World Economic Outlook Database (WEO) - Groups and Aggregates Information
World Economic Outlook
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Overview
- The World Economic Outlook divides the world into two major groups: advanced economies and emerging and developing economies.
- The classification is not based on strict criteria, economic or otherwise, and has evolved over time.
- The objective of the classification is to facilitate analysis by providing a reasonably meaningful method of organizing data.
- Some economies remain outside the classification and therefore are not included in the analysis; Cuba and the Democratic People’s Republic of Korea are cited as examples of economies that are not IMF members and are not monitored by the IMF.
- Last Updated: April 2025
Classification of Economies in the WEO
- Two major groups:
- Advanced economies
- Emerging and developing economies
- The WEO refers to the introduction to the WEO's Statistical Appendix for further details on the classification.
- The classification has evolved over time and is intended to facilitate analysis rather than reflect strict or formal criteria.
Aggregation Methods (general rules)
- Composite data for country groups are either sums or weighted averages of data for individual countries.
- Arithmetically weighted averages are used for all data for the emerging market and developing economies group—except data on inflation, for which geometric averages are used.
- Conventions and weights:
- Composites for other data relating to the domestic economy, whether growth rates or ratios, are weighted by GDP valued at purchasing power parity as a share of total world or group GDP.
- For the aggregation of inflation:
- In advanced economies (and subgroups): annual rates are simple percentage changes from the previous years.
- For world inflation and inflation in emerging market and developing economies (and subgroups): annual rates are based on logarithmic differences.
- Composites for real GDP per capita in purchasing-power-parity terms are sums of individual country data after conversion to the international dollar in the years indicated.
- Unless noted otherwise, composites for all sectors for the euro area are corrected for reporting discrepancies in transactions within the area.
- Unadjusted annual GDP data are used for the euro area and for the majority of individual countries, except for Cyprus, Ireland, Portugal, and Spain, which report calendar-adjusted data.
- For data prior to 1999, data aggregations apply 1995 European currency unit exchange rates.
- Composites for fiscal data are sums of individual country data after conversion to US dollars at the average market exchange rates in the years indicated.
- Composite unemployment rates and employment growth are weighted by labor force as a share of group labor force.
- Composites relating to external sector statistics are sums of individual country data after conversion to US dollars at the average market exchange rates in the years indicated for balance of payments data and at end-of-year market exchange rates for debt denominated in currencies other than US dollars.
- Composites of changes in foreign trade volumes and prices are arithmetic averages of percent changes for individual countries weighted by the US dollar value of exports or imports as a share of total world or group exports or imports (in the preceding year).
- Group composites are computed if 90 percent or more of the share of group weights is represented.
Euro area and currency-conversion specifics
- Euro area sector composites are corrected for reporting discrepancies in intra-area transactions unless noted otherwise.
- Unadjusted annual GDP data are the default for the euro area and most individual countries; Cyprus, Ireland, Portugal, and Spain report calendar-adjusted annual GDP data.
- Pre-1999 aggregations apply 1995 European currency unit exchange rates.
Data-conversion rules by data type
- Domestic-economy aggregates (growth rates, ratios): weighted by PPP-GDP share of group/world GDP.
- Real GDP per capita (PPP terms): sums after conversion to the international dollar in the years indicated.
- Fiscal data: sums after conversion to US dollars at average market exchange rates in the years indicated.
- External sector statistics (balance of payments and debt denominated in currencies other than US dollars): conversion to US dollars at average market exchange rates (balance of payments) and at end-of-year market exchange rates (debt).
- Trade volume and price changes: arithmetic averages of percent changes weighted by US dollar value of exports/imports in the preceding year.
- Inflation:
- Advanced economies: simple percentage changes year-over-year.
- World and emerging market and developing economies: logarithmic differences.
- Emerging market and developing economies group: geometric averages for inflation.
Membership notes and examples
- The classification lists numerous countries across the two major groups and their subgroups; the IMF notes specific exceptions where economies are not IMF members and therefore not monitored (examples: Cuba and the Democratic People’s Republic of Korea).
- The WEO provides country groupings that include advanced economy members and multiple sub-aggregations (including euro area treatment and other regional/subgroup compositions).
Content in this bundle
- Country Information October 2024