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External Sector Report
Amid Rising Imbalances, the Case for Rebalancing
July 2026
This year’s 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 suggests that excess current account balances have also 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. 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.
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