## 3.2 Country-income groups

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---

### Dataset and coverage
- Panel covers 192 countries with disaggregation into as many as 27 services export sectors and up to 66 categories based on BPM6.
- Annual panel spans 1948–2014; analytical focus is on 1970–2014 due to data quality concerns in earlier years.
- IMF Statistics Department (STA) published BOP/IIP data on a BPM6 presentational basis beginning with the August 2012 editions; STA used country-supplied BPM6 estimates, generic conversions from BPM5, or customized conversions in consultation with the IMF.
- For 2014, reliable aggregate data on services export are reported for 56 advanced economies and 111 developing countries.

### Data construction and cleaning (exact adjustments)
- Dropped 178 observations at the one-digit level out of 50,582 of total one-digit observations because negative export values implied imports.
- In sum, dropped 315 observations out of total observations 158,602 at all digit levels for negative values.
- Dropped 7,457 observations at the one-digit level with values equal to 0 which imply the export sectors do not exist.
- In sum, dropped 22,773 observations at all digit levels for zero values.
- Processing rules for two-digit data included:
  - Using one-digit data for sectors reported only at one-digit (e.g., 1.A.b.2, 1.A.b.8, 1.A.b.12).
  - Retaining one-digit level when no two-digit observations exist.
  - Creating “Other” two-digit categories by subtracting available two-digit subsectors from the one-digit total when only partial two-digit data existed.
  - Recalculating two-digit values proportionally to match one-digit totals when sums did not equal the one-digit value.
  - Contracting a sector when all two-digit observations are zero.

### Key statistics and global patterns (exact figures)
- Share of services exports in total goods and services exports:
  - Around 9 percent in 1970.
  - Around 20 percent in 2014.
- Share of services exports in world GDP:
  - 1 percent in 1970.
  - Over 6 percent in 2014.
- Transport sector:
  - World transport exports reached US$ 891 billion in 2008.
- Computer and information services:
  - Between 1995 and 2014, world exports of computer and information services recorded as much as 18 per cent growth on average annually.
  - World exports of computer and information services reached an estimated US$ 302 billion in 2014.
- Financial services:
  - Financial services exports reached US$ 349 billion in 2014 and had bounced back since the financial crisis.

### Cross-cutting notes relevant to country-income grouping analysis
- BOPS provides harmonized world data on services trade including developing countries; bilateral services data (WTO, World Bank) have much smaller coverage than the BPM6-based dataset constructed here.
- The compilation and validation of services data are performed by national agencies and may differ across categories of service.
- Major BPM5→BPM6 classification changes affecting comparability include introduction of FISIM, methodological changes in insurance transactions, treatment of Intellectual Property, and addition of manufacturing and maintenance services.
- A public data portal with the constructed dataset and tools to produce charts and stylized facts is made available via the IMF web site.

### Key findings on services globalization by income group
- Services export from developing countries have grown twice as fast compared to advanced economies, growing tenfold since 1990.
- Developing countries' share in world services export market increased from 3 percent in 1970 to over 20 percent in 2014.
- Developing countries have been steadily increasing their global market share in modern services, reaching almost 30 percent of global exports.
- Developing countries occupy about 20 percent of global market share of transport services and around 30 percent of travel services.
- Financial services exports from developing countries occupy over half of world financial services export.
- The range of modern services that can be digitized and traded globally is constantly expanding; India has been a pioneer.

### Sectoral patterns by income group
- Developing countries are gaining market share across both traditional and modern service sectors: Travel, Transport, Business, Computer and Information, Finance, and Intellectual Property services.
- Developing countries have been consistently taking over the world market in Business services (including R&D, professional, and management consulting), as well as in Intellectual Property and Computer and Information service exports.
- Country-sector specializations noted:
  - India: largest Computer and Information service exporter in the world at around US$74 billion in 2014.
  - China: Transport, Travel, and Other Business Services have become the largest exporting sectors; China was rank 5th in the world in 2014 for services export.
  - Hong Kong: emerged as a prime Financial services export hub.
  - Israel: a Computer services export hub.
  - Thailand: a Travel services export hub.

