External Sector Report 2025: Global Imbalances in a Shifting World

This report examines the significant widening of global current account balances, analyzes developments in the international monetary system, and provides an external sector assessment of 30 of the world’s largest economies based on 2024 data.

Publication date: July 2025

ISBN: 9798229017329

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Money and Monetary Policy , Current account , Capital flows , Exchange rate , External sector , External adjustment , US dollar , International Monetary System

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External Sector Report 2024: Imbalances Receding

External Sector Report, 2023: External Rebalancing in Turbulent Times

External Sector Report, 2022:Pandemic, War and Global Imbalances

External Sector Report 2021:Divergent Recoveries and Global Imbalances

Summary

This year’s report provides the external sector assessment of 30 of the world’s largest economies on the basis of their 2024 data. Global current account balances in 2024 widened significantly. Staff assessment suggests that excess current account balances account for about two-thirds of the widening, with China, the United States, and the euro area driving the increase. As the first in a planned series of periodic monitoring of the international monetary system, Chapter 2 stock of historical developments, outlines key conceptual frameworks, and introduces new indicators to track its evolving trends.