FiscalMonitorDatabase April2019

International Monetary Fund
Fiscal Affairs Department
Database
April 2019 Fiscal Monitor "Curbing Corruption"
This database includes the tables, charts, and underlying data from the April 2019 IMF Fiscal Monitor. When
using the data, please refer to the IMF, Fiscal Monitor, April 2019.
Disclaimer: Should there be any discrepancies with the print version, the latter represents the official version.
In case of questions, please contact: fiscalmonitor@imf.org

International Monetary Fund
Fiscal Affairs Department
April 2019 Fiscal Monitor "Curbing Corruption"
Table of Contents
Tables
Table 1.1. General Government Fiscal Balance, 2012-24: Overall Balance
Table 1.2. General Government Debt, 2012-24
Table 1.3. Selected Advanced Economies: Gross Financing Needs, 2019–21
Table 1.4. Selected Emerging Market and Middle-Income Economies: Gross Financing Needs, 2019-20
Table 1.5. Selected Emerging Market and Middle-Income Economies: Fiscal Outlook in 2019 and over the Medium
Figures
Figure 1.1. General Government Fiscal Stance and Cyclical Position, 2007-18
Figure 1.2. General Government Gross-Debt-to-GDP and Interest-Bill-to-Tax-Revenue, 2007-18
Figure 1.3. Real GDP per Capita Growth and Income Inequality, 1970-2018
Figure 1.4. Implicit Liabilities of Pension and Healthcare Spending, 2015-50
Figure 1.5. Additional Spending Required to Achieve High Performance in Selected Sustainable Development Goals
Figure 1.6. Evolution of Labor Income Shares since 1995
Figure 1.7. Advanced Economies: General Government Structural Primary Balance, 2012-24
Figure 1.8. Advanced Economies: Spread over 10-Year German Bond Yields, 2018-19
Figure 1.9. Advanced Economies: Drivers of Change in General Government Debt, 2007–18
Figure 1.10. Advanced Economies: General Government Expendiure and Revenue, 2007-18
Figure 1.11. Advanced Economies: Change in General Government Structural Primary Balance, 2018-24
Figure 1.12. Advanced Economies: Change in General Government Gross Debt and Interest Bill, 2018-24
Figure 1.13. Emerging Market and Middle-Income Economies: General Government Overall Balance, 2012-24
Figure 1.14. Emerging Market and Middle-Income Economies: Drivers of Change in General Government Debt, 20
Figure 1.15. Emerging Market and Middle-Income Economies: Sovereign 10-Year US DollarBond Yields, 2018–19
Figure 1.16. Emerging Market and Middle-Income Economies: Sovereign Spreads over 10-Year US Treasury Bond
Figure 1.17. Emerging Market and Middle-Income Economies: General Government Revenues, 1998–2018
Figure 1.18. Emerging Market and Middle-Income Economies: General Government Expenditures, 1998–2018
Figure 1.19. Emerging Market and Middle-Income Economies: Change in General Government Expenditures, 2012
Figure 1.20. Low-Income Developing Countries: General Government Overall Balance, 2012–24
Figure 1.21. Low-Income Developing Countries: General Government Revenue and Expense, 2012–23
Figure 1.22. Low-Income Developing Countries: Change in General Government Expenditures, 2012–18
Figure 1.23. Low-Income Developing Countries: General Government Interest Expense, 2012–18
Figure 1.24. Low-Income Developing Countries: Risk of Debt Distress, 2012 and 2018
Figure 1.25. Low-Income Developing Countries: General Government Gross Debt, 2012–24
Figure 1.26. Global Economic Uncertainty Indices, 2017–19
Figure 1.27. Commodity Price Outlook, 2004–24
Figure 1.28. Public Capital Stock and Investment, 1995–2015
Figure 1.29. Individuals Using the Internet, 1990–2016
Figure 1.30. Tax Revenue, 2017
Figure 1.31. Energy Subsidies, 2017
Figure 1.32. Additional Spending on the Sustainable Development Goals, Net of Increased Tax Revenue, 2030
Figure 2.1 Perceptions of Corruption over Time and at Different Income Levels
Figure 2.2 Share of Firms Expected to Pay Bribes to . . .
Figure 2.3. Corruption Leakages in the Public Sector
Figure 2.4. Government Revenues and Corruption
Figure 2.5. Corruption and Revenue Collection
Figure 2.6. Control of Corruption and Public Spending on Education and Health
Figure 2.7 Corruption and Performance of State-Owned Enterprises
Figure 2.8. Countries with Less Corruption Have Higher Test Scores and Less Waste in Public Investment
Figure 2.9. Georgia: Tax Compliance Surged with Anti-Corruption Reforms
Figure 2.10. Rwanda: Tax Revenues Surged with Anti-Corruption Reforms
Figure 2.11. Fiscal Transparency, Procurement Systems, and Corruption, 2017
Figure 2.12. Fiscal Institutions and Control of Corruption
Figure 2.13. Relative Importance of Fiscal Institutions
Figure 2.14. Fiscal Governance Framework
Figure 2.15. Corruption Control and Attitude toward Tax Cheating
Figure 2.16. Corruption Is a Challenge for Many Resource-Rich Countries
Figure 2.17. Many Audit Agencies Are Constrained by a Lack of Resources
Figure 2.18. Purpose of Foreign Bribes
Boxes
Box 1.1.1. Fiscal Implications of Potential Stress in Global Financial Markets
Box 1.2.1. China: General Government Net Financial Worth after the Investment-Led Stimulus
Box 1.2.2. China: General Government Financial Asset Returns and Liability Costs
Box Table 1.2.1. China: Long Shadows of Investment-Led Stimulus during the Global Financial Crisis
Methodological and Statistical Appendix

Table A1. Advanced Economies: General Government Overall Balance, 2007–21(Percent of GDP)
Table A2. Advanced Economies: General Government Primary Balance, 2007–21(Percent of GDP)
Table A3. Advanced Economies: General Government Cyclically Adjusted Balance, 2007–21(Percent of potential G
Table A4. Advanced Economies: General Government Cyclically Adjusted Primary Balance, 2007–21(Percent of po
Table A5. Advanced Economies: General Government Revenue, 2007–21(Percent of GDP)
Table A6. Advanced Economies: General Government Expenditure, 2007–21 (Percent of GDP)
Table A7. Advanced Economies: General Government Gross Debt, 2007–21(Percent of GDP)
Table A8. Advanced Economies: General Government Net Debt, 2007–21(Percent of GDP)
Table A9. Emerging Market and Middle-Income Economies: General Government Overall Balance, 2007–21(Percen
Table A10. Emerging Market and Middle-Income Economies: General Government Primary Balance, 2007–21(Perc
Table A11. Emerging Market and Middle-Income Economies: General Government Cyclically Adjusted Balance, 20
Table A12. Emerging Market and Middle-Income Economies: General Government Cyclically Adjusted Primary Ba
Table A13. Emerging Market and Middle-Income Economies: General Government Revenue, 2007–21(Percent of G
Table A14. Emerging Market and Middle-Income Economies: General Government Expenditure, 2007–21(Percent o
Table A15. Emerging Market and Middle-Income Economies: General Government Gross Debt, 2007–21(Percent o
Table A16. Emerging Market and Middle-Income Economies: General Government Net Debt, 2007–21(Percent of G
Table A17. Low-Income Developing Countries: General Government Overall Balance, 2007–21(Percent of GDP)
Table A18. Low-Income Developing Countries: General Government Primary Balance, 2007–21 (Percent of GDP)
Table A19. Low-Income Developing Countries: General Government Revenue, 2007–21(Percent of GDP)
Table A20. Low-Income Developing Countries: General Government Expenditure, 2007–21 (Percent of GDP)
Table A21. Low-Income Developing Countries: General Government Gross Debt, 2007–21(Percent of GDP)
Table A22. Low-Income Developing Countries: General Government Net Debt, 2007–21 (Percent of GDP)
Table A23. Advanced Economies: Structural Fiscal Indicators
Table A24. Emerging Market and Middle-Income Economies: Structural Fiscal Indicators
Table A25. Low-Income Developing Countries: Structural Fiscal Indicators
Table B. Advanced Economies: Definition and Coverage of Fiscal Monitor Data
Table C. Emerging Market and Middle-Income Economies: Definition and Coverage of Fiscal Monitor Data
Table D. Low-Income Developing Countries: Definition and Coverage of Fiscal Monitor Data
onetary Fund
Department
"Curbing Corruption"
ontents
cing Needs, 2019-20

ok in 2019 and over the Medium Term
nue, 2007-18
d Sustainable Development Goals in 2030
, 2012-24
-19
2007–18
2007-18
ary Balance, 2018-24
d Interest Bill, 2018-24
nt Overall Balance, 2012-24
in General Government Debt, 2017-18
US DollarBond Yields, 2018–19
over 10-Year US Treasury Bond Yields, 2018–19
nt Revenues, 1998–2018
nt Expenditures, 1998–2018
Government Expenditures, 2012–18
ance, 2012–24
d Expense, 2012–23
xpenditures, 2012–18
ense, 2012–18
018
2012–24
creased Tax Revenue, 2030
e in Public Investment
ed Stimulus
bal Financial Crisis
ercent of GDP)
Percent of GDP)
, 2007–21(Percent of potential GDP)
Balance, 2007–21(Percent of potential GDP)
of GDP)
ent of GDP)
nt of GDP)
of GDP)
Overall Balance, 2007–21(Percent of GDP)
Primary Balance, 2007–21(Percent of GDP)
Cyclically Adjusted Balance, 2007–21(Percent of potential GDP)
Cyclically Adjusted Primary Balance, 2007–21 (Percent of potential GDP)
Revenue, 2007–21(Percent of GDP)
Expenditure, 2007–21(Percent of GDP)
Gross Debt, 2007–21(Percent of GDP)
Net Debt, 2007–21(Percent of GDP)
nce, 2007–21(Percent of GDP)
nce, 2007–21 (Percent of GDP)
07–21(Percent of GDP)
2007–21 (Percent of GDP)
2007–21(Percent of GDP)
07–21 (Percent of GDP)
icators
ge of Fiscal Monitor Data

onitor Data
Table 1.1. General Government Fiscal Balance, 2012–24: Overall Balance
(Percent of GDP)
Projections
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
World -3.7 -2.8 -2.8 -3.2 -3.4 -2.9 -2.8 -3.3 -3.1 -3.1 -3.1 -3.0 -2.9
Advanced Economies -5.4 -3.6 -3.0 -2.5 -2.5 -2.1 -2.1 -2.4 -2.3 -2.2 -2.2 -2.1 -2.0
United States1 -7.6 -4.1 -3.7 -3.2 -3.9 -3.8 -4.3 -4.6 -4.4 -4.4 -4.4 -4.0 -3.7
Euro Area -3.7 -3.1 -2.5 -2.0 -1.6 -1.0 -0.6 -1.0 -0.9 -1.0 -1.1 -1.1 -1.1
France -5.0 -4.1 -3.9 -3.6 -3.4 -2.7 -2.6 -3.3 -2.4 -2.5 -2.5 -2.6 -2.6
Germany 0.0 -0.1 0.6 0.8 0.9 1.0 1.7 1.1 1.1 0.8 0.8 0.7 0.7
Italy -2.9 -2.9 -3.0 -2.6 -2.5 -2.4 -2.1 -2.7 -3.4 -3.5 -3.7 -3.7 -3.8
Spain2 -10.5 -7.0 -6.0 -5.3 -4.5 -3.1 -2.7 -2.3 -2.3 -2.4 -2.5 -2.7 -2.8
Japan -8.6 -7.9 -5.6 -3.8 -3.7 -3.2 -3.2 -2.8 -2.1 -1.9 -1.8 -1.9 -2.1
United Kingdom -7.5 -5.3 -5.3 -4.2 -2.9 -1.8 -1.4 -1.3 -1.2 -1.1 -0.8 -0.6 -0.6
Canada -2.5 -1.5 0.2 -0.1 -0.4 -0.3 -0.4 -0.6 -0.6 -0.6 -0.7 -0.6 -0.6
Others 0.5 0.2 0.2 0.1 0.8 1.4 1.3 1.0 0.9 0.9 0.8 0.8 0.8
Emerging Market and Middle-Income Economies -0.9 -1.4 -2.4 -4.4 -4.8 -4.3 -4.0 -4.8 -4.4 -4.4 -4.4 -4.3 -4.3
Excluding MENAP Oil Producers -1.9 -2.3 -2.6 -4.0 -4.4 -4.2 -4.1 -4.9 -4.5 -4.5 -4.5 -4.4 -4.3
Asia -1.6 -1.8 -1.9 -3.3 -3.9 -4.1 -4.7 -5.6 -5.2 -5.1 -5.1 -5.0 -5.0
China -0.3 -0.8 -0.9 -2.8 -3.7 -3.9 -4.8 -6.1 -5.5 -5.4 -5.4 -5.3 -5.3
India -7.5 -7.0 -7.1 -7.2 -7.1 -7.0 -6.7 -6.9 -6.6 -6.4 -6.3 -6.2 -6.1
Europe -0.7 -1.5 -1.4 -2.7 -2.9 -1.9 0.2 -0.8 -1.2 -1.4 -1.6 -1.6 -1.6
Russia 0.4 -1.2 -1.1 -3.4 -3.7 -1.5 2.8 1.0 0.8 0.4 0.0 -0.2 -0.4
Latin America -2.8 -3.1 -4.8 -6.8 -6.2 -5.6 -4.9 -4.8 -4.2 -4.1 -3.8 -3.6 -3.4
Brazil -2.5 -3.0 -5.4 -10.2 -9.0 -7.9 -6.8 -7.3 -7.0 -6.9 -6.6 -6.2 -5.8
Mexico -3.7 -3.7 -4.5 -4.0 -2.8 -1.1 -2.3 -2.5 -2.4 -2.3 -2.3 -2.3 -2.3
MENAP 5.6 3.9 -1.5 -8.5 -9.5 -5.7 -3.4 -4.4 -3.7 -3.8 -3.7 -3.6 -3.7
Saudi Arabia 11.9 5.6 -3.5 -15.8 -17.2 -9.2 -4.6 -7.9 -5.7 -7.2 -6.8 -6.5 -6.4
South Africa -4.4 -4.3 -4.3 -4.8 -4.1 -4.4 -4.4 -5.1 -5.1 -4.9 -5.0 -5.0 -4.9
Low-Income Developing Countries -2.0 -3.5 -3.3 -3.9 -3.9 -4.2 -4.0 -4.0 -3.8 -3.6 -3.5 -3.4 -3.4
Nigeria 0.2 -2.3 -2.1 -3.5 -4.0 -5.4 -4.5 -5.1 -4.6 -4.5 -4.5 -4.5 -4.4
Oil Producers 1.6 0.4 -1.2 -4.2 -4.6 -2.7 -0.8 -1.7 -1.3 -1.4 -1.5 -1.5 -1.6
Memorandum
World Output (percent change) 3.5 3.5 3.6 3.4 3.4 3.8 3.6 3.3 3.6 3.6 3.6 3.6 3.7
Source: IMF staff estimates and projections.
Note: All country averages are weighted by nominal GDP converted to US dollars (adjusted by purchasing power parity only for world output) at average market exchange rates in the years
indicated and based on data availability. Projections are based on IMF staff assessments of current policies. In many countries, 2018 data are still preliminary. For country-specific details, see
Data and Conventions and Tables A, B, C, and D in the Methodological and Statistical Appendix. MENAP = Middle East, North Africa, and Pakistan.
1
For cross-country comparability, expenditure and fiscal balances of the United States are adjusted to exclude the imputed interest on unfunded pension liabilities and the imputed compensation of
employees, which are counted as expenditures under the 2008 System of National Accounts (2008 SNA) adopted by the United States, but not in countries that have not yet adopted the 2008
SNA. Data for the United States in this table may thus differ from data published by the US Bureau of Economic Analysis.
2
Including financial sector support.
Table 1.2. General Government Debt, 2012–24
(Percent of GDP)
Projections
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Gross Debt
World 79.7 78.4 78.7 79.8 82.9 81.7 82.0 82.9 83.0 83.2 83.4 83.4 83.5
Advanced Economies ...
106.6 ...
105.1 ...
104.6 ...
104.2 ...
106.7 ...
104.6 ...
103.6 ...
104.0 ...
103.7 ...
103.7 ...
103.6 ...
103.3 103.0
United States1 103.2 104.8 104.4 104.7 106.9 106.2 105.8 106.7 107.5 108.4 109.4 110.0 110.3
Euro Area 89.7 91.6 91.8 89.9 89.1 86.8 85.0 83.6 81.8 80.3 78.6 77.2 75.7
France 90.6 93.4 94.9 95.6 96.6 98.5 98.6 99.2 98.7 98.2 97.6 97.0 96.2
Germany 79.9 77.4 74.5 70.8 67.9 63.9 59.8 56.9 53.8 51.1 48.5 46.0 43.7
Italy 123.4 129.0 131.8 131.6 131.3 131.3 132.1 133.4 134.1 135.3 136.4 137.5 138.5
Spain 85.7 95.5 100.4 99.3 99.0 98.1 97.0 96.0 94.9 94.1 93.3 92.7 92.3
Japan 229.0 232.5 236.1 231.6 236.3 235.0 237.1 237.5 237.0 237.4 237.8 238.0 238.3
United Kingdom 84.1 85.2 87.0 87.9 87.9 87.1 86.9 85.7 84.4 83.6 82.6 81.5 80.3
Canada1 85.5 86.2 85.7 91.3 91.8 90.1 90.6 88.0 84.7 81.3 78.0 74.9 72.0
Emerging Market and Middle-Income Economies ...
37.5 ...
38.7 ...
40.8 ...
43.9 ...
46.8 ...
48.5 ...
50.8 ...
53.4 ...
55.1 ...
56.8 ...
58.4 ...
59.8 ...
61.2
Excluding MENAP Oil Producers 39.9 41.3 43.5 45.9 48.5 50.1 52.7 55.2 57.0 58.7 60.4 61.8 63.1
Asia 39.8 41.5 43.6 44.8 47.2 49.4 52.0 55.5 58.2 60.7 63.1 65.0 66.8
China 34.3 37.0 39.9 41.1 44.2 46.8 50.5 55.4 59.5 63.2 66.7 69.7 72.4
India 69.1 68.5 67.8 69.9 69.0 69.8 69.8 69.0 67.8 66.5 65.3 64.2 63.1
Europe 25.7 26.6 28.7 31.0 31.9 30.2 29.4 29.6 29.4 29.6 30.0 30.5 30.8
Russia 11.9 13.1 16.1 16.4 16.1 15.5 14.0 13.8 13.9 14.1 14.7 15.9 16.9
Latin America 48.8 49.5 51.5 55.1 58.8 62.6 69.5 70.0 70.0 70.0 70.0 69.7 69.5
Brazil2 62.2 60.2 62.3 72.6 78.3 84.1 87.9 90.4 92.4 94.1 95.6 96.5 97.6
Mexico 42.7 45.9 48.9 52.8 56.8 54.0 53.6 54.1 54.5 54.5 54.5 54.4 54.3
MENAP 22.8 23.5 23.6 33.3 40.7 40.0 38.6 41.2 41.4 41.6 41.5 42.2 43.2
Saudi Arabia 3.0 2.1 1.6 5.8 13.1 17.2 19.1 23.7 25.4 27.6 28.1 32.4 37.5
South Africa 41.0 44.1 47.0 49.3 51.5 53.0 56.7 57.8 59.8 61.8 63.5 65.1 66.5
Low-Income Developing Countries 31.8 32.9 33.7 37.7 41.3 43.7 45.0 45.1 44.5 44.1 43.6 43.2 42.8
Nigeria 17.7 18.6 17.5 20.3 23.4 25.3 28.4 30.1 31.4 32.7 33.8 34.9 35.9
Oil Producers 32.5 33.3 34.2 39.8 43.2 42.7 43.8 44.1 43.2 42.6 41.9 41.6 41.3
Net Debt
World 65.7 64.8 65.0 66.6 69.3 67.7 68.1 69.3 69.9 70.3 71.1 71.3 71.4
Advanced Economies ...
76.5 ...
75.7 ...
75.5 ...
75.6 ...
77.4 ...
75.4 ...
75.4 ...
76.4 ...
77.2 ...
77.7 ...
78.6 ...
78.9 ...
79.0
United States1 80.3 80.9 80.5 80.4 81.7 80.7 80.9 83.4 86.2 88.2 91.3 93.0 94.3
Euro Area 72.1 74.6 75.0 73.8 72.8 70.9 68.9 67.9 66.7 65.5 64.4 63.4 62.3
France 80.0 83.0 85.5 86.4 87.5 87.5 87.6 88.2 87.7 87.3 86.7 86.0 85.2
Germany 58.4 57.5 54.0 51.0 48.2 44.5 41.0 38.6 36.2 34.1 32.1 30.2 28.4
Italy 111.6 116.7 118.8 119.5 118.9 119.0 120.1 121.5 122.5 123.8 125.2 126.6 127.8
Spain 71.5 80.8 85.2 85.3 86.2 84.8 84.1 83.5 82.9 82.4 82.1 81.9 81.8
Japan 146.7 146.4 148.5 147.8 152.6 151.1 153.2 153.6 153.2 153.6 153.9 154.1 154.5
United Kingdom 75.5 76.8 78.8 79.3 78.8 77.5 77.5 76.2 75.0 74.2 73.2 72.1 70.9
Canada1 29.0 29.8 28.6 28.5 28.8 27.6 27.9 26.6 25.8 25.0 24.3 23.6 23.0
Emerging Market and Middle-Income Economies 22.4 22.6 23.9 28.3 34.2 35.6 36.4 38.6 39.6 40.5 41.4 42.1 42.6
Asia ... ... ... ... ... ... ... ... ... ... ... ... ...
Europe 32.0 31.6 29.7 28.8 31.1 30.1 30.3 30.9 30.4 30.5 30.9 31.0 30.9
Latin America 29.3 29.3 31.9 35.2 40.7 43.0 43.7 45.3 46.6 47.6 48.4 48.9 49.4
MENAP -3.2 -4.0 -0.7 14.6 28.2 28.9 30.8 36.2 38.9 41.2 43.5 45.6 47.5
Low-Income Developing Countries … … … … … … … … … … … … … 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0
Note: All country averages are weighted by nominal GDP converted to US dollars (adjusted by purchasing power parity only for world output) at average market exchange rates in the years
indicated and based on data availability. Projections are based on IMF staff assessments of current policies. In many countries, 2018 data are still preliminary. For country-specific details, see
Data and Conventions and Tables A, B, C, and D in the Methodological and Statistical Appendix. MENAP = Middle East, North Africa, and Pakistan.
1
For cross-country comparability, gross and net debt levels reported by national statistical agencies for countries that have adopted the 2008 System of National Accounts (Australia, Canada,
Hong Kong SAR, United States) are adjusted to exclude unfunded pension liabilities of government employees’ defined-benefit pension plans.
2
Gross debt refers to the nonfinancial public sector, excluding Eletrobras and Petrobras, and includes sovereign debt held on the balance sheet of the central bank.
Table 1.3. Selected Advanced Economies: Gross Financing Need, 2019–21 (Percent of GDP)
2019 2020 2021
Total Total Total
Maturing Budget Maturing Budget Maturing
Financing Financing Budget Deficit Financing
Debt Deficit Debt1 Deficit Debt1
Need Need Need
Australia 1.6 1.5 3.0 2.6 0.7 3.3 2.4 0.0 2.3
Austria 7.6 0.1 7.7 5.8 0.3 6.0 4.8 0.3 5.1
Belgium 15.8 1.2 17.0 15.6 1.4 17.0 15.3 1.4 16.7
Canada 8.9 0.6 9.6 10.4 0.6 11.1 8.2 0.6 8.8
Czech Republic 4.4 -1.1 3.3 3.2 -0.8 2.3 2.6 -0.6 2.0
Denmark 4.0 0.4 4.4 3.4 0.4 3.8 4.3 0.3 4.6
Finland 5.7 0.3 6.0 7.7 0.0 7.8 4.1 -0.1 4.0
France 10.2 3.3 13.5 11.4 2.4 13.8 10.6 2.5 13.1
Germany 4.7 -1.1 3.5 4.8 -1.1 3.8 2.9 -0.8 2.1
Iceland 2.2 -0.7 1.5 4.1 -0.5 3.7 1.9 -0.5 1.3
Ireland 7.2 0.0 7.2 8.2 -0.2 8.0 3.4 -0.3 3.1
Italy 21.0 2.7 23.7 20.6 3.4 24.0 21.2 3.5 24.7
Japan 36.7 2.8 39.5 36.3 2.1 38.5 31.2 1.9 33.0
Korea 2.0 -2.1 -0.1 2.9 -1.5 1.4 2.9 -1.1 1.9
Lithuania 3.2 -0.4 2.8 5.2 -0.3 4.9 5.1 -0.3 4.8
Malta 5.7 -0.6 5.1 5.5 -0.6 4.9 5.2 -0.7 4.5
Netherlands 6.2 -1.0 5.1 6.0 -0.8 5.3 4.2 -0.8 3.5
New Zealand 4.5 -0.1 4.4 3.6 -0.7 3.0 4.6 -1.0 3.6
Portugal 13.7 0.6 14.4 12.9 0.1 13.1 15.8 -0.4 15.4
Slovak Republic 2.9 0.0 2.9 4.0 -0.3 3.7 2.0 -0.3 1.6
Slovenia 6.2 -0.5 5.7 4.3 -0.2 4.1 5.9 -0.4 5.5
Spain2 14.4 2.3 16.7 14.2 2.3 16.5 14.1 2.4 16.5
Sweden 4.3 -0.5 3.7 3.7 -0.3 3.4 1.2 -0.3 0.9
Switzerland 1.6 -0.3 1.4 1.4 -0.2 1.2 1.3 -0.2 1.1
United Kingdom 8.2 1.3 9.5 7.4 1.1 8.5 6.6 1.1 7.7
United States3 20.5
#N/A 4.6
#N/A 25.1
#N/A 20.5
#N/A 4.4
#N/A 24.9###
#N/A 17.6
#N/A 4.4
#N/A 21.9
#N/A
Average 16.5 2.6 19.1 16.5 2.4 19.0 14.3 2.4 16.7
Sources: Bloomberg Finance L.P.; and IMF staff estimates and projections.
Note: For most countries, data on maturing debt refer to central government securities. For some countries, general government deficits are reported on an accrual basis.
For country-specific details, see "Data and Conventions", and Table B.
1
Assumes that short-term debt outstanding in 2019 and 2020 will be refinanced with new short-term debt maturing in 2020 and 2021, respectively. Countries projected to
have budget deficits in 2019 or 2020 are assumed to issue new debt based on the maturity structure of debt outstanding at end-2018.
2
Data refer to the general government on a consolidated basis. Data is from staff estimates and not based on Ministry of Finance data for upcoming amortization.
3
For cross-country comparability, expenditure and fiscal balances of the United States are adjusted to exclude the imputed interest on unfunded pension liabilities and the
imputed compensation of employees, which are counted as expenditures under the 2008 System of National Accounts (2008 SNA) adopted by the United States, but not in
countries that have not yet adopted the 2008 SNA. Data for the United States in this table may thus differ from data published by the US Bureau of Economic Analysis.
Table 1.4. Selected Emerging Market and Middle-Income Economies: Gross Financing Nee
(Percent of GDP)
2019 2020
Total
Maturing Budget Maturing Total Financing
Financing Budget Deficit
Debt Deficit Debt Need
Need
Argentina 12.7 2.7 15.3 8.4 1.5 9.8
Brazil 7.7 7.3 15.0 12.6 7.0 19.5
Chile 0.6 1.8 2.4 1.2 1.5 2.7
Colombia 2.3 2.6 4.9 1.6 1.0 2.7
Croatia 8.6 0.0 8.7 8.4 -0.1 8.3
Dominican Republic 3.6 3.1 6.7 3.2 3.3 6.5
Ecuador 5.6 0.0 5.6 6.1 -3.8 2.3
Egypt 28.0 8.6 36.6 25.9 6.5 32.4
Hungary 13.6 1.9 15.5 13.2 1.9 15.1
India 3.8 6.9 10.7 3.7 6.6 10.4
Indonesia 1.9 1.8 3.8 1.7 1.8 3.5
Malaysia 7.0 3.0 10.0 6.5 2.5 9.1
Mexico 7.6 2.5 10.1 7.9 2.4 10.3
Morocco 5.5 3.7 9.1 5.5 3.3 8.7
Pakistan 35.1 7.2 42.3 37.2 8.7 46.0
Peru 2.5 1.9 4.4 2.4 1.3 3.7
Philippines 3.1 1.2 4.3 2.9 1.4 4.3
Poland 5.7 2.2 7.9 5.0 3.1 8.1
Romania 4.2 3.8 8.0 3.8 4.1 8.0
Russia 1.3 -1.0 0.4 1.2 -0.8 0.4
South Africa 9.0 5.1 14.0 8.6 5.1 13.7
Sri Lanka 13.5 4.6 18.1 12.0 3.5 15.5
Thailand 5.3 0.1 5.4 5.2 0.7 5.9
Turkey 3.9 3.1 7.1 4.7 3.5 8.1
Ukraine 5.7 2.3 8.1 6.0 2.3 8.3
Uruguay1 15.2 2.7 17.9 17.1 2.6 19.7
Average 6.1 3.8 9.9 6.5 3.6 10.2

