.2, 69.6, 169.8
  - Primary Income Balance: –372.8, –424.8, –471.1, –585.3, –630.4, –644.8, –652.5, –690.3, –786.6, –786.4, –835.3
  - secondary Income Balance: 311.1, 337.9, 421.3, 490.1, 548.2, 553.7, 602.1, 675.4, 751.5, 789.7, 862.7

### Memorandum — World
- Current account Balance (World): 324.6 (2008–17 average), 384.2 (2012–19 average), 255.5 (2020), 574.5 (2021), 640.0 (2022), 829.8 (2023), 490.2 (2024), 619.8 (2025), 871.9 (2026), 989.4 (2027), 944.2 (2028–31)

### External Debt and Debt-Service — Emerging Market and Developing Economies (Billions of US dollars)
- Total External Debt (Emerging Market and Developing Economies)
  - 2018: 9,996.5
  - 2019: 10,523.2
  - 2020: 11,181.2
  - 2021: 11,939.2
  - 2022: 11,643.1
  - 2023: 12,011.1
  - 2024: 12,311.3
  - 2025: 13,442.2
  - 2026: 14,148.2
  - 2027: 14,739.4

- Debt-Service Payments (Emerging Market and Developing Economies)
  - 2018: 3,427.5
  - 2019: 3,678.7
  - 2020: 3,695.9
  - 2021: 3,887.0
  - 2022: 4,146.3
  - 2023: 4,131.3
  - 2024: 4,318.3
  - 2025: 4,360.7
  - 2026: 4,452.2
  - 2027: 4,743.8

- Regional highlights (Totals, 2018 and selected projections)
  - Emerging and Developing Asia Total Debt: 3,670.9 (2018) → 4,963.9 (2026)
  - Emerging and Developing Europe Total Debt: 1,715.4 (2018) → 2,487.6 (2026)
  - Latin America and the Caribbean Total Debt: 2,348.3 (2018) → 3,271.7 (2026)
  - Middle East and Central Asia Total Debt: 1,584.6 (2018) → 2,965.6 (2026)
  - Sub-Saharan Africa Total Debt: 677.3 (2018) → 1,050.6 (2026)

### External Debt — Percent of exports of goods and services (Emerging Market and Developing Economies)
- Total debt as percent of exports:
  - Emerging Market and Developing Economies: 109.1 (2018), 116.3 (2019), 136.7 (2020), 112.4 (2021), 94.7 (2022), 101.3 (2023), 97.9 (2024), 99.8 (2025), 92.7 (2026), 89.5 (2027)
- Regional examples:
  - Emerging and Developing Asia: 82.3, 86.4, 97.3, 84.4, 72.7, 76.6, 71.1, 67.3, 59.8, 56.4
  - Latin America and the Caribbean: 184.0, 195.2, 230.0, 184.7, 156.3, 163.2, 155.1, 160.5, 144.2, 143.4
  - Sub-Saharan Africa: 159.4, 174.2, 224.8, 175.0, 152.8, 167.6, 163.0, 163.2, 141.4, 144.7

- Debt-Service Payments as percent of exports:
  - Emerging Market and Developing Economies: 38.0 (2018), 41.2 (2019), 45.6 (2020), 37.0 (2021), 34.2 (2022), 35.3 (2023), 34.7 (2024), 32.7 (2025), 29.5 (2026), 29.1 (2027)

### External Debt by Maturity (Billions of US dollars)
- Emerging Market and Developing Economies (Total Debt / short term / long term)
  - Total Debt: 9,996.5 (2018) → 14,739.4 (2027)
  - short Term: 2,697.3 (2018) → 3,646.7 (2027)
  - Long Term: 7,301.6 (2018) → 11,092.7 (2027)

- Regional short-term and long-term examples (2018 → 2027)
  - Emerging and Developing Asia short Term: 1,655.7 → 1,928.3; Long Term: 2,015.3 → 3,035.6
  - Emerging and Developing Europe short Term: 308.0 → 544.2; Long Term: 1,407.4 → 1,943.4
  - Latin America and the Caribbean short Term: 311.5 → 429.5; Long Term: 2,039.2 → 2,842.2
  - Middle East and Central Asia short Term: 330.2 → 595.5; Long Term: 1,254.4 → 2,370.1
  - Sub-Saharan Africa short Term: 92.0 → 149.2; Long Term: 585.3 → 901.4

- By source of export earnings (Totals, 2018 → 2027)
  - Fuel Total Debt: 1,431.0 → 2,653.2; short Term: 292.0 → 554.4; Long Term: 1,139.0 → 2,098.8
  - Nonfuel Total Debt: 8,565.5 → 12,086.2; short Term: 2,405.3 → 3,092.3; Long Term: 6,162.6 → 8,993.8

