The World Economic Outlook for 2024 by the International Monetary Fund

discusses steady but slow economic growth with resilience amid divergence. It
covers global prospects, disinflation, monetary policy effects on housing
markets, and slowdown in global growth, among other topics. This publication
provides insights on international economic relations and policy
recommendations. The text discusses various figures related to global economic
indicators, including inflation, energy prices, labour markets, fiscal policies, and
debt in emerging market economies, among others. It also provides assumptions
for projections in the World Economic Outlook, detailing factors like exchange
rates, oil prices, and government bond yields. The text provides information on
basic points, data sources, and updates on various countries’ fiscal sectors. It
also outlines assumptions and conventions used in the World Economic Outlook
report, including data compilation methods and publication formats. Additionally,
it discusses corrections and revisions made to ensure accuracy and
completeness of the IMF's data. Diaz led the editorial team for the IMF report,
with contributions from various members, highlighting the resilient global
economy amid challenges such as inflation and uneven growth. Despite recent
turbulences, projections indicate steady growth and inflation decline in the
coming years, with positive market reactions and reduced pandemic fear.
However, challenges persist, including inflation concerns, diverging global
economic performance, and the need for fiscal consolidation and structural
reforms in various countries.
Efficient resource allocation through AI can boost growth, but disruptions in
labour and financial markets are possible. Countries need to enhance digital
infrastructure, invest in human capital, and collaborate on global regulations.
Rising geoeconomic fragmentation and trade restrictions are affecting growth,
requiring green investments and emission reductions. Global economic resilience
amid disinflation is supported by strong demand, supply factors, and fiscal
policies. Inflation is projected to decline globally, with challenges including weak
productivity growth and geopolitical tensions. Strategic responses are crucial for
sustainable growth and addressing disparities, emphasizing the need for
multilateral cooperation.
Global economic activity saw steady growth despite concerns of stagflation and
global recession. The overperformance was evident in the United States and
other large economies, with strong private consumption and government
spending driving demand. Inflation declined as predicted globally, with some
lower-income countries experiencing higher-than-expected inflation due to
external cost pressures. Labor market expansion and increased investment
further supported economic resilience, while supply-chain disruptions eased, and
energy prices fell. The analysis discusses the current trends in core inflation,
pass-through effects, inflation expectations, labour market conditions, and the
impact of policy interest rates on the global economy. It highlights the factors
contributing to the reduction in core inflation across major economies and the
varying effects of tightening labour markets. Additionally, it explores the
measures taken by central banks to counter rising inflation and their impact on
economic activity and financial stability. Housing markets are impacted by high
policy rates, leading to a decline in excess household savings in major advanced
economies since 2022. Global financial conditions improved since October 2023,
with lower interest rate expectations in advanced economies driving asset
appetite in emerging markets. Debt levels remain high post-pandemic, requiring
fiscal tightening, impacting near-term economic activity. The global economic
outlook projects steady growth with declining inflation, influenced by global
commodity prices, interest rates, and fiscal policies.