Note: Data in the table refer to general government data. For some countries, general government deficits are reported on an accrual basis.
For country-specific details, see "Data and Conventions," and Table C.
1
Data corresponds to the consolidated public sector (as presented in the authorities’ budget documentation), which includes the nonfinancial
public sector, local governments, Banco Central del Uruguay, and Banco de Seguros del Estado.
Table 1.5. Selected Emerging Market and Middle-Income Economies: Fiscal Outlook in 2019 and over the Medium Term
Argentina The authorities plan a zero-primary balance in 2019 at the federal level by raising taxes on exports, drawing down assets of the national
pension fund, scaling down energy subsidies, and reducing other non-entitlement spending. Medium-term budget projections foresee a
primary surplus of 1 percent of GDP by 2020.
Brazil To comply with the constitutional expenditure ceiling, the authorities plan to implement pension reform and contain personnel spending.
However, even complying with the constitutional spending ceiling, IMF staff projections are for public debt to continue increasing to just
below 100 percent of GDP in 2024.
China The government plans a more proactive fiscal stance for 2019 that would include reductions in the value-added, personal income, and
corporate income tax rates. General government debt is projected to rise over the medium term to over 72 percent of GDP by 2024.
India The interim federal government budget of February 2019 envisages a slower pace of adjustment than previously planned, primarily due to
the newly announced rural farm income-support scheme. IMF staff projections are that the achievement of the federal government deficit
target of 3 percent of GDP will be delayed and that the debt target of 40 percent of GDP will be achieved after 2024.
Indonesia The authorities intend to keep the deficit unchanged at 1.8 percent of GDP in 2019 and increase tax revenue by at least 3 percent of GDP
in five years through tax policy and administration reforms. Extra revenue is to be spent on infrastructure, health, education, and structural
reforms. In the medium term, public debt is projected to remain below 30 percent of GDP.
Mexico The government targets a public sector borrowing requirement of 2½ percent of GDP in 2019—corresponding to a general government
primary surplus of more than 1 percent of GDP—which would fall slightly over the medium term and stabilize the public debt around its
current level. The 2019 budget envisages significant expenditure reallocation, including public wage cuts and higher investment in the
energy sector.
Russia The government temporarily relaxed its fiscal rule, by allowing a primary deficit of ½ percent of GDP at the benchmark oil price for the next
six years. The authorities increased the main value-added tax rate in January 2019 and plan to increase spending by about 1 percent of
GDP per year (half to be spent on infrastructure, and half on health, education, and other current spending).
Saudi Arabia The government’s medium term fiscal plan envisages a balanced budget by 2023, with increased spending on infrastructure development
offset by continued non-oil revenue and energy price reforms after 2019. IMF staff projections are for continued fiscal deficits through 2024
reflecting lower oil prices and higher spending than envisaged by the authorities.
South Africa The government’s medium-term budget envisages a widening of the overall deficit to 4.5 percent of GDP in 2019 to accommodate
financing for the public utility Eskom, before declining to 4 percent of GDP over the medium term. IMF staff projections suggest that
additional consolidation in the next few years would be needed to stabilize the public debt well below 60 percent of GDP.
Turkey The government’s medium-term fiscal plan projects the overall deficit to remain below 2 percent of GDP through 2019–21, helped by
spending cuts, including on public investment. IMF staff projections are that the overall deficit will gradually fall below 3 percent of GDP by
2024 and that debt will remain below 30 percent of GDP over the medium term.
Sources: IMF, World Economic Outlook Database; and IMF staff reports.
Figure 1.1 General Government Fiscal Stance and Cyclical Position, 2007-18
Fiscal expansions following the global financial crisis and commodity price shocks have yet to be rever
1. Advanced Economies 2. Emerging Market and Middle-Income

Economies
3 3 9
2 2 8
1 1 7
0 0 6
-1 -1 5
-2 -2 4
Primary balance
-3 -3 in 2009 (GFC) 3
-4 -4 2
Structural primary Primary balance (percent of
-5 balance (percent -5 GDP) 1
of potential GDP)
-6 -6 0
2007
2009
2010
2012
2014
2015
2017
2018
2008
2011
2013
2016
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Source: IMF, World Economic Outlook Database.
Note: The averages are weighted by PPP-adjusted nominal GDP in US dollars. GFC = global financial crisis; PPP = purchasing p
2007 2008 2009 2010 2011 2012 2013 2014

Structural -1.1 -2.5 -4.2 -4.8 -3.8 -2.5 -1.6 -1.1
Output gap 2.4 0.9 -3.9 -2.3 -1.9 -2.0 -2.0 -1.5
Primary bal 2.5 2.1 -2.1 -0.6 0.4 0.2 -0.2 -1.0
GDP growth 8.7 5.7 2.6 7.6 6.6 5.4 5.0 4.7
Primary bal -0.6 1.4 -3.0 -1.9 -0.4 -0.9 -2.2 -1.9
GDP growth 6.9 5.8 5.3 7.6 5.2 4.8 5.9 6.2
2007-18
hocks have yet to be reversed.
dle-Income 3. Low-Income Developing Countries
9
3 9
8
2 8
7
1 7
6 0 6
5 -1 5
4 -2 4
3 -3 3
2 -4 2
(percent of Primary balance (percent of
1 GDP)
-5 1
0 -6 0
2015
2016
2017
2018
2007
2010
2013
2014
2017
2008
2009
2011
2012
2015
2016
2018
ancial crisis; PPP = purchasing power parity.
2015 2016 2017 2018

-0.9 -1.0 -0.9 -1.2
-0.9 -0.7 -0.1 0.4
-2.7 -3.0 -2.3 -1.9
4.3 4.6 4.9 4.6
-2.5 -2.3 -2.5 -2.1
4.7 3.7 5.0 4.6
Figure 1.2. General Government Gross-Debt-to-GDP and Interest-Bill-to-Tax
(Percent)
Public debt vulnerabilities are higher today than before the global financial crisis.
1. Advanced Economies 2. Emerging Market and Middle-Incom

Economies
120 10 60
Interest-to-tax Interest-to-tax (RHS)
110 (RHS) 55
8
100 Debt-to-GDP 50
90 45
6
Debt-to-GDP
80 40
4
70 35
60 30
2
50 25
40 0 20
2007
2008
2009
2010
2011
2012
2014
2015
2016
2017
2018
2013
2013
2015
2016
2018
2007
2008
2009
2010
2011
2012
2014
2017
GG debt
(Percent of GDP)
2007 2008 2009 2010 2011 2012
Advanced 8.8 8.8 8.9 8.9 9.2 8.7
Emerging 14.8 13.7 13.7 12.8 11.8 11.2
LIDC 11.0 10.9 12.5 11.9 12.1 12.6
Advanced ( 71.5 78.3 91.7 98.2 102.4 106.6
Emerging ( 35.5 33.9 39.2 38.3 37.5 37.5
LIDC (Debt 30.1 28.6 31.8 29.9 31.5 31.8
d Interest-Bill-to-Tax-Revenue, 2007-18
obal financial crisis.
ket and Middle-Income 3. Low Income Developing Countries
15 60 25
Interest-to-tax (RHS) Interest-to-tax (RHS)
55
12 20
50
45
9 15
40
6 10
35
Debt-to-GDP
30
3 5
25
0 20 0
2013
2015
2016
2018
2012
2014
2017
2007
2008
2009
2010
2013
2014
2011
2012
2015
2016
2017
2018
2013 2014 2015 2016 2017 2018

8.1 7.7 7.2 7.4 7.1 6.8
10.7 10.9 11.2 12.3 12.8 12.7
13.4 14.5 18.7 21.6 18.1 19.3
105.1 104.6 104.2 106.7 104.6 103.6
38.7 40.8 43.9 46.8 48.5 50.8
32.9 33.7 37.7 41.3 43.7 45.0
Figure 1.3. Real GDP per Capita Growth and Income Inequality, 1970-2018
(Percent)
GDP per capita has trended down and inequality remains a concern across the globe.
2. Emerging Market and Middle-Income
1. Advanced Economies Economies
8 Gini Index (RHS) 50 8 Gini Index (RHS) 50

Real GDP per capita Real GDP per capita
growth 6 growth
6
45 45
4 4
40 40
2 2
0 0
35 35
-2 -2
30 30
-4 -4
-6 25 -6 25
Source: IMF, World Economic Outlook Database; Standardized World Income Inequality Database; and IMF staff estimate
Note: The averages are weighted by PPP-adjusted nominal GDP in US dollars. PPP = purchasing power parity.
Real GDP per 1970 1971 1972 1973 1974 1975 1976
AE 2.8 2.4 4.3 5.4 0.0 -0.7 4.3
EMMIE 4.5 4.0 4.8 5.2 4.6 1.9 5.5
LIDC 2.3 -0.8 -1.4 0.0 3.2 -1.2 1.7
10-year movi 1970 1971 1972 1973 1974 1975 1976
AE 4.0 3.9 3.9 4.1 3.6 3.1 3.1
EMMIE 3.4 3.6 3.8 4.2 4.3 4.0 4.2
LIDC 1.2 1.1 1.0 1.0 1.0 0.8 0.8
GINI SWIID 1970 1971 1972 1973 1974 1975 1976
AE 29.8 29.6
EMMIE 45.7 45.0
LIDC 35.6 39.2
0-2018
he globe.
ddle-Income 3. Low-Income Developing Countries
50 8 50
Gini Index (RHS)
Real GDP per capita
6 growth
45 45
40 40
2
0
35 35
-2
30 30
-4
25 -6 25
base; and IMF staff estimates.

ing power parity.
1977 1978 1979 1980 1981 1982 1983 1984 1985 1986
3.1 3.7 3.1 0.5 1.2 -0.4 2.6 4.2 3.1 2.6
1.7 0.8 0.8 1.2 -1.2 -1.3 -0.3 1.6 1.2 2.2
1.0 0.0 0.8 -0.1 1.1 -0.5 -0.8 -0.1 0.4 2.2
1977 1978 1979 1980 1981 1982 1983 1984 1985 1986
3.1 3.0 2.8 2.6 2.5 2.0 1.7 2.2 2.5 2.4
4.2 3.8 3.4 3.0 2.5 1.9 1.4 1.1 1.0 0.7
1.0 0.8 0.6 0.3 0.5 0.6 0.5 0.2 0.3 0.4
1977 1978 1979 1980 1981 1982 1983 1984 1985 1986
29.5 29.4 29.1 29.2 29.4 29.7 29.9 30.1 30.3 30.5
44.9 43.5 43.4 43.3 43.1 42.8 41.8 41.6 41.5 41.7
39.4 39.2 39.1 39.1 39.0 38.8 38.5 38.4 38.6 38.6
1987 1988 1989 1990 1991 1992 1993 1994 1995 1996
3.1 4.1 3.2 2.2 0.6 1.3 0.4 2.6 2.2 2.3
2.1 2.3 1.6 2.2 2.7 0.6 1.7 1.7 2.4 3.4
0.7 0.9 0.5 -1.0 -1.0 -0.2 -0.6 -1.1 2.1 2.8
1987 1988 1989 1990 1991 1992 1993 1994 1995 1996
2.4 2.4 2.4 2.6 2.5 2.7 2.5 2.3 2.2 2.2
0.7 0.9 1.0 1.0 1.4 1.6 1.8 1.8 1.9 2.1
0.4 0.5 0.4 0.3 0.1 0.2 0.2 0.1 0.3 0.3
1987 1988 1989 1990 1991 1992 1993 1994 1995 1996
30.7 30.8 30.8 30.9 31.0 31.2 31.5 31.8 31.7 31.8
41.9 41.8 41.5 41.6 41.7 40.5 41.2 41.7 41.9 41.9
38.5 39.0 39.1 40.5 40.6 39.2 39.4 39.5 39.4 39.7
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
2.8 2.1 2.9 3.4 0.9 1.0 1.3 2.5 2.1 2.3
3.3 0.7 2.2 4.8 2.3 3.4 5.4 6.3 6.1 6.8
1.8 1.7 1.4 2.7 3.5 4.3 4.0 5.2 4.7 4.4
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
2.2 2.0 1.9 2.1 2.1 2.1 2.1 2.1 2.1 2.1
2.2 2.0 2.1 2.4 2.3 2.6 3.0 3.4 3.8 4.1
0.4 0.5 0.6 1.0 1.4 1.9 2.3 2.9 3.2 3.4
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
31.9 32.0 32.1 32.2 32.4 32.3 32.4 32.6 32.8 33.0
42.0 42.1 42.2 42.4 42.5 42.7 42.7 42.9 42.7 42.5
39.6 39.7 39.7 39.6 39.7 39.8 39.7 39.9 40.0 40.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
1.9 -0.5 -4.0 2.3 1.1 0.6 0.8 1.5 1.8 1.1
7.3 4.3 1.6 6.5 5.5 4.3 4.0 3.6 3.3 3.6
4.7 3.7 3.1 5.3 4.2 2.5 3.8 4.1 2.7 1.7
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
2.0 1.8 1.1 1.0 1.0 1.0 0.9 0.8 0.8 0.7
4.5 4.9 4.8 5.0 5.3 5.4 5.3 5.0 4.7 4.4
3.7 3.9 4.0 4.3 4.4 4.2 4.2 4.0 3.8 3.6
2007 2008 2009 2010 2011 2012 2013 2014 2015
33.1 33.0 33.1 33.1 33.4 33.5 33.6 33.6 33.9
42.4 42.4 42.3 42.2 42.1 41.8 40.4 40.6 40.7
40.0 39.8 39.8 39.6 38.5 38.2 38.0 37.8 37.3
2017 2018
1.9 1.7
3.9 3.8
3.0 2.7
2017 2018
0.7 0.9
4.1 4.0
3.4 3.3
Figure 1.4 Implicit Liabilities of Pension and Healthcare Spending, 2015-50
(Percent of GDP in present value terms)
Pension and healthcare spending for aging populations will add significantly to govern
1. Advanced Economies 2. Emerging
Healthcare
Pension
Total net
KOR
USA
CHE
LUX
NZL
NLD
NORISL
PRT
BEL
SVN
ITA
DEU
ESP
AUS
IRL
FIN
AUT
CAN
GBR
HKG
CZE
ISR
JPN
FRA
LTU
SGP
CYP
SVK
DNK
EST
LVA
SWE KWT
MLT BRA
DZA
AZE
THA
IRN
BLR
SAU
UKR
RUS
CHN
-50 0 50 100 150 200 MYS
MAR
ARG
ECU
QAT
OMN
KAZ
EGY
LKA
ARE
MEX
TUR
PER
URY
DOM
ZAF
POL
CHL
AGO
IDN
HUN
ROM
PHL
COL
PAK
HRV
IND
-50 0 50
Source: IMF staff estimates.

Note: Data labels in the figure use International Organization for Standardization (ISO) country codes.
Spending, 2015-50
MLT Malta
SWE Sweden
significantly to government obligations. LVA Latvia
EST Estonia
2. Emerging Market and Middle-Income Economies
DNK Denmark
SVK Slovak Republ
CYP Cyprus
SGP Singapore
LTU Lithuania
FRA France
JPN Japan
ISR Israel
CZE Czech Republi
HKG Hong Kong SA
GBR United Kingd
CAN Canada
AUT Austria
FIN Finland
IRL Ireland
Healthcare AUS Australia
Pension ESP Spain
DEU Germany
Total net
ITA Italy
SVN Slovenia
BEL Belgium
PRT Portugal
NOR Norway
ISL Iceland
KWT
BRA
DZA
AZE
THA
IRN
BLR
SAU
UKR
RUS
CHN
NLD Netherlands
MYS
MAR
ARG
ECU
QAT
OMN
KAZ
EGY
LKA
ARE NZL New Zealand
MEX
TUR
PER
URY
DOM
ZAF
POL
CHL
AGO
IDN
HUN
ROM
PHL
COL
PAK LUX Luxembourg
HRV
IND
-50 0 50 100 150 200 250 300 350 400 CHE Switzerland
USA United States
KOR Korea
tion (ISO) country codes.
IND India
HRV Croatia
PAK Pakistan
COL Colombia
PHL Philippines
ROM Romania
HUN Hungary
IDN Indonesia
AGO Angola
CHL Chile
POL Poland
ZAF South Africa
DOM Dominican Rep
URY Uruguay
PER Peru
TUR Turkey
MEX Mexico
ARE United Arab E
LKA Sri Lanka
EGY Egypt
KAZ Kazakhstan
OMN Oman
QAT Qatar
ECU Ecuador
ARG Argentina
MAR Morocco
MYS Malaysia
CHN China
RUS Russia
UKR Ukraine
SAU Saudi Arabia
BLR Belarus
IRN Iran
THA Thailand
AZE Azerbaijan
DZA Algeria
BRA Brazil
KWT Kuwait
Pension Healthcare Total net y series
-13.2 … -13.24 0.50
-33.5 25.0 -8.42 1.50
-35.9 32.8 -3.10 2.50
-21.9 21.1 -0.78 3.50
-44.4 46.0 1.60 4.50
-16.1 26.5 10.45 5.50
21.0 … 20.97 6.50
27.8 … 27.79 7.50
1.0 27.5 28.47 8.50
-2.0 30.6 28.53 9.50
-31.7 72.0 40.33 10.50
26.1 15.4 41.47 11.50
20.1 25.1 45.18 12.50
55.1 … 55.09 13.50
8.3 65.0 73.35 14.50
29.0 46.8 75.80 15.50
17.1 59.0 76.16 16.50
25.5 50.8 76.38 17.50
43.3 38.3 81.60 18.50
25.3 59.6 84.85 19.50
27.4 60.0 87.37 20.50
39.7 47.8 87.51 21.50
47.2 40.8 88.03 22.50
51.5 42.9 94.35 23.50
17.9 76.8 94.72 24.50
24.6 74.3 98.91 25.50
22.3 78.2 100.55 26.50
7.5 94.0 101.55 27.50
14.2 94.6 108.81 28.50
53.8 66.4 120.17 29.50
53.5 74.1 127.60 30.50
15.8 116.1 131.87 31.50
31.4 122.3 153.63 32.50
75.4 84.3 159.70 33.50
-5.7 9.0 3.29 0.50
-38.9 45.5 6.65 1.50
5.3 4.9 10.19 2.50
-37.8 48.4 10.55 3.50
7.8 8.8 16.62 4.50
-16.2 33.6 17.42 5.50
-21.8 40.1 18.35 6.50
9.2 10.3 19.54 7.50
16.2 7.7 23.95 8.50
-22.8 53.3 30.48 9.50
-7.5 40.0 32.47 10.50
13.2 26.8 40.05 11.50
15.1 26.9 42.00 12.50
-3.9 47.7 43.78 13.50
15.3 30.8 46.12 14.50
15.5 33.6 49.12 15.50
18.6 31.1 49.61 16.50
29.6 28.2 57.79 17.50
43.2 14.8 58.00 18.50
51.1 8.7 59.75 19.50
47.5 14.9 62.42 20.50
27.8 36.6 64.38 21.50
38.7 27.5 66.15 22.50
33.4 39.9 73.31 23.50
40.7 37.1 77.88 24.50
61.4 22.6 83.99 25.50
82.4 19.5 101.91 26.50
70.7 31.9 102.56 27.50
96.6 24.2 120.85 28.50
99.8 21.0 120.86 29.50
92.9 38.9 131.80 30.50
114.7 27.6 142.33 31.50
109.9 43.0 152.91 32.50
125.7 28.7 154.40 33.50
148.9 11.7 160.58 34.50
122.4 44.4 166.89 35.50
203.8 44.2 248.07 36.50
330.1 31.2 361.31 37.50
Figure 1.5. Additional Spending Required to Achieve High Performance in Selected Sus
(Percent of GDP)
Upgrading public services and infrastructure for growing populations requires substantial additiona
1. Emerging Market and Middle-Income Economies 2. Low-Income Developing Countries
7 7
6 2030 6
2016
5 5
4 4
3 3
2 2
1 1
0 0
Health Education Energy 1 Transport 2 Water Health Education Energy
Source: Gaspar and others (2019).

Note: The data for 2030 refer to the spending in that year as a share of GDP that would be consistent with high performanc
Sustainable Development Goal areas reported in the figure. For education and health care, additional spending correspond
spending as a share of GDP consistent with high performance in 2030 and the 2016 level of spending as a share of GDP. Fo
spending corresponds to the annualized spending required to close infrastructure gaps between 2019 and 2030.
1
Increase only reflects additional spending need for electricity.
2
Increase only reflects additional spending need for roads.
mance in Selected Sustainable Development Goals in 2030
res substantial additional spending.

Developing Countries
Health
2030 Education
2016 Energy 1
Transport 2
Water
lth Education Energy 1 Transport 2 Water
onsistent with high performance in the selected

dditional spending corresponds to the difference between
pending as a share of GDP. For physical capital, additional
een 2019 and 2030.
LIDC EME
2016 2030 2016 2030
0.9 4.6 2.3 1.7
2.3 3.7 3.2 0.3
0.4 1.7 0.2 0.9
0.9 3.8 1.5 1
0.4 1.6 0.1 0.2
Figure 1.6. Evolution of Labor Income Shares since 1995
(Percent of GDP)
The income share of labor has declined globally, in particular for low and middle skilled
labor.
1. By country, 1995 vs 2014 2. By skill level, 1995-2009
80 50
AEs 45 - - Middle/Low
70 skill
40
35
60
30
2014
50 25 ̶̶ High skill
20
40
15
10
30
5 AEs
20 0
20 30 40 50 60 70 80
1995
1997
1999
2001
2002
2004
2006
2008
1996
1998
2000
2003
2005
2007
2009
1995
Source: World Input-Output Database Socio-Economic Accounts.

Note: Labor income share refers to the portion of gross domestic product allocated to labor compensation. AEs = advanced
economies; EMDEs = emerging market and developing economies; EMMIEs = emerging market and middle-income
economies; LIDCs = low-income developing countries.
ddle skilled
Country ccode 1995
09 Australia AUS 58.7
Austria AUT 63.7
Belgium BEL 62.2
Canada CAN 63.4
Cyprus CYP 50.6
Czech RepubliCZE 52.2
Denmark DNK 64.6
Estonia EST 70.5
Finland FIN 59.2
France FRA 62.0
Germany DEU 66.6
Greece GRC 52.8
Hong Kong SAHKG 47.3
Iceland ISL 68.1
Ireland IRL 49.3
2004
2006
2008
2003
2005
2007
2009
Israel ISR 59.3

Italy ITA 54.0
Japan JPN 67.0
ensation. AEs = advanced Korea KOR 56.3
nd middle-income Latvia LVA 60.9
Lithuania LTU 50.7
Luxembourg LUX 66.9
Malta MLT 54.5
Netherlands NLD 62.4
New Zealand NZL 53.8
Norway NOR 58.4
Portugal PRT 64.3
Singapore SGP 44.0
Slovak RepublSVK 52.4
Slovenia SVN 73.6
Spain ESP 64.3
Sweden SWE 52.3
Switzerland CHE 66.6
United Kingd GBR 59.6
United States USA 61.3
Algeria DZA #N/A
Angola AGO #N/A
Argentina ARG 47.3
Azerbaijan AZE 51.4
Belarus BLR 53.3
Brazil BRA 57.1
Chile CHL 45.0
China CHN 64.3
Colombia COL 72.5
Croatia HRV 66.2
Dominican Rep
DOM 65.9
Ecuador ECU 45.3
Egypt EGY 39.2
Hungary HUN 66.6
India IND 60.5
Indonesia IDN 45.1
Iran IRN 35.7
Kazakhstan KAZ 58.9
Kuwait KWT 23.4
Libya LBY #N/A
Malaysia MYS 53.1
Mexico MEX 45.7
Morocco MAR 52.1
Oman OMN 30.6
Pakistan PAK #N/A
Peru PER 37.0
Philippines PHL 44.1
Poland POL 65.4
Qatar QAT 33.0
Romania ROM #N/A
Russia RUS 72.5
Saudi Arabia SAU 32.8
South Africa ZAF 59.7
Sri Lanka LKA 71.5
Thailand THA 38.6
Turkey TUR 54.8
Ukraine UKR 55.8
United Arab EARE #N/A
Uruguay URY 51.7
Venezuela VEN 42.3
Bangladesh BGD #N/A
Benin BEN 61.0
Burkina Faso BFA 62.1
Cambodia KHM #N/A
Cameroon CMR 50.9
Chad TCD 46.7
Congo, Democr
COD #N/A
Congo, RepublCOG #N/A
Côte d'Ivoire CIV 47.4
Ethiopia ETH #N/A
Ghana GHA #N/A
Guinea GIN 35.5
Haiti HTI #N/A
Honduras HND 57.9
Kenya KEN 42.8
Kyrgyz RepublKGZ 78.1
Lao P.D.R. LAO 51.3
Madagascar MDG #N/A
Mali MLI #N/A
Moldova MDA 50.6
Mozambique MOZ 42.6
Myanmar MMR #N/A
Nepal NPL #N/A
Nicaragua NIC 54.7
Niger NER 57.9
Nigeria NGA 31.5
Papua New GuPNG #N/A
Rwanda RWA 77.1
Senegal SEN 36.8
Somalia SOM #N/A
Sudan SDN 74.2
Tajikistan TJK 53.7
Tanzania TZA 54.8
Timor-Leste TLS #N/A
Uganda UGA #N/A
Uzbekistan UZB #N/A
Vietnam VNM #N/A
Yemen YEM #N/A
Zambia ZMB #N/A
Zimbabwe ZWE 55.6
x y
0 0
100 100
2014
56.9 AEs: high skill AEs: Middle/Low skill EMDEs: High skill
58.9 1995 19.4 42.1 9.6
63.0 1996 19.6 41.4 9.5
61.9 1997 19.9 40.5 9.4
47.0 1998 20.7 39.6 9.5
51.2 1999 21.0 39.1 9.2
64.0 2000 21.7 38.4 9.4
59.1 2001 22.3 37.9 9.6
61.0 2002 22.4 37.4 9.7
63.0 2003 22.4 37.4 10.1
62.3 2004 22.7 36.4 10.2
48.0 2005 22.7 35.8 10.6
52.1 2006 22.9 35.4 10.8
74.6 2007 22.6 35.4 11.2
48.5 2008 22.7 35.2 11.3
53.6 2009 23.1 34.9 11.2
54.0
60.3
51.9
57.8
46.6
55.4
54.4
59.6
56.7
53.4
58.1
43.9
54.7
66.6
58.0
56.6
65.4
61.3
60.4
#N/A
#N/A
43.3
22.9
56.1
55.8
44.8
56.7
62.1
67.2
66.2
45.1
37.8
60.1
49.5
45.7
26.2
41.6
24.5
#N/A
53.1
38.6
49.0
30.3
#N/A
30.7
35.7
56.3
19.3
#N/A
65.7
28.0
55.2
68.3
39.3
43.7
55.8
#N/A
47.4
40.2
#N/A
61.7
54.6
#N/A
50.3
59.6
#N/A
#N/A
47.8
#N/A
#N/A
38.4
#N/A
61.8
42.8
56.3
46.9
#N/A
#N/A
63.0
42.7
#N/A
#N/A
55.6
43.9
48.9
#N/A
77.1
40.1
#N/A
59.2
38.0
43.8
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
55.6
EMDEs: Middle/Low skill
43.5
43.1
42.4
42.4
42.3
40.2
40.0
39.1
38.5
37.4
36.5
35.6
35.9
36.0
36.0
Figure 1.7. Advanced Economies: General Government Structural Primary B
(Percent of potential GDP)
The fiscal stance is easing across major advanced economies.
5.0
IT
3.0
EA
1.0
-1.0 AE
s
-3.0
UK
US
-5.0 JP
AEs 75th
percentile
-7.0
2013
2014
2016
2018
2019
2021
2022
2023
2012
2015
2017
2020
2024
Source: IMF, World Economic Outlook database.
Note: AEs = advanced economies
Structural Primary Balance, 2012-24
2012 2013 2014 2015

