2026 External Sector Report: Amid Rising Imbalances, the Case for Rebalancing
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- 2026 External Sector Report: Amid Rising Imbalances, the Case for Rebalancing
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Bibliographic details
- Published: July 30, 2026
Overview
- The report provides the external assessment of 30 of the world’s largest economies based on the 2025 data.
- Global current account balances widened further in 2025.
- Staff assessment indicates that excess current account balances have increased, with China and the United States as the main drivers.
- Persistent and large excess current account balances can signal uneven growth patterns and increase the risk of a disorderly adjustment.
Key findings and implications
- Global current account balances in 2025 widened further.
- Excess current account balances increased in 2025, driven by China and the United States.
- Persistent and large excesses:
- Can signal uneven growth patterns.
- Increase the risk of a disorderly adjustment in the global economy.
- Rebalancing dynamics:
- Simultaneous policy actions to address domestic imbalances yield the most favorable outcome for the global economy.
- Rebalancing effort by one country can still meaningfully reduce excess global balances but could pose risks for the financial market with negative impacts on growth.
Report structure and analytical focus
- External sector assessment of 30 large economies using 2025 data and the refined EBA methodology.
- Chapter 1: External Positions and Policies
- Emphasizes that simultaneous policy actions yield the most favorable outcome for the global economy.
- Chapter 2: 2025 Individual Economy Assessments
- Presents individual economy assessments of external sector positions based on a wide range of methods to form a multilaterally consistent and even-handed view.
- Includes policy discussions supporting convergence toward external balance.
Source: 2026 External Sector Report: Amid Rising Imbalances, the Case for Rebalancing (July 2026).
Content in this bundle
- Chapter 1 Data
- Chapter 1
- Chapter 1 Online Annex
- Chapter 2
- Full Report
