{ "title": "2019 External Sector Report: The Dynamics of External Adjustment", "sourceUrl": "https://www.imf.org/en/publications/esr/issues/2019/07/03/2019-external-sector-report", "canonical": "https://www.imf.org/en/publications/esr/issues/2019/07/03/2019-external-sector-report", "overlayPath": "/en/publications/esr/issues/2019/07/03/2019-external-sector-report/index.md", "summary": "After narrowing sharply in the aftermath of the global financial crisis, overall current account surpluses and deficits reached 3 percent of world GDP in 2018, declining marginally while rotating toward advanced economies in recent years.", "sections": [ { "heading": "Overview and Key Findings", "content": "- After narrowing sharply in the aftermath of the global financial crisis, overall current account surpluses and deficits reached 3 percent of world GDP in 2018.\n- Overall current account surpluses and deficits declined marginally while rotating toward advanced economies in recent years.\n- The IMF’s multilateral approach suggests that about 35–45 percent of overall current account surpluses and deficits were deemed excessive in 2018." }, { "heading": "Report Structure and Focus Areas", "content": "- Full Report and Executive Summary present integrated findings on global external positions, outlook, and risks.\n- Chapter 1: External Positions and Policies — presents evolution, outlook, and risks from global external positions and summarizes external assessments of a globally representative set of economies for 2018.\n- Chapter 2: Exchange Rates and External Adjustment — explores how dominant currency pricing and international integration through global value chains shape the working of exchange rates to induce external adjustment.\n- Chapter 3: 2018 Individual Economy Assessments — uses a wide range of methods to form an integrated and multilaterally consistent view on economies’ external sector positions; detailed individual economy assessments for 2018 are provided here.\n- Technical Note and Data underpin the analysis presented in the report." }, { "heading": "Analytical Emphases", "content": "- Evolution and outlook of global external positions, including rotation of surpluses/deficits toward advanced economies.\n- Quantification of excessive current account imbalances using a multilateral approach.\n- Role of exchange rates in facilitating external adjustment in the presence of:\n - Dominant currency pricing.\n - International integration through global value chains." }, { "heading": "Access Points (content components highlighted on the landing page)", "content": "- Full Report\n- Executive Summary\n- Blog\n- Chapter 1\n- Chapter 2\n- Chapter 3\n\nSource: 2019 External Sector Report: The Dynamics of External Adjustment (IMF landing page, July 2019).\n\n---\n\n Content in this bundle\n\n- Chapter 1\n - Chapter 1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter 2\n - Chapter 2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter 3\n - Chapter 3 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 3 (PDF){rel=\"external\" type=\"application/pdf\"}\n- dataset overview\n - dataset overview (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - dataset overview (XLSX){rel=\"external\" type=\"application/vnd.openxmlformats-officedocument.spreadsheetml.sheet\"}\n- 2019esr-ch2\n - 2019esr-ch2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 2019esr-ch2 (XLSX){rel=\"external\" type=\"application/vnd.openxmlformats-officedocument.spreadsheetml.sheet\"}\n- Executive Summary\n - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}\n- 2019 External Sector Report Online Annex 2.1. Technical Note; July 17, 2019\n - 2019 External Sector Report Online Annex 2.1. Technical Note; July 17, 2019 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 2019 External Sector Report Online Annex 2.1. Technical Note; July 17, 2019 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Full Report\n - Full Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Full Report (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Blog by Gita Gopinath: Rebalancing the Global Economy: Some Progress but Challenges Ahead\n- External Sector Reports Archives\n- Chief Economist Gita Gopinath\n- Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.