Italy 3.3 3.9 3.1 3.1
United Kin -3.7 -2.7 -2.9 -2.5
United Stat -4.4 -2.5 -1.9 -1.7
Japan -6.5 -6.6 -4.7 -3.7
Euro Area 0.5 1.1 1.2 1.1
Advanced E -2.8 -1.7 -1.1 -1.0
AEs 25th pe -2.0 -1.2 -0.7 -0.4
AEs 75th pe 0.9 0.7 1.2 1.5
2016 2017 2018 2019 2020 2021 2022 2023 2024
2.3 1.9 1.8 1.4 0.5 0.3 0.2 0.2 0.2
-1.3 -0.1 0.1 0.2 0.4 0.5 0.5 0.5 0.5
-2.3 -2.3 -3.1 -3.4 -2.9 -2.8 -2.7 -2.2 -1.8
-3.4 -2.9 -2.8 -2.7 -2.1 -1.9 -1.8 -1.9 -2.1
1.1 1.1 1.0 0.7 0.4 0.3 0.3 0.4 0.0
-1.1 -1.0 -1.3 -1.6 -1.4 -1.3 -1.3 -1.1 -0.9
-0.3 -0.2 -0.2 -0.2 0.0 0.1 0.0 0.0 0.0
1.9 1.8 1.8 1.4 1.2 1.2 1.2 1.3 1.4
Figure 1.8. Advanced Economies: Spread over 10-Year Germ
Yields, 2018-19
(Percentage points)
Italian spreads widened over the past year, but spillover to other euro area c
limited.
5
Greece Italy Portugal Spain
Italy's 2019
New
budget
2 Italian announced
governme
nt formed
10/1/2018
11/1/2018
12/1/2018
5/1/2018
6/1/2018
1/1/2019
2/1/2019
3/1/2018
4/1/2018
7/1/2018
8/1/2018
9/1/2018
3/1/2019
Source: Bloomberg Finance L.P.
Note: Spread data through March 29, 2019.
over 10-Year German Bond
Greece Italy
3/1/2018 3.828 1.303
er to other euro area countries was 3/2/2018 3.701 1.319
3/5/2018 3.721 1.36
3/6/2018 3.646 1.322
3/7/2018 3.585 1.3
3/8/2018 3.529 1.357
3/9/2018 3.533 1.363
3/12/2018 3.533 1.371
3/13/2018 3.521 1.375
3/14/2018 3.572 1.421
3/15/2018 3.638 1.411
3/16/2018 3.613 1.412
3/19/2018 3.623 1.396
3/20/2018 3.604 1.312
3/21/2018 3.626 1.341
3/22/2018 3.761 1.357
3/23/2018 3.853 1.35
3/26/2018 3.902 1.388
3/27/2018 3.86 1.371
3/28/2018 3.855 1.338
3/29/2018 3.82 1.289
3/30/2018 3.82 1.289
4/2/2018 3.82 1.289
4/3/2018 3.753 1.293
4/4/2018 3.601 1.242
4/5/2018 3.483 1.27
4/6/2018 3.514 1.289
4/9/2018 3.493 1.268
4/10/2018 3.55 1.28
4/11/2018 3.599 1.304
4/12/2018 3.501 1.299
4/13/2018 3.597 1.286
4/16/2018 3.525 1.277
4/17/2018 3.516 1.252
4/18/2018 3.463 1.186
4/19/2018 3.436 1.181
4/20/2018 3.455 1.188
4/23/2018 3.401 1.159
4/24/2018 3.357 1.136
4/25/2018 3.341 1.143
4/26/2018 3.351 1.154
4/27/2018 3.354 1.17
4/30/2018 3.306 1.226
5/1/2018 #N/A 1.226
5/2/2018 3.347 1.209
5/3/2018 3.473 1.207
5/4/2018 3.593 1.253
5/7/2018 3.605 1.227
5/8/2018 3.642 1.305
5/9/2018 3.64 1.323
5/10/2018 3.533 1.378
5/11/2018 3.468 1.313
5/14/2018 3.437 1.318
5/15/2018 3.484 1.309
5/16/2018 3.767 1.511
5/17/2018 3.804 1.475
5/18/2018 3.963 1.65
5/21/2018 4.003 1.867
5/22/2018 3.828 1.768
5/23/2018 3.865 1.894
5/24/2018 3.792 1.927
5/25/2018 4.005 2.055
5/28/2018 4.143 2.34
5/29/2018 4.539 2.904
5/30/2018 4.226 2.544
5/31/2018 4.244 2.453
6/1/2018 4.122 2.303
6/4/2018 4.047 2.12
6/5/2018 4.156 2.42
6/6/2018 4.14 2.474
6/7/2018 4.094 2.578
6/8/2018 4.256 2.682
6/11/2018 4.021 2.345
6/12/2018 4.057 2.371
6/13/2018 4.103 2.324
6/14/2018 4.17 2.311
6/15/2018 4.093 2.206
6/18/2018 4.024 2.156
6/19/2018 4.004 2.184
6/20/2018 3.988 2.172
6/21/2018 3.981 2.397
6/22/2018 3.811 2.357
6/25/2018 3.803 2.499
6/26/2018 3.774 2.549
6/27/2018 3.727 2.488
6/28/2018 3.728 2.461
6/29/2018 3.658 2.378
7/2/2018 3.68 2.347
7/3/2018 3.656 2.342
7/4/2018 3.662 2.349
7/5/2018 3.734 2.431
7/6/2018 3.675 2.423
7/9/2018 3.573 2.367
7/10/2018 3.534 2.351
7/11/2018 3.515 2.322
7/12/2018 3.515 2.267
7/13/2018 3.515 2.211
7/16/2018 3.499 2.214
7/17/2018 3.511 2.122
7/18/2018 3.516 2.163
7/19/2018 3.533 2.176
7/20/2018 3.497 2.219
7/23/2018 3.443 2.233
7/24/2018 3.453 2.288
7/25/2018 3.423 2.282
7/26/2018 3.447 2.3
7/27/2018 3.425 2.34
7/30/2018 3.43 2.34
7/31/2018 3.52 2.277
8/1/2018 3.501 2.311
8/2/2018 3.62 2.453
8/3/2018 3.695 2.519
8/6/2018 3.616 2.516
8/7/2018 3.587 2.46
8/8/2018 3.597 2.516
8/9/2018 3.739 2.523
8/10/2018 3.904 2.676
8/13/2018 3.978 2.791
8/14/2018 3.94 2.703
8/15/2018 3.976 2.865
8/16/2018 4.012 2.797
8/17/2018 4.036 2.816
8/20/2018 4.033 2.712
8/21/2018 3.908 2.657
8/22/2018 3.87 2.717
8/23/2018 3.849 2.749
8/24/2018 3.856 2.807
8/27/2018 3.825 2.78
8/28/2018 3.817 2.807
8/29/2018 3.819 2.721
8/30/2018 4.024 2.869
8/31/2018 4.077 2.91
9/3/2018 4.119 2.828
9/4/2018 4.204 2.66
9/5/2018 4.175 2.555
9/6/2018 4.058 2.703
9/7/2018 3.908 2.648
9/10/2018 3.797 2.509
9/11/2018 3.66 2.513
9/12/2018 3.677 2.54
9/13/2018 3.605 2.528
9/14/2018 3.64 2.532
9/17/2018 3.577 2.388
9/18/2018 3.599 2.31
9/19/2018 3.619 2.365
9/20/2018 3.602 2.411
9/21/2018 3.608 2.368
9/24/2018 3.603 2.439
9/25/2018 3.529 2.335
9/26/2018 3.522 2.333
9/27/2018 3.515 2.359
9/28/2018 3.714 2.677
10/1/2018 3.749 2.828
10/2/2018 3.884 3.03
10/3/2018 3.932 2.838
10/4/2018 3.965 2.798
10/5/2018 3.938 2.851
10/8/2018 4.113 3.039
10/9/2018 4.033 2.927
10/10/2018 3.917 2.954
10/11/2018 3.976 3.046
10/12/2018 3.91 3.079
10/15/2018 3.886 3.043
10/16/2018 3.791 2.962
10/17/2018 3.864 3.087
10/18/2018 4.019 3.27
10/19/2018 3.892 3.023
10/22/2018 3.885 3.042
10/23/2018 3.909 3.183
10/24/2018 3.904 3.209
10/25/2018 3.843 3.094
10/26/2018 3.951 3.094
10/29/2018 3.833 2.96
10/30/2018 3.884 3.106
10/31/2018 3.852 3.042
11/1/2018 3.838 2.981
11/2/2018 3.876 2.893
11/5/2018 3.863 2.899
11/6/2018 3.91 2.963
11/7/2018 3.862 2.89
11/8/2018 3.879 2.939
11/9/2018 3.981 2.996
11/12/2018 4.014 3.04
11/13/2018 4.047 3.037
11/14/2018 4.107 3.092
11/15/2018 4.223 3.133
11/16/2018 4.207 3.124
11/19/2018 4.2 3.224
11/20/2018 4.34 3.267
11/21/2018 4.284 3.095
11/22/2018 4.228 3.084
11/23/2018 4.214 3.067
11/26/2018 4.033 2.908
11/27/2018 4.036 2.939
11/28/2018 3.992 2.907
11/29/2018 3.954 2.883
11/30/2018 3.954 2.9
12/3/2018 3.898 2.839
12/4/2018 3.975 2.893
12/5/2018 3.879 2.784
12/6/2018 4.022 2.966
12/7/2018 3.983 2.883
12/10/2018 4.01 2.86
12/11/2018 4.033 2.89
12/12/2018 3.992 2.721
12/13/2018 3.955 2.671
12/14/2018 3.994 2.687
12/17/2018 4.09 2.704
12/18/2018 4.14 2.694
12/19/2018 4.058 2.533
12/20/2018 4.064 2.51
12/21/2018 4.113 2.581
12/24/2018 4.144 2.581
12/25/2018 4.144 2.581
12/26/2018 4.144 2.581
12/27/2018 4.16 2.517
12/28/2018 4.129 2.5
12/31/2018 4.156 2.5
1/1/2019 4.156 2.5
1/2/2019 4.224 2.527
1/3/2019 4.256 2.707
1/4/2019 4.198 2.691
1/7/2019 4.162 2.678
1/8/2019 4.115 2.728
1/9/2019 4.023 2.6
1/10/2019 4.075 2.633
1/11/2019 4.064 2.615
1/14/2019 4.07 2.612
1/15/2019 4.065 2.668
1/16/2019 4.018 2.531
1/17/2019 3.979 2.522
1/18/2019 3.92 2.468
1/21/2019 3.903 2.504
1/22/2019 3.89 2.505
1/23/2019 3.955 2.527
1/24/2019 3.966 2.48
1/25/2019 3.891 2.456
1/28/2019 3.852 2.46
1/29/2019 3.778 2.433
1/30/2019 3.739 2.411
1/31/2019 3.724 2.44
2/1/2019 3.757 2.581
2/4/2019 3.728 2.557
2/5/2019 3.728 2.624
2/6/2019 3.737 2.698
2/7/2019 3.885 2.836
2/8/2019 3.93 2.871
2/11/2019 3.888 2.78
2/12/2019 3.806 2.712
2/13/2019 3.782 2.661
2/14/2019 3.76 2.7
2/15/2019 3.725 2.698
2/18/2019 3.667 2.656
2/19/2019 3.67 2.683
2/20/2019 3.68 2.76
2/21/2019 3.669 2.706
2/22/2019 3.715 2.751
2/25/2019 3.676 2.665
2/26/2019 3.613 2.586
2/27/2019 3.555 2.637
2/28/2019 3.481 2.569
3/1/2019 3.467 2.55
3/4/2019 3.518 2.58
3/5/2019 3.542 2.539
3/6/2019 3.624 2.462
3/7/2019 3.765 2.402
3/8/2019 3.711 2.435
3/11/2019 3.654 2.492
3/12/2019 3.827 2.485
3/13/2019 3.763 2.487
3/14/2019 3.733 2.415
3/15/2019 3.711 2.412
3/18/2019 3.66 2.371
3/19/2019 3.657 2.397
3/20/2019 3.702 2.442
3/21/2019 3.691 2.415
3/22/2019 3.779 2.463
3/25/2019 3.797 2.53
3/26/2019 3.805 2.482
3/27/2019 3.862 2.534
3/28/2019 3.849 2.554
3/29/2019 3.806 2.558
Portugal Spain France
1.303 0.863 0.265
1.336 0.899 0.269
1.309 0.855 0.264
1.242 0.816 0.253
1.204 0.795 0.244
1.195 0.78 0.236
1.215 0.788 0.243
1.192 0.773 0.24
1.183 0.778 0.243
1.211 0.806 0.244
1.213 0.806 0.246
1.184 0.804 0.246
1.173 0.772 0.248
1.146 0.723 0.24
1.167 0.743 0.237
1.225 0.763 0.24
1.194 0.742 0.232
1.193 0.737 0.233
1.164 0.733 0.227
1.138 0.71 0.228
1.112 0.667 0.224
1.112 0.667 0.224
1.112 0.667 0.224
1.136 0.689 0.229
1.123 0.666 0.222
1.148 0.71 0.232
1.194 0.735 0.239
1.193 0.734 0.234
1.21 0.746 0.239
1.201 0.773 0.24
1.184 0.739 0.236
1.143 0.727 0.23
1.123 0.719 0.226
1.11 0.714 0.223
1.079 0.686 0.218
1.056 0.684 0.219
1.065 0.692 0.221
1.06 0.677 0.211
1.047 0.668 0.215
1.078 0.668 0.221
1.092 0.677 0.224
1.082 0.691 0.225
1.117 0.721 0.227
1.117 0.721 0.227
1.112 0.73 0.222
1.115 0.722 0.229
1.164 0.755 0.238
1.142 0.744 0.236
1.174 0.759 0.245
1.154 0.745 0.237
1.168 0.756 0.24
1.12 0.714 0.229
1.104 0.721 0.225
1.096 0.714 0.218
1.201 0.806 0.237
1.163 0.768 0.231
1.289 0.864 0.253
1.482 0.985 0.295
1.402 0.897 0.272
1.449 0.937 0.3
1.432 0.92 0.287
1.544 1.06 0.305
1.727 1.181 0.355
1.933 1.361 0.395
1.68 1.161 0.318
1.64 1.162 0.327
1.494 1.055 0.323
1.344 0.912 0.308
1.486 1.027 0.327
1.481 1.037 0.339
1.547 0.987 0.343
1.607 1.021 0.369
1.506 0.948 0.414
1.496 0.96 0.389
1.466 0.929 0.36
1.489 0.923 0.341
1.419 0.894 0.33
1.35 0.856 0.326
1.365 0.868 0.33
1.371 0.87 0.334
1.51 1.001 0.37
1.483 1.016 0.372
1.507 1.023 0.391
1.544 1.053 0.399
1.527 1.034 0.393
1.514 1.046 0.387
1.485 1.019 0.363
1.459 0.994 0.353
1.441 0.998 0.344
1.451 0.994 0.34
1.502 1.03 0.345
1.512 1.017 0.35
1.482 0.994 0.34
1.435 0.958 0.336
1.406 0.937 0.282
1.39 0.929 0.282
1.394 0.923 0.278
1.418 0.916 0.287
1.393 0.904 0.282
1.421 0.938 0.288
1.423 0.951 0.297
1.412 0.944 0.31
1.368 0.974 0.311
1.383 0.974 0.307
1.337 0.955 0.3
1.327 0.959 0.296
1.322 0.972 0.3
1.326 0.98 0.302
1.298 0.957 0.289
1.31 0.976 0.3
1.349 0.997 0.322
1.374 1.014 0.332
1.362 1.009 0.326
1.344 0.986 0.32
1.373 1.009 0.332
1.392 1.019 0.337
1.461 1.09 0.353
1.535 1.143 0.37
1.49 1.087 0.355
1.543 1.146 0.365
1.534 1.125 0.357
1.55 1.144 0.362
1.492 1.088 0.351
1.441 1.037 0.341
1.451 1.037 0.343
1.46 1.034 0.339
1.478 1.049 0.342
1.46 1.034 0.337
1.496 1.075 0.339
1.497 1.06 0.332
1.574 1.124 0.347
1.598 1.147 0.356
1.573 1.117 0.36
1.513 1.072 0.335
1.494 1.069 0.338
1.526 1.094 0.34
1.515 1.074 0.332
1.482 1.052 0.31
1.464 1.037 0.308
1.451 1.052 0.308
1.441 1.046 0.311
1.406 1.036 0.317
1.373 1.03 0.314
1.374 1.025 0.309
1.405 1.04 0.313
1.412 1.04 0.317
1.407 1.033 0.317
1.388 1.014 0.32
1.35 0.983 0.313
1.371 0.997 0.317
1.339 0.976 0.317
1.408 1.03 0.334
1.432 1.059 0.355
1.478 1.117 0.364
1.419 1.061 0.345
1.382 1.032 0.343
1.369 1.004 0.332
1.439 1.062 0.346
1.426 1.051 0.341
1.411 1.061 0.35
1.503 1.125 0.364
1.545 1.178 0.369
1.498 1.176 0.366
1.449 1.152 0.352
1.487 1.188 0.355
1.615 1.312 0.381
1.559 1.275 0.38
1.565 1.248 0.373
1.597 1.254 0.377
1.584 1.229 0.375
1.543 1.189 0.373
1.554 1.215 0.386
1.497 1.167 0.365
1.514 1.198 0.374
1.488 1.163 0.366
1.485 1.169 0.36
1.456 1.145 0.357
1.458 1.14 0.365
1.464 1.15 0.367
1.483 1.155 0.366
1.483 1.151 0.365
1.537 1.191 0.38
1.55 1.203 0.383
1.539 1.197 0.377
1.565 1.22 0.384
1.609 1.271 0.391
1.609 1.269 0.397
1.613 1.277 0.407
1.634 1.297 0.408
1.589 1.259 0.39
1.579 1.267 0.38
1.602 1.292 0.381
1.525 1.201 0.378
1.532 1.204 0.381
1.522 1.194 0.38
1.514 1.187 0.377
1.514 1.189 0.371
1.498 1.185 0.388
1.548 1.222 0.404
1.518 1.182 0.402
1.576 1.225 0.428
1.55 1.202 0.439
1.539 1.197 0.448
1.525 1.205 0.481
1.443 1.15 0.455
1.391 1.139 0.447
1.412 1.16 0.46
1.395 1.143 0.482
1.391 1.134 0.466
1.41 1.139 0.465
1.427 1.146 0.449
1.437 1.151 0.447
1.437 1.151 0.447
1.437 1.151 0.447
1.437 1.151 0.447
1.453 1.155 0.464
1.48 1.174 0.468
1.48 1.174 0.468
1.48 1.174 0.468
1.548 1.236 0.486
1.614 1.276 0.501
1.6 1.266 0.491
1.601 1.279 0.505
1.597 1.287 0.507
1.494 1.213 0.435
1.461 1.196 0.419
1.466 1.206 0.425
1.452 1.188 0.409
1.453 1.184 0.418
1.565 1.151 0.412
1.514 1.121 0.4
1.465 1.084 0.398
1.496 1.111 0.4
1.493 1.098 0.407
1.489 1.088 0.41
1.471 1.06 0.405
1.456 1.038 0.405
1.443 1.015 0.403
1.468 1.038 0.411
1.479 1.066 0.409
1.471 1.047 0.405
1.475 1.057 0.407
1.48 1.067 0.407
1.493 1.086 0.411
1.5 1.095 0.415
1.544 1.127 0.436
1.564 1.146 0.454
1.535 1.122 0.445
1.506 1.107 0.433
1.472 1.111 0.428
1.471 1.139 0.426
1.461 1.139 0.435
1.404 1.117 0.435
1.402 1.103 0.428
1.419 1.1 0.426
1.385 1.076 0.415
1.389 1.079 0.42
1.358 1.055 0.416
1.314 1.02 0.408
1.303 1.011 0.403
1.287 0.99 0.386
1.307 1.014 0.395
1.307 1.014 0.401
1.29 0.986 0.393
1.294 0.985 0.384
1.275 0.977 0.355
1.279 0.982 0.338
1.248 1.085 0.34
1.281 1.115 0.419
1.279 1.123 0.4
1.246 1.105 0.382
1.226 1.105 0.375
1.179 1.076 0.372
1.205 1.075 0.37
1.234 1.08 0.374
1.241 1.06 0.362
1.278 1.087 0.369
1.323 1.129 0.382
1.307 1.107 0.371
1.34 1.137 0.382
1.341 1.159 0.381
1.321 1.167 0.388
Figure 1.9. Advanced Economies: Drivers of
Change in General Government Debt, 2007–18
(Percent of GDP)
The contribution of primary balances to debt
accumulation has diminished since the financial crisis.
50
40
30
20
10
-10
-20 Nominal excha nge rate Rea l GDP

Inflation Nomi nal interest rate
-30 Stock-flow a djustment Pri mary defici t
Change i n debt to GDP
-40
2007-12 2012-16 2016-18
Source: IMF World Economic Outlook Database and

IMF staff estimates.
range Change in debt to GDP Primary deficit Stock-flow adjustment
2007-12 31.7 18.0 9.6
2012-16 3.3 3.2 2.5
2016-18 -1.4 0.8 1.7
Nominal interest rate Inflation Real GDP Nominal exchange rate
14.4 -7.6 -3.1 0.0
8.5 -4.0 -7.0 0.0
4.0 -3.5 -4.4 0.0
Figure 1.10. Advanced Economies: General
Government Expendiure and Revenue, 2007-18
(Percent of GDP)
Spending restraint has driven the recent increase in the primary
balances.
50 15
Total
expenditures
Non-interest
40 expense
12
30 9
Total revenue
Tax revenue
20 6
Interest expense
10 (RHS) 3
Investment (RHS)
0 0
2007
2009
2010
2012
2013
2014
2016
2017
2008
2011
2015
2018
Source: IMF World Economic Outlook Database.
Variable 2007
Total revenue 39.5
Tax revenue 25.3
Total Expenditures 39.9
Interest expense (RHS) 2.5
Non-interest expense 35.4
Net acquisition of nonfinancial assets (net investment, RHS) 1.0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
39.3 38.6 38.1 38.7 39.1 40.0 40.1 39.9 39.9 40.2
24.7 24.0 23.9 24.3 24.9 25.3 25.3 25.2 25.4 25.6
41.3 45.0 44.1 43.3 43.2 43.2 42.7 41.9 41.4 41.0
2.5 2.4 2.5 2.6 2.5 2.4 2.3 2.1 2.0 1.9
36.6 40.4 39.7 39.0 39.0 39.0 38.5 37.9 37.6 37.3
1.2 1.3 1.1 0.9 0.9 0.9 0.9 0.9 0.8 0.8
2018
40.4
25.6
41.1
1.8
37.3
0.9
Figure 1.11. Advanced Economies: Change in General
C h a n g e in s tr u c tu r a l p r im a r y b a la n c e
Government Structural Primary Balance, 2018-24
(Percent of GDP)
Medium-term fiscal adjustment is projected for most
advanced economies outside the euro area.
2 0 1 9 -2 4
2.5
a d ju s tm e n t
2.0 B ubble size =

public debt-to-
1.5 G DP ratio, 2018
1.0
MT
0.5
0.0
s tim u lu s
-0.5
-1.0
MT
-1.5
ST stim ulus ST adjustment
-2.0
-1.0 -0.5 0.0 0.5 1.0 1.5
Change in structural prim ary balance, 2018-19

Note: Data labels in the figure use International Organization for
Standardization (ISO) country codes. MT = medium term; ST = short
term.
Debt Change Structural Primary Balance
ccode 2018 2018-2019
AUS 40.7 -0.2
CAN 90.6 -0.2
FRA 98.6 0.0

DEU 59.8 -0.7
ITA 132.1 -0.3
JPN 237.1 0.1
KOR 40.7 -0.7
ESP 97.0 -0.1
GBR 86.9 0.1
USA 105.7 -0.4
Change Structural Primary Balance
2019-2024
1.1
0.3
0.0
-0.1
-1.2
0.6
-1.0
-0.2
0.3
1.6
Figure 1.12. Advanced Economies: Change in General
Government Gross Debt and Interest Bill, 2018-24
(Percent of GDP)
The debt-to-GDP ratio is projected to rise materially only in
the United States over the medium term.
0.8
G20 + AEs
0.6
Other AEs
0.4
Change in interest bill
0.2
0.0
-0.2
-0.4
-0.6
-0.8
-1.0
-40 -30 -20 -10 0 10 20
Change in debt

Note: Data labels in the figure use International Organization for
Standardization (ISO) country codes. AEs = advanced economies;
G20+ = Group of Twenty plus Spain.
Gross Debt Interest
AUS Australia -4.7 -0.1
CAN Canada -16.0 0.4
FRA France -3.0 0.1
DEU Germany -13.2 -0.2
ITA Italy 5.1 0.7
JPN Japan 0.8 -0.2
KOR Korea 1.9 0.5
ESP Spain -3.7 0.3
GBR United Kin -5.3 -0.4
USA United Stat 3.6 0.5
EUA Euro Area -3.6 0.0
AUT Austria -10.0 -0.3
BEL Belgium -8.6 -0.2
CYP Cyprus -33.8 -0.7
CZE Czech Repub -6.5 0.1
DNK Denmark 5.8 0.0
EST Estonia -1.8 0.0
FIN Finland -6.6 0.2
GRC Greece -31.0 -0.2
HKG Hong Kong 0.0 0.0
ISL Iceland -11.1 -1.1
IRL Ireland -14.6 -0.5
ISR Israel -4.1 0.2
LVA Latvia -6.1 -0.1
LTU Lithuania -8.4 -0.3
LUX Luxembour -2.0 -0.2
MLT Malta -14.3 -0.2
NLD Netherland -12.3 0.0
NZL New Zealan -6.9 -0.1
NOR Norway 0.0 0.0
PRT Portugal -16.7 -0.4
SGP Singapore 7.7 #N/A
SVK Slovak Repu -8.3 -0.2
SVN Slovenia -10.6 0.0
SWE Sweden -7.8 0.0
CHE Switzerland -6.1 -0.1
Figure 1.13. Emerging Market and Middle-Income
Economies:General Government Overall Balance,
2012-24
(Percent of GDP)
After narrowing in the last three years, the average
overall deficit is projected to widen in 2019.
2 EMMIEs Oil exporters Non-oil exporters
-1
-2
-3
-4
-5
-6
-7
2012
2013
2015
2017
2018
2019
2021
2023
2014
2016
2020
2022
Source: IMF World Economic Outlook Database. 2024

Note: EMMIEs: emerging market and middle-income
economies.
2012 2013 2014 2015 2016 2017 2018
Emerging M -0.9 -1.4 -2.4 -4.4 -4.8 -4.3 -4.0
Emerging M 1.9 0.7 -1.8 -5.5 -5.7 -3.4 -1.2
Emerging M -2.1 -2.3 -2.6 -4.0 -4.5 -4.5 -4.8
2019 2020 2021 2022 2023 2024
-4.8 -4.4 -4.4 -4.4 -4.3 -4.3
-2.1 -1.6 -1.8 -1.9 -1.9 -2.0
-5.6 -5.2 -5.1 -5.0 -4.9 -4.8
Figure 1.14. Emerging Market and Middle-Income Economies: Drivers
of Change in General Government Debt, 2017–18
(Percent of GDP)
Exchange rate and interest rate shocks boosted debt ratios in several countrie
with debt vulnerabilities.
60.0 20.0
LHS  
RHS
15.0
40.0
10.0
20.0
5.0
0.0 0.0
1 2 3 4 5
-5.0
-20.0 Col umn T
Nomi nal excha nge rate
Rea l GDP
-10.0
Inflation
Nomi nal interest rate
-40.0 Stock-flow a djustment
Primary defici t -15.0
Cha nge i n debt-to-GDP
Col umn T
Col umn U
-60.0 -20.0
Sources: IMF World Economic Outlook Database

conomies: Drivers
s in several countries
country Change in Primary defiStock-flow Nominal intInflation
20.0
Argentina 32.0 2.2 10.0 3.1 -20.4
Angola 19.5 -6.9 -0.1 4.5 -9.5
15.0
10.0 Turkey 0.7 1.4 -1.9 2.2 -4.8

Brazil 3.8 0.0 0.2 6.9 -3.0
South Afric 3.7 0.7 1.2 3.8 -2.5
5.0 Indonesia 0.3 0.0 0.1 1.7 -0.8
Mexico -0.4 -1.8 0.8 4.1 -2.4
0.0
-5.0
rate
-10.0
te
nt
-15.0
DP
-20.0
Real GDP Nominal exchange rate
1.5 35.7
1.2 30.4
-0.8 4.6
-0.9 0.7
-0.4 1.0
-1.4 0.7
-1.1 -0.1
Figure 1.15. Emerging Market and Middle-
Income Economies: Sovereign 10-Year US
Dollar Bond Yields, 2018–19
(Percent)
Tighter financial conditions in 2018 led to an
increase in bond yields in large emerging markets.
10.00
8.00
6.00
March 2019
4.00
7;1;1.83
1.78
2.00 G20
AEs
3; 0.32 Row 25
0.00
0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00
January 2018

Note: AEs = advanced economies; EMMIEs = emerging market
and
middle-income economies; G20 = Group of Twenty.
Country
G20 AEs Australia
Canada
France
Germany
Italy
Japan
Korea
United Kin
United Stat
G20 EMMIEs Brazil
China
India
Indonesia
Mexico
Russia
South Afric
Turkey
Country Code 2018 YTD
AUS 2.63 1.78
CAN 2.05 1.63
FRA 0.79 0.32
DEU 0.43 -0.07
ITA 2.02 2.49
JPN 0.05 -0.08
KOR 2.47 1.83
GBR 1.19 1.00
USA 2.41 2.41
BRA 4.56 5.31
CHN 4.50 3.34
IND 7.39 7.35
IDN 6.30 7.63
MEX 7.59 8.03
RUS 3.86 4.52
ZAF 8.72 9.16
TUR 5.37 7.47
-10 20
-10 20
Figure 1.16. Emerging Market and Middle-
Income Economies: Sovereign Spreads over 10-
Year US Treasury Bond Yields, 2018–19
(Index=100 for 1/1/2018)
Spreads have widened in many emerging markets
over the past year.
250
EM
sprea
d
(bps)1
220
ARG
773
190
160
TUR
485
ZAF
130 290
RUS
220
MEX
100 207
BRA
253
70
1/1/2018 5/1/2018 9/1/2018 1/1/2019

Note: bps = basis points; EM = emerging market. Data labels in the figure
use International Organization for Standardization (ISO) country codes.
1
Actual sovereign spreads as of Mar 29, 2019.
Argentina Turkey Russia South Afric
1/1/2018 100.00 100.00 100.00 100.00
1/2/2018 98.31 96.22 95.03 94.62
1/3/2018 100.00 95.19 94.48 92.83
1/4/2018 100.85 95.88 92.82 92.38
1/5/2018 101.98 93.81 88.40 86.55
1/8/2018 103.11 94.50 87.29 87.44
1/9/2018 101.98 94.16 86.74 85.65
1/10/2018 102.82 96.22 88.95 89.24
1/11/2018 102.26 94.85 89.50 88.79
1/12/2018 102.82 95.19 90.06 87.89
1/16/2018 102.54 96.56 89.50 88.79

1/17/2018 101.41 95.88 88.40 88.34
1/18/2018 101.41 95.53 89.50 89.24
1/19/2018 101.98 95.88 89.50 90.13
1/22/2018 103.39 96.22 90.61 87.89
1/23/2018 103.95 96.56 90.61 87.89
1/24/2018 104.52 96.91 90.06 88.34
1/25/2018 105.93 96.91 90.06 90.58
1/26/2018 104.80 94.50 87.29 85.65
1/29/2018 105.93 95.88 88.40 87.44
1/30/2018 106.78 95.53 87.29 86.10
1/31/2018 105.37 94.85 85.08 84.75
2/1/2018 105.08 92.10 79.01 81.61
2/2/2018 106.50 94.16 80.11 86.10
2/5/2018 111.30 98.28 87.29 92.38
2/6/2018 111.30 97.94 85.64 91.48
2/7/2018 117.51 102.06 91.16 95.07
2/8/2018 116.95 102.75 93.37 96.86
2/9/2018 118.93 100.69 87.85 96.41
2/12/2018 116.67 101.72 85.08 93.72
2/13/2018 118.93 102.41 89.50 96.86
2/14/2018 116.95 103.09 87.29 95.96
2/15/2018 111.86 100.69 86.19 92.83
2/16/2018 110.73 98.97 85.08 90.58
2/20/2018 112.15 100.69 85.08 91.48

2/21/2018 112.99 98.63 82.87 88.79
2/22/2018 113.56 100.34 83.43 89.24
2/23/2018 114.12 102.41 82.87 91.93
2/26/2018 112.15 100.34 77.35 89.69
2/27/2018 112.71 99.66 80.11 87.00
2/28/2018 114.12 101.37 82.32 90.58
3/1/2018 117.51 104.12 87.29 95.07
3/2/2018 116.10 102.75 85.08 93.72
3/5/2018 116.10 102.75 85.64 91.93
3/6/2018 116.38 102.75 87.85 91.48
3/7/2018 117.23 102.75 88.40 91.93
3/8/2018 115.25 103.78 89.50 92.38
3/9/2018 109.89 103.09 89.50 92.38
3/12/2018 111.02 105.15 88.40 92.83
3/13/2018 112.99 106.87 91.16 95.52
3/14/2018 113.56 106.53 93.37 96.41
3/15/2018 115.82 106.87 94.48 97.31
3/16/2018 115.54 106.87 93.37 96.86
3/19/2018 119.21 108.59 95.03 100.45
3/20/2018 116.67 107.56 93.37 99.55
3/21/2018 116.67 107.90 95.03 99.55
3/22/2018 118.93 108.59 96.69 101.35
3/23/2018 120.34 109.97 98.90 102.69
3/26/2018 117.51 109.97 98.34 100.00
3/27/2018 118.64 112.03 100.00 100.90
3/28/2018 117.80 111.68 99.45 99.10
3/29/2018 117.51 110.31 106.08 98.65
4/3/2018 118.08 109.28 102.76 96.41