Global economic growth is projected to remain stable but slow, with advanced
economies expected to see a slight rise in growth while emerging markets are
predicted to experience stable growth. Monetary policies are anticipated to
become more restrictive, leading to a slowdown in growth rates in some regions.
Fiscal policy projections indicate tightening in advanced economies and stable
policies in emerging markets. Japan's policy rates are expected to increase
gradually, reflecting confidence in achieving inflation targets. The growth
projections for emerging market and developing economies in 2024 and 2025
show stability, with a moderate decline in Asia offset by rising growth in the
Middle East, Central Asia, and sub-Saharan Africa. Factors such as the post-
pandemic boost to consumption and fiscal stimulus are expected to ease,
impacting China's growth positively and India's growth due to strong domestic
demand. Latin America and the Caribbean are expected to experience
fluctuating growth rates, with Brazil's growth moderating in 2024 and Mexico's
supported by fiscal expansion. Global growth projections for the Middle East,
Central Asia, and Sub-Saharan Africa show increases. Inflation rates are expected
to decrease with changes varying between advanced and emerging economies.
World trade growth is stable, albeit below historical averages. Current account
balances are projected to narrow over time, and global medium-term growth
forecasts remain low compared to historical standards. Global growth is declining
due to lower GDP per person growth, especially in emerging markets. Factors
include declining labour force participation, weak business investment, and
structural frictions. Risks to the outlook include geopolitical tensions, persistent
inflation, China's economic challenges, and disruptive fiscal adjustments.
Countries without a clear plan for medium-term consolidation risk facing
adverse market reactions. Low confidence in governments could hinder
structural reforms and fuel social unrest. Geoeconomic fragmentation may lead
to trade restrictions. Potential upside risks include fiscal boosts during elections
and faster-than-expected productivity gains from artificial intelligence. More
substantial implementation of structural reforms could enhance productivity
growth and boost global growth rates. Reforms to global growth, inflation, and
fiscal policies are crucial for stability and resilience. Coordination among central
banks, fiscal authorities, and multilateral efforts are key, along with adapting
policies to evolving economic conditions and risks. Balancing inflation, debt
sustainability, and growth through gradual and well-calibrated adjustments is
necessary for a smooth economic transition and to mitigate financial sector
vulnerabilities.
Countries facing slowing economic activity and rising debt ratios may need front-
loaded adjustments to prevent debt crises; fiscal consolidation can help ease
inflation and enhance credibility. Implementing structural reforms and targeted
support can mitigate the impact on economic activity. Building institutional
credibility and addressing debt distress are crucial. Structural reforms, including
narrowing gender gaps and accelerating the green transition, can support
productivity growth and climate resilience. Policymakers should prioritize carbon
pricing, clean energy investments, and climate adaptation measures to achieve
emissions reduction goals. Coordinated efforts by various stakeholders are
needed to enhance the resilience of the international monetary system through
cross-border cooperation, stable trade policies, and industrial policy dialogues.
International coordination is crucial for debt problem resolution, climate change
mitigation, and technology regulation. Geoeconomic fragmentation poses
challenges to world trade and income growth, with evidence showing a slowdown
in trade between politically distant blocs. Efforts to address fragmentation and
uncertainties in the global economic outlook are ongoing through the IMF's G20
model and scenario analyses. The World Economic Outlook assesses risks to the
global economy, including scenarios like improved growth expectations, fiscal
policy changes, potential deflation in China, geopolitical tensions affecting oil
prices, and divergence in global financial conditions among advanced
economies. These scenarios impact GDP levels and inflation rates across
different regions. The IMF report for April 2024 discusses various scenarios
impacting global activity, inflation, and policy rates, including an expansion
scenario, a China deflation scenario, a geopolitical risk scenario, and the global
impact from greater global divergence. It also covers commodity market
developments with insights on oil prices, supply changes, and price forecasts,
and analyses the impact of geopolitical tensions and El Niño on primary
commodity prices. Geopolitical tensions affect commodity markets, with volatility
destabilizing inflation. Price elasticities of demand and supply impact price
reactions. Commodity markets show inelastic supply for metals and higher
elasticity for agricultural goods. Global Shocks in production and consumption
drive price fluctuations. Supply and demand adjustments vary across
commodities. The Herfindahl Index by Commodity in the World Economic Outlook
examines supply and demand elasticities for various commodities, highlighting
differences between perennial and annual crops, and energy and mineral
commodities. The study suggests that commodity demand and supply are price
inelastic, with agricultural perennial crops showing higher inelasticity than
annual crops. Elasticities increase over time for mineral and energy
commodities. Policy implications include building fiscal buffers for countries
exposed to low elasticity markets, replacing subsidies with targeted transfers to
increase demand and supply elasticities, and utilizing international trade to
mitigate economic impacts of commodity shocks. The text provides economic
data on various countries, including real GDP growth, consumer prices, current
account balance, and unemployment projections for different regions like
Europe, Asia, and the Western Hemisphere.