### Country- and region-level shifts
- Europe remains the leader in services export; East Asia & Pacific have been catching up and recently became more significant than North America, primarily driven by Japan and China.
- Regional catch-up patterns:
  - East Asia & Pacific catching up in Travel and Intellectual Property.
  - South Asia catching up faster in Computer and Information services.
  - MENA catching up fast in Business and Computer and Information services.
- Country share shifts in world services exports (1990 to 2014 examples):
  - United States: from 20 to 14 (percent of world services export).
  - France: from 10 to 5 (percent).
  - Germany: from 7 to 5 (percent).
  - Emerging market shares in 2014: China 4.8, India 3.2, Singapore 2.9, Korea 2.3, Hong-Kong 2.2 (percent of world services export).

### Notable magnitudes and growth observations
- Mapping export values in 2014: China US$230 billion, Russia US$66 billion, Australia US$54 billion.
- Many Middle East, African and Latin American countries witnessed services export growth over 30 percent (compounded annual growth rate) between 2000 and 2014.
- India’s share of world services export tripled to over 3 percent during 2000-2013.

### Implications for development and structural transformation
- Expanding modern services may help countries escape the ìmiddle-income trapî when traditional low-productivity sectors shed labor and high-productivity modern sectors grow and hire more labor.
- Services value added growth is more strongly correlated with per capita GDP growth than manufacturing or agriculture for 2010-2014:
  - Correlation coefficient between services growth and per capita GDP growth: 0.60.
  - Correlation coefficient between manufacturing growth and per capita GDP growth: 0.24.
  - R-square for service value added plot: 0.51.
  - R-square for manufacturing value added: 0.19.
- Sectoral export growth coefficients (average per capita GDP growth between 2010-14 and sectoral export growth):
  - Agriculture: 0.07
  - Mining: 0.04
  - Manufacturing: 0.08
  - Services: 0.14

### Resilience, labor, and inequality considerations
- Services trade has been more resilient than goods trade to shocks:
  - As of February 2009: US goods imports declined year-on-year by 33 percent and goods exports by 21 percent; services imports and exports each declined by less than 7 percent.
  - Modern business services have been substantially more resilient than traditional services.
- Labor reallocation:
  - Growth in exporting services is associated with job growth: countries with higher growth in exporting services tend to experience faster job growth (illustrated by an upward sloping relationship for 2010-2014 average annual growth in total employment versus services export growth).
  - Technology-driven changes have led to employment polarization and wage polarization, with low-skill labor shifting into service occupations and hollowing out of middle-skill jobs.
- Income inequality:
  - A negative correlation is observed between change in export services and income inequality (Gini coefficient average 1980-2014 versus natural log of services export).
  - Potential mechanisms include upward labor mobility for low- and middle-income workers and increased female labor employment in countries with sizable export service sectors.

### Research and policy takeaways
- The rise of tradable modern services lowers entry barriers for exporting activities and can be central to growth strategies for developing countries.
- Service-led growth offers a diversification pathway for resource-rich and low-income countries and an alternative to manufacturing-led strategies.
- For advanced economies, harnessing trade in services remains key to retaining global competitiveness in high-value components of global value chains.
- The growth and tradability of modern services suggests revisiting international trade policy frameworks to more seriously consider trade-in-services agreements.

*Source: World Trade in Services (IMF Working Paper wp1777) — Section 3.2 and adjoining material covering dataset construction, global patterns, and country coverage (1970–2014).*

### 3.2 Country-income groups ......................................................................................9

### 3.2 Country-income groups

### Dataset and coverage
- Panel covers 192 countries with disaggregation into as many as 27 services export sectors and up to 66 categories based on BPM6.
- Annual panel spans 1948–2014; analytical focus is on 1970–2014 due to data quality concerns in earlier years.
- IMF Statistics Department (STA) published BOP/IIP data on a BPM6 presentational basis beginning with the August 2012 editions; STA used country-supplied BPM6 estimates, generic conversions from BPM5, or customized conversions in consultation with the IMF.
- For 2014, reliable aggregate data on services export are reported for 56 advanced economies and 111 developing countries.