4/4/2018 116.95 109.62 100.00 95.07
4/5/2018 114.69 108.25 96.13 93.27
4/6/2018 118.08 109.28 102.21 94.62
4/9/2018 117.23 111.00 113.81 96.86
4/10/2018 115.25 112.03 123.76 97.31
4/11/2018 114.41 113.06 122.10 96.86
4/12/2018 111.58 108.59 113.81 93.72
4/13/2018 112.71 108.93 118.23 94.17
4/16/2018 113.28 111.34 123.76 94.62
4/17/2018 112.71 112.37 119.89 95.07
4/18/2018 112.15 107.56 113.26 94.17
4/19/2018 112.99 106.19 113.26 94.17
4/20/2018 112.99 104.81 113.81 92.38
4/23/2018 113.28 107.56 110.50 96.86
4/24/2018 113.56 106.19 107.73 95.52
4/25/2018 113.28 105.50 109.94 98.21
4/26/2018 118.08 106.87 112.15 98.21
4/27/2018 118.36 109.28 109.39 99.10
4/30/2018 121.19 109.97 109.39 101.35
5/1/2018 122.32 112.03 112.71 103.59
5/2/2018 125.42 116.15 116.57 106.28
5/3/2018 133.05 120.62 121.55 108.07
5/4/2018 128.25 123.02 121.55 109.42
5/7/2018 133.05 123.37 121.55 109.42
5/8/2018 140.96 128.87 125.97 109.87
5/9/2018 140.11 129.21 125.97 110.76
5/10/2018 133.90 126.46 117.13 108.97
5/11/2018 136.44 125.09 114.92 103.59
5/14/2018 141.24 126.46 113.81 102.69
5/15/2018 133.90 137.11 116.57 104.04
5/16/2018 127.40 134.71 113.26 102.69
5/17/2018 128.25 135.74 113.81 104.93
5/18/2018 129.94 138.14 118.23 108.97
5/22/2018 129.66 140.55 115.47 106.28

5/23/2018 127.68 138.49 114.36 108.07
5/24/2018 128.25 134.02 112.15 104.93
5/25/2018 129.94 130.58 113.81 105.83
5/28/2018 131.07 129.90
5/29/2018 140.96 129.55 121.55 109.87
5/30/2018 142.37 127.49 118.78 108.07
5/31/2018 147.18 133.33 120.44 110.31
6/1/2018 144.35 138.49 120.44 112.11
6/4/2018 136.72 136.08 118.78 106.73
6/5/2018 134.18 138.49 119.89 108.97
6/6/2018 132.20 138.14 118.78 108.97
6/7/2018 135.59 135.05 122.65 113.00
6/8/2018 134.18 136.08 123.20 113.45
6/11/2018 138.14 139.18 123.20 114.80
6/12/2018 142.94 142.61 125.97 117.49
6/13/2018 144.92 144.67 125.97 118.39
6/14/2018 153.11 143.64 123.20 117.49
6/15/2018 155.93 147.77 124.86 119.28
6/18/2018 161.30 153.61 128.73 124.22
6/19/2018 158.47 155.33 129.83 128.70
6/20/2018 157.06 149.14 124.31 117.49
6/21/2018 153.39 146.05 125.41 120.18
6/22/2018 151.41 138.49 122.65 115.25
6/25/2018 155.37 144.33 124.31 117.04
6/26/2018 157.91 146.05 124.31 119.28
6/27/2018 164.97 146.05 124.86 123.32
6/28/2018 167.51 141.58 122.65 125.11
6/29/2018 172.88 141.24 118.78 122.87
7/2/2018 171.47 142.61 118.23 126.46
7/3/2018 166.10 143.64 115.47 124.66
7/4/2018 166.10 143.30 115.47 124.66
7/5/2018 164.12 140.21 112.71 121.97
7/6/2018 160.73 136.43 113.81 118.39
7/9/2018 159.89 133.68 108.84 109.87
7/10/2018 161.58 144.67 109.39 110.76
7/11/2018 164.12 150.86 107.73 108.07
7/12/2018 162.99 154.30 107.73 110.31
7/13/2018 161.30 156.70 107.73 109.87
7/16/2018 163.56 151.89 105.52 104.04
7/17/2018 165.25 148.45 107.73 105.38
7/18/2018 163.56 147.08 109.94 104.48
7/19/2018 163.56 142.96 112.15 107.62
7/20/2018 161.30 141.58 108.84 105.38
7/23/2018 162.99 137.80 106.63 105.83
7/24/2018 164.12 138.83 108.29 106.28
7/25/2018 162.71 142.96 106.63 101.79
7/26/2018 157.34 142.61 106.08 102.24
7/27/2018 155.65 141.92 104.42 99.55
7/30/2018 156.21 142.27 103.31 102.24
7/31/2018 157.91 143.64 104.97 110.31
8/1/2018 158.47 142.27 102.21 108.07
8/2/2018 160.73 144.33 102.76 108.52
8/3/2018 161.30 143.30 104.97 110.31
8/6/2018 164.97 143.64 104.97 110.31
8/7/2018 168.36 152.23 108.84 114.35
8/8/2018 173.16 152.92 112.71 115.25
8/9/2018 182.20 156.01 116.57 114.35
8/10/2018 198.59 166.32 125.41 120.18
8/13/2018 210.45 190.03 128.18 124.66
8/14/2018 195.48 200.69 128.18 132.74
8/15/2018 193.79 192.78 125.97 127.35
8/16/2018 188.42 190.38 127.62 134.53
8/17/2018 190.40 180.41 127.62 136.32
8/20/2018 193.50 186.25 129.28 139.01
8/21/2018 193.50 184.19 129.83 136.77
8/22/2018 194.07 174.23 131.49 130.94
8/23/2018 196.89 172.85 128.18 127.35
8/24/2018 197.74 172.51 128.18 128.25
8/27/2018 194.07 172.85 127.62 126.01
8/28/2018 194.63 173.20 125.97 125.11
8/29/2018 204.52 175.60 123.76 124.22
8/30/2018 218.64 185.91 124.31 127.80
8/31/2018 217.80 194.16 123.20 131.39
9/4/2018 221.47 200.00 122.10 136.77

9/5/2018 210.17 199.66 126.52 144.39
9/6/2018 205.08 190.38 127.07 145.74
9/7/2018 204.24 182.47 124.86 138.57
9/10/2018 211.02 180.07 127.07 139.01
9/11/2018 209.60 182.13 128.73 141.26
9/12/2018 197.18 182.13 127.62 142.60
9/13/2018 195.76 171.13 125.97 141.70
9/14/2018 185.31 157.73 121.55 129.60
9/17/2018 183.90 156.70 122.65 130.49
9/18/2018 185.03 157.73 118.78 130.04
9/19/2018 176.55 156.01 121.55 130.04
9/20/2018 176.55 150.86 118.23 128.70
9/21/2018 165.54 152.92 118.23 126.91
9/24/2018 173.16 151.55 117.68 126.01
9/25/2018 171.19 151.55 117.68 126.01
9/26/2018 172.60 152.58 119.34 127.35
9/27/2018 166.67 152.58 119.89 127.35
9/28/2018 175.42 152.23 118.78 126.91
10/1/2018 177.97 146.39 107.73 117.04
10/2/2018 177.97 147.08 108.84 117.94
10/3/2018 176.55 142.61 101.10 112.11
10/4/2018 185.88 159.45 110.50 125.11
10/5/2018 159.11 111.05 124.66
10/8/2018 190.11 160.14 110.50 126.46
10/9/2018 186.16 161.17 112.71 127.80
10/10/2018 198.02 161.17 114.92 132.29
10/11/2018 192.94 158.42 115.47 132.74
10/12/2018 185.31 156.36 115.47 133.18
10/15/2018 180.23 150.52 112.71 131.39
10/16/2018 178.53 149.48 112.71 129.15
10/17/2018 186.44 149.14 109.39 122.42
10/18/2018 187.57 148.45 112.15 121.97
10/19/2018 187.01 149.14 113.81 123.77
10/23/2018 187.85 150.17 113.81 123.32

10/24/2018 194.07 156.36 118.23 127.80
10/25/2018 189.83 156.01 117.68 127.80
10/26/2018 189.83 151.20 117.13 134.53
10/29/2018 190.40 149.48 118.23 137.22
10/30/2018 187.85 148.11 116.57 134.08
10/31/2018 183.62 147.77 114.36 133.18
11/1/2018 179.38 150.52 114.92 138.12
11/2/2018 172.03 149.48 110.50 133.63
11/5/2018 170.34 149.83 111.05 134.08
11/6/2018 173.16 146.74 118.23 137.22
11/7/2018 170.62 145.02 123.76 137.22
11/8/2018 171.47 139.18 114.36 127.35
11/9/2018 173.73 144.33 120.99 129.60
11/12/2018 175.14 146.39 124.86 134.08
11/13/2018 179.94 146.39 124.31 133.63
11/14/2018 181.36 146.74 124.31 134.98
11/15/2018 183.33 147.08 123.20 135.43
11/16/2018 185.88 148.80 124.31 138.12
11/19/2018 190.11 151.55 123.76 141.26
11/20/2018 189.83 151.89 124.31 141.26
11/21/2018 192.66 159.45 127.07 146.64
11/23/2018 192.94 158.76 126.52 144.84
11/26/2018 194.92 159.11 124.31 143.95
11/27/2018 198.59 159.45 131.49 143.95
11/28/2018 198.31 163.92 132.04 143.95
11/29/2018 198.59 162.89 132.60 142.15
11/30/2018 198.87 158.42 128.18 139.01
12/3/2018 197.74 155.33 125.97 135.43
12/4/2018 205.93 157.73 129.28 138.12
12/5/2018 205.93 159.45 129.28 135.43
12/6/2018 204.24 160.48 130.39 136.32
12/7/2018 205.93 162.20 132.60 140.36
12/10/2018 212.71 162.89 133.15 140.81
12/11/2018 212.99 156.70 129.28 137.67
12/12/2018 209.32 155.67 128.73 137.67
12/13/2018 211.58 154.98 128.18 135.87
12/14/2018 215.25 151.89 127.62 135.43
12/17/2018 220.90 153.26 130.39 137.67
12/18/2018 222.60 153.95 130.94 139.91
12/19/2018 223.16 152.23 133.15 139.46
12/20/2018 227.68 143.99 130.94 135.87
12/21/2018 231.92 140.55 129.28 135.43
12/24/2018 235.03 142.27 131.49 137.67
12/25/2018 234.46 143.64 132.04 138.57
12/26/2018 234.18 140.89 128.18 134.98
12/27/2018 234.18 141.58 129.28 135.43
12/28/2018 229.10 144.33 132.60 139.91
12/31/2018 230.23 145.36 134.25 142.60
1/2/2019 224.58 147.08 137.02 143.05
1/3/2019 214.41 153.26 139.23 145.74
1/4/2019 206.50 151.20 128.73 138.12
1/7/2019 202.54 150.52 128.18 136.77
1/8/2019 205.08 146.05 116.02 125.56
1/9/2019 202.26 153.61 119.89 128.70
1/10/2019 200.00 151.20 117.68 125.11
1/11/2019 198.87 152.92 121.55 128.70
1/14/2019 197.46 152.58 120.99 128.25
1/15/2019 196.33 157.04 118.78 127.80
1/16/2019 196.05 153.26 117.68 126.46
1/17/2019 194.07 147.42 115.47 126.46
1/18/2019 189.55 143.99 114.36 127.35
1/21/2019 190.11 144.33 114.92 127.80
1/22/2019 194.07 140.89 114.36 127.80
1/23/2019 189.27 142.61 115.47 129.15
1/24/2019 187.29 139.18 115.47 127.35
1/25/2019 187.85 134.02 111.60 121.97
1/28/2019 194.07 134.36 112.15 122.42
1/29/2019 196.61 141.92 116.02 125.11
1/30/2019 194.63 142.27 118.23 126.46
1/31/2019 189.55 139.86 118.78 125.56
2/1/2019 185.03 131.96 113.81 118.39
2/4/2019 182.49 130.93 112.71 117.04
2/5/2019 179.66 135.40 117.68 117.04
2/6/2019 178.81 123.37 104.97 106.28
2/7/2019 186.16 130.93 106.63 110.76
2/8/2019 189.83 141.92 119.34 125.56
2/11/2019 192.09 143.64 117.68 127.35
2/12/2019 188.70 142.27 116.02 125.56
2/13/2019 187.29 137.11 116.02 122.87
2/14/2019 191.81 138.83 118.23 126.46
2/15/2019 194.63 139.52 120.99 126.01
2/18/2019 194.35 140.55 120.44 125.11
2/19/2019 198.02 141.92 119.89 125.56
2/20/2019 201.13 141.58 119.34 125.11
2/21/2019 200.00 141.24 115.47 122.87
2/22/2019 196.05 143.30 118.78 124.22
2/25/2019 195.20 140.55 114.36 121.52
2/26/2019 195.76 141.58 116.02 121.97
2/27/2019 194.92 140.55 113.26 120.18
2/28/2019 197.74 135.74 110.50 118.83
3/1/2019 202.82 136.43 108.29 118.39
3/4/2019 206.50 142.27 110.50 121.52
3/5/2019 211.02 143.64 111.60 122.42
3/6/2019 210.45 142.61 111.05 122.87
3/7/2019 219.49 146.39 112.71 125.11
3/8/2019 212.99 145.70 108.84 124.22
3/11/2019 206.78 144.33 108.84 121.97
3/12/2019 210.17 145.70 113.26 127.35
3/13/2019 211.02 143.64 112.15 126.01
3/14/2019 207.34 143.30 111.60 125.56
3/15/2019 204.52 142.96 113.26 126.46
3/18/2019 204.24 141.58 111.60 126.01
3/19/2019 205.0847 142.6117 109.9448 125.5605
3/20/2019 207.0621 147.4227 115.4696 129.148
3/21/2019 206.4972 150.1718 113.8122 125.5605
3/22/2019 216.9492 164.2612 118.232 131.8386
3/25/2019 217.5141 165.6357 117.6796 134.5291
3/27/2019 223.1638 172.8522 119.337 135.426
3/28/2019 223.1638 173.1959 119.337 134.9776
3/29/2019 218.3616 166.6667 121.547 130.0448
Mexico Brazil
100.00 100.00
94.30 95.51
92.75 93.47
94.82 92.65
93.78 90.61
94.30 90.61
92.23 88.98
94.30 91.02
94.82 91.43
95.34 92.24
97.55
95.85 93.47
94.82 92.65
93.78 93.47
93.26 93.88
93.78 95.10
93.26 95.92
91.71 93.06
93.26 92.24
90.16 91.02
89.12 90.61
89.12 91.43
88.08 93.06
87.05 91.84
89.12 93.06
92.75 97.96
92.23 98.37
100.00 102.86
103.63 103.27
98.45 101.22
97.41 100.00
98.96 100.82
97.41 101.63
92.75 94.69
92.23 93.06
93.26 96.33
93.78 95.92
93.26 96.33
94.30 96.33
92.75 93.47
92.75 94.29
94.30 96.73
96.89 99.18
94.82 97.55
94.30 97.14
94.82 97.14
95.34 97.55
95.34 98.78
93.78 95.92
94.82 96.33
96.89 99.59
97.41 100.00
97.93 101.63
96.89 100.82
98.45 102.45
96.89 100.82
96.89 100.82
100.00 102.86
101.04 103.27
97.93 100.41
99.48 102.45
98.45 102.45
97.93 100.41
96.89 99.59
94.30 98.37
92.23 97.55
95.34 100.82
94.30 101.22
92.75 100.41
92.75 101.22
92.23 100.00
92.75 100.41
92.75 100.82
93.78 100.41
93.26 98.78
94.82 100.00
94.30 98.78
95.85 99.18
95.85 98.78
96.89 100.00
100.00 99.18
101.04 102.04
103.11 101.63
102.59 103.27
105.70 104.49
108.29 108.98
106.22 106.12
105.70 107.76
107.25 110.20
105.18 108.16
102.59 103.27
101.55 102.45
101.55 103.27
101.04 106.12
100.00 104.49
103.11 106.53
107.25 111.84
105.70 108.57
104.15 108.98
105.18 110.20
105.18 110.61
103.11
110.88 120.82
110.36 120.41
113.99 124.49
111.40 125.71
110.36 122.04
113.99 124.90
111.92 127.76
117.10 134.29
117.10 131.84
118.13 135.10
119.17 134.69
117.10 135.92
119.69 137.14
115.54 138.37
117.62 140.82
115.54 140.82
111.40 135.92
109.33 133.06
107.77 130.20
109.84 131.43
109.84 131.02
111.40 135.10
109.33 134.69
109.33 134.69
109.33 137.14
107.25 135.92
106.74 133.06
104.66 131.43
104.66 127.76
101.04 124.49
103.11 122.86
104.66 124.08
102.59 122.45
101.04 122.45
100.00 121.63
101.04 121.63
100.00 120.00
102.07 122.86
101.55 115.51
100.52 114.29
100.00 113.47
100.00 110.20
95.85 108.57
97.93 108.98
99.48 108.98
102.59 111.02
102.07 111.02
100.00 111.84
101.04 111.02
101.04 107.76
100.00 112.24
100.00 111.02
98.45 114.29
106.22 122.45
106.22 124.08
104.15 121.63
105.70 125.71
104.66 124.49
102.07 125.31
101.55 127.35
100.52 127.76
101.04 131.02
102.59 135.92
103.63 135.92
100.52 135.51
97.93 135.51
97.93 138.37
100.52 141.22
102.07 140.82
105.18 143.27
103.11 139.59
102.59 137.55
101.55 133.06
102.59 135.92
101.55 137.55
100.52 136.33
96.37 137.55
96.37 137.55
96.89 137.55
95.34 136.73
94.82 133.88
95.34 126.12
94.82 117.14
94.82 119.59
95.34 120.41
93.26 120.00
92.75 118.78
93.26 119.59
92.23 120.82
91.71 116.33
89.12 111.43
90.67 113.47
90.67 111.02
92.75 106.12
92.75 109.39
97.41 111.02
96.37 108.57
96.89 106.53
94.30 103.67
94.30 104.08
98.96 107.76
100.00 107.35
106.53
101.55 106.12
106.22 110.61
105.18 108.98
107.25 108.98
111.92 110.20
110.88 106.94
110.36 106.53
109.33 104.49
105.18 101.63
106.22 100.82
111.40 106.94
114.51 106.53
109.33 103.27
107.25 104.49
109.33 106.12
117.62 107.35
119.17 107.76
119.17 106.94
116.58 108.16
120.73 108.98
120.73 111.43
121.24 111.43
120.73 111.84
121.24 113.47
122.80 114.69
122.28 112.24
116.06 112.24
118.13 111.43
119.69 110.61
124.35 112.24
124.35 111.84
121.24 112.24
120.21 111.43
121.76 112.65
119.17 109.80
116.58 106.94
116.06 105.31
117.10 106.12
116.06 105.71
118.65 108.16
120.73 109.80
122.28 110.20
122.28 111.02
124.35 113.47
123.83 112.65
120.21 109.80
122.28 110.20
122.28 111.84
123.32 112.65
125.91 113.47
124.87 113.47
116.58 107.76
112.44 104.49
111.92 103.27
113.47 104.08
112.44 104.08
113.99 105.71
112.44 105.31
111.40 104.90
113.47 104.49
112.44 103.67
110.36 100.00
110.88 100.41
113.99 102.45
113.47 101.22
113.47 100.82
110.88 97.55
110.36 98.37
111.92 100.00
113.47 98.78
110.88 97.14
109.33 97.14
107.77 96.33
108.81 95.51
100.52 88.57
101.55 93.88
114.51 101.63
116.06 102.04
112.44 99.18
112.44 99.18
113.47 98.78
112.95 97.96
112.95 99.18
111.92 99.18
112.95 100.00
111.92 99.18
112.95 98.37
111.40 98.37
107.25 97.55
106.22 97.55
105.70 96.33
107.25 98.37
107.77 99.59
109.33 100.41
111.92 102.04
105.70 99.18
105.18 96.33
108.81 100.41
107.25 100.82
106.74 100.82
108.29 100.82
106.22 98.78
104.6632 97.14286
105.1813 97.14286
100 97.95918
105.1813 104.4898
105.6995 104.4898
105.6995 107.3469
104.6632 104.898
107.2539 103.2653
Economies: General Government Revenues, 1998–2018
(Percent of GDP)
Revenue has remained broadly flat since 2010, despite a

drop in non-tax revenue of oil exporters.
40.0
Non-tax revenue, EMMIEs of which oil exporters

35.0
Tax revenue, EMMIEs of which oil exporters
30.0
25.0
20.0
15.0
10.0
5.0
0.0
1998
2001
2002
2004
2005
2006
2008
2009
2011
2012
2013
2015
2016
1999
2000
2003
2007
2010
2014
2017
2018
Note: EMMIEs: emerging market and middle-income economies.
1995 1996 1997 1998 1999 2000
Taxes 12.1 12.0 12.0 11.9 12.1 12.1
Oil exporters 2.7 2.8 3.0 2.6 3.1 3.4
Oil Importers 9.4 9.2 9.0 9.3 9.0 8.8
Nontax Revenue 7.9 8.2 8.0 6.9 7.2 8.7
Oil exporters 4.7 5.0 5.2 4.2 4.4 6.1
Oil Importers 3.1 3.1 2.9 2.8 2.8 2.5
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
12.4 13.0 13.4 13.7 14.2 14.7 15.4 15.8 15.1 15.6
3.3 3.3 3.3 3.1 3.3 3.4 3.2 3.5 2.6 2.6
9.1 9.7 10.1 10.6 10.8 11.3 12.2 12.3 12.5 13.0
8.2 7.8 8.3 8.7 9.9 10.0 9.5 11.9 10.0 10.1
5.4 4.9 5.2 5.7 6.7 6.9 6.4 7.4 5.0 5.4
2.8 2.9 3.1 3.0 3.1 3.0 3.1 4.5 5.0 4.7
2011 2012 2013 2014 2015 2016 2017 2018
16.3 16.5 16.5 16.4 16.4 16.2 16.4 16.5
2.9 2.7 2.5 2.4 2.1 2.0 2.0 2.0
13.4 13.8 14.0 14.0 14.3 14.2 14.4 14.5
11.0 11.7 11.4 11.0 10.4 10.0 9.9 10.8
5.5 5.8 5.3 4.7 3.2 2.9 3.0 3.2
5.5 5.9 6.0 6.3 7.2 7.1 6.9 7.6
Economies: General Government Expenditures, 1998–2018
(Percent of GDP)
Total expenditure has increased following the global financial

crisis, but investment continued to fall.
20.0 35.0
Expenditures (RHS)
18.0
30.0
16.0
14.0 25.0
Other expenses
12.0
20.0
10.0
Social benefits 15.0
8.0
6.0 Employee compensation 10.0
4.0 Goods and services
Interest expense 5.0

2.0
Investment
0.0 0.0
1999
2006
2011
2013
2015
2018
1998
2000
2001
2002
2003
2004
2005
2007
2008
2009
2010
2012
2014
2016
2017
1998 1999
Expenditures (RHS) 22.5 22.7
Compensation of Employees 7.2 7.1
Other Expense 7.0 6.7
Social Benefits 7.1 7.3
Use of Goods and Services 3.6 3.3
Interest Expense 3.3 4.0
Net Acquisition of Nonfinancial Assets 2.4 2.3
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
22.3 23.7 24.3 24.3 23.6 23.4 23.7 23.9 26.5 28.3
6.9 7.2 7.0 6.6 6.5 5.9 5.7 5.7 5.9 6.4
7.1 7.9 8.7 8.7 8.2 8.3 8.7 8.8 9.9 11.0
6.8 7.4 7.1 6.9 6.7 6.5 6.4 6.6 6.7 7.4
3.3 4.0 4.0 4.0 3.7 3.5 3.6 3.6 3.7 4.3
3.4 3.6 3.2 3.1 2.7 2.3 2.1 2.0 1.9 1.9
2.0 1.9 2.1 2.3 2.2 2.0 2.1 2.2 1.8 1.7
2010 2011 2012 2013 2014 2015 2016 2017 2018
27.4 28.1 28.8 29.0 29.4 30.8 30.7 30.4 31.5
6.1 6.2 6.3 6.3 6.4 7.0 6.9 6.5 6.3
11.1 11.1 11.6 11.0 11.6 11.2 10.6 10.6 10.6
7.0 6.6 6.5 6.7 6.7 7.5 7.7 7.6 7.0
3.4 3.2 3.2 3.5 3.8 3.9 3.7 3.9 3.8
1.7 1.5 1.5 1.5 1.5 1.5 1.6 1.8 1.9
1.4 1.4 0.9 0.8 0.8 1.1 0.9 0.4 0.2
Economies: Change in General Government Expenditures,
2012–18
(Percent of GDP)
Spending on social benefits and interest increased substantially
since 2012.
Social benefits
Total expenditure
Net acquisition of
nonfinancial assets
Compensation
of employees
Interest expense
Non-oil
exporters
Other expense Oil exporters
EMMIEs
-2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0

Note: EMMIEs: emerging market and middle-income economies.
Compensation
Other expens Interest ex of employees
Oil exporte -1.1 0.3 0.3
Non-oil exp -0.1 0.4 0.2
EMMIEs -0.4 0.4 0.3
Net acquisition of
nonfinancial
Total
assets
expenSocial benefits
-0.6 -1.4 0.9
-0.2 0.1 1.6
-0.3 -0.4 1.3
Figure 1.20. Low-Income Developing Countries:
General Government Overall Balance, 2012–24
(Percent of GDP)
The average fiscal deficit has bottomed out in low-income
developing countries.
0
LIDCs
-1
Commodity exporters
Noncommodity exporters
-2
-3
-4
-5
-6
2012
2013
2015
2016
2017
2018
2021
2022
2024
2014
2019
2020
2023

Note: LIDCs: low-income developing countries.
2012 2013 2014 2015 2016 2017 2018
Low-Income -2.0 -3.5 -3.3 -3.9 -3.9 -4.2 -4.0
Commodity -1.4 -3.4 -3.3 -4.2 -4.6 -5.0 -4.4
Noncommodi -2.6 -3.5 -3.3 -3.7 -3.4 -3.6 -3.7
2019 2020 2021 2022 2023 2024
-4.0 -3.8 -3.6 -3.5 -3.4 -3.4
-4.4 -4.1 -4.0 -3.9 -3.8 -3.6
-3.7 -3.6 -3.3 -3.3 -3.2 -3.2
General Government Revenue and Expense, 2012–24
(Percent of GDP)
In line with commodity price developments, revenues and
expenditures rose notably in commodity exporters in 2017-
18.
24
Expens
e
22
20
Revenu
e
18
Expens
16 e
14
12
10 Rev - non-comm
Revenue
exporter
8
2015
2016
2020
2022
2023
2024
2012
2013
2014
2017
2018
2019
2021

2011 2012 2013 2014
Rev - comm exporter 18.1 16.2 14.0 13.7
Rev - non-comm export 19.2 19.7 19.6 19.4
Exp - comm exporter 18.8 17.6 17.4 17.0
Exp - non-comm export 21.1 22.3 23.1 22.7
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
11.0 9.5 10.1 11.4 11.0 11.2 11.2 11.2 11.3 11.3
18.8 18.6 18.1 18.0 18.0 18.1 18.2 18.2 18.3 18.4
15.2 14.1 15.1 15.8 15.4 15.3 15.1 15.2 15.1 14.9
22.5 22.0 21.7 21.7 21.7 21.7 21.4 21.5 21.4 21.5
Figure 1.22. Low-Income Developing Countries: Change in
General Government Expenditures, 2012–18
(Percent of GDP)
Interest expense have crowded out investment.
Social benefits
Total expenditure
Net acquisition of
nonfinancial assets
Compensation Noncommodity
of employees exporters
Commodity exporters
Interest expense LIDCs
Other expense
-2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0

Net
Compens acquisition
ation of
of Total
Other Interest employee nonfinanci expenditur
expense expense s al assets e
Commodity -1.1 0.6 -0.3 -1.3 -1.8
Noncommodi -0.2 0.6 0.2 -0.6 -0.2
LIDCs -0.7 0.6 -0.1 -0.9 -1.1
Social
benefits
-0.2
0.1
0.0
Figure 1.23. Low-Income Developing
Countries: General Government Interest
Expense, 2012–18
(Percent of tax revenue)
As debt levels rise, interest payments are
consuming evermore tax revenue.
2; 50
50
GHA
40
NGA
30 ZMB
BGD
2018
MMR
KEN
20
10 SDN
1; 0
0
0 5 NPL10 15 20 25 30 35 40 45 50
2012

2012 2018
BGD 21.3 27.0
BEN 3.9 16.4
BFA 4.7 7.6
KHM #VALUE! #VALUE!
CMR 2.9 7.3
TCD 8.2 18.0
COD 5.1 4.9
COG 0.4 7.2
CIV 10.5 11.3
ETH 2.6 4.9
GHA 23.0 43.6
GIN 8.9 8.1
HTI 3.1 2.4
HND 7.9 13.0
KEN 16.0 26.2
KGZ 4.6 6.2
LAO 5.4 14.0
MDG 7.8 7.4
MLI 4.3 7.5
MDA 3.4 4.1
MOZ 5.1 19.1
MMR 29.1 25.2
NPL 7.5 2.5
NIC 6.3 7.8
NER 2.2 8.3
NGA 11.2 31.6
PNG 5.5 17.7
RWA 3.0 7.4
SEN 7.8 13.2
SOM #VALUE! 0.0
SDN 20.7 10.3
TJK 3.3 6.9
TZA 8.5 13.4
TLS 0.0 2.1
UGA 12.2 15.5
UZB 0.2 0.6
VNM 6.5 10.9
YEM 77.4 16.2
ZMB 9.0 31.3
ZWE 1.3 7.5
X Y
0 0
50 50
Risk of Debt Distress, 2012 and 2018
(Percent of total countries)
Over 40 percent of countries face a high risk of
debt distress or are in debt distress.
50
45
40
35
30
25
20
15
10
0
1 2 3

2012 2018
Low risk 35.7 19.6
Moderate ri 35.7 37.5
High risk or 28.6 42.9
check 2024!!
Figure 1.25. Low-Income Developing Countries: General Government

Gross Debt, 2012–24
(Percent of GDP)
The pace of debt accumulation slowed in 2018,
following three years of rapid increase.
50
45
40
35
LIDCs
30
Commodity
exporters
Noncommodity
25 exporters
20
2012
2019
2020
2021
2022
2023
2013
2014
2015
2016
2017
2018
2024
Fiscal deficits remained high, with over half of LIDCs saw
a deterioration of the primary balance in 2017.
1. Change in Primary Balance, 2017
-4 -2 0 2 4 6
overnment
2012 2013 2014

Commodity 27.7 29.0 28.8
Noncommodi 36.1 37.0 38.9
LIDCs 31.8 32.9 33.7
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
34.2 39.5 42.3 44.2 44.9 44.1 43.5 42.9 42.2 41.6
40.9 42.7 44.7 45.5 45.2 44.8 44.4 44.1 43.9 43.6
37.7 41.3 43.7 45.0 45.1 44.5 44.1 43.6 43.2 42.8
Figure 1.26. Global Economic Uncertainty
Indices, 2017-19
(Index Unit)
Economic policy uncertainty and financial market
volatility are at their highest levels in two years.
350 30
GPU (LHS)
VIX (RHS) 25
300
20
250
15
200
10
150
5
100 0
Ma y-1 7
Se p-1 7
No v-1 7
Ma r-1 8
Ma y-18
S e p -18
No v-1 8
Ma r-1 9
Ma r-17
Ja n -17
Ja n -18
Ja n -19
Ju l-17
Ju l-18
Source: Bloomberg; Baker, Bloom, and Davis (2016).