In the International Monetary Fund's report, data on real GDP, consumer prices,
current account balance, and unemployment rates for various regions and
countries, such as Bolivia, Paraguay, Uruguay, Central America, the Caribbean,
Middle East, Central Asia, Sub-Saharan Africa, and individual countries within
those regions, are provided. The data covers projections for 2023, 2024, and
2025 sourced from IMF staff estimates. The text provides data and projections
for various countries' real per capita output growth rates. It includes figures for
advanced economies, emerging market and developing economies, and specific
countries like China and India. The data is from the IMF staff estimates for
different years and regions. Central banks globally increased policy rates,
expecting a slowdown, but growth remained stable. The impact of monetary
policy on economies varies based on mortgage market characteristics like fixed-
rate availability, leverage, debt levels, housing supply constraints, and recent
house price trends, influencing the strength of the policy effects across
countries. Central banks globally have raised policy rates, possibly causing future
challenges, especially for households with short-term fixed-rate mortgages and
high debt levels. Despite the rate hikes, global growth has remained robust, with
some countries experiencing a noticeable cooling in demand due to higher rates
impacting households. Research is conducted on the effects of monetary policy
through housing markets, investigating how varying mortgage market
characteristics influence transmission. Housing markets and mortgage
characteristics have evolved post-global fiscal crisis and during the pandemic,
impacting the effectiveness of monetary policy. Changes include increased
prevalence of fixed-rate mortgages and tightened LTV limits, affecting housing
channels and monetary policy effects variably across countries. The chapter
focuses on residential real estate and mortgage characteristics, with limited
empirical analyses due to data constraints and a narrow scope. Shifts in real
estate and mortgage markets post-pandemic, alongside diverging house prices
globally, offer insights on the effectiveness of monetary policy. Monetary policy
affects housing markets, influencing household consumption and residential
investment through various channels such as cash flow, expectations/risk
premiums, and wealth and collateral impacts. These channels are crucial for
understanding the differential effects of monetary policy across countries.
Households in regions with potential overvaluation tend to be more leveraged,
depending on numerous factors, including mortgage and housing market
characteristics. Mortgage market features such as fixed-rate mortgages and
loan-to-value ratios impact the transmission of monetary policy to consumption.
Differences across countries in these characteristics influence how effectively
monetary policy affects households in diverse economic environments. The
differential effect of fixed-rate mortgages on monetary policy transmission is
more relevant during tightening than loosening. Tighter LTV limits delay
transmission, affecting house prices and consumption differently, with faster
responses when limits are not restricted due to higher borrower pool sensitivity.
Household indebtedness also strengthens transmission effects on house prices,
suggesting higher debt accelerates monetary policy impacts. Housing market
characteristics, such as supply restrictions and overvaluation, impact
transmission dynamics, emphasizing the importance of mortgage market
features in policy effects.

The study by the International Monetary Fund in April 2024 suggests that
nonlinearities play a significant role in the impact of monetary policy on house
prices and real GDP per capita, particularly in regions with housing supply
restrictions and recent house price overvaluation. Tightening or loosening policy
rates result in additional effects on house prices and GDP, with a more
pronounced impact in regions facing supply constraints and overvalued house
prices. The analysis also indicates that these factors are more influential when
monetary policy is tightening. House prices in Australia declined significantly
before recently recovering, while real consumption has remained stagnant.
Changes in mortgage and housing market characteristics globally complicate
assessing the strength of monetary policy transmission. Some countries have
seen significant shifts in mortgage market features since the financial crisis, with
varying impacts on policy transmission. Overall, there is a trend towards weaker
policy transmission, influenced by factors like increased use of fixed-rate
mortgages and changing debt levels.

