## 2026 External Sector Report: Amid Rising Imbalances, the Case for Rebalancing

## Source details

**Canonical URL:** [2026 External Sector Report: Amid Rising Imbalances, the Case for Rebalancing](https://www.imf.org/en/publications/esr/issues/2026/07/30/external-sector-report-2026)

## Other formats

- [Markdown version](/en/publications/esr/issues/2026/07/30/external-sector-report-2026/index.md)
- [Structured JSON version](/en/publications/esr/issues/2026/07/30/external-sector-report-2026/index.json)
- [Bundle manifest](/en/publications/esr/issues/2026/07/30/external-sector-report-2026/bundle-manifest.json)

## Bibliographic details
- Published: July 30, 2026

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### 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).*

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## Content in this bundle

- **Chapter 1 Data**
  - [Chapter 1 Data (Markdown version)](/-/media/files/publications/esr/2026/data/ch1data.xlsx.md){rel="alternate" type="text/markdown"}
  - [Chapter 1 Data (XLSX)](/-/media/files/publications/esr/2026/data/ch1data.xlsx){rel="external" type="application/vnd.openxmlformats-officedocument.spreadsheetml.sheet"}
- **Chapter 1**
  - [Chapter 1 (Markdown version)](/-/media/files/publications/esr/2026/english/ch1.pdf.md){rel="alternate" type="text/markdown"}
  - [Chapter 1 (PDF)](/-/media/files/publications/esr/2026/english/ch1.pdf){rel="external" type="application/pdf"}
- **Chapter 1 Online Annex**
  - [Chapter 1 Online Annex (Markdown version)](/-/media/files/publications/esr/2026/english/ch1onlineannex.pdf.md){rel="alternate" type="text/markdown"}
  - [Chapter 1 Online Annex (PDF)](/-/media/files/publications/esr/2026/english/ch1onlineannex.pdf){rel="external" type="application/pdf"}
- **Chapter 2**
  - [Chapter 2 (Markdown version)](/-/media/files/publications/esr/2026/english/ch2.pdf.md){rel="alternate" type="text/markdown"}
  - [Chapter 2 (PDF)](/-/media/files/publications/esr/2026/english/ch2.pdf){rel="external" type="application/pdf"}
- **Full Report**
  - [Full Report (Markdown version)](/-/media/files/publications/esr/2026/english/text.pdf.md){rel="alternate" type="text/markdown"}
  - [Full Report (PDF)](/-/media/files/publications/esr/2026/english/text.pdf){rel="external" type="application/pdf"}

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## References

- [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)

_Source: https://www.imf.org/en/publications/esr/issues/2026/07/30/external-sector-report-2026_