Note: Global EPU was calculated as the GDP-weighted average of
monthly EPU index values for the United States, Canada, Brazil, Chile, the
United Kingdom, Germany, Italy, Spain, France, Netherlands, Russia,
India, China, South Korea, Japan, Ireland, Sweden, and Australia, using
GDP data from the IMF’s World Economic Outlook database. National
EPU index values are from www.PolicyUncertainty.com and Baker, Bloom
and Davis 2016. Each national EPU Index is renormalized to a mean of
100 from 1997 to 2015 before calculating the Global EPU Index.
EPU = economic policy uncertainty; GPU = global policy uncertainty;
VIX = Chicago Board Options Exchange Volatility Index.
Global UnceVIX
2017 Jan-17 305.1 11.5
2017 Feb-17 229.5 11.5
2017 Mar-17 247.7 11.9
2017 Apr-17 186.7 13.1
2017 May-17 194.5 10.9
2017 Jun-17 168.0 10.5
2017 Jul-17 125.6 10.3
2017 Aug-17 141.4 12.0
2017 Sep-17 160.1 10.4
2017 Oct-17 163.1 10.1
2017 Nov-17 155.5 10.5
2017 Dec-17 154.9 10.3
2018 Jan-18 112.9 11.1
2018 Feb-18 124.9 22.5
2018 Mar-18 145.8 19.0
2018 Apr-18 152.1 18.3
2018 May-18 182.2 14.1
2018 Jun-18 197.0 13.7
2018 Jul-18 226.9 13.1
2018 Aug-18 202.9 12.5
2018 Sep-18 210.7 12.9
2018 Oct-18 246.3 19.4
2018 Nov-18 266.6 19.4
2018 Dec-18 341.5 25.0
2019 Jan-19 284.8 19.6
2019 Feb-19 266.6 15.2
2019 Mar-19 14.5
Figure 1.27. Commodity Price Outlook, 2004–24
(Oil: US dollars per barrel, non-oil: 2016 = 100)
Commodity prices have shown large swings,

creating further uncertainty.
160
140
120
100
80
60
40
Oil price
20
Non-oil commodity price
0
2012
2023
2004
2005
2006
2007
2008
2009
2010
2011
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2024
2004 2005 2006 2007 2008
Oil price 37.7 53.4 64.3 71.2 97.0
Non-oil commodity price 65.9 71.2 86.7 101.5 113.9
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
61.8 79.0 104.1 105.0 104.1 96.2 50.8 42.8 52.8 68.3
98.1 123.1 147.7 136.2 128.8 121.8 101.1 100.0 106.4 108.1
2019 2020 2021 2022 2023 2024
59.2 59.0 58.1 57.6 57.6 58.0
107.8 109.0 109.8 110.4 111.0 111.6
Figure 1.28. Public Capital Stock and Investment, 1995–2015
(2001 PPP-adjusted, in percent of GDP)
Over the past decade gross public investment has been insufficient to expand the public capital stoc
1. Advanced Economies 2. Emerging Market and Middle-Income Ec
100 5.0 100 5.0

Public capital stock Public capital stock (LHS)
90 (LHS) 4.5 90 Public investment (RHS) 4.5
80 4.0 80 4.0
70 3.5 70 3.5
60 3.0 60 3.0
50 2.5 50 2.5
40 2.0 40 2.0
30 1.5 30 1.5
20 1.0 20 1.0
10 0.5 10 0.5
0 0.0 0 0.0
1995
1997
1999
2005
2007
2009
2013
2015
2001
2003
2011
2009
1995
1997
1999
2001
2003
2005
2007
2011
2013
2015
Source: IMF Fiscal Affairs Department, Investment and Capital Stock Database.
Note: “Public investment” refers to gross fixed capital formation. PPP = purchasing power parity.
the public capital stock.
Advanced
t and Middle-Income Economies 3. Low Income Developing Countries EMMIEs
5.0 100 6.0 LIDCs

k (LHS) Public capital stock
(RHS) 4.5 90 (LHS)
5.0
4.0 80
3.5 70
4.0
3.0 60
2.5 50 3.0
2.0 40
2.0
1.5 30
1.0 20
1.0
0.5 10
0.0 0 0.0
1995
1997
1999
2003
2007
2009
2011
2015
2001
2005
2013
2009
2007
2011
2013
2015
y.
1995 1996 1997 1998 1999 2000
Public capital stock (LHS) 61.6 60.5 59.5 58.7 58.1 57.0
Public investment (RHS) 4.0 3.8 3.7 3.6 3.9 3.6
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
56.9 56.6 58.0 58.6 58.4 56.5 56.5 58.2 62.8 62.6
3.9 4.3 4.0 4.0 3.8 3.9 3.9 4.1 4.5 4.2
68.5 63.9 57.5 51.5 50.9 47.5 46.2 44.7 53.8 50.8
3.2 3.2 3.3 3.1 3.1 3.5 3.5 3.8 4.5 4.3
59.3 60.1 60.2 57.2 54.7 53.5 52.8 53.7 57.2 57.1
3.5 2.9 3.7 3.9 4.1 4.0 4.6 4.6 5.3 4.5
2011 2012 2013 2014 2015
62.3 62.7 62.4 61.8 61.3
4.1 3.8 3.5 3.7 3.7
47.7 47.3 48.0 51.1 53.9
4.6 4.3 4.3 4.3 4.2
58.4 57.1 56.5 57.8 59.3
4.3 4.9 4.8 4.6 5.6
Figure 1.29. Individuals Using the
Internet, 1990-2016
(Percent of population)
Internet usage in developing economies

lags the rest of the world.
90
AEs EMMIEs LIDCs
80
70
60
50
40
30
20
10
0
1990
1992
1996
2000
2006
2010
2012
2014
1994
1998
2002
2004
2008
2016
Source: World Bank, World Development Indicators.
Note: AEs: advanced economies; EMMIEs: emerging market and
middle-income economies; LIDCs: low-income developing
countries.
1990 1991 1992 1993
AEs 0.3 0.5 0.8 1.2
EMMIEs 0.0 0.0 0.0 0.0
LIDCs 0.0 0.0 0.0 0.0
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
2.3 4.2 8.0 12.9 19.2 26.7 35.1 41.7 50.9 54.9
0.1 0.1 0.3 0.5 1.1 2.0 3.7 5.1 7.8 9.6
0.0 0.0 0.0 0.0 0.0 0.1 0.2 0.4 0.6 1.1
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
60.0 63.7 65.7 71.1 72.6 73.1 75.1 75.3 77.9 78.7
11.9 14.1 17.0 21.1 25.1 28.4 33.5 38.2 43.2 46.5
1.9 3.1 4.7 6.1 7.1 8.1 10.4 12.2 14.2 16.7
2014 2015 2016 2017
79.9 80.7 82.6 85.5
49.2 51.7 54.4 59.4
20.1 23.7 26.0 29.9
Figure 1.30. Tax Revenue, 2017
(Percent of GDP)
Room exists to boost tax revenues in emerging

market and developing economies.
45
LIDCs median :15 A Es median: 26
EMMIEs median: 18
40
LIDCs
35
EMMIEs
Percent of countries
30 AEs
25
20
15
10
0
0 5 10 15 20 25 30 35 40
Revenue-to-GDP ratio

middle-income economies; LIDCs: low-income developing countries.
AEs EMMIEs LIDCs
2.5 5.8 3.5

7.5 8.9 17.2
12.5 3.6 22.8 29.4
17.5 14.3 22.6 32.9
22.5 26.3 24.1 13.1
27.5 37.3 14.9 2.9
32.5 12.6 0 0
37.5 2.3
Figure 1.31. Energy Subsidies, 2017
(Percent of GDP)
Energy subsidies are significant around the world.
9
Electricity
7.7
8
Petroleum
7 Coal
5
3.7
4
2 1.7
0
AEs EMMIEs LIDCs
Source: Coady and others, forthcoming.

middle-income economies; LIDCs: low-income developing
countries.
Natural gas AEs EMMIEs LIDCs
Coal 0.3 0.8 0.8
0.0 0.6 1.2
Petroleum
Electricity 0.5 4.0 0.6
0.9 2.3 1.1
Figure 1.32. Additional Spending on the Sustainable
Development Goals and Increased Tax Revenue, 2030
(Billions of 2016 US dollars)
Additional spending required to make meaningful progress

toward SDGs is over half a trillion US dollars.
600
Additional
500 spending; 0
Billions of 2016 US dollars
400
300
528
200
100
170
0
Increased
Additional tax revenue; 0
Increased
spending tax revenue

Additional spending net of increased tax revenu
Additional Additional (0.3 percent of global GDP)
spending
Increased 528 0 0
tax revenue 0 170 358
et of increased tax revenue
GDP)
Figure 1.1.1. Responses of Key Variables to Potential Stress in Global Financial
Markets
(Percentage point of GDP difference)
This chart isn't available in your version of Excel.
Editing this shape or saving this workbook into a different file format will permanently break
the chart.
Romania #N/A
Debt Interest Ra Growth Rat
JAPAN HD-AE 1.72 -0.01 -0.41
n Global Financial
ITALY HD-AE 0.82 -0.18 -0.39
SINGAPORHD-AE 1.12 0.04 -0.33
USA HD-AE 0.41 -0.08 -0.21
BELGIUM HD-AE 1.42 -0.06 -0.39
FRANCE HD-AE 1.15 -0.08 -0.37
SPAIN HD-AE 1.27 -0.02 -0.32
nently break UNITED K HD-AE 1.58 -0.14 -0.47
CANADA HD-AE 0.77 0.00 -0.22
AUSTRIA HD-AE 0.79 -0.10 -0.38
GERMANYLD-AE 0.56 -0.06 -0.61
NETHERLALD-AE 1.52 -0.09 -0.55
FINLAND LD-AE 0.78 0.03 -0.70
KOREA LD-AE 0.41 -0.06 0.01
AUSTRALI LD-AE 0.85 -0.03 -0.13
NEW ZEALLD-AE 0.32 -0.08 -0.11
SWEDEN LD-AE 0.08 -0.08 -0.38
NORWAY LD-AE 1.14 -0.11 -0.31
SWITZERLLD-AE 0.19 -0.10 -0.43
BRAZIL HD-EM 4.64 1.18 -1.25
ARGENTINHD-EM 1.28 0.06 -0.82
SOUTH AFHD-EM 0.62 0.13 -0.56
CHINA HD-EM -0.26 0.05 -0.23
INDIA HD-EM 0.37 -0.15 -0.46
PHILIPPIN HD-EM 0.77 0.09 0.07
MEXICO LD-EM 0.55 -0.14 -0.32
CHILE LD-EM -0.03 0.12 -1.12
THAILANDLD-EM 1.21 -0.02 -0.34
INDONESI LD-EM -0.18 -0.04 -0.14
TURKEY LD-EM 0.69 -0.05 -0.44
PERU LD-EM 0.53 0.33 -0.48
Primary balance to GDP
-0.25
-0.21
0.11
-0.32
-0.27
-0.21
-0.36
-0.20
-0.13
-0.21
0.01
-0.12
-0.32
-0.03
-0.09
-0.12
0.19
-0.51
-0.04
0.28
-0.26
0.00
-0.23
-0.04
-0.23
-0.22
-0.51
0.18
-0.12
0.00
-0.49
Table 1.2.1. China: Long Shadows of Investment-Led
Stimulus during the Global Financial Crisis
Fiscal stimulus
during the Great
Indicators in percent unless Recession (2009–
otherwise stated 12) 2017 or
latest data
2009 2015 available
General government
Debt to GDP 1/ 34 57 68
Net financial worth to GD 23 19 11
Macroeconomy
Potential growth rate 10.4 6.3 6.3
Credit intensity ratio 2/ 2.5 3.5 4.1
State-owned enterprises
Credit 3/ 51 66 74
Returns on equity 5.9 3.9 4.2
Sources: CEIC, WEO, Deutsche Bank, and IMF staff estimates.
1/ Debt is measured using the augmented concept as in IMF (2017).
2/ Measured by the change of credit per unit change of output.
3/ SOE credit is measured in percent of GDP based on IMF (2017).
Figure 1.2.1. China: General Government Net Financial
Worth after the Investment-Led Stimulus
(Percent of GDP)
Local government debt (augmented concept) Central government debt
Equity holding of financial institutions Equity holdings of SOEs
Deposits and other financial assets Financial net worth

100 Investment-led stimulus
80 during 2009-12
60
40 23.0
20 10.5
0
-20
-40
-60
-80
Sources: CEIC and IMF staff estimates.

ernment debt
ngs of SOEs
t worth
s
10.5
1997 1998 1999
Financia assets 6.86 7.46 7.98
Net equity (stockholdings) of state-owned enterprises 16.79 14.35 10.89
Net equity (stockholdings) of state-owned financial institutions -6.46 -4.88 -5.06
Explicit central government debt -15.16 -15.31 -16.40
Total local gov debt (explicit + off budget) -5.29 -5.19 -5.29
Financial net worth -3.25 -3.57 -7.88
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
8.40 9.32 10.32 10.98 10.90 11.14 11.35 11.59 10.67 12.74
5.16 5.52 5.36 6.35 28.92 27.89 26.07 32.28 31.39 34.26
-4.39 -7.91 -6.13 -4.11 -0.31 5.21 8.11 9.01 10.88 10.39
-17.39 -18.06 -18.98 -19.09 -18.20 -17.24 -15.83 -19.17 -16.65 -17.22
-5.42 -6.33 -6.74 -7.48 -7.97 -8.86 -9.55 -9.87 -10.35 -17.13
-13.64 -17.45 -16.16 -13.36 13.34 18.14 20.14 23.84 25.95 23.04
2010 2011 2012 2013 2014 2015 2016 2017
16.29 22.02 18.74 20.45 22.14 22.33 23.11 23.85
33.85 33.53 35.01 36.85 39.05 40.56 41.82 42.60
10.13 9.49 9.81 10.44 11.14 12.29 12.58 11.89
-16.45 -14.82 -14.34 -14.53 -14.78 -15.25 -16.10 -16.60
-25.81 -28.08 -29.75 -33.53 -37.50 -41.33 -46.15 -51.24
18.01 22.13 19.47 19.68 20.05 18.61 15.26 10.52
Figure 1.2.1. China: General Government Financial Asset Returns and
Liability Costs
(Percent)
Interest cost on government liabilities
Returns on government financial assets
Returns on local government financing vehicles specialized in infrastructure i
8
7
6
5
4
3
Investment-led
2 stimulus during 2009-
12
1
0
-1
-2
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
Sources: CEIC, China Public Finance Statistical Yearbook, Li and Mano (2019) and IMF staff
1997
Rate of Return 2.05
Total debt liab 5.09
LGFV returns
ed in infrastructure investment
8
7
6
5
4
3
ent-led
ring 2009- 2
2
1
0
-1
-2
15 16 17 18 19 20 21
019) and IMF staff estimates.

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
-1.50 0.58 2.89 3.14 2.26 2.86 5.07 5.46 6.17 6.65
4.67 4.15 3.77 3.83 3.60 3.61 3.67 3.76 3.88 4.36
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
4.93 4.59 5.21 5.03 4.42 4.20 3.92 3.34 3.15 3.38
4.62 4.42 4.85 5.77 5.49 6.21 5.74 4.80 4.38 5.61
4.40 4.20 3.00 2.60 2.20 2.00 1.80 2.00
Figure 2.1. Perceptions of Corruption Over Time and at Different Income
Levels
1. Control of Corruption in 2017 versus 1996 2. Control of Corru
2.0 2.5
Better r=0.65
r=0.91
1.5(p-value=0.00) 2.0 (p-value=0.00)
Control of corruption index, 2017
1.0 1.5
Control of corruption index

0.5 1.0
Less
corruption
0.0 0.5
-0.5 0.0
-1.0
-0.5
-1.5
Less corruption -1.0
-2.0
-1.5
-2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0
Worse
Control of corruption index, 1996 -2.0
6 7
Sources: Worldwide Governance Indicators; IMF, World Economic Outlook Database.

Note: The Control of Corruption Index provides a relative measure of perceived corruption and ranges from -2.5 (high
of GDP per capita in purchasing power parity US dollars. r= coefficient of correlation.
2. Control of Corruption and Income, 2017
2.5
etter r=0.65
2.0 (p-value=0.00)
1.5
1.0
0.5
0.0
-0.5
-1.0
-1.5
orse
-2.0
6 7 8 9 10 11 12
Logarithm GDP per capita US dollars
and ranges from -2.5 (high corruption) to 2.5 (low corruption). Panel 2 shows the logarithm
Panel 1 Panel 2
country Initial CC 2017 country wdi_GDP_ wgi_cc Log GDP PC
Congo, Demo -1.647852 -1.417572 Afghanista 1,804 -1.516776 7.4977548
Iraq -1.602183 -1.371593 Albania 11,803 -0.417942 9.3761455
Georgia -1.527264 0.744684 Algeria 13,914 -0.610061 9.5406392
Myanmar -1.500767 -0.564869 Angola 5,819 -1.411941 8.6689688
Liberia -1.500141 -0.687909 Antigua an 21,491 0.2423304 9.9753869
Azerbaijan -1.445619 -0.884894 Argentina 18,934 -0.255608 9.8487096
Chad -1.380424 -1.431806 Armenia 8,788 -0.560063 9.0810946
Cameroon -1.334985 -1.184609 Australia 44,649 1.795016 10.706581
Afghanistan-1.291705 -1.516776 Austria 45,437 1.526027 10.724075
Tajikistan -1.273033 -1.330518 Azerbaijan 15,847 -0.884894 9.6707619
Equatorial -1.264369 -1.82574 Bahamas, 27,718 1.173898 10.229832
Sudan -1.240006 -1.544762 Bahrain 43,291 -0.140643 10.675693
Pakistan -1.22003 -0.777852 Bangladesh 3,524 -0.831289 8.1673474
Guinea-Bis -1.194655 -1.562251 Barbados 16,978 1.421144 9.7396777
Nigeria -1.189009 -1.067754 Belarus 17,168 -0.25724 9.7508005
Haiti -1.173277 -1.237688 Belgium 42,659 1.497138 10.660984
Angola -1.167702 -1.411941 Belize 7,824 -0.271639 8.9649975
Paraguay -1.166015 -0.72478 Benin 2,064 -0.547208 7.6325156
Kenya -1.158849 -0.955789 Bhutan 8,709 1.568301 9.072066
Central Afr -1.140931 -1.172709 Bolivia 6,886 -0.656894 8.8372208
Serbia -1.140072 -0.374754 Bosnia and 11,714 -0.515063 9.368531
Kazakhstan -1.13282 -0.820549 Botswana 15,807 0.7988232 9.6682318
Uzbekistan -1.128821 -1.158786 Brazil 14,103 -0.531685 9.5541749
Ukraine -1.110137 -0.783514 Brunei Dar 71,809 0.7127975 11.181769
Gabon -1.102377 -0.808148 Bulgaria 18,563 -0.160792 9.8289422
Honduras -1.078811 -0.717277 Burkina Fa 1,703 -0.11024 7.4402063
Russia -1.053342 -0.891939 Burundi 702 -1.283351 6.5542543
Turkmenist -1.021493 -1.481765 Cabo Verde 6,223 0.8402322 8.7359357
Cambodia -1.019842 -1.290856 Cambodia 3,645 -1.290856 8.2011307
Comoros -0.998565 -0.684541 Cameroon 3,365 -1.184609 8.1211613
Kyrgyz Repu-0.993923 -1.05354 Canada 44,018 1.924201 10.692345
Bangladesh -0.969682 -0.831289 Central Afr 661 -1.172709 6.4941168
Guinea -0.939942 -1.005737 Chad 1,768 -1.431806 7.477691
Ethiopia -0.930546 -0.557087 Chile 22,767 1.039394 10.033069
Albania -0.893904 -0.417942 China 15,309 -0.269596 9.6361774
Libya -0.871937 -1.590927 Colombia 13,255 -0.369663 9.4921263
Niger -0.86559 -0.647367 Comoros 1,414 -0.684541 7.2541
El Salvador -0.865278 -0.506325 Congo, Demo 808 -1.417572 6.6947269
Indonesia -0.864106 -0.252372 Congo, Repu 4,881 -1.330078 8.4931885
Congo, Repu -0.86074 -1.330078 Costa Rica 15,525 0.4668472 9.6502066
Guatemala -0.856944 -0.739442 Croatia 22,670 0.1869582 10.028789
Togo -0.842621 -0.705202 Cyprus 32,415 0.7828787 10.386381
Zambia -0.840641 -0.538552 Czech Repu 32,606 0.5678657 10.392249
Bolivia -0.824829 -0.656894 Côte d'Ivoir 3,601 -0.52175 8.1889685
Mali -0.782562 -0.634982 Denmark 46,683 2.193274 10.751125
Sierra Leon -0.756474 -0.589318 Dominica 9,673 0.6517005 9.1771317
Rwanda -0.74514 0.6332065 Dominican 14,601 -0.738488 9.5888358
Uganda -0.723757 -1.038217 Ecuador 10,582 -0.599219 9.2669037
Lao P.D.R. -0.722834 -0.935471 Egypt 10,550 -0.540559 9.2639007
Tanzania -0.702762 -0.476067 El Salvador 7,292 -0.506325 8.8945959
Ecuador -0.684874 -0.599219 Equatorial 22,605 -1.82574 10.025921
Burundi -0.680635 -1.283351 Estonia 29,481 1.242479 10.29151
Lebanon -0.659695 -0.999708 Ethiopia 1,730 -0.557087 7.4558343
Nepal -0.639209 -0.749141 Fiji 8,703 0.3592741 9.0714202
Macedonia,-0.613846 -0.306878 Finland 40,586 2.215701 10.611172
Croatia -0.57869 0.1869582 France 38,606 1.259546 10.561154
Algeria -0.566741 -0.610061 Gabon 16,562 -0.808148 9.7148911
Nicaragua -0.564544 -0.871774 Gambia, Th 1,562 -0.664568 7.353573
Mauritania -0.555694 -0.750887 Georgia 9,745 0.744684 9.1845177
Benin -0.548115 -0.547208 Germany 45,229 1.841048 10.719499
Tunisia -0.533678 -0.106572 Ghana 4,228 -0.225418 8.3493968
Mexico -0.512429 -0.927528 Greece 24,574 -0.13803 10.10946
Colombia -0.512254 -0.369663 Grenada 13,594 0.4755489 9.5173747
Vietnam -0.489799 -0.582738 Guatemala 7,424 -0.739442 8.9124474
Iran -0.480607 -0.811255 Guinea 2,081 -1.005737 7.6406664
Armenia -0.473051 -0.560063 Guinea-Bis 1,549 -1.562251 7.3451548
Egypt -0.472254 -0.540559 Guyana 7,435 -0.507729 8.9139602
Romania -0.446043 -0.031181 Haiti 1,653 -1.237688 7.4104514
Moldova -0.437427 -0.798191 Honduras 4,542 -0.717277 8.4210777
Papua New -0.433467 -0.898545 Hong Kong 56,055 1.614928 10.934087
Mozambiqu-0.424003 -0.855766 Hungary 26,778 0.0895667 10.19532
Dominican -0.422995 -0.738488 Iceland 46,483 1.83808 10.746841
Peru -0.398886 -0.495882 India 6,427 -0.239473 8.7682125
Belarus -0.389609 -0.25724 Indonesia 11,189 -0.252372 9.3226636
India -0.38109 -0.239473 Iran 19,083 -0.811255 9.8565333
Gambia, Th -0.374195 -0.664568 Iraq 15,664 -1.371593 9.6591195
Madagasca -0.371094 -1.049565 Ireland 67,335 1.548576 11.11744
Bulgaria -0.361505 -0.160792 Israel 33,132 0.8268534 10.408265
Thailand -0.361192 -0.385521 Italy 35,220 0.188857 10.469372
Philippines -0.358872 -0.475193 Jamaica 8,194 -0.172186 9.0111051
Ghana -0.33995 -0.225418 Japan 39,002 1.522445 10.571374
Maldives -0.322941 -0.787159 Jordan 8,337 0.2600122 9.0285175
Malawi -0.316063 -0.653593 Kazakhstan 24,056 -0.820549 10.088123
Zimbabwe -0.278847 -1.270367 Kenya 2,993 -0.955789 8.004041
China -0.27119 -0.269596 Kiribati 1,981 0.3902786 7.5914236
Bosnia and -0.27057 -0.515063 Korea 35,938 0.4810342 10.489561
Côte d'Ivoir -0.260567 -0.52175 Kosovo 9,796 -0.503592 9.1897124
Latvia -0.203339 0.5360193 Kuwait 65,531 -0.331152 11.090272
Panama -0.201106 -0.539375 Kyrgyz Rep 3,393 -1.05354 8.1296093
Saudi Arabi -0.163303 0.3640488 Lao P.D.R. 6,397 -0.935471 8.7636407
Turkey -0.148074 -0.192915 Latvia 25,064 0.5360193 10.129182
Senegal -0.142715 -0.086035 Lebanon 13,368 -0.999708 9.5005865
Guyana -0.140642 -0.507729 Lesotho 2,851 -0.025721 7.9554787
Morocco -0.106927 -0.132408 Liberia 753 -0.687909 6.6237834
Argentina -0.101317 -0.255608 Libya 17,882 -1.590927 9.7915224
Sri Lanka -0.056539 -0.451482 Lithuania 29,524 0.553921 10.292968
Qatar -0.045596 0.7340495 Luxembour 94,278 1.985429 11.454003
Jordan -0.035408 0.2600122 Macao SAR 104,862 0.64218 11.560399
Samoa -0.026595 0.659628 Macedonia, 13,111 -0.306878 9.4812232
Belize -0.026595 -0.271639 Madagasca 1,416 -1.049565 7.2559016
Brazil -0.01858 -0.531685 Malawi 1,095 -0.653593 6.9985481
U.A.E. -0.005579 1.13369 Malaysia 26,808 0.0260305 10.196462
Mauritius 0.0346621 0.2005712 Maldives 15,184 -0.787159 9.6279722
West Bank 0.0414915 -0.027749 Mali 2,014 -0.634982 7.6080299
Lesotho 0.0865449 -0.025721 Malta 36,513 0.7398102 10.505432
Burkina Fas0.1115191 -0.11024 Marshall Is 3,819 0.0018501 8.2477968
Mongolia 0.1117585 -0.451333 Mauritania 3,598 -0.750887 8.1880313
Suriname 0.1856471 -0.174011 Mauritius 20,293 0.2005712 9.9180187
Jamaica 0.1870614 -0.172186 Mexico 17,336 -0.927528 9.7605676
Vanuatu 0.2163094 0.0060723 Micronesia 3,299 0.7494102 8.1015153
Slovak Repu0.2180543 0.2240206 Moldova 5,190 -0.798191 8.5544835
Bahrain 0.3286887 -0.140643 Mongolia 11,841 -0.451333 9.3793104
Greece 0.3386542 -0.13803 Montenegro, 16,409 -0.087407 9.7056028
Solomon Is 0.3407821 0.111802 Morocco 7,485 -0.132408 8.920658
Korea 0.3821974 0.4810342 Mozambiqu 1,136 -0.855766 7.0353589
Malaysia 0.3830645 0.0260305 Myanmar 5,592 -0.564869 8.6290202
São Tomé a0.4016672 0.1417677 Namibia 9,542 0.3247772 9.1634383
Italy 0.4078476 0.188857 Nepal 2,443 -0.749141 7.8009018
Oman 0.4146422 0.2478644 Netherland 48,473 1.867232 10.788753
Lithuania 0.4210027 0.553921 New Zeala 36,086 2.241001 10.493656
Macao SAR 0.421651 0.64218 Nicaragua 5,321 -0.871774 8.5794999
Estonia 0.449223 1.242479 Niger 926 -0.647367 6.8308744
Kuwait 0.4786822 -0.331152 Nigeria 5,338 -1.067754 8.5826914
Malta 0.478995 0.7398102 Norway 64,800 2.236664 11.079062
Brunei Dar 0.478995 0.7127975 Oman 37,961 0.2478644 10.544307
Seychelles 0.5459515 0.6812423 Pakistan 5,035 -0.777852 8.5241108
Fiji 0.6593026 0.3592741 Palau 13,240 -0.472607 9.4910284
Hungary 0.6669082 0.0895667 Panama 22,267 -0.539375 10.010863
Czech Repub 0.6832194 0.5678657 Papua New 3,823 -0.898545 8.2488414
Costa Rica 0.6961424 0.4668472 Paraguay 8,827 -0.72478 9.0855716
Poland 0.7079138 0.725145 Peru 12,237 -0.495882 9.4121954
South Afric 0.7329274 -0.008138 Philippines 7,599 -0.475193 8.9357967
Namibia 0.8087733 0.3247772 Poland 27,216 0.725145 10.211577
Botswana 0.8179612 0.7988232 Portugal 27,937 0.8740765 10.237704
Dominica 0.8698972 0.6517005 Qatar 116,936 0.7340495 11.669379
Grenada 0.8698972 0.4755489 Romania 23,313 -0.031181 10.056775
Antigua an 0.8698972 0.2423304 Russia 24,766 -0.891939 10.117225
Trinidad an 0.9012263 -0.364186 Rwanda 1,854 0.6332065 7.5252144
Bhutan 0.9428385 1.568301 Samoa 6,022 0.659628 8.7031012
Slovenia 1.114188 0.8139435 Saudi Arabi 49,045 0.3640488 10.800502
Uruguay 1.124996 1.292767 Senegal 2,471 -0.086035 7.8122081
Spain 1.129211 0.4919703 Serbia 14,049 -0.374754 9.550298
Cabo Verde 1.143337 0.8402322 Seychelles 26,382 0.6812423 10.180448
Bahamas, T 1.15681 1.173898 Sierra Leon 1,390 -0.589318 7.237275
Japan 1.192312 1.522445 Singapore 85,535 2.133488 11.356685
France 1.247409 1.259546 Slovak Repu 30,155 0.2240206 10.314111
Cyprus 1.331288 0.7828787 Slovenia 31,401 0.8139435 10.35459
Israel 1.354008 0.8268534 Solomon Is 2,206 0.111802 7.6989014
Belgium 1.359654 1.497138 South Afric 12,295 -0.008138 9.4169379
Portugal 1.371545 0.8740765 Spain 34,272 0.4919703 10.442094
Hong Kong 1.444894 1.614928 Sri Lanka 11,669 -0.451482 9.3646976
Chile 1.454119 1.039394 St. Kitts an 24,654 0.5077242 10.11271
Barbados 1.542726 1.421144 St. Lucia 12,952 0.5870592 9.4689931
United Stat 1.571041 1.381283 St. Vincent 10,727 0.724358 9.2805328
Ireland 1.708908 1.548576 Sudan 4,467 -1.544762 8.4043619
Austria 1.732164 1.526027 Suriname 13,767 -0.174011 9.5300383
Iceland 1.73311 1.83808 Sweden 46,949 2.138839 10.756823
Australia 1.877356 1.795016 Switzerland 57,410 1.988966 10.957977
Germany 1.905217 1.841048 São Tomé a 3,053 0.1417677 8.0237862
Luxembour 1.951375 1.985429 Tajikistan 2,897 -1.330518 7.9714009
United Kin 1.980519 1.843301 Tanzania 2,683 -0.476067 7.8948042
Switzerland 1.986976 1.988966 Thailand 16,278 -0.385521 9.6975496
Canada 2.031408 1.924201 Timor-Leste 6,570 -0.539836 8.7902846
Netherland 2.081898 1.867232 Togo 1,430 -0.705202 7.2652992
Singapore 2.107434 2.133488 Tonga 5,426 -0.160611 8.5988876
New Zealan 2.110246 2.241001 Trinidad an 28,763 -0.364186 10.266848
Norway 2.138955 2.236664 Tunisia 10,849 -0.106572 9.2918556
Sweden 2.173986 2.138839 Turkey 25,129 -0.192915 10.131791
Finland 2.206872 2.215701 Turkmenist 16,389 -1.481765 9.7043671
Denmark 2.231308 2.193274 Tuvalu 3,575 0.0619364 8.1817495
Tuvalu 0 0.0619364 Uganda 1,698 -1.038217 7.4370335
Marshall Is 0 0.0018501 Ukraine 7,894 -0.783514 8.973908
Montenegro 0 -0.087407 United Arab 67,293 1.13369 11.116819
Tonga 0 -0.160611 United Kin 39,753 1.843301 10.590447
Palau 0 -0.472607 United Stat 54,225 1.381283 10.900906
Kosovo 0 -0.503592 Uruguay 20,551 1.292767 9.9306848
Timor-Leste 0 -0.539836 Uzbekistan 6,253 -1.158786 8.7408332
Vanuatu 2,922 0.0060723 7.9799923
Vietnam 6,172 -0.582738 8.7277595
West Bank 4,450 -0.027749 8.4006365
Zambia 3,689 -0.538552 8.2131787
Zimbabwe 1,900 -1.270367 7.5494907
Figure 2.2. Share of Firms Expected to pay Bribes to...
(Percent)
35
30
25
20
15
10
Percent of firms
0
ct it e" n n se se gs
ra rm n tio tio n en in
nt pe do ec ec li ce lic et
co n gs nn nn r t g m
e
t io in o co in
en ct th lc po at in
m tr
u a er im er s
rn s ge
t ic at al
tr an op ci
ve on o e c w
go
c "t el
a et an o ffi
a s et G
et x
ur
e et al an G Ta
c G ci et
G
Se offi G
b lic
Pu
Source: World Bank, Enterprise Surveys.