The text discusses the impact of monetary policy on housing markets in different
regions like Europe and China, emphasizing the importance of understanding
housing channels for effective policy calibration. It mentions variations in
transmission strength and implications for macroprudential measures.
Additionally, it highlights the potential risks of prolonged high interest rates on
household finances and the need for initiative-taking measures to prevent
financial instability. Restrictions on home equity credit and low mortgage loan-to-
value limits weaken consumption sensitivity to interest rates in China due to
transmission challenges. Monetary policy easing had limited impact on housing-
related interest rates, prompting a one-time mortgage rate cut in September
2023. Prioritizing interest-rate-based tools over credit policies can enhance
policy transmission via the housing channel. The global economy has
experienced a slowdown in growth prospects since the 2008 financial crisis, with
factors such as reduced total factor productivity growth and misallocation of
resources contributing to this decline. Without policy interventions and
technological advancements, global growth is projected to be significantly below
pre-pandemic levels by the end of the decade. Policymakers are urged to
implement reforms to enhance productivity and address challenges like high
public debt to foster sustainable growth.

The text discusses the Emerging Risks in Asia program and highlights a possible
downshift to a lower-growth regime, impacting living standards. It emphasizes
the importance of addressing weakening growth outlook through factors like
labour and capital inputs, total factor productivity, and allocative efficiency. The
chapter provides insights from growth forecasts, analyses past growth decline
drivers, and explores potential growth trajectories, suggesting the need for
policy interventions to enhance growth rates. The largest emerging market
economies experienced a significant drop in projected global growth, especially
in East Asia and the Pacific, leading to questions about the drivers behind this
trend and its implications for future convergence and living standards. The
decline in global growth has been attributed to numerous factors including
changes in total factor productivity growth, capital formation, and labour
contribution, influenced by shifts in demographics and labour force participation.
The text discusses the impact of a range of factors on labour force participation
rates and business investment globally, with a focus on policy changes and
economic conditions. It highlights trends in participation rates and investment
levels post-2008 financial crisis, pointing out the influence of policies like
reduced unemployment benefits and educational programs.
The findings indicate a decline in participation in certain regions and a decrease
in business investment, particularly in Organisation for Economic Co-operation
and Development economies. The text discusses the contribution of firm- and
macro-level determinants to changes in the investment rate since 2008, such as
Tobin's q, leverage, past GDP growth, uncertainty, and capital inflows. It also
addresses the impact of rising misallocation of capital and labour on total factor
productivity growth, showing a decline in allocative efficiency across economies
and its implications. Differences in market structure and firm dynamics influence
patterns attributing to varying measurement errors in service and goods sectors,
impacting allocative efficiency and TFP growth. Misallocation plays a significant
role, with factors affecting TFP including cross-country variations in structural
allocative efficiency, market barriers, and policy reforms. Improving market
efficiency and policy reforms could boost TFP growth, with evidence suggesting
the potential for countries to narrow gaps with the United States, enhancing
growth prospects. Labor force, capital, and TFP prospects for the year 2030 are
assessed based on several factors, including labour force participation rates,
capital growth projections, and TFP growth contributions.
By 2030, global GDP growth is projected at 2.8 percent under the baseline
scenario, a slowdown from the historical average. Alternative scenarios explore
policy changes and economic impacts on growth, with potential interventions
such as increasing labour force participation, enhancing migration to advanced
economies, implementing structural reforms, and improving talent allocation,
each potentially influencing global growth rates. The text discusses the uncertain
but potentially significant impact of AI on economic growth, the implications of
high public debt, and the effects of geoeconomic fragmentation on global
growth. It also highlights the importance of policy interventions to boost growth
through reforms promoting market competition, trade openness, financial
accessibility, and labour market flexibility, as well as investment in human
capital and innovation. Efforts to mitigate negative impacts from geoeconomic
fragmentation and ensure fair distribution of benefits from AI are recommended
for future growth.