### Data construction and cleaning (exact adjustments)
- Dropped 178 observations at the one-digit level out of 50,582 of total one-digit observations because negative export values implied imports.
- In sum, dropped 315 observations out of total observations 158,602 at all digit levels for negative values.
- Dropped 7,457 observations at the one-digit level with values equal to 0 which imply the export sectors do not exist.
- In sum, dropped 22,773 observations at all digit levels for zero values.
- Processing rules for two-digit data included:
  - Using one-digit data for sectors reported only at one-digit (e.g., 1.A.b.2, 1.A.b.8, 1.A.b.12).
  - Retaining one-digit level when no two-digit observations exist.
  - Creating “Other” two-digit categories by subtracting available two-digit subsectors from the one-digit total when only partial two-digit data existed.
  - Recalculating two-digit values proportionally to match one-digit totals when sums did not equal the one-digit value.
  - Contracting a sector when all two-digit observations are zero.

### Key statistics and global patterns (exact figures)
- Share of services exports in total goods and services exports:
  - Around 9 percent in 1970.
  - Around 20 percent in 2014.
- Share of services exports in world GDP:
  - 1 percent in 1970.
  - Over 6 percent in 2014.
- Transport sector:
  - World transport exports reached US$ 891 billion in 2008.
- Computer and information services:
  - Between 1995 and 2014, world exports of computer and information services recorded as much as 18 per cent growth on average annually.
  - World exports of computer and information services reached an estimated US$ 302 billion in 2014.
- Financial services:
  - Financial services exports reached US$ 349 billion in 2014 and had bounced back since the financial crisis.

### Cross-cutting notes relevant to country-income grouping analysis
- BOPS provides harmonized world data on services trade including developing countries; bilateral services data (WTO, World Bank) have much smaller coverage than the BPM6-based dataset constructed here.
- The compilation and validation of services data are performed by national agencies and may differ across categories of service.
- Major BPM5→BPM6 classification changes affecting comparability include introduction of FISIM, methodological changes in insurance transactions, treatment of Intellectual Property, and addition of manufacturing and maintenance services.
- A public data portal with the constructed dataset and tools to produce charts and stylized facts is made available via the IMF web site.

*Source: World Trade in Services (IMF Working Paper wp1777) — Section material on dataset construction, global patterns, and country coverage.*

### 3.2  Country-income groups

### 3.2 Country-income groups

### Key findings on services globalization by income group
- Services export from developing countries have grown twice as fast compared to advanced economies, growing tenfold since 1990.
- Developing countries' share in world services export market increased from 3 percent in 1970 to over 20 percent in 2014.
- Developing countries have been steadily increasing their global market share in modern services, reaching almost 30 percent of global exports.
- Developing countries occupy about 20 percent of global market share of transport services and around 30 percent of travel services.
- Financial services exports from developing countries occupy over half of world financial services export.
- The range of modern services that can be digitized and traded globally is constantly expanding; India has been a pioneer.

### Sectoral patterns by income group
- Developing countries are gaining market share across both traditional and modern service sectors, not just in travel and transport but also in Business, Computer and Information, Finance, and Intellectual Property services.
- Developing countries have been consistently taking over the world market in Business services (including R&D, professional, and management consulting), as well as in Intellectual Property and Computer and Information service exports.
- Examples of country-sector specializations noted:
  - India: largest Computer and Information service exporter in the world at around US$74 billion in 2014.
  - China: Transport, Travel, and Other Business Services have become the largest exporting sectors; China was rank 5th in the world in 2014 for services export.
  - Hong Kong: emerged as a prime Financial services export hub.
  - Israel: a Computer services export hub.
  - Thailand: a Travel services export hub.

### Country- and region-level shifts
- Europe remains the leader in services export; East Asia & Pacific have been catching up and recently became more significant than North America, primarily driven by Japan and China.
- Regional catch-up patterns:
  - East Asia & Pacific catching up in Travel and Intellectual Property.
  - South Asia catching up faster in Computer and Information services.
  - MENA catching up fast in Business and Computer and Information services.
- Country share shifts in world services exports (1990 to 2014 examples):
  - United States: from 20 to 14 (percent of world services export).
  - France: from 10 to 5 (percent).
  - Germany: from 7 to 5 (percent).
  - Emerging market shares in 2014: China 4.8, India 3.2, Singapore 2.9, Korea 2.3, Hong-Kong 2.2 (percent of world services export).