Economy Secure gov Get a constPublic offic Get an elec
All Countrie 30.4 24.9 24.1 18.1
e gs
in
e et
m
in
s
al
Get a waterGet an impoGet an operTax officials in meetings
16.6 15.7 15.6 14.6
Figure 2.3. Corruption Leakages in the Public Sector
(Percent)
Source: IMF staff.
Figure 2.4. Government Revenues and Corruption
45
Advanced economies
40 More
Government revenues (percent of GDP)
revenues
35
30
Emerging market
cconomies
25
20
Low-income
countries Less corrupt
15
-2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5
Sources: Worldwide Governance Indicators; and IMF, World Economic Outlook Database.
Note: The figure shows the average government revenues as a share of GDP (excluding grants)
for countries with the lowest levels of corruption (top 25 percent of control of corruption) and
highest levels of corruption (bottom 25 percent) for each group: low-income countries, emerging
market economies, and advanced economies. It excludes oil exporters, where oil revenues are a
key driver of total revenues. The Control of Corruption Index provides a relative measure of perceived
corruption and ranges from -2.5 (high corruption) to 2.5 (low corruption).
Dev variable Low CC high CC
0 cce16 -1.372578 -0.06874
0 ggr_nogran17.921692 21.826252
1 cce16 -0.634331 0.8409257
1 ggr_nogran24.138572 26.838303
2 cce16 0.3543151 2.1345074
2 ggr_nogran37.178487 41.595249
ants)
) and
merging
es are a
of perceived
Figure 2.5. Corruption and Revenue Collection
1. Revenue Efficiency
0.5 High 25
tax r=0.3
0.4r=0.22
revenu 20 (p-va
(p-value=0.00)
0.3 e
15
0.2
Revenue efficiency
10
0.1
Percent of GDP
0 5
-0.1 0
-0.2
-5
-0.3
-10
-0.4 Less corruption
-0.5 -15
-2.5 -2 -1.5 -1 -0.5 0 0.5 1 1.5 2 2.5

Low tax-20
Control of corruption revenu -1.5
e
Sources: Worldwide Governance Indicators; and IMF, World Economic Outlook Database. Revenue data is the a
revenue efficiency is an average of 2013–2016, control of corruption shows 2017 data.
Note: Revenue efficiency is calculated based on personal income tax efficiency and value-added tax c-efficiency
should collect based on average statutory tax rates. See Online Annex 2.1. Both the revenue variables and the
2. Revenue (percent of GDP)
High 25
tax r=0.30
revenu 20 (p-value=0.00)
e
15
10
Percent of GDP
-5
-10
-15 Less corruption
Low tax-20
revenu -1.5 -0.5 0.5 1.5
e
ase. Revenue data is the average of 2015–2017 (excludes oil exporters) and
a.
alue-added tax c-efficiency. It compares what countries collect relative to what they
evenue variables and the Control of Corruption Index are adjusted for GDP per capita.
Panel 1 Panel 2
ifscode country year GDP_wgi_cGDP_rev_out_mean ifscode country year GDP_wgi_c
111 United Stat 2017 0.1877406 -0.034772 576 Singapore 2017 -0.090518
112 United Kin 2017 1.1152434 -0.122386 178 Ireland 2017 -0.048071
122 Austria 2017 0.625622 0.0007961 313 Bahamas, T 2017 0.8036778
124 Belgium 2017 0.6991327 -0.097134 626 Central Afr 2017 -0.591033
128 Denmark 2017 1.2916538 0.0988178 238 Costa Rica 2017 0.5615947
132 France 2017 0.5378405 -0.111107 513 Bangladesh 2017 -0.356213
134 Germany 2017 0.9174427 -0.102069 137 Luxembour 2017 -0.570214
136 Italy 2017 -0.357249 -0.090965 243 Dominican 2017 -0.646826
137 Luxembour 2017 -0.570214 -0.152176 542 Korea 2017 -0.10455
138 Netherland 2017 0.8496444 -0.180273 524 Sri Lanka 2017 -0.235659
142 Norway 2017 0.6747659 -0.079878 474 Yemen 2017 -1.063865
144 Sweden 2017 1.2037777 -0.012186 512 Afghanistan 2017 -0.97337
146 Switzerland 2017 0.7253678 0.0114346 674 Madagasca 2017 -0.494181
156 Canada 2017 1.073093 0.2274024 724 Sierra Leon 2017 -0.034026
158 Japan 2017 0.8349281 -0.042756 618 Burundi 2017 -0.703371
172 Finland 2017 1.4816364 -0.012177 111 United Stat 2017 0.1877406
174 Greece 2017 -0.370676 -0.086345 283 Panama 2017 -0.700223
176 Iceland 2017 0.8731966 -0.058998 654 Guinea-Bis 2017 -1.016152
178 Ireland 2017 -0.048071 -0.237914 853 Papua New 2017 -0.406288
181 Malta 2017 0.08542 -0.003693 544 Lao P.D.R. 2017 -0.555167
182 Portugal 2017 0.5606022 -0.050254 564 Pakistan 2017 -0.337243
184 Spain 2017 -0.058565 -0.089078 643 Eritrea 2017 -0.647844
186 Turkey 2017 -0.403134 -0.097775 746 Uganda 2017 -0.507208
193 Australia 2017 0.8838046 -0.109222 146 Switzerland 2017 0.7253678
196 New Zealan 2017 1.6715128 0.2010366 738 Tanzania 2017 0.0285189
199 South Afric 2017 0.1863533 0.1387922 263 Haiti 2017 -0.690194
213 Argentina 2017 -0.281705 -0.131874 668 Liberia 2017 -0.124593
218 Bolivia 2017 -0.281905 0.3052547 311 Antigua an 2017 0.0549914
223 Brazil 2017 -0.399186 -0.017856 644 Ethiopia 2017 -0.02001
228 Chile 2017 0.9029677 -0.095346 656 Guinea 2017 -0.468385
233 Colombia 2017 -0.201113 -0.144247 446 Lebanon 2017 -0.985183
238 Costa Rica 2017 0.5615947 -0.053805 684 Mauritius 2017 0.133615
243 Dominican 2017 -0.646826 -0.173335 293 Peru 2017 -0.299844
248 Ecuador 2017 -0.342678 0.1790685 366 Suriname 2017 -0.019836
253 El Salvador 2017 -0.145499 0.0276823 228 Chile 2017 0.9029677
258 Guatemala 2017 -0.382536 -0.061737 369 Trinidad an 2017 -0.701881
268 Honduras 2017 -0.282546 0.0186423 692 Niger 2017 -0.080251
273 Mexico 2017 -0.924203 -0.128137 632 Comoros 2017 -0.13033
278 Nicaragua 2017 -0.445401 -0.041344 652 Ghana 2017 0.2343531
283 Panama 2017 -0.700223 -0.023075 638 Benin 2017 -0.013637
288 Paraguay 2017 -0.506639 0.3259924 253 El Salvador 2017 -0.145499
293 Peru 2017 -0.299844 -0.005552 578 Thailand 2017 -0.320788
298 Uruguay 2017 1.2229355 -0.047447 518 Myanmar 2017 -0.150925
299 Venezuela 2017 -1.137216 0.2974764 522 Cambodia 2017 -0.809169
311 Antigua an 2017 0.0549914 -0.356117 678 Mali 2017 -0.098397
313 Bahamas, T 2017 0.8036778 0.1546348 716 São Tomé a 2017 0.6469205
316 Barbados 2017 1.4655325 0.0416436 566 Philippines 2017 -0.12416
321 Dominica 2017 0.921467 0.0583367 754 Zambia 2017 -0.056528
328 Grenada 2017 0.621624 0.0862896 469 Egypt 2017 -0.319783
336 Guyana 2017 -0.14891 0.0146698 664 Kenya 2017 -0.458857
339 Belize 2017 0.0799412 -0.445437 748 Burkina Fas 2017 0.4357685
343 Jamaica 2017 0.1547892 0.0085086 328 Grenada 2017 0.621624
361 St. Kitts an 2017 0.2697447 -0.057131 714 Rwanda 2017 1.1727188
362 St. Lucia 2017 0.7542959 0.0957685 911 Armenia 2017 -0.242537
364 St. Vincent 2017 0.9817148 0.0063676 742 Togo 2017 -0.153031
366 Suriname 2017 -0.019836 -0.329541 362 St. Lucia 2017 0.7542959
369 Trinidad an 2017 -0.701881 -0.244623 534 India 2017 0.1465864
423 Cyprus 2017 0.2686484 -0.10012 193 Australia 2017 0.8838046
429 Iran 2017 -0.813876 -0.2863 565 Palau 2017 -0.304487
433 Iraq 2017 -1.271303 -0.30132 744 Tunisia 2017 0.1370711
436 Israel 2017 0.3356732 -0.052864 648 Gambia, Th 2017 -0.14181
439 Jordan 2017 0.5866466 -0.186121 158 Japan 2017 0.8349281
446 Lebanon 2017 -0.985183 -0.148428 439 Jordan 2017 0.5866466
469 Egypt 2017 -0.319783 -0.259477 968 Romania 2017 -0.168011
474 Yemen 2017 -1.063865 0.0954372 676 Malawi 2017 -0.086613
512 Afghanistan 2017 -0.97337 -0.059769 558 Nepal 2017 -0.228104
513 Bangladesh 2017 -0.356213 -0.180504 846 Vanuatu 2017 0.525736
514 Bhutan 2017 1.9012653 -0.084847 556 Maldives 2017 -0.761397
522 Cambodia 2017 -0.809169 -0.024306 722 Senegal 2017 0.4122906
524 Sri Lanka 2017 -0.235659 -0.281759 298 Uruguay 2017 1.2229355
532 Hong Kong 2017 0.3694885 -0.095569 278 Nicaragua 2017 -0.445401
534 India 2017 0.1465864 -0.024401 946 Lithuania 2017 0.1836455
536 Indonesia 2017 -0.022769 -0.066842 698 Zimbabwe 2017 -0.737444
542 Korea 2017 -0.10455 -0.058378 914 Albania 2017 -0.191799
544 Lao P.D.R. 2017 -0.555167 -0.027586 624 Cabo Verde 2017 1.2314534
548 Malaysia 2017 -0.247113 -0.077381 734 Swaziland 2017 -0.00645
558 Nepal 2017 -0.228104 -0.096014 967 Kosovo 2017 -0.228763
564 Pakistan 2017 -0.337243 -0.134756 686 Morocco 2017 0.2123794
566 Philippines 2017 -0.12416 -0.12983 924 China 2017 -0.168885
576 Singapore 2017 -0.090518 -0.273159 364 St. Vincent 2017 0.9817148
578 Thailand 2017 -0.320788 0.0794567 186 Turkey 2017 -0.403134
582 Vietnam 2017 -0.188684 0.1479824 361 St. Kitts an 2017 0.2697447
611 Djibouti 2017 -0.145325 0.1164318 862 Samoa 2017 1.0889517
612 Algeria 2017 -0.463446 0.0022455 156 Canada 2017 1.073093
614 Angola 2017 -1.015104 -0.200345 199 South Afric 2017 0.1863533
616 Botswana 2017 0.8897646 -0.079545 268 Honduras 2017 -0.282546
618 Burundi 2017 -0.703371 -0.077259 688 Mozambiqu 2017 -0.291373
622 Cameroon 2017 -0.693263 -0.067712 915 Georgia 2017 1.0242015
624 Cabo Verde 2017 1.2314534 0.0649122 866 Tonga 2017 0.265054
626 Central Afr 2017 -0.591033 -0.328659 436 Israel 2017 0.3356732
628 Chad 2017 -0.900229 -0.25791 223 Brazil 2017 -0.399186
636 Congo, Demo 2017 -0.839238 -0.118622 918 Bulgaria 2017 -0.212401
638 Benin 2017 -0.013637 -0.181621 336 Guyana 2017 -0.14891
642 Equatorial 2017 -2.346888 -0.374065 343 Jamaica 2017 0.1547892
643 Eritrea 2017 -0.647844 -0.065272 682 Mauritania 2017 -0.282471
644 Ethiopia 2017 -0.02001 -0.21942 339 Belize 2017 0.0799412
646 Gabon 2017 -0.749775 -0.248744 923 Tajikistan 2017 -0.824121
648 Gambia, Th 2017 -0.14181 -0.014611 138 Netherland 2017 0.8496444
652 Ghana 2017 0.2343531 -0.001604 616 Botswana 2017 0.8897646
654 Guinea-Bis 2017 -1.016152 -0.045598 936 Slovak Repu 2017 -0.167013
662 Côte d'Ivoir 2017 -0.036539 -0.173209 961 Slovenia 2017 0.3805599
664 Kenya 2017 -0.458857 -0.000122 423 Cyprus 2017 0.2686484
666 Lesotho 2017 0.4774747 0.1396386 718 Seychelles 2017 0.4089761
668 Liberia 2017 -0.124593 0.2915593 939 Estonia 2017 0.8941225
674 Madagasca 2017 -0.494181 -0.079158 935 Czech Repub 2017 0.1027396
676 Malawi 2017 -0.086613 -0.004858 134 Germany 2017 0.9174427
678 Mali 2017 -0.098397 -0.050064 733 South Suda 2017 -1.158363
682 Mauritania 2017 -0.282471 0.1962139 611 Djibouti 2017 -0.145325
684 Mauritius 2017 0.133615 -0.010232 964 Poland 2017 0.4370481
686 Morocco 2017 0.2123794 0.0416695 728 Namibia 2017 0.5896534
688 Mozambiqu 2017 -0.291373 0.0910317 927 Uzbekistan 2017 -0.765206
692 Niger 2017 -0.080251 -0.087485 176 Iceland 2017 0.8731966
694 Nigeria 2017 -0.644073 -0.273003 813 Solomon Is 2017 0.6488189
698 Zimbabwe 2017 -0.737444 0.0582621 218 Bolivia 2017 -0.281905
714 Rwanda 2017 1.1727188 -0.079596 921 Moldova 2017 -0.3969
716 São Tomé a 2017 0.6469205 0.1540914 917 Kyrgyz Repu 2017 -0.562448
718 Seychelles 2017 0.4089761 -0.105483 144 Sweden 2017 1.2037777
722 Senegal 2017 0.4122906 0.0082562 867 Marshall Is 2017 0.4967577
724 Sierra Leon 2017 -0.034026 0.0870216 182 Portugal 2017 0.5606022
728 Namibia 2017 0.5896534 0.1066686 136 Italy 2017 -0.357249
732 Sudan 2017 -1.073259 -0.391871 943 Montenegro 2017 -0.019445
734 Swaziland 2017 -0.00645 -0.056119 960 Croatia 2017 0.0458264
738 Tanzania 2017 0.0285189 -0.110802 321 Dominica 2017 0.921467
742 Togo 2017 -0.153031 -0.011411 868 Micronesia 2017 1.249392
744 Tunisia 2017 0.1370711 -0.098908 944 Hungary 2017 -0.196022
746 Uganda 2017 -0.507208 -0.112561 124 Belgium 2017 0.6991327
748 Burkina Fas 2017 0.4357685 -0.058733 942 Serbia 2017 -0.224915
754 Zambia 2017 -0.056528 0.0305459 926 Ukraine 2017 -0.444304
813 Solomon Is 2017 0.6488189 0.1309307 174 Greece 2017 -0.370676
819 Fiji 2017 0.668529 0.0406042 963 Bosnia and 2017 -0.296885
853 Papua New 2017 -0.406288 0.1899185 666 Lesotho 2017 0.4774747
862 Samoa 2017 1.0889517 0.0922353 172 Finland 2017 1.4816364
867 Marshall Is 2017 0.4967577 0.3855826 132 France 2017 0.5378405
911 Armenia 2017 -0.242537 0.0974466
912 Azerbaijan 2017 -0.809225 -0.048918
913 Belarus 2017 -0.221865 0.1713617
914 Albania 2017 -0.191799 0.0074263
915 Georgia 2017 1.0242015 0.2513226
916 Kazakhstan 2017 -1.008441 -0.053552
917 Kyrgyz Repu 2017 -0.562448 0.1558375
918 Bulgaria 2017 -0.212401 0.1292575
921 Moldova 2017 -0.3969 0.0848468
922 Russia 2017 -1.127489 0.0018284
923 Tajikistan 2017 -0.824121 0.192569
924 China 2017 -0.168885 -0.108574
926 Ukraine 2017 -0.444304 0.1559206
927 Uzbekistan 2017 -0.765206 -0.022651
935 Czech Repub 2017 0.1027396 0.0036956
936 Slovak Repu 2017 -0.167013 -0.088796
939 Estonia 2017 0.8941225 0.0918986
941 Latvia 2017 0.3062035 0.0155384
942 Serbia 2017 -0.224915 0.1391704
943 Montenegro 2017 -0.019445 0.223978
944 Hungary 2017 -0.196022 0.0564795
946 Lithuania 2017 0.1836455 -0.016015
948 Mongolia 2017 -0.239257 0.1922326
960 Croatia 2017 0.0458264 0.0418129
961 Slovenia 2017 0.3805599 -0.070442
963 Bosnia and 2017 -0.296885 0.1704654
964 Poland 2017 0.4370481 -0.081261
967 Kosovo 2017 -0.228763 0.1051702
968 Romania 2017 -0.168011 0.0074612
GDP_rev_grant_av_3yr
-28.62117
-17.76916
-13.73673
-12.74427
-11.70209
-11.56664
-10.91331
-10.8613
-10.58265
-10.53796
-10.28851
-10.07597
-9.396293
-8.87297
-8.488455
-8.134881
-8.101097
-8.044943
-7.998151
-6.917481
-6.81534
-6.810215
-6.788426
-6.716913
-6.710708
-6.643864
-6.360939
-6.299858
-6.282845
-6.150782
-5.962628
-5.668295
-5.605796
-5.592855
-5.457971
-5.249475
-4.97999
-4.790027
-4.67986
-4.535647
-4.146934
-4.135962
-4.012779
-3.810684
-3.619184
-3.466374
-3.463513
-3.328603
-3.166527
-2.739654
-2.599045
-2.578764
-2.509446
-2.282939
-2.074339
-2.023046
-1.806302
-1.714214
-0.687702
-0.682874
-0.352881
-0.16657
0.0989539
0.671638
0.8050469
0.8783524
0.9177928
1.3337827
1.9012155
1.9062588
1.9269122
1.968026
1.9774181
2.100613
2.1037288
2.1609809
2.1978816
2.5249876
2.591296
2.8055318
3.2668133
3.6015201
3.7139242
3.7911723
3.8759326
3.8827822
4.0211896
4.0461982
4.0692012
4.2665584
4.3936993
4.4945118
4.7051497
4.7272294
4.8773191
4.9007597
5.8133134
5.8573846
6.2026267
6.711804
6.7382922
6.8204366
6.921682
7.8493727
8.0979904
8.1811956
8.7707358
8.9349513
9.4339319
9.6752562
10.318356
10.35297
11.145659
11.403861
11.918234
12.53323
12.544995
12.713813
13.318154
14.409439
14.520215
14.881715
15.481107
15.564988
15.80156
15.858512
16.391019
17.17259
17.892096
18.128454
18.881351
18.914471
18.945536
Figure 2.6. Control of Corruption and Public Spending on Education
and Health
(Percent)
30
25th percentile control of corruption (high
corruption)
25
20
S h a re o f to ta l s p e n d in g
15
10
Sources: IMF, Governance Finance Statistics; and IMF staff estimates. 2016 data.
Note: Percentiles are computed for each country group. See Online Annex 2.1.
Dev variable 25th percentile control of cor
Low-incomecce16 -1.3
Low-incomegfs_edu_he 16.0
Emerging mcce16 -0.8
Emerging mgfs_edu_he 19.5
Advanced ecce16 0.4
Advanced egfs_edu_he 24.5
75th percentile control of corruption (low corruption)
-0.1
25.2
0.7
24.1
2.2
27.8
Figure 2.7. Corruption and the Performance of State-owned Enterprises
(Percent)
1. Lower Corruption, Higher Efficiency

Efficiency (operating revenue per cost of
Editing this shape or saving this workbook into a different file format will
permanently break the chart.
employee)
High corruption Medium corruption Low

corruption
Sources: Orbis; Worldwide Governance Indicators; and IMF staff estimates.

Note: The figure shows performance indicators for state-owned enterprises in the electricity, mining, transport, and
The boxes show the median and the 25th and 75th percentiles, while the whiskers show the maximum and minimu
based on the Control of Corruption Index. Data is from 2000–2017. ROE: return on equity.
2. Lower Corruption, Higher Profitability
Editing this shape or saving this workbook into a different file format will
permanently break the chart.
Profitability (ROE)
High corruption Medium corruption Low