Policies reducing misallocation are essential for economic growth, impacting

global inequality and convergence. The text highlights key measures and
implications, including changes in GDP convergence, global inequality trends,
and the distribution of income within and between countries. Predictions suggest
challenges ahead, with potential impacts on welfare measures and the
distribution of income, particularly post-pandemic. Ai's transformative potential
and its impact on productivity and the labour market are also discussed, with AI
exposure and complementarity concepts providing insights into its influence.
Jobs in different country groups face varying levels of exposure to AI, with
advanced economies having higher susceptibility compared to emerging markets
and low-income countries. AI integration can boost productivity in some roles
while potentially automating tasks and reducing labour demand in others.
Disparities in AI readiness and workforce skills across countries may exacerbate
inequality. AI's impact on productivity is influenced by labour displacement,
complementarity with skills, and overall gains. The distribution of AI benefits and
productivity gains is uneven globally, highlighting the need for international
cooperation to bridge the gap and ensure broader access to AI advantages.
Emerging markets of the Group of Twenty (G20) have grown significantly in the
past two decades, now representing a substantial portion of global economic
activity and trade. The integration of these economies into global value chains
has heightened their impact on global markets. Shocks originating in G20
emerging markets can significantly affect global output through trade linkages,
with sectors in different economies responding differently to productivity shocks.
Future growth in G20 emerging markets could lead to a global growth
acceleration.
Andrea F. Presbitero et al. analyses the impact of G20 Emerging Markets' growth
slowdown on the global economy and the potential spillover effects. The chapter
emphasizes the need for policymakers to be prepared for larger shocks from
these markets and highlights the growing influence of G20 EMs on global
variables. It examines the transmission of shocks through trade and supply
chains across countries and sectors, emphasizing the importance of maintaining
buffers and strengthening policy frameworks. G20 emerging markets, beyond
China alone, are influential in global spillovers due to integration into the global
economy, impacting labour, productivity, and innovation in recipient countries.
The economies are less vulnerable to global shocks, with growth spillovers from
China being significant. Growth shocks in G20 EMs lead to job gains and losses in
different sectors. Negative productivity shocks can have mixed effects globally,
with GVC integration playing a key role. Policymakers need to consider the
impact of G20 EM slowdowns and promote diversified economic linkages to
manage risks effectively.

The rise of Chinese banks and the increase of South-to-South flows are noted.
G20 EMs show increased liabilities to G5 economies, with large exposure to
China. G20 EMs, particularly China, have significant portfolio flows and are key
global commodity producers. G20 EMs have become more integrated into global
supply chains. GDP growth in G20 EMs is becoming less volatile and is
converging with advanced economies. Domestic shocks in China can impact
global variables. The analysis of the April 2014 World Economic Outlook
examines the impact of domestic shocks in China on other economies, indicating
significant spillovers to emerging markets and advanced economies. Moreover,
the study highlights the increasing influence of China on global growth dynamics,
with spillovers to commodity prices and regional economies. Additionally, the
research underscores the role of other G20 emerging markets in propagating
aggregate shocks at both global and regional levels. The text discusses the
reallocation of activity across sectors and firms in G20 Emerging Markets,
considering firm-level data and input-output tables to evaluate growth surprises'
impact on firm revenues and spillovers from sectoral shocks. It demonstrates
that domestic growth surprises in G20 EMs positively affect firm revenues,
especially in sectors exposed to demand from these markets. The analysis also
examines downstream spillovers and sectoral productivity shocks' impact on
global trade and activity redistribution over the medium and longer term.
Spillovers from US and G20 EMs differ, with US spillovers resulting in a 1.4%
global GDP decline and G20 EMs causing a 4% decline with significant role of
China and India. Different scenarios show reallocations across sectors, with
manufacturing expanding in GVC-intensive sectors. Sectoral employment is
impacted by productivity shocks from G20 EMs. Positive shocks in certain
economy-sector pairs lead to increased employment, while negative shocks
result in job losses. G20 emerging markets, particularly China, play a significant
role in positive employment spillovers, especially in manufacturing sectors like
computer electronics and textiles. Advanced economies also experience positive
spillovers from sectors like services and manufacturing. However, negative
spillovers are observed in sectors like services and high-tech manufacturing in
advanced economies and agriculture and low-tech manufacturing in emerging
markets, with China being a key source of these effects. The potential for an
upside scenario in G20 EMs involves positive short-term shocks to boost GDP
growth, driven by household consumption and private investment. These shocks
could lead to a 0.7 percentage point increase in aggregate GDP growth for G20
EMs, with significant heterogeneity.
The scenario is modelled using GIMF with GVCs to amplify impact on trade flows.
Policy implications include the need for sound macroeconomic policies, buffers
against negative spillovers, and strengthening fiscal, monetary, and financial
frameworks in G20 EMs to manage shocks effectively. Policymakers should
prioritize sector-specific reforms, avoid protectionist measures, and promote
efficient reallocation of resources across sectors. Effective multilateral
cooperation is essential to manage spillovers and minimize fragmentation risks.
The article discusses the impact of domestic subsidies on export dynamics and
comparative advantage patterns in G20 EMs, highlighting the need for
international cooperation to avoid a subsidy war. Another section examines the
lack of clear patterns between total net capital flows and growth in emerging
markets, with private capital flows showing a positive correlation with growth.
Furthermore, the article explores the growth spillovers from G20 EMs to sub-
Saharan Africa, emphasizing the vulnerability of commodity exporters to global
shocks, especially those originating from China. The matrix based on 2017-19
averages shows the role of G20 emerging markets in Sub-Saharan Africa,
including goods imports and exports, top recipients of FDI projects, and growth
slowdown percentages. Data sources include fDi Markets, IMF Direction of Trade
Statistics, and IMF staff calculations.