### Notable magnitudes and growth observations
- Mapping export values in 2014: China US$230 billion, Russia US$66 billion, Australia US$54 billion (export value in billions of dollars).
- Many Middle East, African and Latin American countries witnessed services export growth over 30 percent (compounded annual growth rate) between 2000 and 2014.
- India’s share of world services export tripled to over 3 percent during 2000-2013.

### Implications for development and structural transformation
- Expanding modern services may help countries escape the ìmiddle-income trapî when traditional low-productivity sectors shed labor and high-productivity modern sectors grow and hire more labor.
- Services value added growth is more strongly correlated with per capita GDP growth than manufacturing or agriculture for 2010-2014:
  - Correlation coefficient between services growth and per capita GDP growth: 0.60.
  - Correlation coefficient between manufacturing growth and per capita GDP growth: 0.24.
  - R-square for service value added plot: 0.51.
  - R-square for manufacturing value added: 0.19.
- Sectoral export growth coefficients (average per capita GDP growth between 2010-14 and sectoral export growth):
  - Agriculture: 0.07
  - Mining: 0.04
  - Manufacturing: 0.08
  - Services: 0.14

### Resilience, labor, and inequality considerations
- Services trade has been more resilient than goods trade to shocks:
  - As of February 2009 (post-crisis example): US goods imports declined year-on-year by 33 percent and goods exports by 21 percent; services imports and exports each declined by less than 7 percent.
  - Modern business services have been substantially more resilient than traditional services.
- Labor reallocation:
  - Growth in exporting services is associated with job growth: countries with higher growth in exporting services tend to experience faster job growth (illustrated by an upward sloping relationship for 2010-2014 average annual growth in total employment versus services export growth).
  - Technology-driven changes have led to employment polarization and wage polarization, with low-skill labor shifting into service occupations and hollowing out of middle-skill jobs.
- Income inequality:
  - A negative correlation is observed between change in export services and income inequality (Gini coefficient average 1980-2014 versus natural log of services export).
  - Potential mechanisms include upward labor mobility for low- and middle-income workers and increased female labor employment in countries with sizable export service sectors.

### Research and policy takeaways
- The rise of tradable modern services lowers entry barriers for exporting activities and can be central to growth strategies for developing countries.
- Service-led growth offers a diversification pathway for resource-rich and low-income countries and an alternative to manufacturing-led strategies.
- For advanced economies, harnessing trade in services remains key to retaining global competitiveness in high-value components of global value chains.
- The growth and tradability of modern services suggests revisiting international trade policy frameworks to more seriously consider trade-in-services agreements.

*Italic: Source — wp1777, "World Trade in Services" (section 3.2 and relevant adjoining sections) — IMF dataset and analysis covering 1970–2014.*