corruption
y, mining, transport, and water sectors. The database includes 1,446 firms in 38 countries.
e maximum and minimum values. Countries are divided into high, medium, and low corruption,
Panel 1 Panel 2
Low CoC Medium CoStrong CoC Low CoC Medium CoStron CoC
4.5045045 0 6.8823125 0.175 5.68 6.67
4.8262548 0 6.0313631 2.82 28.59 3.665
0 29.94012 11.025358 11.915 13.33 1.01
0 6.5876153 8.7680842 6.58 15.52 0.96
5.9719319 4.9776008 12.578616 3.76 4.55 4.525
3.1903015 8.7989441 8.3752094 4.595 1.935 10
0 19.96008 5.7208238 0.04 7.67 3.58
1.6889039 3.6297641 8.2987552 0.03 35.48 7.05
1.9357336 14.641288 6.514658 -2.6 1.505 6.315
1.5067048 28.985507 0 -9.56 9.56 0.76
1.6349219 10.810811 7.9051383 -0.02 1.63 4.59
1.6270745 19.267823 10.615711 0.11 14.9 8.4
0 8.4817642 11.600928 -11.36 4.18 4.175
1.878287 0 14.306152 0.42 5.84 -0.45
1.6786973 20.325203 2.6766595 0.06 5 11.91
1.5287014 13.495277 7.6161462 -6.045 0.2 3.97
1.7593244 6.7613252 8.7450809 0.39 0.475 10.74
3.2133676 7.0126227 11.111111 3.95 3.77 -0.56
2.0064205 3.4989503 11.695906 8.51 6.095 14.34
1.546073 3.0816641 5.3333333 -0.19 3.37 2.49
1.7969452 5.0301811 8.3194676 0.06 -0.28 5.64
2.1231423 0 8.361204 0.02 0.14 4.26
1.2278978 3.5612536 12.445551 -8.12 4.06 4.045
1.9669552 129.87013 7.9872204 0.93 8.815 11.7
2.1473051 5.5772448 15.40832 -4.34 19.65 11.82
3.1918289 2.8968714 12.360939 -2.06 0.6 2.83
2.1734406 4.1946309 9.1157703 0.36 0.17 7.29
1.646226 3.0358227 8.4674005 0.02 9.52 15.4
1.6933367 35.335689 13.513514 0.585 5.335 4.88
0 3.5435861 13.550136 -17.295 0.86 19.825
1.9129603 3.0021015 12.16545 1.27 2.06 5.26
1.9436346 4.2034468 5.9154096 0.07 4.11 4.54
1.9681165 2.7624309 12.594458 8.15 32.48 2.55
1.4859945 6.3331222 11.547344 -0.165 17.975 8.67
1.6728003 6.0827251 14.409222 0.14 11.58 -5.86
2.0050125 52.083333 11.737089 2.54 2.35 5.58
1.646226 4.2408821 6.0386473 0.295 0.59 22.8
1.6716817 5.5679287 12.650221 0 2.34 2.89
1.5837821 4.0217173 13.614704 0.8 13.595 10.12
1.6822273 2.4189647 7.8988942 0.265 0.53 14.06
0 2.5813113 5.4495913 -37.35 1.21 6.19
2.8417164 3.0039051 8.1037277 3.29 6.31 5.34
2.593361 2.9590176 12.771392 4.83 1.45 4.325
2.4521824 5.5555556 4.6168052 9.88 5.125 9.4
2.0316944 4.1946309 13.477089 0.445 1.99 12.645
2.1649708 4.0832993 12.642225 1.155 8.57 5.03
3.4188034 9.009009 5.2700922 0.07 2 2.185
1.9922303 5.5309735 7.0696359 -1.295 3.5 4.115
2.7151778 3.3829499 9.2807425 2.85 0.44 0.115
1.6934801 0 7.1633238 -13.23 1.02 4.71
3.1570639 6.127451 4.7915668 1.96 8.77 10.825
0 5.1033427 7.6277651 -4.61 2.525 5.64
0 3.3145509 7.4850299 2.52 -3.795 4.425
0 4.3459365 14.556041 -3.43 24.91 14.83
0 1.6366612 8.7719298 2.37 0.87 10.83
0 5.4884742 215.05376 2.1 5.3 8.025
0 2.1805495 10.330579 0.32 2.825 5.84
0 3.2840722 7.8926598 4.75 2.44 6.05
0 5.1413882 8.1900082 3.05 9.005 11.715
2.7743099 2.7196084 14.673514 1.125 3.03 2.725
3.014318 3.2425422 95.238095 0.46 4.36 5.51
1.5351551 4.695938 5.8445354 0.63 10.73 7.67
1.5781583 3.1191516 9.8765432 -1.3 4.16 8.505
1.9223376 3.9808917 4.6992481 -3.2 0.27 0.92
2.1094821 2.2522523 18.14882 -1.61 4.39 9.07
1.9214142 2.1317416 7.0052539 0.39 1.35 8.11
2.2045855 3.3978933 10.39501 -3.95 4.55 8.22
1.7310023 5.5263885 7.1275837 0.09 -0.11 8.96
1.7798345 3.7091988 4.3898156 -12.82 1.46 1.68
1.8705574 3.9808917 6.5231572 0.185 1.54 6.365
2.1222411 7.4460164 4.2936883 0.39 3.28 5.38
1.8256504 7.1022727 7.6161462 -1.01 0.15 0.565
1.6576875 3.9793076 7.800312 0.24 7.43 4.97
2.2985864 2.5940337 11.750881 0.795 2.47 5.42
2.007629 2.7416038 18.761726 0.17 -1.965 16.175
1.9168104 2.5157233 14.265335 -4.725 15.95 7.66
2.168727 2.5458248 7.613247 -0.665 6.845 -4.69
1.9438235 3.5842294 12.121212 -0.015 0.48 6.155
2.5987526 4.3402778 4.3252595 -4.09 8.39 8.06
2.2732439 3.3806626 12.210012 0.36 -0.605 5.925
3.8744673 6.0368246 7.8431373 0.05 8.715 3.73
2.7367269 2.4280685 4.6533271 1.29 11.85 3.06
2.6563953 3.2289312 10.03009 -4.65 7.48 13.64
3.0562347 1.68336 9.1701055 -3.625 2.83 8.8
2.0790021 2.718869 47.393365 4.06 0.99 5.29
2.9291154 3.9968026 3.187759 -0.84 27.3 -3.5
2.6427061 2.8571429 5.0994391 -5.11 2.6 0.04
1.6614055 2.8034763 9.9601594 -10.58 -0.5 3.055
2.7670172 2.6592208 18.399264 0.02 3.76 13.48
2.4832381 4.2517007 0 -15.86 11.21 3.51
1.7563889 2.524615 3.2992412 -18.23 27.18 4.725
2.9726516 2.4660912 11.148272 -3.505 6.79 19.4
1.634254 6.9468565 28.818444 -14.17 2.56 13.03
3.2647731 1.6121232 9.9700897 -6.32 7.58 10.69
2.8288543 10.576415 5.3163211 -0.16 26.67 -4.07
1.5103459 2.8555111 2.0885547 -1.69 0.81 2.47
2.2899015 5.2137643 16.556291 -7.66 -1.34 15.5
1.2995452 2.8710881 7.2072072 -9.01 4.095 6.375
3.6062027 2.4691358 9.7276265 -4.08 9.68 2.945
4.2158516 4.9115914 15.479876 6.81 19.67 -5.52
1.91957 5.9737157 0 -6.31 12.85 2
4.0088194 2.5700334 9.8619329 1.4 7.39 8.74
3.8971161 5.1975052 25.806452 -3.32 11.39 3.99
2.016129 3.1104199 9.6899225 -12.5 2.27 -14.38
1.8301611 2.8490028 5.4347826 -19.91 1.745 9.81
2.8702641 7.2833212 8.5287846 -6.47 2.84 4.16
1.9443904 4.3802015 12.360939 -15.42 5.37 9.635
2.7322404 2.7434842 8.0096115 -3.54 2.15 13.46
2.2036139 4.0306328 4.3898156 -9.27 1.335 2.92
1.7160017 1.5037594 16.129032 -4.3 0.09 6.53
2.9342723 2.221235 7.7429346 -1.3 0.03 8.985
1.5609147 4.2480884 8.5324232 9.18 1.62 4.7
2.1805495 4.2863266 6.4745872 -28.56 -2.78 -2.57
2.1829295 3.8925652 17.921147 -15.34 13.76 11.25
2.9524653 4.8875855 9.3370682 -15.2 0.91 3.81
1.9409938 5.186722 10.224949 -4.48 0.695 4.17
1.9018638 2.761668 7.7429346 -4.03 -1.78 5.91
2.6567481 6.7888663 4.3516101 -2.19 8.26 -5.415
0 3.2669062 6.8212824 3.86 12.855 13.99
1.8942982 5.9737157 14.792899 0.97 9.03 3.93
2.0464545 12.180268 14.044944 -12.215 -9.645 10.42
2.4366472 6.2578223 15.961692 -7.38 28.8 18.135
1.8932223 8.1699346 3.6010083 0.71 20.68 0.1
2.0358306 6.25 9.760859 -12.22 -5.87 4.02
1.4858841 4.3215212 12.012012 0.07 1.47 17.505
1.5472691 3.4246575 4.5207957 -6.81 16.57 1.95
2.1853147 0 8.364701 -3.12 -1.8 5.505
1.8818216 2.0894275 7.199424 -6.445 -0.455 15.43
1.6681958 2.9158769 16.863406 -8.45 2.255 10.82
3.1026993 2.9647198 10.515247 -27.35 0.85 14.115
3.8343558 3.3863867 9.8863075 -37.96 -8.17 14.04
2.5207966 3.7327361 17.699115 -0.485 -16.56 2.4
1.5581178 3.4088972 8.2440231 -5.44 0.26 -0.135
2.1743857 2.7940766 6.234414 -3.25 -0.26 9.42
3.1660598 3.6297641 7.7911959 1.57 0.24 15.765
1.6229814 3.2701112 8.3892617 -1.595 0.04 7.18
2.4301337 2.4925224 8.6617583 5.885 0.62 5.235
0 1.7274141 6.385696 -5.84 20.02 4.85
0 3.8714673 7.624857 0.19 0.39 11.195
1.977457 2.1436227 0 -0.535 0.15 -2.545
2.2972663 2.2060446 5.4436581 -0.21 0 2.34
2.2542831 2.970003 8.399832 -0.47 -0.14 9.84
2.6666667 2.3880597 9.0334237 -5.335 0.805 24.41
2.8336639 2.3468669 9.2421442 -22.24 -6.545 5.27
2.1186441 2.6806058 8.1234768 -0.975 0.07 12.15
1.7229497 2.4801587 8.1566069 -18.48 0.66 -0.66
1.7803098 2.9682398 15.797788 0.785 4.215 8.14
2.0464545 2.4515813 13.351135 -3 0.01 15.59
3.31785 3.3333333 9.0744102 -12.72 0.685 0.7
0 1.8431481 12.437811 7.755 4.885 0.02
0 1.8034265 8.9166295 8.54 0.09 13.085
0 6.4102564 9.8231827 2.26 7.12 4.99
7.4460164 4.0032026 12.026458 -1.25 0.58 5.635
1.4480162 2.1579629 12.820513 -4.06 1.96 7.21
2.3764259 1.7244352 18.761726 -3.17 0.34 1.9
2.4679171 3.3658701 25.706941 -7.45 7.555 -4.99
2.0487605 3.5198874 9.4607379 -1.46 4.85 1.04
1.7885888 1.6952026 12.247397 0.15 -1.645 0
1.9160759 4.8285852 14.015417 -13.44 4.41 10.565
1.4723204 8.071025 5.7405281 4.12 0.07 11.04
2.1990104 2.2376371 4.048583 -15.14 2.76 0.16
0 1.3015749 6.7590402 3.84 0.78 6.16
0 5.5834729 3.8395085 1.535 1.14 -3.435
0 2.0356234 11.350738 -2.08 0.435 0.39
19.417476 7.7041602 11.235955 15.7 5.235 0.43
10.660981 4.048583 4.631774 15.42 23.59 3.86
2.5806452 1.8758207 20.533881 0.54 8.575 3.26
1.551109 3.4158839 5.6609114 4.35 2.535 2.785
0 4.6425255 11.976048 0.11 -5.59 0
1.4302059 3.2530904 10.626993 -0.49 2.8 2.905
5.2438385 3.6376864 8.2576383 2.02 1.79 2.135
1.3791201 1.9982016 15.625 -4.35 18.1 0
1.5046645 5.7537399 5.7954216 -0.83 13.035 -0.92
1.7132088 3.3489618 4.7505938 -0.24 14.06 0.095
2.1326509 3.3863867 11.723329 -4.49 5.215 11.675
3.239391 4.6522447 9.718173 12.82 4.31 4.9
2.9877502 1.5683814 15.661707 -1.16 9.25 18.73
3.900156 4.9763623 2.987304 19.83 8.175 5.025
1.5617679 12.033694 4.1502386 -23.27 9.7 4.635
0 6.9686411 3.7481259 24.6 2.02 9.9
0 3.5050824 11.933174 21.92 7.04 20.14
0 9.4339623 4.7014575 10.81 3.33 9.03
0 2.8078057 3.5100035 -23.04 2.095 6.5
0 4.7812575 2.3234201 3.52 -0.73 -14.36
0 3.1031808 8.1632653 6.84 10.195 7.58
0 1.9372336 12.870013 26.28 1.64 13.51
0 5.2383447 6.1349693 4.18 4.655 9.965
0 1.9260401 7.1813285 21.38 1.07 10.75
0 3.4411562 5.5881531 10.79 -13.34 3.49
0 4.3233895 6.5402224 15.22 11.07 10.19
28.011204 10.857763 3.9339103 22.56 9.28 7.79
13.245033 1.813401 10.706638 7.625 0.06 7.92
17.559263 1.9256692 8.0906149 24.165 0.57 9.29
3.708511 1.5824037 3.3167496 4.145 2.205 8.63
4.3421624 3.0553009 6.4350064 -3.93 17.03 5.11
3.8080731 1.8382353 3.0395137 22.07 1.21 8.61
0 5.1519835 0 35.45 0.65 6.005
2.8538813 21.574973 6.0734892 -11.72 3.025 -3.09
0 2.1703744 3.6140224 10.725 9.56
0 14.265335 6.1804697 6.16 5.23
0 3.2626427 8.4602369 4.31 4.1
0 2.6741543 4.1928721 19.52 9.19
0 2.7905679 4.0799674 2.27 6.11
0 3.2133676 6.6688896 1.43 12.74
0 2.6716538 5.0761421 10.53 7.49
0 2.2948939 4.9043649 18.04 9.78
0 3.5739814 6.035003 6.39 2.73
0 5.1813472 8.7796313 11.49 11.65
0 2.6849242 4.6425255 12.85 5.67
0 3.9169604 7.9522863 1.19 10.29
0 3.4328871 7.082153 8.12 14.965
0 1.2646222 10.183299 2.805 16.83
0 2.4679171 7.5614367 -3.87 6.67
0 4.4762757 4.5745654 0 11.785
0 3.3875339 10.10101 1.035 10.6
0 9.3676815 5.3533191 10.83 8.86
0 2.9069767 3.8468936 -10.78 12.37
0 1.5556938 6.5876153 -7.785 4.925
0 4.0209087 4.1322314 5.875 3.15
0 4.4893378 3.3400134 5.885 5.75
0 6.2735257 9.0661831 -0.26 15.65
0 2.4295432 4.9431537 8.77 7.235
0 9.354537 5.0556117 17.72 3.415
0 2.0136931 2.9704441 2.02 1.7
0 1.7316017 8.8456435 0.93 7.65
0 5.560189 7.3099415 0.67 8.085
0 2.474635 6.4850843 3.46 9.53
0 2.6164312 5.6673279 7.085 9.55
0 2.1523892 5.4318305 6.39 12.59
0 2.3972192 6.0222824 8.735 5.125
0 2.7495188 3.6576445 6.2 4.165
0 1.5470297 4.4984256 5.92 8.27
0 2.2401434 7.1530758 -15.775 10.515
0 3.1836995 7.0077085 0.765 14.67
0 3.1938678 8.8495575 0.24 11.75
0 4.0338846 6.2480475 2.59 3.27
0 2.3526644 0 -1.12 4.84
0 2.7940766 4.5745654 0.83 9.43
0 2.2341376 8.2884376 0.44 12.675
0 3.1918289 6.0661207 1.56 1.36
0 4.7236656 5.4229935 1.405 4.115
0 5.9101655 4.6882325 -1.92 16.17
0 3.6416606 7.4101519 0.09 5.34
0 3.113325 4.7080979 0.905 16.445
0 0 3.5360679 6.1 12.44
0 1.9607843 6.9348128 -5.78 21.21
0 0 4.2900043 0.83 9.23
0 3.3647376 5.2854123 0.6 6.57
0 3.6616624 4.6718057 0.13 0.135
0 2.8465699 3.4867503 0.36 7.13
0 0 4.048583 0.045 22.49
0 3.5404496 5.8513751 1.53 33.96
0 2.8661508 7.1530758 -5.17 7.77
0 3.164557 11.135857 0.39 5.92
0 0 8.8183422 2.7 5.99
0 3.1938678 3.045067 0.57 5.4
0 3.6483035 2.985966 -1.09 3.065
0 3.1786395 9.5011876 0.34 4.28
0 3.0978934 4.1186161 3.11 37.8
0 4.1911148 8.7032202 0.43 6.21
0 5.6053812 117.64706 5.18 5.455
0 3.3305579 2.6574542 2.505 8.255
0 2.7510316 9.3327112 0.47 4.075
0 3.9177277 2.9455081 -0.035 7.42
0 3.1279324 9.487666 1.84 6.285
0 4.0567951 6.8775791 3.9 0.23
0 4.2363906 1.7924359 0.535 17.8
0 3.7355248 2.9550827 0.4 17.47
0 0 5.4054054 -2.675 1.65
0 3.0284676 3.0959752 0.52 16.955
0 3.8167939 12.523482 1.01 2.53
0 3.238342 6.6181337 0.03 0.16
0 2.7582402 2.4148756 -0.99 -5.23
0 3.6376864 4.4883303 5.24 3.08
0 2.9437739 3.9619651 0.91 15.01
0 0 10.10101 1.82 9.33
0 5.608525 4.2517007 0.61 2.97
0 2.6191723 2.2177866 1.79 8.305
0 0 11.641444 8.08 10.17
0 2.3124061 7.7279753 0.1 7.62
0 3.3405712 6.7430883 2.61 7.79
0 4.6019328 3.3046927 4.47 1.16
0 2.9788502 2.7517887 0.66 0.79
0 3.548616 2.3359028 -0.39 1.39
0 2.5290845 8.7950748 0.75 11.4
0 3.189284 16.07717 0.81 1.135
0 3.270646 3.2647731 -1.015 1.16
0 4.365859 4.0176778 0.635 5.22
0 3.8993956 3.7202381 7.58 0.72
0 2.078786 2.8563268 2.16 17.58
0 3.8662285 5.3333333 0.065 0.53
0 0 10.626993 0.23 9.98
0 3.235199 259.74026 17.83 4.35
0 3.9424404 10.834236 0.645 3.655
0 3.7064492 2.1285653 -1.71 22.24
0 2.3854962 4.0716612 -17.39 11
0 2.2119 156.25 0.62 4.17
0 0 3.5746202 -0.01 13.21
0 3.2061558 3.4083163 -2.5 0.775
0 3.1535793 4.1271151 0.22 23.04
0 5.6980057 9.2592593 6.78 8.97
0 6.0606061 7.2886297 -0.49 2.515
0 6.1881188 5.4333062 -5.24 -6.04
0 2.6659557 4.6970409 0.43 20.66
0 3.9238768 5.0327126 0.39 6.44
0 3.0854674 4.1867281 1.36 4.17
0 0 2.5793139 -1.58 16.92
0 2.589332 2.3829382 1.11 24.765
0 3.0873726 3.5561878 1.01 4.17
0 0 3.3200531 1.58 6.215
0 3.7147103 3.9556962 0.68 14.53
0 4.1237113 2.2371365 7.11 0.6
0 3.4989503 2.8977108 1.34 12.695
0 0 5.2826202 -2.43 0.135
0 3.3557047 3.8986355 19.66 1.75
0 2.6378264 7.6628352 -10.98 4.63
0 3.4608064 0 0.08 12.44
0 4.3677659 4.9261084 -3.845 0.35
0 3.2530904 6.0882801 1.21 1.11
0 3.203075 8.9928058 2.51 -0.25
0 3.3057851 4.7393365 8.45 0.86
0 2.2891153 3.6409976 -0.175 9.375
0 6.4557779 4.0666938 0.11 4.5
0 0 0 0.31 1.9
0 3.1084862 5.192108 0.05 1.57
0 4.5745654 4.3535046 4.2 0.69
0 3.7936267 3.0061626 4.045 2.505
0 3.9261877 2.7785496 0.57 5.07
0 9.3066543 4.0866367 0.655 0.19
0 5.3504548 0 2.42 8.39
0 4.2435816 6.2656642 0.43 0.22
0 0 3.3079722 0.845 3.92
0 3.4423408 5.1666236 -0.28 0.005
0 0 3.8461538 -0.61 8.69
0 0 6.8259386 -1.54 -0.38
0 3.3795201 3.2878514 1.12 0.54
0 4.7630388 5.3191489 0.41 0.31
0 2.6136958 4.5475216 0.09 0.01
0 2.8506271 4.1416442 1.235 -0.735
0 5.3561864 4.9127978 0.65 -3.805
0 2.3350846 4.2283298 1.565 0.435
0 3.2754668 3.1007752 -4.29 -3.37
0 3.1715826 4.3402778 0.16 -1.21
0 0 7.7041602 0.065 0.9
0 0 4.44247 2.21 0.62
0 2.9806259 4.6860356 0.725 4.57
0 3.6968577 2.6581606 0.09 -0.025
0 3.8446751 3.1897927 0.1 -0.77
0 0 6.3897764 5.59 3.23
0 4.7236656 4.3802015 1.55 1.645
0 3.2185388 3.0811893 1.385 -0.85
0 4.3936731 12.239902 14.37 0
0 4.9407115 7.0274069 1.075 20.08
0 0 3.5360679 0.705 2.45
0 2.7654867 3.9502271 0.51 2.74
0 4.3122035 5.2438385 -1.01 -0.04
0 3.4340659 3.0248034 0.14 3.59
0 0 4.4603033 1.39 14.55
0 3.3818059 9.7465887 2.68 12.22
0 4.2900043 2.2729856 0.645 0.15
0 5.0942435 9.199632 0.04 1.03
0 3.4971149 6.3131313 0.445 6.1
0 4.091653 5.0075113 1.24 4.99
0 3.0797659 3.6643459 3.635 3.05
0 3.1796502 6.4766839 0.84 2.54
0 0 6.6269052 3.86 10.95
0 3.3233632 3.6483035 0.57 -14.31
0 3.257329 3.2808399 0.38 5.17
0 7.0323488 3.3156499 2.84 5.33
0 4.576659 5.3908356 0.66 20.1
0 0 0 0.57 37.63
0 4.1442188 9.3940817 0.92 3.385
0 3.4399725 1.63372 0.11 3.08
0 10.277492 2.85144 6.82 2.91
0 5.3533191 2.8624589 0.395 1.9
0 0 2.2053148 3.16 4.38
0 3.0764498 1.9855058 1.775 4.23
0 3.7821483 1.7424638 0.6 -1.2
0 0 1.9721921 0.2 11.185
0 3.0156815 2.2639801 -1.29 -2.95
0 0 1.8066847 0.32 1.32
0 3.5093876 3.9572616 15.6 0.53
0 4.8496605 2.8176951 -0.28 12.02
0 3.9872408 1.9982016 3.125 2.705
0 3.6982249 1.8460402 5.85 -24.335
0 4.4385264 1.8115942 1.21 15.29
0 3.6370249 2.0648358 5.15 0.46
0 3.3025099 2.8661508 5.245 2.71
0 2.6560425 3.0106879 3.3 4.73
0 3.6683786 1.9833399 4.635 -0.72
0 3.3647376 2.0794344 -2.5 0.36
0 3.4662045 1.9238169 3.195 6.21
0 2.6870885 2.1767523 -0.24 0.89
0 0 6.0240964 -9.92 4.465
0 2.9726516 2.541942 1.05 0.78
0 3.0381285 3.9533505 0.045 3.12
0 3.8468936 2.3218017 3.84 -31.205
0 3.6199095 2.9403117 0.435 3.685
0 2.8876697 6.2597809 5.11 6.225
0 3.3852404 2.9673591 2.215 3.325
0 4.1313778 1.7053206 -2.75 -2.3
0 0 1.9928258 -0.11 -0.64
0 2.9612082 2.9351335 5.755 -0.28
0 4.0600893 3.4965035 2.55 -7.89
0 3.6212204 2.2237047 0.51 1.57
0 0 2.0631318 0.59 -0.01
0 5.0735667 2.1540118 -0.08 0.235
0 2.7670172 2.1500753 1.59 0.46
0 3.7878788 2.6975991 0.7 25.37
0 5.0352467 2.2011886 0.05 9.47
0 0 3.0039051 0.65 0.03
0 2.5967281 2.9498525 0.475 -3.52
0 0 2.2959477 -2.74 -3.865
0 3.8520801 2.0489704 -1.385 0.38
0 3.4423408 2.0981956 -0.14 5.21
0 3.3489618 2.1021652 1.24 3.06
0 4.0225261 1.9888624 1.93 -13.36
0 3.2015367 2.9559563 0.57 9.345
0 2.9282577 2.1030494 0.74 -3.945
0 2.4009604 2.3499001 1.47 0.34
0 5.3008216 2.6553372 -0.38 -1.42
0 4.040404 10.989011 0.215 4.01
0 2.9472443 1.8181818 -7.49 -7.71
0 3.235199 1.5072726 -0.15 -14.895
0 3.19642 4.302926 -0.33 1.73
0 3.0854674 1.7686594 0.3 15.91
0 2.6260504 3.0660739 -2.32 -0.42
0 3.8895371 5.5005501 9.205 -5.38
0 13.661202 1.9364833 0.56 -37.65
0 0 3.3489618 0.245 31.03
0 3.1746032 1.9607843 1.01 0.43
0 4.100041 4.1736227 1.02 5.66
0 6.7842605 3.3760972 0.35 7.57
0 2.9334116 2.6198585 0.2 37.98
0 3.1318509 2.4295432 0.27 1.96
0 2.279462 3.5075412 -0.49 8.9
0 0 2.3640662 0.79 27.46
0 3.0125019 3.1555696 0.42 3.16
0 4.1382164 3.3743884 -5.38 8.905
0 0 2.2466861 0.36 -2.11
0 3.1377471 11.716462 -28.01 5.455
0 3.254149 4.3346337 -8.68 8.21
0 5.899705 2.8208745 0.09 9.28
0 4.5620438 4.1339396 -3.78 7.11
0 2.8058361 1.6666667 0.44 0.51
0 3.0759766 2.3736055 -2.38 11.11
0 0 1.9432569 0.95 1.57
0 2.9824038 1.9642506 0.145 14.615
0 4.494382 3.1055901 5.06 19.51
0 2.9188558 6.4998375 20.13 16.4
0 3.8314176 1.8456995 0.11 8.62
0 3.9261877 1.676727 0.27 0.92
0 2.3196474 1.8855473 -4.21 8.355
0 3.7257824 1.552554 0 9.52
0 3.4989503 2.284148 1.09 6.54
0 0 2.1953897 1.385 14.99
0 2.7987685 1.5748031 7.78 0.775
0 0 1.7522341 3.93 2.6
0 2.8208745 0 3.48 16.685
0 2.4260068 0 -1.45 6.84
0 4.048583 6.3131313 0.34 20.36
0 4.4642857 4.1554124 0.3 9.105
0 2.6143791 2.2426553 8.18 17.32
0 3.1436655 2.1602938 19.32 0.84
0 4.4762757 2.0412329 0.4 9.38
0 2.2456771 1.8436578 0.4 20.93
0 3.3534541 18.903592 0.245 2.09
0 3.2797639 5.4854635 0.02 1.07
0.0321234 0.27
0.043535 -2.61
0.0295072 0.96
0 0.7
0.0235571 11.87
0.034638 0.58
0.0424989 0.435
0.0430849 0.04
0.0390168 2.17
0.0350263 0.04
0.0354233 0.91
0.0315806 1.57
0.0358423 -9.27
0.0308833 0.525
0.0277739 0.85
0.0283246 5.87
0 -5.31
0.0300391 0.49
0.0360231 0.47
0.0235101 -0.435
0.0349406 0.36
0.0267094 0.5
0.0377358 2.59
0.038625 4.16
0.028082 -1.81
0.0359712 3.92
0.0393314 0.315
0.0333 1.24
0.0300933 -2.45
0.0311721 -4.83
0 -0.615
0.0359712 26.8
0 2.45
0.0297265 0.01
0.0323939 0.25
0.037679 12.24
0.0369822 -0.665
0.0311818 -0.21
0.0348068 -0.24
0 1.95
0.0257798 -5.1
0.0240558 0.385
0.0247402 -1.9
0.0306091 0.32
0.0448632 0.095
0.035791 -0.14
0.0597729 4.89
0 1.69
0.0372439 0.43
0.0360946 0.505
0.0355809 1.43
0.0354359 0.1
0.0285592 7.435
0.0690608 0.15
0.0374672 3.145
0.0791139 11.73
0.0374251 8.98
0.0275786 1.065
0.0333556 2.13
0.0511247 0.87
0.0465549 1
0.0353357 0.63
0.0718133 3.94
0.0381388 1.965
0.0372856 2.93
0.0490798 -0.29
0.0489237 0.32
0.0582751 26.93
0.0359583 -4.27
0.0304507 0.19
0.0389332 6.73
0.0395413 7.94
0.026264 0.66
0.020829 0.915
0.0318776 1.99
0.0321543 0.035
0.0234302 0.16
0.0474608 6.61
0.0291971 11.19
0.0345781 2.54
0.0406835 3.94
0.0402414 4.93
0.0373204 0.01
0.0486855 5.5
0.0211149 -9.7
0.0332889 1.54
0.0292783 1.795
0.0443754 5.72
0.0258665 1.97
0.0301023 0.89
0.0343997 0.945
0.0377216 3.11
0.0434028 7.64
0.0252972 11.76
0.029824 1.035
0.0286821 17.85
0.0447227 6.52
0.0302801 9.23
0.0331785 6.6
0.0361272 7.93
0.0300978 1.53
0.038373 6.02
0.0344828 5.625
0.0298909 0.235
0.0329924 2.19
0.036503 4.075
0.0307314 11.86
0.0372717 -0.03
0.0346021 5.04
0.0303767 -8.91
0.0269869 -2.875
0.0205297 14.72
0.0192864 -27.69
0.0219491 3.31
0.0313038 -3.315
0.0502386 -5.735
0.0443656 5.265
0.0220994 0.03
0.0225124 -0.75
0.0217817 18.59
0.0189825 0.91
0.023912 -5.86
0.02531 3.82
0.1116071 1.3
0.0137665 3.62
0.0162588 -4.545
0.0252749 0.4
0.0146552 -2.225
0.0195065 3.525
0.0200743 8.29
0.0129349 1.23
0.0166722 9.21
0.0158253 -5.05
0.0181951 1.75
0.0155243 0.975
0.0244738 0.43
0.0131648 -0.26
0.1893939 19.06
0.0229938 22.24
0.0224014 0.315
0.0185391 -20.19
0.0230044 10.51
0.0160565 19.65
0.0161734 -3.18
0.0147189 0.12
0.0164298 1.365
0.017452 2.525
0.2040816 -12.4
0.015006 -20.86
0.0287604 -6.94
0.0203046 11.08
0.0420875 0.855
0.0183117 9.955
0.0239177 1.47
0.0327439 11.46
0.0175377 -20.245
0.0213675 1.36
0.0155715 -1.01
0.0220604 0.02
0.0345304 0.07
0.0211909 0.305
0.0203376 1.7
0.0195274 0.45
0.0351 9.03
0.0148787 1.05
0.0223015 23.54
0.0182799 -20.175
0.0182 -7.77
0.0156937 -9.31
0.0179147 2.23
0.0162628 1.06
0.0154107 5.3
0.0169262 0.06
0.0173235 21.86
0.0176913 19.71
0.017449 9.405
0.0206313 14.64
0.016818 0.1
0.0164636 -19.02
0.0175223 10.2
0.0363702 0.235
0.0290824 6.57
0.0225785 2.085
0.0164582 11.595
0.0153941 -4.79
0.0213812 4.85
0.0660284 5.98
0.0137874 -5
0.0253165 -1.76
0.0418235 0.65
0.0226501 1.44
0.0167392 0.66
0.026564 0.875
0 -2.85
0.0344709 9.46
0.0381752 -2.81
0.0221754 -32.775
0 -5.28
0.025227 -3.48
0.0257102 -1.44
0.0270015 2.57
0 -2.075
0.0325203 -0.48
0.026656 1.96
0.0262881 -9.31
0.0237332 4.81
0.0301023 -0.53
0.0190767 -7.04
0 -6.98
0.0300481 1.44
0.0291248 -0.8
0.044833 0.43
0.0235627 3.88
0.03367 0.78
0 -27.06
0.0343525 0.07
0.0324992 0.92
0 0.12
0.0329489 -17.66
0.0269397 1.925
0.0238039 -1.26
0.0224165 -5.34
0.0362647 -3.77
0.0246792 -2.43
0.0251731 -7.62
0.0296648 -21.43
0.029577 1.83
0.0297265 -2.26
0.0312842 0.63
0.0309215 0.53
0 -16.75
0.0298463 -26.29
0.023546 -20.11
0.0238039 -4.44
0.0214316 -18.865
0.0236686 3.9
0.0217533 -0.07
0 0.54
0.0204918 -22.6
0.0251572 7.09
0.0232072 -22.14
0.0237586 -2.82
0 0.25
0.0276243 0.03
0 -5.22
0.0253711 -2.29
0.0252717 -3.17
0.0300707 5.635
0.0241896 3.59
0.0310174 -1.28
0.0282725 0.63
0.0292569 2.19
0.03465 0.45
0.0319642 -14.03
0.0164258 -33.67
0.0224215 -2.58
0 1.39
0.0320924 5.78
0 0.43
0.0231187 0.315
0.0347343 -5.81
0.0441306 -34.63
0 -4.78
0.0506842 4.87
0.020816 -10.32
0.0249252 -15.3
0.0317965 19.4
0.0443262 2.08
0.0211327 -4.79
0.0437445 3.28
0 -0.8
0.0260213 -20.335
0.0318573 0.42
0 0.01
0.0254323 -33.85
0 -19.55
0.040494 0.83
0.0238379 -7.41
0.0236742 -22.505
0.0260213 5.7
0.0283366 0.01
0 10.445
0.0308928 1.55
0.0330907 3.79
0.0468384 2.3
0.0365097 -1.52
0.0347705 1.765
0.0256476 0.11
0.0413394 8.36
0.0392619 1.24
0.0619579 5.435
0.0277239 -13.99
0.0184451 -16.36
0.0299043 -6.76
0 -0.45
0.0303859 4.08
0.0382482 16.535
Figure 2.8. Countries with Less Corruption Have Higher Test Scores and Less Waste in Public
Investment
1. Public Investment Efficiency 2. Test Socres
0.5
0.3
r=0.32
r=0.33
(p-value=0.00)
0.3 0.2(p-value=0.00)
Public investment efficiency
0.1 0.1
Test socres
0
-0.1
-0.1
-0.3
-0.2
-0.5
More waste Less corruption -0.3
-0.7
-0.4
-1.0 -0.5 0.0 0.5 1.0 1.5 2.0
-2.0 -1.5 -1.0
Con
Sources: Patrinos and Angrist (2018); Worldwide Governance Indicators; and IMF staff estimates.
Note: Public investment efficiency is estimated using efficiency frontier analysis and measures inefficiency as the dis
for given levels of inputs. Output is measured by a physical indicator of the volume of economic infrastructure and s
Test scores for school-age students are harmonized across sources (and adjusted for GDP per capita). See Online An
Senegal SEN LIDCs 0.9093931
Niger NER LIDCs 0.8577665
MozambiquMOZ LIDCs 0.838479
Central Afr CAF LIDCs 0.8003637
Guinea-Bis GNB LIDCs 0.7530581
Zambia ZMB LIDCs 0.6927806
Honduras HND LIDCs 0.6858664
Djibouti DJI LIDCs 0.6551625
Haiti HTI LIDCs 0.6168947
Malawi MWI LIDCs 0.6021333
Congo, Demo COD LIDCs 0.5721786
Myanmar MMR LIDCs 0.5582973
Nigeria NGA LIDCs 0.5478306
Samoa WSM LIDCs 0.5333715
Lesotho LSO LIDCs 0.525202
Tajikistan TJK LIDCs 0.520285
Bhutan BTN LIDCs 0.5135961
Zimbabwe ZWE LIDCs 0.5086269
Sierra LeonSLE LIDCs 0.50267
Somalia SOM LIDCs 0.481597
BangladeshBGD LIDCs 0.4419623
Micronesia,FSM LIDCs 0.407339
Moldova MDA LIDCs 0.3935258
Gambia, ThGMB LIDCs 0.3923865
Maldives MDV LIDCs 0.3540118
Kenya KEN LIDCs 0.337062
Cameroon CMR LIDCs 0.3207908
Comoros COM LIDCs 0.3203209
Nicaragua NIC LIDCs 0.3080799
St. Lucia LCA LIDCs 0.303261
Cabo VerdeCPV LIDCs 0.3001716
Lao People'LAO LIDCs 0.2971048
Kyrgyz RepuKGZ LIDCs 0.2862115
Tanzania TZA LIDCs 0.2774431
Grenada GRD LIDCs 0.25831
Eritrea ERI LIDCs 0.2312745
Tuvalu TUV LIDCs 0.2010504
Uganda UGA LIDCs 0.1958259
Nepal NPL LIDCs 0.1937988
Burundi BDI LIDCs 0.1822837
Rwanda RWA LIDCs 0.1694635
Uzbekistan UZB LIDCs 0.1462326
Tonga TON LIDCs 0.1334134
AfghanistanAFG LIDCs 0.116999
Sudan SDN LIDCs 0.1002181
Ethiopia ETH LIDCs 0.0963498
SÃ£o TomÃ© STP& PrÃncipe
LIDCs 0.086644
Yemen, Repu YEM LIDCs 0.0730388
Timor-LesteTLS LIDCs 0.0211842
Nauru 0.3996478
Anguilla AIA 0.1754135
Montserrat 0.0950259
China, P.R.: Macao 0.042052
West Bank and Gaza 0.0186818
ss Waste in Public
est Socres
.33
value=0.00)
Less corruption
0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5
mates.
es inefficiency as the distance to the frontier—that is, the maximum level of output
omic infrastructure and social infrastructure. Inputs include capital stock and income.
er capita). See Online Annex 2.1. 2015 data.
Panel 1 Panel 2
ifscode country year GDP_wgi_cGDP_eff_EPskewAdj country GDP_cce16GDP_ln_wb_ GDP_ln_wb_hlos_ln
111 United Stat 2015 0.2443299 0.0796825 Afghanistan-0.581104 0.022279 -0.009798
112 United Kin 2015 1.1745996 -0.056167 Albania -0.392659 0.1637602 0.0006566
122 Austria 2015 0.6528903 0.1672333 Algeria -0.815862 -0.001223 -0.160222
124 Belgium 2015 0.8044353 0.1139526 Angola -1.110912 -0.252092 -0.219746
128 Denmark 2015 1.3485754 0.1070835 Anguilla
132 France 2015 0.6183092 0.1814941 Antigua an 0.3399456
134 Germany 2015 0.9649173 0.1077174 Argentina -0.625698 0.0811696 -0.069151
136 Italy 2015 -0.499413 -0.208639 Armenia -0.393074 0.0533464 0.0640092
137 Luxembour 2015 -0.443164 -0.030479 Australia 1.0149765 0.0094416 0.0614982
138 Netherland 2015 0.9271617 0.0285891 Austria 0.7709345 0.0132966 0.0602484
144 Sweden 2015 1.3371469 0.3013521 Azerbaijan -1.092606 -0.014748 0.0545392
146 Switzerland 2015 0.892176 0.1443833 Bahamas, T 0.590731
156 Canada 2015 1.0649618 0.1475671 Bahrain -0.8059 -0.024494 -0.084807
158 Japan 2015 0.9179947 0.0935851 Bangladesh -0.085565 0.1989858 -0.022588
172 Finland 2015 1.6017031 0.1770682 Barbados 0.9981657
174 Greece 2015 -0.293313 -0.091532 Belarus -0.535265
176 Iceland 2015 1.0703002 0.3111203 Belgium 0.8656585 -0.011972 0.0552349
178 Ireland 2015 0.2163739 -0.103154 Belize -0.092191
181 Malta 2015 0.330575 0.0569662 Benin 0.4346298 0.086705 0.0567455
182 Portugal 2015 0.6939889 0.1425273 Bhutan 1.3542728
184 Spain 2015 0.1029273 0.0602466 Bolivia -0.40393
186 Turkey 2015 -0.304267 -0.014677 Bosnia and -0.461754 0.0610647 0.0732789
193 Australia 2015 0.9940838 0.2319416 Botswana 0.7593245 -0.321343 -0.12505
196 New Zealan 2015 1.7395997 -0.030009 Brazil -0.618668 0.0079687 -0.08249
199 South Afric 2015 0.2216069 0.1600292 Brunei Dar -0.421094
213 Argentina 2015 -0.580752 -0.225596 Bulgaria -0.395309 0.0915735 0.1060815
218 Bolivia 2015 -0.310054 -0.197889 Burkina Fas0.9141099 -0.23949 0.1298828
223 Brazil 2015 -0.283719 -0.160215 Burundi 0.2348456 0.009917 0.2445588
228 Chile 2015 1.1484153 0.1891263 Cabo Verde1.1808019
233 Colombia 2015 -0.123234 -0.254009 Cambodia -0.604675 0.0482838 0.1786752
238 Costa Rica 2015 0.8678851 -0.268786 Cameroon -0.478164 -0.013047 -0.003861
243 Dominican 2015 -0.683237 -0.147606 Canada 1.2356179 0.0046384 0.0876317
253 El Salvador 2015 -0.053578 0.1441081 Central Afr 0.150616
258 Guatemala 2015 -0.37203 0.0170186 Chad -0.533046 -0.544931 -0.085009
268 Honduras 2015 -0.122959 -0.090434 Chile 0.7397287 0.0472896 0.0142345
278 Nicaragua 2015 -0.449941 -0.251162 China -0.292144 0.1711366 0.0535479
283 Panama 2015 -0.479665 0.1536921 Colombia -0.40513 0.1033208 -0.024413
288 Paraguay 2015 -0.706564 -0.341008 Comoros 0.4354054 0.0337241 0.106833
293 Peru 2015 -0.320898 -0.194915 Congo, Demo0.1069626 0.2188066 -0.036174
298 Uruguay 2015 1.2704189 0.0003497 Congo, Repu-0.825909 -0.120428 -0.075706
366 Suriname 2015 -0.112785 0.0174956 Costa Rica 0.5515957 0.0801828 -0.025508
369 Trinidad an 2015 -0.732711 -0.230484 Croatia -0.176991 0.0829852 0.0949502
423 Cyprus 2015 0.5606199 -0.064162 Cyprus 0.2190164 0.0337164 0.0464916
436 Israel 2015 0.4865371 -0.000904 Czech Repub-0.048211 0.078027 0.0945392
439 Jordan 2015 0.5816593 0.1916619 Côte d'Ivoir0.1486319 -0.257828 -0.0142
446 Lebanon 2015 -0.86162 -0.372815 Denmark 1.4610518 -0.0214 0.0699716
469 Egypt 2015 -0.414161 -0.112514 Djibouti 0.080368
474 Yemen 2015 -0.968159 -0.393458 Dominica 0.6503592
513 Bangladesh 2015 -0.318847 -0.352409 Dominican -0.850896 0.0013888 -0.21734
518 Myanmar 2015 -0.40294 -0.599439 Ecuador -0.651997 0.1827147 -0.017643
522 Cambodia 2015 -0.624418 0.36746 Egypt -0.596633 0.0169981 -0.180781
524 Sri Lanka 2015 -0.108115 0.2912482 El Salvador -0.32402 0.0915406 -0.125773
534 India 2015 0.0560216 0.1439116 Equatorial -2.405931
542 Korea 2015 -0.153511 0.2210578 Eritrea -0.075299
548 Malaysia 2015 0.022891 0.1652277 Estonia 0.7292944 0.0353873 0.1449099
564 Pakistan 2015 -0.360911 -0.078884 Ethiopia 0.6977227 -0.023588 0.0295901
566 Philippines 2015 -0.07884 -0.212946 Fiji 0.2918501
576 Singapore 2015 -0.005952 -0.034413 Finland 1.5647793 0.0184934 0.1131592
578 Thailand 2015 -0.393898 0.0771958 France 0.6820732 0.0431972 0.0396695
616 Botswana 2015 0.9550582 -0.008029 Gabon -0.977514 -0.354154 0.0190377
638 Benin 2015 -0.024481 -0.497125 Gambia, Th0.2276039 0.0773211 -0.051207
644 Ethiopia 2015 0.0958761 0.3696308 Georgia 0.8289135 0.1658876 0.0648856
652 Ghana 2015 0.2711721 0.2378194 Germany 1.0743377 0.0191376 0.0697703
664 Kenya 2015 -0.506797 0.3586253 Ghana 0.4207711 0.2132719 -0.227455
684 Mauritius 2015 0.2792811 0.0312184 Greece -0.541203 0.0172107 0.0100393
686 Morocco 2015 0.1321712 0.1653294 Grenada 0.500922
688 Mozambiqu 2015 -0.183726 0.3704197 Guatemala -0.522184 -0.06861 -0.017843
698 Zimbabwe 2015 -0.771784 0.1468117 Guinea 0.0352541 -0.189878 0.1283922
722 Senegal 2015 0.5664951 0.0305738 Guinea-Bis -0.483035
728 Namibia 2015 0.5673938 0.3574539 Guyana -0.057002 0.163399 -0.167054
738 Tanzania 2015 -0.170251 -0.100318 Haiti -0.337364 0.3126097 -0.033195
744 Tunisia 2015 0.1741726 -0.081116 Honduras -0.19243 0.0377159 0.0207086
754 Zambia 2015 0.1434821 -0.128747 Hong Kong 0.72925 -0.041283 0.1146698
911 Armenia 2015 -0.195836 0.2895402 Hungary -0.358512 0.0410063 0.1039419
914 Albania 2015 -0.226666 0.0810187 Iceland 1.2427534 -0.014752 0.0105896
915 Georgia 2015 0.9837876 0.3596285 India 0.1007234 0.0302556 -0.115867
917 Kyrgyz Repu 2015 -0.653445 0.3675716 Indonesia -0.325545 0.1260371 -0.051361
918 Bulgaria 2015 -0.261022 -0.113253 Iran -0.988268 -0.019896 -0.043013
921 Moldova 2015 -0.492998 0.3144919 Iraq -1.55556 -0.516319 -0.196491
923 Tajikistan 2015 -0.610822 0.3683416 Ireland 0.785506 -0.019043 0.0720768
924 China 2015 -0.124617 0.115326 Israel 0.4791446 0.0577114 0.052671
926 Ukraine 2015 -0.625905 0.1560072 Italy -0.606237 0.0243735 0.0611
935 Czech Repub 2015 0.0331014 0.0336102 Jamaica -0.022654 0.096436 -0.077981
936 Slovak Repu 2015 -0.152006 -0.075487 Japan 0.8369393 0.0228136 0.1482491
939 Estonia 2015 1.0071552 0.3352018 Jordan 0.3553776 0.0751126 -0.032157
941 Latvia 2015 0.3058585 0.2377574 Kazakhstan -1.198103 0.0790069 0.1523113
942 Serbia 2015 -0.092294 -0.214426 Kenya -0.153665 0.1763234 0.1946754
944 Hungary 2015 -0.079465 0.1903456 Kiribati 1.1887163 0.3093224 0.0583038
946 Lithuania 2015 0.3301732 0.3351605 Korea -0.227965 0.039021 0.1617451
948 Mongolia 2015 -0.267508 -0.107612 Kosovo -0.306456 0.1833594 -0.113951
960 Croatia 2015 0.1617476 -0.025525 Kuwait -1.261517 -0.176434 -0.307143
961 Slovenia 2015 0.4176245 0.0358764 Kyrgyz Repu -0.40986 0.3156111 0.1008949
962 Macedonia, 2015 -0.091057 -0.156734 Lao P.D.R. -0.521338 0.0957415 -0.078799
963 Bosnia and 2015 -0.150076 -0.346543 Latvia 0.1103689 0.0780122 0.1414905
964 Poland 2015 0.4462137 -0.091732 Lebanon -1.14072 -0.095347 -0.089713
968 Romania 2015 -0.067018 -0.214177 Lesotho 0.7437304 -0.020597 0.0517311
Excluding Oil exporters. GDP Adjusted Liberia 0.7107916 -0.519848 0.0040202
Libya -1.908771
Lithuania 0.2077898 0.079567 0.0967488
Luxembour0.9060968 -0.211157 -0.061192
Macao SAR -0.407358 -0.213992 0.0121365
Macedonia, -0.37582 -0.007742 -0.128835
Madagasca0.1827649 -0.087339 -0.002197
Malawi 0.488626 0.1827421 0.0487905
Malaysia -0.310282 -0.021437 0.0096574
Maldives -0.793033
Mali 0.261156 -0.424877 -0.164964
Malta 0.1391749 0.0227129 -0.00638
Marshall Is 0.5206432
Mauritania -0.205537 -0.401047 -0.117852
Mauritius 0.0491496 0.0486217 0.0480938
Mexico -1.00533 0.0626817 -0.041668
Micronesia 1.2837088
Moldova -0.486488 0.1967854 0.1024675
Mongolia -0.453223 0.2205369 0.0221539
Montenegro -0.28199 0.0619023 -0.024197
Montserrat
Morocco 0.0825277 0.023989 -0.113835
Mozambiqu0.3981528 -0.041724 0.0775943
Myanmar -0.161589 0.021117 0.0790505
Namibia 0.4523059 -0.188567 -0.038033
Nauru
Nepal 0.1002777 0.2964334 0.0064344
Netherland1.1540197 0.0015774 0.0653634
New Zealan1.6677859 0.0329201 0.0715513
Nicaragua -0.43419 0.1734071 -0.007442
Niger 0.7041292 -0.349644 -0.094646
Nigeria -0.672136 -0.196622 -0.210135
Norway 1.2322671 -0.054684 -0.000311
Oman -0.373904 -0.035339 -0.148419
Pakistan -0.4012 -0.096213 -0.152285
Palau -0.576327
Panama -0.785953 -0.057145 -0.135069
Papua New -0.309902 -0.123758 -0.068922
Paraguay -0.588794 0.0869453 -0.076631
Peru -0.371305 0.1366513 -0.055984
Philippines -0.244445 0.2271237 0.0040393
Poland 0.3134825 0.0576513 0.1452379
Portugal 0.4579205 0.0810294 0.1002231
Puerto Rico -0.60612
Qatar -0.398517 -0.259458 -0.234225
Romania -0.331098 0.0049057 -0.008422
Russia -1.310652 0.0990348 0.1436687
Rwanda 1.7287505 -0.232544 0.008532
Samoa 0.6174198
San Marino
Saudi Arabi -0.595752 -0.111348 -0.203232
Senegal 0.8038703 -0.188008 0.1117086
Serbia -0.434641 0.1577115 0.1721148
Seychelles 0.3748565 0.0971425 -0.000563
Sierra Leon0.2888249 0.0990384 -0.103563
Singapore 1.0062128 -0.068141 0.1082907
Slovak Repu-0.266397 0.0204029 0.0609717
Slovenia 0.2531177 0.0579882 0.1146388
Solomon Is 0.5358992 0.0653169 -0.009192
Somalia
South Afric -0.028075 -0.192473 -0.23822
South Suda -0.807555 -0.742087 -0.103752
Spain -0.081845 0.0022805 0.069695
Sri Lanka -0.240211 0.1722848 -0.062747
St. Kitts an 0.0991231
St. Lucia 0.5454314
St. Vincent 0.6907807
Sudan -1.080054 -0.267416 -0.023829
Suriname -0.491377
Swaziland
Sweden 1.4498581 0.0137651 0.060555
Switzerland1.1449456 -0.067878 0.0341096
Syria
São Tomé a0.6560471
Taiwan Province of China
Tajikistan -0.271983 0.2006814 0.180665
Tanzania 0.3125598 -0.123335 0.0495253
Thailand -0.568974 0.0670414 -0.014458
Timor-Leste-0.381559 -0.076968 -0.12171
Togo 0.4483074 0.1199195 0.0962877
Tonga -0.048798 0.0949562 -0.060218
Trinidad an -0.840623 -0.041807 -0.040705
Tunisia -0.116623 -0.07892 -0.110739
Turkey -0.56108 -0.008881 0.0006151
Turkmenist -1.549648
Tuvalu 0.6672682 0.2515268 0.013
Uganda -0.047814 -0.171864 0.1081614
Ukraine -0.694676 0.2048059 0.1594672
United Arab0.3101501 -0.096126 -0.126976
United Kin 1.1930227 0.0372336 0.0605631
United Stat0.4787129 -0.05062 0.0420208
Uruguay 1.021399 -0.019042 -0.020635
Uzbekistan -0.785575
Vanuatu 0.5963174 0.1564713 -0.060006
Venezuela -1.653366
Vietnam 0.0099582 0.2213573 0.2645373
West Bank 0.3204486 0.1620717 0.0457387
Yemen -1.013221 -0.135519 -0.170404
Zambia 0.2092668 -0.018839 -0.070404
Zimbabwe -0.297521 0.1769378 0.0998311
GDP_ln_wb_hlos_ln
Figure 2.9. Georgia: Tax Compliance Surged with Anti-Corruption Reforms
1. Tax Revenues 2. Survey Response Rate: "Is It Ju