Various economic perspectives on international trade, investments, and

spillovers are discussed in a range of academic articles from different authors
and institutions. The text discusses data and projections for the World Economic
Outlook (WEO), covering various aspects such as assumptions, data conventions,
and statistical tables. It includes information on global economic trends,
projections, and country-specific details with a focus on maintaining accuracy
and relevance in the presented data. The WEO database reflects a joint effort
between the IMF and national statistical agencies to compile consistent and
comparable economic data for various countries and regions. The text explains
how various economic indicators are aggregated and calculated differently based
on categories like advanced or emerging markets. It also introduces how weights
are used in statistical data and highlights specific country notes that affect data
reporting. The International Monetary Fund reports on fiscal data changes for
Uruguay and challenges in projecting Venezuela's economic outlook due to lack
of recent discussions with authorities and incomplete data. The WEO classifies
economies into advanced and emerging markets/developing economies, with
details on criteria and composition. The text provides detailed data on various
economies around the world, categorizing them based on different criteria such
as GDP shares, export earnings, external financing sources, and per capita
income classifications. It includes information on advanced economies, emerging
market and developing economies, and their respective regions. Countries are
classified based on their net creditor or net debtor status, as well as their
completion point for debt relief initiatives and income level. Some countries like
Syria are excluded due to data limitations. The text contains a list of countries
with their respective currencies, historical data sources, and statistical
methodologies used for government finances and balance of payments. It covers
a wide range of countries and data points related to economic indicators.

The text discusses financial data of various countries from different years and
their economic indicators such as currency, national accounts, and government
finance. The Republic NSO 2022 2001 CG, LG, SS A CB 2022 BPM 6 summarizes
the key data documentation for various countries with details on national
accounts, prices, government finance, and balance of payments statistics.
Factors affecting structural balances include asset and commodity prices, output
composition effects, temporary fiscal measures, interest rate fluctuations, and
debt-service costs. IMF estimates structural balances based on potential GDP,
revenue, and expenditure elasticities. Estimates are uncertain. Projections for
different countries are based on various fiscal plans, adjustments, and economic
assumptions, subject to revisions and incorporate off-budget financing and debt
calculations.
The text discusses fiscal and monetary policy assumptions for various countries.
For Sweden, fiscal estimates are based on authorities’ budget projections
adjusted for macroeconomic forecasts. In the case of monetary policy, Sweden's
assumptions rely on IMF staff estimates. These policies are crucial for economic
stability and growth. The data provided includes various statistics on real GDP,
output per capita, growth rates, and total domestic demand for different
economic categories and countries. Advanced economies experienced
fluctuations in components of real GDP like public consumption and gross fixed
capital formation, with different countries showing varying growth rates over the
years. Real GDP projections for various countries in Eastern Europe, Latin
America, the Caribbean, the Middle East, Central Asia, and Sub-Saharan Africa
are provided for the years 2016 to 2029.