### References

### wp1777 - References

### Key literature cited
- [1] Ariu, A., (2014), ìCrisis-Proof Services Why Trade in Services Did Not Su§er During the 2008-2009 Collapse,î European Central Bank Working Paper Series No. 1691.
- [2] Autor, D.H., (2010), ìThe Polarization of Job Opportunities in the US Labour Market: Implications for Employment and Earnings,î Center for American Progress and The Hamilton Project.
- [3] Autor, D. H. and D. Dorn, (2013), ìThe Growth of Low-Skill Service Jobs and the Polarization of the US Labor Market,î The American Economic Review, 103, 1553ñ97.
- [4] Baumol, W., (1967), ìMacroeconomics of Unbalanced Growth: The Anatomy of Urban Crisis,î The American Economic Review, 57, 415ñ426.
- [5] Borchert, I. and A. Mattoo, (2009), ìThe Crisis-Resilience of Services Trade,î The Service Industries Journal, 30, 1-20.
- [6] Bosworth, B.P. and J.E. Triplett, (2008), ìThe State of Data for Services Productivity Measurement in the United States,î International Productivity Monitor, Centre for the Study of Living Standards, 16, 53ñ71.
- [7] Copeland, B. and A. Mattoo, (2007), The Basic Economics of Services Trade, in the Handbook of International Trade in Services. Oxford University Press.
- [8] Corden, M.W., (1960), ìThe Geometric Representation of Policies to Attain Internal and External Balances,î Review of Economic Studies, 28, 1ñ22.
- [9] Dehejia, R.H. and A. Panagariya, (2010), ìServices Growth in India: A look Inside the Black Box,î Working Paper No. 2010-4, School of International and Public A§airs, Columbia University.
- [10] Dehejia, R.H. and A. Panagariya, (2014), ìThe Link Between Manufacturing Growth and Accelerated Services Growth in India,î NBER Working Paper No. 19923.
- [11] di Meglio, G., J. Gallego, A. Maroto, and M. Savona, (2015), ìServices in Developing Economies: A New Chance for Catching-Up?î SWPS 2015-32.
- [12] Flaaen, A., E. Ghani, and M. Saurabh, (2013), ìHow to Avoid Middle-Income Traps? Evidence from Malaysia,î World Bank Policy Research Paper 6427.
- [13] Gervais, A. and B. Jensen, (2014), ìThe Tradability of Services,î US Census Bureau, Discussion Paper CES 14-03, Washington DC.
- [14] Imbs, J., and R. Wacziarg, (2003), ìStages of DiversiÖcation,î The American Economic Review, 93, 63ñ86.
- [15] International Monetary Fund, (2016), World Economic Outlook (WEO), ìToo Slow for Too Long,î April 2016, Washington DC.
- [16] International Monetary Fund, (2016), Balance of Payments Statistics (BOPs), Balance of Payments Manual 6 (BPM6).
- [17] Kaldor, N., (1967), Strategic Factors in Economic Development, New York: Ithaca.
- [18] Kochhar, K., U. Kumar, R. Rajan, A. Subramanian, and I. Tokatlidis, (2006), ìIndiaís Pattern of Development: What Happened, what Follows?î Journal of Monetary Economics, 53, 981ñ1019.
- [19] Leo, P.Y. and J. Philippe, (2014), ìInternational Service Tradability,î UN ECLAC, 39ñ57.
- [20] Loungani, P. and S. Mishra, (2014), ìNot your Fatherís Service Sector,î Finance and Development, 51, No. 2.
- [21] McKinsey Global Institute, (2013), Disruptive Technologies: Advances that will transform life, business, and the global economy. McKinsey and Company.
- [22] Meade, J., (1956), ìThe Price Adjustment and the Australian Balance of Payments,î Economic Record, 32, 239ñ256.
- [23] Reinsdorf, M. and M.J. Slaughter, (2009), International Trade in Services and Intangibles in the Era of Globalization, NBER, University of Chicago Press.
- [24] Staiger, R.W. and A.O. Sykes, (2016), ìThe Economic Structure of International Trade-in-Services Agreements,î NBER Working Paper No. 22960.
- [25] Swan, T., (1960), ìEconomic Control in A Dependent Economy,î Economic Record, 36, 51ñ66.
- [26] Uppenberg, K. and H. Strauss, (2010), ìInnovation and Productivity Growth in the EU Services Sector,î EIB Economic Surveys, European Investment Bank.
- [27] World Trade Organization, (2016), ìInternational Trade Statisticsî Special Focus: World Trade and the WTO: 1995ñ2014.