### External Debt — Percent of GDP (Emerging Market and Developing Economies)
- Total debt as percent of gDP: 30.0 (2018), 30.0 (2019), 32.5 (2020), 30.5 (2021), 28.0 (2022), 28.7 (2023), 27.8 (2024), 27.7 (2025), 26.8 (2026), 26.3 (2027)
- Selected groups (2018 → 2027)
  - Emerging and Developing Asia: 18.8 → 15.4
  - Emerging and Developing Europe: 48.8 → 35.4
  - Latin America and the Caribbean: 47.9 → 39.3
  - Middle East and Central Asia: 41.8 → 49.5
  - Sub-Saharan Africa: 36.3 → 38.9

### Debt-Service Ratios — Interest Payments and Amortization (Percent of exports of goods and services)
- Interest Payments (Emerging Market and Developing Economies): 4.0 (2018), 4.3 (2019), 4.5 (2020), 3.5 (2021), 3.5 (2022), 4.5 (2023), 4.5 (2024), 4.2 (2025), 3.7 (2026), 3.6 (2027)
- Amortization (Emerging Market and Developing Economies): 33.8 (2018), 36.8 (2019), 41.1 (2020), 33.4 (2021), 30.7 (2022), 30.7 (2023), 30.2 (2024), 28.5 (2025), 25.8 (2026), 25.4 (2027)
- Regional examples (Interest Payments / Amortization)
  - Emerging and Developing Asia Interest Payments: 3.6, 3.8, 4.0, 3.5, 3.6, 4.0, 3.8, 3.4, 2.8, 2.7
  - Latin America and the Caribbean Interest Payments: 7.5, 8.1, 8.1, 5.6, 5.3, 6.9, 7.1, 6.6, 6.2, 6.5
  - Emerging and Developing Asia Amortization: 38.6, 42.6, 42.9, 36.7, 37.0, 36.2, 34.2, 32.0, 27.2, 26.0
  - Emerging and Developing Europe Amortization: 42.1, 40.5, 48.0, 39.5, 32.5, 34.6, 36.5, 33.5, 31.9, 34.9

- Notes provided in the tables:
  - Debt-service definition (footnote 1): apart from interest, debt service includes amortization of short-term debt on an original-maturity basis outstanding at the end of the previous year, plus the portion of long-term debt outstanding at the end of the previous year maturing during the current year. The projections incorporate the impact of exceptional-financing items.
  - Percent-of-exports definition (footnote 2): Total debt at the end of the year in percent of exports of goods and services in the year indicated.

### Medium-Term Baseline: Selected Economic Indicators (Annual percent change)
- Emerging Market and Developing Economies averages and projections
  - Real gDP: 5.0 (2008–17 average), 3.9 (2018–27 average), 4.5 (2024), 4.5 (2025), 3.7 (2026), 4.4 (2027), 4.3 (2024–27 average), 4.1 (2028–31)
  - Export Volume: 3.9, 3.8, 6.6 (2024), 7.1 (2025), 3.6 (2026), 6.6 (2027), 6.0 (2024–27 average), 4.5 (2028–31)
  - Terms of Trade: 0.0 (2008–17), –0.1 (2018–27), 0.1 (2024), –0.9 (2025), 0.4 (2026), –1.2 (2027), –0.4 (2024–27), –0.3 (2028–31)
  - Import Volume: 4.8, 3.3, 5.6 (2024), 5.4 (2025), 4.0 (2026), 5.1 (2027), 5.0 (2024–27), 4.6 (2028–31)

- Regional medium-term indicators (selected)
  - Emerging and Developing Asia Real gDP: 7.2 (2008–17), 5.0 (2018–27), 5.5 (2024), 5.6 (2025), 5.1 (2026), 4.9 (2027), 5.3 (2024–27), 4.6 (2028–31)
  - Emerging and Developing Europe Real gDP: 2.3, 2.5, 3.9 (2024), 2.0 (2025), 1.7 (2026), 2.1 (2027), 2.4 (2024–27), 2.3 (2028–31)
  - Latin America and the Caribbean Real gDP: 2.0, 1.8, 2.4 (2024), 2.5 (2025), 2.3 (2026), 2.5 (2027), 2.4 (2024–27), 2.8 (2028–31)
  - Middle East and Central Asia Real gDP: 3.8, 2.8, 3.0 (2024), 3.7 (2025), –0.3 (2026), 6.3 (2027), 3.2 (2024–27), 4.1 (2028–31)
  - Sub-Saharan Africa Real gDP: 4.4, 3.3, 4.2 (2024), 4.5 (2025), 4.5 (2026), 4.5 (2027), 4.4 (2024–27), 4.7 (2028–31)