\n- Modify your profile\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/esr/issues/2019/07/03/2019-external-sector-report" } ], "bullets": [ "[Markdown version](/en/publications/esr/issues/2019/07/03/2019-external-sector-report/index.md)", "[Structured JSON version](/en/publications/esr/issues/2019/07/03/2019-external-sector-report/index.json)", "[Bundle manifest](/en/publications/esr/issues/2019/07/03/2019-external-sector-report/bundle-manifest.json)", "Published: July 3, 2019", "After narrowing sharply in the aftermath of the global financial crisis, overall current account surpluses and deficits reached 3 percent of world GDP in 2018.", "Overall current account surpluses and deficits declined marginally while rotating toward advanced economies in recent years.", "The IMF’s multilateral approach suggests that about 35–45 percent of overall current account surpluses and deficits were deemed excessive in 2018.", "Full Report and Executive Summary present integrated findings on global external positions, outlook, and risks.", "Chapter 1: External Positions and Policies — presents evolution, outlook, and risks from global external positions and summarizes external assessments of a globally representative set of economies for 2018.", "Chapter 2: Exchange Rates and External Adjustment — explores how dominant currency pricing and international integration through global value chains shape the working of exchange rates to induce external adjustment.", "Chapter 3: 2018 Individual Economy Assessments — uses a wide range of methods to form an integrated and multilaterally consistent view on economies’ external sector positions; detailed individual economy assessments for 2018 are provided here.", "Technical Note and Data underpin the analysis presented in the report.", "Evolution and outlook of global external positions, including rotation of surpluses/deficits toward advanced economies.", "Quantification of excessive current account imbalances using a multilateral approach.", "Role of exchange rates in facilitating external adjustment in the presence of:", "Full Report", "Executive Summary", "Blog", "Chapter 1", "Chapter 2", "Chapter 3", "**Chapter 1**", "**Chapter 2**", "**Chapter 3**", "**dataset overview**", "**2019esr-ch2**", "**Executive Summary**", "**2019 External Sector Report Online Annex 2.1. Technical Note; July 17, 2019**", "**Full Report**", "[Blog by Gita Gopinath: Rebalancing the Global Economy: Some Progress but Challenges Ahead](https://blogs.imf.org/2019/07/17/rebalancing-the-global-economy-some-progress-but-challenges-ahead)", "[External Sector Reports Archives](https://www.imf.org/en/Publications/SPROLLs/External-Sector-Reports)", "[Chief Economist Gita Gopinath](https://www.imf.org/en/videos/view/6060350053001)", "[Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.](https://www.imf.org/en/email-subscription/index)", "[Modify your profile](https://www.imf.org/en/email-subscription/login)" ], "related": [ { "title": "Chapter 1", "role": "chapter", "sourceUrl": "https://www.imf.org/-/media/files/publications/esr/2019/english/ch1.pdf", "summary": { "path": "/-/media/files/publications/esr/2019/english/ch1.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/esr/2019/english/ch1.pdf", "mime": "application/pdf" } }, { "title": "Chapter 2", "role": "chapter", "sourceUrl": "https://www.imf.org/-/media/files/publications/esr/2019/english/ch2.pdf", "summary": { "path": "/-/media/files/publications/esr/2019/english/ch2.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/esr/2019/english/ch2.pdf", "mime": "application/pdf" } }, { "title": "Chapter 3", "role": "chapter", "sourceUrl": "https://www.imf.org/-/media/files/publications/esr/2019/english/ch3.pdf", "summary": { "path": "/-/media/files/publications/esr/2019/english/ch3.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/esr/2019/english/ch3.pdf", "mime": "application/pdf" } }, { "title": "dataset overview", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/esr/2019/english/data/2019esr-ch1.xlsx", "summary": { "path": "/-/media/files/publications/esr/2019/english/data/2019esr-ch1.xlsx.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/esr/2019/english/data/2019esr-ch1.xlsx", "mime": "application/vnd.openxmlformats-officedocument.spreadsheetml.sheet" } }, { "title": "2019esr-ch2", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/esr/2019/english/data/2019esr-ch2.xlsx", "summary": { "path": "/-/media/files/publications/esr/2019/english/data/2019esr-ch2.xlsx.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/esr/2019/english/data/2019esr-ch2.xlsx", "mime": "application/vnd.openxmlformats-officedocument.spreadsheetml.sheet" } }, { "title": "Executive Summary", "role": "executive-summary", "sourceUrl": "https://www.imf.org/-/media/files/publications/esr/2019/english/execsum.pdf", "summary": { "path": "/-/media/files/publications/esr/2019/english/execsum.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/esr/2019/english/execsum.pdf", "mime": "application/pdf" } }, { "title": "2019 External Sector Report Online Annex 2.1. 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