### Data sources, tables, and figures referenced
- Tables explicitly noted:
  - Table 1. BPM6 Service Credit Account Categories (Sources: BPM6, IMF).
  - Table 2. Largest service exporters in the world (in billions of current US$) — Top Exporters; Emerging Markets (Sources: BPM6, World Economic Outlook, and authors’ calculations).
  - Table A.1 Classification of Services (BPM6).
  - Table A.2. Country Coverage (detailed list of country start and end dates).
- Figures explicitly noted (titles preserved as in source):
  - Figure 1. Countries reporting service exports data in BPM6, by income groups.
  - Figure 2. Share of services exports in total world exports and world GDP.
  - Figure 3. Service exports of the world by sector.
  - Figure 4. Share of world service exports in Advanced vs. Developing countries.
  - Figure 5. Services exports by sector and income group.
  - Figure 6. Export Services by Geographical Region (Panel A. Regional Developments; Panel B. Regional developments in selected sectors).
  - Figure 7. Top service exporters of selected sectors.
  - Figure 8. Share of service exports in world service exports (1990 2014).
  - Figure 9. United States service exports: 1 and 2 digit levels.
  - Figure 10. Export growth, comparing China and India (2000 is indexed to 100).
  - Figure 11. China service exports: 1 and 2 digit levels.
  - Figure 12. India Service Exports: 1 digit and 2 digit.
  - Figure 13. Modern service exports are one of the fastest growing sectors of the global economy.
  - Figure 14. World map of service exports (Panel A. Value in billions of current US$ in service exports, 2014; Panel B. Compounded annual growth in service exports and export value).
  - Figure 15. The contribution of services in economic growth (Panel A. Sectoral Value added growth and per capita GDP growth; Panel B. Sectoral export growth and per capita GDP growth).
  - Figure 16. Resilience of service exports.
  - Figure 17. Labor allocation and service export growth.
  - Figure 18. Inequality and service exports.

