## 2019 External Sector Report: The Dynamics of External Adjustment

## Source details

**Canonical URL:** [2019 External Sector Report: The Dynamics of External Adjustment](https://www.imf.org/en/publications/esr/issues/2019/07/03/2019-external-sector-report)

## Other formats

- [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)

## Bibliographic details
- Published: July 3, 2019

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### Overview and Key Findings
- 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.

### Report Structure and Focus Areas
- 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.

### Analytical Emphases
- 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:
  - Dominant currency pricing.
  - International integration through global value chains.

### Access Points (content components highlighted on the landing page)
- Full Report
- Executive Summary
- Blog
- Chapter 1
- Chapter 2
- Chapter 3

*Source: 2019 External Sector Report: The Dynamics of External Adjustment (IMF landing page, July 2019).*

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## Content in this bundle

- **Chapter 1**
  - [Chapter 1 (Markdown version)](/-/media/files/publications/esr/2019/english/ch1.pdf.md){rel="alternate" type="text/markdown"}
  - [Chapter 1 (PDF)](/-/media/files/publications/esr/2019/english/ch1.pdf){rel="external" type="application/pdf"}
- **Chapter 2**
  - [Chapter 2 (Markdown version)](/-/media/files/publications/esr/2019/english/ch2.pdf.md){rel="alternate" type="text/markdown"}
  - [Chapter 2 (PDF)](/-/media/files/publications/esr/2019/english/ch2.pdf){rel="external" type="application/pdf"}
- **Chapter 3**
  - [Chapter 3 (Markdown version)](/-/media/files/publications/esr/2019/english/ch3.pdf.md){rel="alternate" type="text/markdown"}
  - [Chapter 3 (PDF)](/-/media/files/publications/esr/2019/english/ch3.pdf){rel="external" type="application/pdf"}
- **dataset overview**
  - [dataset overview (Markdown version)](/-/media/files/publications/esr/2019/english/data/2019esr-ch1.xlsx.md){rel="alternate" type="text/markdown"}
  - [dataset overview (XLSX)](/-/media/files/publications/esr/2019/english/data/2019esr-ch1.xlsx){rel="external" type="application/vnd.openxmlformats-officedocument.spreadsheetml.sheet"}
- **2019esr-ch2**
  - [2019esr-ch2 (Markdown version)](/-/media/files/publications/esr/2019/english/data/2019esr-ch2.xlsx.md){rel="alternate" type="text/markdown"}
  - [2019esr-ch2 (XLSX)](/-/media/files/publications/esr/2019/english/data/2019esr-ch2.xlsx){rel="external" type="application/vnd.openxmlformats-officedocument.spreadsheetml.sheet"}
- **Executive Summary**
  - [Executive Summary (Markdown version)](/-/media/files/publications/esr/2019/english/execsum.pdf.md){rel="alternate" type="text/markdown"}
  - [Executive Summary (PDF)](/-/media/files/publications/esr/2019/english/execsum.pdf){rel="external" type="application/pdf"}
- **2019 External Sector Report Online Annex 2.1. Technical Note; July 17, 2019**
  - [2019 External Sector Report Online Annex 2.1. Technical Note; July 17, 2019 (Markdown version)](/-/media/files/publications/esr/2019/english/onlineannex21.pdf.md){rel="alternate" type="text/markdown"}
  - [2019 External Sector Report Online Annex 2.1. Technical Note; July 17, 2019 (PDF)](/-/media/files/publications/esr/2019/english/onlineannex21.pdf){rel="external" type="application/pdf"}
- **Full Report**
  - [Full Report (Markdown version)](/-/media/files/publications/esr/2019/english/text.pdf.md){rel="alternate" type="text/markdown"}
  - [Full Report (PDF)](/-/media/files/publications/esr/2019/english/text.pdf){rel="external" type="application/pdf"}

---

## References

- [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)

_Source: https://www.imf.org/en/publications/esr/issues/2019/07/03/2019-external-sector-report_