{
  "title": "2026 External Sector Report: Amid Rising Imbalances, the Case for Rebalancing",
  "sourceUrl": "https://www.imf.org/en/publications/esr/issues/2026/07/30/external-sector-report-2026",
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  "summary": "This year’s report analyses sources and implications of a further widening of global current account balances in 2025, discusses policy options to reduce excess global balances, and provides the external sector assessment of 30 of the world’s largest economies based on the 2025 data and the refined",
  "sections": [
    {
      "heading": "Overview",
      "content": "- The report provides the external assessment of 30 of the world’s largest economies based on the 2025 data.\n- Global current account balances widened further in 2025.\n- Staff assessment indicates that excess current account balances have increased, with China and the United States as the main drivers.\n- Persistent and large excess current account balances can signal uneven growth patterns and increase the risk of a disorderly adjustment."
    },
    {
      "heading": "Key findings and implications",
      "content": "- Global current account balances in 2025 widened further.\n- Excess current account balances increased in 2025, driven by China and the United States.\n- Persistent and large excesses:\n  - Can signal uneven growth patterns.\n  - Increase the risk of a disorderly adjustment in the global economy.\n- Rebalancing dynamics:\n  - Simultaneous policy actions to address domestic imbalances yield the most favorable outcome for the global economy.\n  - 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."
    },
    {
      "heading": "Report structure and analytical focus",
      "content": "- External sector assessment of 30 large economies using 2025 data and the refined EBA methodology.\n- Chapter 1: External Positions and Policies\n  - Emphasizes that simultaneous policy actions yield the most favorable outcome for the global economy.\n- Chapter 2: 2025 Individual Economy Assessments\n  - Presents individual economy assessments of external sector positions based on a wide range of methods to form a multilaterally consistent and even-handed view.\n  - Includes policy discussions supporting convergence toward external balance.\n\nSource: 2026 External Sector Report: Amid Rising Imbalances, the Case for Rebalancing (July 2026).\n\n---\n\n Content in this bundle\n\n- Chapter 1 Data\n  - Chapter 1 Data (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Chapter 1 Data (XLSX){rel=\"external\" type=\"application/vnd.openxmlformats-officedocument.spreadsheetml.sheet\"}\n- Chapter 1\n  - Chapter 1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Chapter 1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter 1 Online Annex\n  - Chapter 1 Online Annex (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Chapter 1 Online Annex (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- 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- Infographic\n- Previous Issues\n- Blog\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/esr/issues/2026/07/30/external-sector-report-2026"
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    "[Markdown version](/en/publications/esr/issues/2026/07/30/external-sector-report-2026/index.md)",
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    "Published: July 30, 2026",
    "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.",
    "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:",
    "Rebalancing dynamics:",
    "External sector assessment of 30 large economies using 2025 data and the refined EBA methodology.",
    "Chapter 1: External Positions and Policies",
    "Chapter 2: 2025 Individual Economy Assessments",
    "**Chapter 1 Data**",
    "**Chapter 1**",
    "**Chapter 1 Online Annex**",
    "**Chapter 2**",
    "**Full Report**",
    "[Infographic](https://www.imf.org/-/media/images/imf/publications/esr/2026/esr-2026-evolution-external-sextor-assessments-infographic.jpg)",
    "[Previous Issues](https://www.imf.org/en/publications/sprolls/external-sector-reports)",
    "[Blog](https://www.imf.org/en/blogs/articles/2026/07/30/rising-global-imbalances-underscore-need-to-confront-domestic-distortions)"
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