On Tuesday, October 4, International Monetary Fund released the new edition of its World Economic Outlook (WEO). According to the updated estimates, global economic growth in 2016 will slow to 3.08 percent from 3.2 percent in 2015. This is a downward revision relative to the previous April's estimate in which world's GDP growth was expected to rise this year.
Released twice a year, in April and October, WEO contains projections of key economic and financial indicators such as GDP, inflation, unemployment, the balance of payments, government finance, trade, and major commodity prices at the global level and in many countries.
In the October edition of WEO, global economic growth was revised down mainly due to the subdued growth in advanced countries, especially in the United States. The growth of the U.S. GDP in 2016 will be 0.8 percentage points weaker than expected. On the contrary, the growth of some developing economies was revised up. Thus, the recession in Russia in 2016 will be less sharp than it was estimated previously. The same is for the Brazilian economy, which will decline a bit less dramatically than was projected in October, and start to recover so far in 2017.
Improvement of the forecast for the emerging economies is connected with better prospects of economic growth in China in the near-term and some strengthening of energy prices. So, IMF expectations of average crude oil prices for 2017 were revised up by 24% from $40.99 to $50.64 per barrel.Energy prices firming along with removal of
Energy prices firming along with the removal of sanctions on Iran resulted in the upward revision of the republic's current account balance. While in April, current account balance of Iran was estimated to be -0.79 percent of GDP this year, in October's edition of WEO it turned positive to 4.17 percent of GDP.
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The Governing Council assesses economic and monetary developments and takes its monetary policy decisions every six weeks. The monetary policy decision is explained in detail at a press conference held every six weeks. The President, assisted by the Vice-President, chairs the press conference. Event Holder: European Central Bank Source: OECD Key Short-Term Economic Indicators
As per data from the World Bank, global GDP in current prices totaled around $75.5 trillion in 2016. In 2017, world GDP is forecasted to expand to $79.3 trillion according to IMF’s forecast. GDP ranking by country in 2017 presented on this page shows the extent to which different countries contribute to the world’s economy. Top 5 countries by GDP in 2017 are the United States, China, Japan, Germany, and France which are the largest economies in the world constituting more than a half of the Gross World Product (GWP). In the ranking by real GDP, the same countries hold the top spot. In 2017, United States is in the first position in the...
In this dashboard, we integrate the most recent medium and long-term forecasts of key economic indicators for G20 countries from major international organizations, namely, the World Bank, IMF, United Nations, OECD, European Commission and the Economist Intelligence Unit. The data presented cover projections of real GDP growth, characterizing each country's output of final goods and services; consumer price inflation, as a measure of price level movements; unemployment rate, or percent of those willing and able to work but cannot find it; current account balance, providing an idea of a country's position in the international exchange;...
The visualizations on this page provide an access to the GDP data by country from the IMF's World Economic Outlook (WEO). The table shows the data on the GDP measured in current prices as well as based on purchasing power parities (PPP). Charts at the right visualize country's GDP presented in the table to enable a visual analysis of GDP dynamics. Take a look at other GDP-related dashboards: GDP: GDP by country from the World Bank | GDP by country from IMF | World GDP ranking | World GDP GDP per capita: GDP per capita by country from the World Bank | GDP per capita by country from IMF | World GDP per capita ranking See also: G20...