The table presents data on inflation rates for various countries and regions. It
covers projections from 2006 to 2025, indicating fluctuations in consumer prices
for advanced economies and emerging markets. Consumer price movements
across various countries are presented in annual percent changes, depicting
fluctuations in economic conditions over the years. The data provided is about
the annual percent change in consumer prices for different countries and regions
across the world, including emerging market and developing economies. It
covers a wide range of countries from diverse regions such as Sub-Saharan
Africa, the Middle East, Central Asia, and South America. The data shows a range
of annual percentage changes in consumer prices across various countries and
regions like Liberia, Madagascar, Malawi, Mali, Mauritius, Mozambique, Namibia,
Niger, Nigeria, Rwanda, São Tomé and Príncipe, Senegal, Seychelles, Sierra
Leone, South Africa, South Sudan, Tanzania, Togo, Uganda, Zambia, and
Zimbabwe. It includes projections for major advanced economies' general
government fiscal balances and debts from 2006 to 2025.

World trade prices in different currencies and categories are analysed, focusing
on SDRs, US Dollars, and Euros. The data includes trade volumes, average
prices, and projections for various goods and regions. Additionally, current
account balances for advanced economies and emerging markets are detailed
along with external financing sources. The table provides projections for current
account balances as a percentage of GDP for various countries and regions. It
shows trends for advanced economies, emerging market and developing
economies, as well as different analytical groups, such as by source of export
earnings and external financing sources. Current account balance projections for
emerging market and developing economies, broken down by region and
country, are detailed in the data. The data presented shows the current account
balances of various countries and regions as a percentage of GDP for the years
2016 to 2029. Sub-Saharan Africa and individual countries like Angola, Benin,
Botswana, and others are included.
It also includes a summary of financial account balances in billions of US dollars
for advanced economies like the United States, Euro Area, Germany, France,
Italy, and Spain for the years 2016 to 2025. Financial account balances for
various countries and regions, including Japan, the United Kingdom, Canada, and
other advanced economies, as well as emerging market and developing
economies, show fluctuations in direct investment, portfolio investment, financial
derivatives, other investments, and reserves over a period from 2016 to 2025.
More detailed breakdowns are also provided for specific regions like Emerging
and Developing Asia, Emerging and Developing Europe, Latin America and the
Caribbean, Middle East and Central Asia, and Sub-Saharan Africa, indicating
diverse financial flows. The data reveal variations in economic activities across
diverse groups and regions. The statistics in the table show net lending and
borrowing projections for various countries and regions, based on national
accounts and balance of payments data. Group aggregates for financial
derivatives are omitted due to incomplete information. Projections for the euro
area are not available due to data limitations.

The table summarizes projections of net lending and borrowing, current account
balances, savings, and investments by analytical groups and external financing
sources. Data covers various economies and includes estimates based on
national accounts and balance of payments statistics, with calculations showing
imbalances due to imperfect data. The text discusses various economic topics
and trends across different regions and time periods, including the impact of
external factors on growth, the role of monetary policy, commodity market
developments, and inflation dynamics. The text discusses assorted topics related
to public investment, monetary policy, labour markets, inequality, and exchange
rate issues, among others. It explores the macroeconomic effects of different
policy measures and their impacts on economies globally.
Beyond various macroeconomic adjustments and trade considerations, the IMF
reported global economic resilience and financial sector risk containment,
aligning with broad agreement from Executive Directors. Directors discuss risks
and potential benefits for the global economy, emphasizing the importance of
balanced monetary policy and fiscal consolidation to ensure stability and growth.
Directors also stress the need for structural reforms, cybersecurity measures,
and multilateral cooperation to address challenges such as inflation, financial
vulnerabilities, and climate change.