International Monetary Fund

Group of Twenty -- MAP

2013 Update of Staff Sustainability Assessments for G-20 Mutual Assessment Process (MAP)

September 2013


External imbalances have generally decreased. These improvements are partly permanent, partly transitory. Fiscal imbalances are slowly improving as well. In both cases however, more needs to be done to reduce imbalances while strengthening growth prospects. Nine members were identified as having relatively large medium-term imbalances based on indicative guidelines—including all seven flagged previously in 2011. This overview provides general trends and assessments, while the individual situation and policy advice to address mediumterm imbalances are discussed for the nine economies in the annex. Overall, the analysis suggests that further policy action across the G-20 membership, tailored for deficit and surplus economies, is needed to facilitate further internal and external rebalancing to support stronger growth.
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For the Mutual Assessment Process (MAP), G-20 members have agreed to reassess imbalances. As follow up to Summit commitments made in Seoul 2010 to promote external sustainability, IMF staff prepared a series of sustainability reports in 2011 on major imbalances in selected members as inputs for the MAP. In Los Cabos 2012, Leaders agreed to biennial assessments to identify large and persistent imbalances against “indicative guidelines” beginning in 2013 toward working to meet their shared growth objectives. This report provides an update to staff’s sustainability assessments.