*World Economic Outlook: Resilience under Strain, Urgent Choices — International Monetary Fund, October 2026.*

### Section 5

### Emerging Market and Developing Economies, Medium-Term Baseline: Selected Economic Indicators (continued)

### Overview (Percent of exports of goods and services)
- Projections across 2015, 2019, 2023, 2024, 2025, 2026, 2027, 2031 for:
  - Current account Balance
  - Total External Debt
  - Debt-service Payments (Interest Payments; amortization)
- Data refer to trade in goods and services.
- Interest payments and amortization are on total debt. The projections incorporate the impact of exceptional-financing items. Excludes service payments to the IMF.

### All Emerging Market and Developing Economies (aggregates)
- Current account Balance: –0.9, 0.0, 2.3, 3.6, 4.5, 3.8, 4.4, 3.0
- Total External Debt: 109.6, 116.3, 101.3, 97.9, 99.8, 92.7, 89.5, 87.8
- Debt-service Payments:
  - Total: 46.0, 41.2, 35.3, 34.7, 32.7, 29.5, 29.1, 26.9
  - Interest Payments: 3.9, 4.3, 4.5, 4.5, 4.2, 3.7, 3.6, 3.3
  - amortization: 42.0, 36.8, 30.7, 30.2, 28.5, 25.8, 25.4, 23.5

### Emerging and Developing Asia
- Current account Balance: 7.7, 1.8, 4.2, 7.2, 10.8, 9.4, 9.4, 7.8
- Total External Debt: 74.5, 86.4, 76.6, 71.1, 67.3, 59.8, 56.4, 52.8
- Debt-service Payments:
  - Total: 53.2, 46.4, 40.1, 37.9, 35.4, 29.9, 28.7, 24.5
  - Interest Payments: 3.5, 3.8, 4.0, 3.8, 3.4, 2.8, 2.7, 2.3
  - amortization: 49.7, 42.6, 36.2, 34.2, 32.2, 27.2, 26.0, 22.2

### Emerging and Developing Europe
- Current account Balance: 3.5, 3.6, –1.2, –0.3, –4.2, –2.1, –2.1, –4.1
- Total External Debt: 152.7, 120.1, 100.6, 102.8, 113.1, 108.8, 112.2, 122.0
- Debt-service Payments:
  - Total: 55.2, 43.4, 38.0, 40.4, 37.1, 35.1, 38.4, 42.6
  - Interest Payments: 4.1, 3.0, 3.4, 3.9, 3.5, 3.2, 3.5, 3.7
  - amortization: 51.1, 40.5, 34.6, 36.5, 33.5, 31.9, 34.9, 39.0

### Latin America and the Caribbean
- Current account Balance: –16.1, –8.8, –4.8, –4.2, –3.9, –2.6, –3.5, –4.3
- Total External Debt: 194.5, 195.2, 163.2, 155.1, 160.5, 144.2, 143.4, 139.9
- Debt-service Payments:
  - Total: 53.4, 50.6, 38.8, 38.7, 36.6, 33.4, 34.9, 32.3
  - Interest Payments: 6.5, 8.1, 6.9, 7.1, 6.6, 6.2, 6.5, 6.1
  - amortization: 45.5, 42.0, 31.7, 31.3, 29.6, 26.8, 28.1, 25.8

### Middle East and Central Asia
- Current account Balance: –10.9, 1.6, 8.8, 4.9, 1.4, –2.6, 2.2, 0.3
- Total External Debt: 94.6, 119.8, 106.2, 111.0, 121.4, 132.3, 120.7, 120.9
- Debt-service Payments:
  - Total: 13.8, 17.6, 17.8, 18.8, 19.3, 20.4, 19.2, 18.8
  - Interest Payments: 2.5, 4.2, 5.0, 5.5, 5.2, 4.9, 4.6, 4.1
  - amortization: 11.3, 13.4, 12.7, 13.3, 14.1, 15.5, 14.6, 14.7

### Sub-Saharan Africa
- Current account Balance: –26.7, –12.4, –9.8, –4.1, –2.9, –2.3, –3.2, –4.0
- Total External Debt: 141.8, 174.2, 167.6, 163.0, 163.2, 141.4, 144.7, 144.6
- Debt-service Payments:
  - Total: 23.9, 27.8, 22.8, 23.5, 23.3, 21.1, 20.4, 21.1
  - Interest Payments: 4.3, 4.4, 4.3, 4.5, 4.1, 3.8, 4.0, 3.9
  - amortization: 19.6, 23.4, 18.5, 19.0, 19.2, 17.3, 16.4, 17.1

---


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