### Technical appendix and data compilation notes
- Technical Appendix title: SERVICE EXPORTS DATA COMPILATION, with a three-step diagram:
  - 1) Raw Service Data provided by country officials
  - 2) IMF Statistics Department Validates
  - 3) Balance of Payments Survey Filled by IMF Country Economist
- Table A.2. Country Coverage: lists countries with Start Date and End Date. Selected entries shown in source include (verbatim):
  - Afghanistan 1979 2014
  - Angola 1985 2014
  - Anguilla 1990 2013
  - Albania 1980 2015
  - Argentina 1976 2014
  - Armenia 1993 2014
  - Antigua and Barbuda 1977 2013
  - Australia 1960 2014
  - Austria 1967 2015
  - Azerbaijan 1995 2015
  - Burundi 1985 2013
  - Belgium 2002 2015
  - Benin 1974 2014
  - Burkina Faso 1974 2014
  - Bangladesh 1976 2014
  - Bulgaria 1980 2014
  - Bahrain 1975 2014
  - Bahamas 1976 2014
  - Bosnia & Herzegovina 1998 2015
  - Belarus 1993 2015
  - Belize 1984 2014
  - Bolivia 1976 2014
  - Barbados 1970 2013
  - Brunei Darussalam 2001 2009
  - Bhutan 2006 2015
  - Botswana 1975 2014
  - Central African Rep. 1977 1994
  - Canada 1948 2015
  - Switzerland 1977 2014
  - Chile 1975 2015
  - China 1982 2014
  - Côte d'Ivoire 1975 2013
  - Cameroon 1977 2013
  - Congo, DR 2000 2014
  - Congo, Republic 1978 2007
  - Colombia 1968 2014
  - Comoros 1980 2012
  - Cabo Verde 1977 2015
  - Costa Rica 1977 2014
  - Curaçao 2011 2014
  - Cyprus 1976 2014
  - Czech Republic 1993 2015
  - Germany 1971 2014
  - Djibouti 1991 2013
  - Dominica 1976 2013
  - Denmark 1975 2014
  - Dominican Republic 1968 2014
  - Algeria 1977 2014
  - Ecuador 1976 2014
  - Egypt 1977 2014
  - Eritrea 1995 2000
  - Spain 1975 2015
  - Estonia 1992 2014
  - Ethiopia 1977 2012
  - Finland 1975 2005
  - Fiji 1979 2013
  - France 1975 2014
  - Micronesia 2009 2014
  - Gabon 1978 2005
  - United Kingdom 1970 2014
  - Georgia 1997 2014
  - Ghana 1975 2014
  - Guinea 1986 2013
  - Gambia, The 1978 2012
  - Guinea-Bissau 1982 2013
  - Equatorial Guinea 1987 1988
  - Greece 1976 2015
  - Grenada 1977 2013
  - Guatemala 1977 2015
  - Guyana 1977 2014
  - Hong Kong SAR 1998 2014
  - Honduras 1974 2014
  - Croatia 1993 2014
  - Haiti 1971 2015
  - Hungary 1982 2015
  - Indonesia 1981 2014
  - India 1975 2014
  - Ireland 1974 2014
  - Iran 1976 2000
  - Iraq 2005 2012
  - Iceland 1976 2014
  - Israel 1952 2015
  - Italy 1970 2015
  - Jamaica 1976 2015
  - Japan 1977 2014
  - Kazakhstan 1995 2014
  - Kenya 1975 2014
  - Kyrgyz Republic 1993 2014
  - Cambodia 1992 2014
  - Kiribati 1979 2014
  - St. Kitts and Nevis 1980 2013
  - Korea 1976 2015
  - Kosovo 2004 2014
  - Kuwait 1975 2014
  - Lao P.D.R. 1984 2013
  - Lebanon 2002 2014
  - Liberia 1979 2014
  - Libya 1977 2013
  - St. Lucia 1976 2013
  - Lithuania 1993 2015
  - Luxembourg 1999 2015
  - Latvia 1992 2015
  - Macao SAR 2002 2014
  - Morocco 1975 2013
  - Moldova 1994 2015
  - Madagascar 1974 2013
  - Maldives 1977 2014
  - Mexico 1979 2015
  - Marshall Islands 2005 2014
  - Macedonia, FYR 1996 2015
  - Mali 1975 2013
  - Malta 1971 2015
  - Myanmar 1976 2014
  - Montenegro 2007 2015
  - Mongolia 1981 2014
  - Mozambique 1980 2014
  - Namibia 1990 2014
  - Niger 1974 2013
  - Nigeria 1977 2014
  - Nicaragua 1977 2015
  - Netherlands 1967 2015
  - Norway 1975 2015
  - Nepal 1976 2014
  - New Zealand 1972 2014
  - Oman 1978 2014
  - Pakistan 1976 2014
  - Panama 1977 2015
  - Peru 1977 2015
  - Philippines 1977 2015
  - Palau 2005 2014
  - Papua New Guinea 1976 2014
  - Poland 1976 2015
  - Portugal 1975 2014
  - Paraguay 1975 2014
  - Palestine 1995 2014
  - Qatar 2011 2015
  - Romania 1971 2014
  - Russia 1994 2014
  - Rwanda 1976 2014
  - Saudi Arabia 1971 2015
  - Sudan 1977 2014
  - Senegal 1974 2011
  - Singapore 1972 2014
  - Solomon Islands 1975 2014
  - Sierra Leone 1977 2014
  - El Salvador 1976 2014
  - Somalia 1977 1985
  - Serbia 2007 2014
  - São Tomé &Príncipe 1974 2014
  - Suriname 1977 2015
  - Slovak Republic 1993 2014
  - Slovenia 1992 2015
  - Sweden 1970 2015
  - Swaziland 1974 2014
  - Sint Maarten 2011 2014
  - Seychelles 1976 2014
  - Syria 1977 2010
  - Chad 1977 1994
  - Togo 1974 2013
  - Thailand 1975 2014
  - Tajikistan 2002 2014
  - Turkmenistan 1996 1997
  - Timor-Leste 2006 2014
  - Tonga 1971 2013
  - Trinidad and Tobago 1975 2011
  - Tunisia 1976 2014
  - Turkey 1974 2015
  - Tuvalu 2001 2013
  - Tanzania 1976 2014
  - Uganda 1980 2014
  - Ukraine 1994 2014
  - Uruguay 1978 2015
  - United States 1970 2015
  - St. Vin & Grenadines 1978 2013
  - Venezuela 1970 2014
  - Vanuatu 1982 2014
  - Samoa 1977 2014
  - Yemen 1990 2014
  - South Africa 1948 2015
  - Zambia 1978 2014
  - Zimbabwe 1977 1994

*Source: wp1777 - References (pdf).*

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_Source: https://www.imf.org/-/media/files/publications/wp/2017/wp1777.pdf_