(Percent of GDP)
90 100
25
80
80
70
20
60
60
Percent of GDP
Percent
15 50
40 40
10
30
20
20
5 Tax revenue (left
scale)
10
0
1996
0 0 Always justifiable 9 8 7 6
96 98 00 02 0 06 08 10 12 14 16 18
19 20 04
Sources: Country authorities; Worldwide Governance Indicators; IMF, World Economic Outlook Database; and IM
s
Response Rate: "Is It Justifiable to Cheat on Taxes?" (Percent)
1996 2008 2014

s justifiable 9 8 7 6 5 4 3 2 Never justifiable
Outlook Database; and IMF staff estimates.

Panel 1
1996 97 98 99 2000 01
Tax revenue (left scale) 8.4 11.0 10.7 12.0 12.3 12.5
Control of Corruption: Percentile Rank 1.1 9.6 18.0 16.6 15.2 10.4
Panel 2
1996 2008 2014
Never justifiable 52.6 74.5 78.2
2 8.1 10.9 11.4
3 11.0 5.1 4.9
4 5.1 2.5 1.8
5 9.2 2.3 2.3
6 4.4 0.8 0.6
7 3.4 1.9 0.3
8 2.6 1.1 0.2
9 1.9 0.3 0.1
Always justifiable 1.8 0.5 0.3
02 03 040 05 06 07 08 09 10 11
12.7 12.0 15.6 17.1 19.2 21.6 24.9 24.4 23.5 25.2
5.6 28.3 37.1 51.7 58.5 54.4 54.4 55.5 57.1 61.6
12 13 14 15 16 17 18
25.4 24.7 25.1 25.1 25.7 26.0 24.8
68.7 69.7 76.4 74.5 74.0 77.4
Figure 2.10. Rwanda: Tax Revenues Surged with Anti-Corruption Reforms
(Percent of GDP)
16 80
15 70
14 60
13 50
Percent of GDP
Percentile
12 40
11 30
10 20
Tax revenue (left scale)
9 Control of corruption (right 10
scale)
8 0
Sources: Worldwide Governance Indicators; IMF, World Economic Outlook Database;

and IMF staff estimates.
Note: For the years for which control of corruption data are not available, an estimate
was built using a simple average between the previous year and the subsequent year.
rms
Country 1990 1991 1992 1993 1994
Tax revenue (left scale) 9.2510088 8.8037305 3.564
Control of corruption (right scale)
1995 1996 97 98 99 ### 01 02 03 04
6.6879797 8.802743 10.052664 10.338009 10.242059 9.7 10.716294 11.920452 11.545599 11.223524
26.88172 28.647045 30.412371 31.196033 32 36.949445 41.919193 39.898991 39.024391
05 06 07 08 09 10 11 12 13 14
11.288556 11.087004 11.557347 12.324278 11.907727 12.260024 12.958265 14.37037 14.344381 14.824272
31.707317 50.243904 57.766991 60.194176 60.765549 68.095238 68.246445 72.037918 72.511848 75.480766
15 16 17 18
15.56433 15.656768 15.531795 15.814379
73.07692 72.596153 71.634613
Figure 2.11. Fiscal Transparency, Procurement Systems, and Corruption (2017)
1. Fiscal Transparency
2.0
r=0.46
1.5(p-value=0.00)
1.0
0.5
0.0
-0.5
-1.0
-1.5
-2.0
-1.5 -1.0 -0.5 0.0 0.5 1.0 1.5
Fiscal transparency index
Sources: International Budget Partnership, Open Budget Index; World Bank; Worldwide Governance Indicators
Note: The Fiscal Transparency Index was built by IMF staff and the Public Procurement Systems Index is based o
uption (2017)
2. Public Procurement Systems
2.0
r=0.24
1.5 (p-value=0.00)
1.0
0.5
0.0
-0.5
-1.0
-1.5
-2.0
-2.5
-0.5 -0.4 -0.3 -0.2 -0.1 0 0.1 0.2 0.3
Public procurment systems index
de Governance Indicators; IMF, World Economic Outlook Database; and IMF staff estimates.
t Systems Index is based on data from the World Bank’s GDP per capita adjusted data. See Online Annex 2.1
Panel 1 Panel 2
ifscode country year GDP_wgi_cGDP_fiscal_transparenifscode country year
111 United Stat 2017 0.189983 1.1397746 111 United Stat 2017
112 United Kin 2017 1.1148357 1.2066652 112 United Kin 2017
122 Austria 2017 0.6261955 0.3298702 122 Austria 2017
124 Belgium 2017 0.6991232 0.6860054 124 Belgium 2017
128 Denmark 2017 1.2922342 0.65413 128 Denmark 2017
132 France 2017 0.5373967 1.1933818 132 France 2017
134 Germany 2017 0.9181483 0.9319437 134 Germany 2017
136 Italy 2017 -0.358692 0.9006704 136 Italy 2017
138 Netherland 2017 0.850885 0.8022444 137 Luxembour 2017
142 Norway 2017 0.6791053 1.0626033 138 Netherland 2017
144 Sweden 2017 1.2045485 1.5264624 142 Norway 2017
146 Switzerland 2017 0.7280089 0.6101523 144 Sweden 2017
156 Canada 2017 1.0733858 0.9141123 146 Switzerland 2017
158 Japan 2017 0.8342896 1.0246422 156 Canada 2017
172 Finland 2017 1.4812629 1.3425883 158 Japan 2017
174 Greece 2017 -0.373905 0.5732015 172 Finland 2017
176 Iceland 2017 0.8741371 1.1523419 174 Greece 2017
178 Ireland 2017 -0.043533 0.9133837 176 Iceland 2017
182 Portugal 2017 0.5578343 0.9387996 178 Ireland 2017
184 Spain 2017 -0.059983 -0.26013 181 Malta 2017
186 Turkey 2017 -0.40649 -0.30315 182 Portugal 2017
193 Australia 2017 0.8844396 0.9707153 184 Spain 2017
196 New Zealan 2017 1.6702024 1.3719089 186 Turkey 2017
199 South Afric 2017 0.1806936 1.1107102 193 Australia 2017
213 Argentina 2017 -0.286109 0.2096942 196 New Zealan 2017
218 Bolivia 2017 -0.288593 -0.289585 199 South Afric 2017
223 Brazil 2017 -0.404493 1.0466375 213 Argentina 2017
228 Chile 2017 0.8991919 -0.245885 218 Bolivia 2017
233 Colombia 2017 -0.206625 0.5705474 223 Brazil 2017
238 Costa Rica 2017 0.5565028 0.2904533 228 Chile 2017
243 Dominican 2017 -0.6519 -0.052014 233 Colombia 2017
248 Ecuador 2017 -0.348691 -0.643938 238 Costa Rica 2017
253 El Salvador 2017 -0.152106 -0.091912 243 Dominican 2017
258 Guatemala 2017 -0.389121 0.4659918 248 Ecuador 2017
263 Haiti 2017 -0.697863 -1.435947 253 El Salvador 2017
268 Honduras 2017 -0.289573 -0.046176 258 Guatemala 2017
273 Mexico 2017 -0.928774 0.9091765 263 Haiti 2017
278 Nicaragua 2017 -0.45238 -0.206336 268 Honduras 2017
283 Panama 2017 -0.70386 -0.210381 273 Mexico 2017
288 Paraguay 2017 -0.512433 -0.511361 278 Nicaragua 2017
293 Peru 2017 -0.305513 0.6707533 283 Panama 2017
298 Uruguay 2017 1.2187806 1.0723195 288 Paraguay 2017
299 Venezuela 2017 -1.143057 -0.987194 293 Peru 2017
311 Antigua an 2017 0.0515054 -0.435783 298 Uruguay 2017
321 Dominica 2017 0.9153787 -0.189669 299 Venezuela 2017
328 Grenada 2017 0.6162399 0.0242009 311 Antigua an 2017
336 Guyana 2017 -0.155505 -0.17885 313 Bahamas, T 2017
339 Belize 2017 0.0733872 -0.227622 316 Barbados 2017
343 Jamaica 2017 0.1483753 0.1045424 321 Dominica 2017
361 St. Kitts an 2017 0.266547 -0.345405 328 Grenada 2017
362 St. Lucia 2017 0.7487914 -0.586413 339 Belize 2017
364 St. Vincent 2017 0.9756972 -0.144153 343 Jamaica 2017
366 Suriname 2017 -0.025267 -0.039128 359 Puerto Rico 2017
369 Trinidad an 2017 -0.704511 0.5748146 361 St. Kitts an 2017
419 Bahrain 2017 -1.00986 -1.404148 362 St. Lucia 2017
429 Iran 2017 -0.818414 0.223968 366 Suriname 2017
433 Iraq 2017 -1.276427 -1.019745 369 Trinidad an 2017
436 Israel 2017 0.333917 0.341014 419 Bahrain 2017
439 Jordan 2017 0.5802346 -0.018113 423 Cyprus 2017
443 Kuwait 2017 -1.70047 0.3499509 429 Iran 2017
446 Lebanon 2017 -0.989818 -1.352679 433 Iraq 2017
453 Qatar 2017 -2.378169 -2.022782 436 Israel 2017
456 Saudi Arabi 2017 -0.670183 -1.608141 439 Jordan 2017
466 United Arab 2017 -0.321993 -0.931335 443 Kuwait 2017
469 Egypt 2017 -0.325592 -1.266908 446 Lebanon 2017
474 Yemen 2017 -1.071425 -0.900479 449 Oman 2017
512 Afghanistan 2017 -0.981017 0.3875065 453 Qatar 2017
513 Bangladesh 2017 -0.36347 -0.498141 456 Saudi Arabi 2017
514 Bhutan 2017 1.8948172 0.5698578 466 United Arab 2017
518 Myanmar 2017 -0.157834 -1.273638 469 Egypt 2017
522 Cambodia 2017 -0.816463 -0.284506 474 Yemen 2017
524 Sri Lanka 2017 -0.24144 -0.486 512 Afghanistan 2017
534 India 2017 0.1398361 0.6491765 513 Bangladesh 2017
536 Indonesia 2017 -0.028628 0.4205763 514 Bhutan 2017
537 Timor-Leste 2017 -0.124474 0.401926 518 Myanmar 2017
542 Korea 2017 -0.105769 1.204179 522 Cambodia 2017
544 Lao P.D.R. 2017 -0.561884 -0.486459 524 Sri Lanka 2017
548 Malaysia 2017 -0.25011 0.4187447 528 Taiwan Prov 2017
556 Maldives 2017 -0.766096 -0.469769 532 Hong Kong 2017
558 Nepal 2017 -0.235623 0.1140062 534 India 2017
564 Pakistan 2017 -0.344303 -0.330941 536 Indonesia 2017
565 Palau 2017 -0.309997 -0.390116 537 Timor-Leste 2017
566 Philippines 2017 -0.130711 0.5071794 542 Korea 2017
576 Singapore 2017 -0.08241 -1.024224 544 Lao P.D.R. 2017
578 Thailand 2017 -0.325709 0.2330596 548 Malaysia 2017
582 Vietnam 2017 -0.19548 -0.721837 558 Nepal 2017
611 Djibouti 2017 -0.152695 -0.256355 564 Pakistan 2017
612 Algeria 2017 -0.468833 -1.421519 566 Philippines 2017
614 Angola 2017 -1.021916 -1.138737 576 Singapore 2017
616 Botswana 2017 0.8846944 -0.873347 578 Thailand 2017
618 Burundi 2017 -0.711226 -0.417882 582 Vietnam 2017
622 Cameroon 2017 -0.700613 -1.41374 611 Djibouti 2017
624 Cabo Verde 2017 1.2246737 0.0751546 612 Algeria 2017
626 Central Afr 2017 -0.598897 -0.521174 614 Angola 2017
628 Chad 2017 -0.907808 -0.946981 616 Botswana 2017
632 Comoros 2017 -0.138038 -1.184161 618 Burundi 2017
634 Congo, Repu 2017 -0.937833 -0.704932 622 Cameroon 2017
636 Congo, Demo 2017 -0.847083 -1.020333 624 Cabo Verde 2017
638 Benin 2017 -0.021227 0.2384591 626 Central Afr 2017
642 Equatorial 2017 -2.348474 -1.69535 628 Chad 2017
643 Eritrea 2017 -0.655554 -0.766389 632 Comoros 2017
644 Ethiopia 2017 -0.02762 -0.234023 634 Congo, Repu 2017
646 Gabon 2017 -0.75466 -0.649471 636 Congo, Demo 2017
648 Gambia, Th 2017 -0.149339 -0.17774 638 Benin 2017
652 Ghana 2017 0.2271832 0.2595551 642 Equatorial 2017
654 Guinea-Bis 2017 -1.023813 -0.727071 643 Eritrea 2017
656 Guinea 2017 -0.475997 -0.204184 644 Ethiopia 2017
662 Côte d'Ivoir 2017 -0.043854 0.2120933 646 Gabon 2017
664 Kenya 2017 -0.466238 -0.225614 648 Gambia, Th 2017
666 Lesotho 2017 0.4700575 -0.895358 652 Ghana 2017
668 Liberia 2017 -0.132352 -0.320459 654 Guinea-Bis 2017
672 Libya 2017 -1.28375 -0.936742 656 Guinea 2017
674 Madagasca 2017 -0.501895 -0.91851 662 Côte d'Ivoir 2017
676 Malawi 2017 -0.094393 -0.78451 664 Kenya 2017
678 Mali 2017 -0.106005 -0.526515 666 Lesotho 2017
682 Mauritania 2017 -0.28969 -0.466719 668 Liberia 2017
684 Mauritius 2017 0.1294437 0.4651112 674 Madagasca 2017
686 Morocco 2017 0.2058641 0.4816866 676 Malawi 2017
688 Mozambiqu 2017 -0.299138 -0.082586 678 Mali 2017
692 Niger 2017 -0.088032 -0.830032 682 Mauritania 2017
694 Nigeria 2017 -0.651038 0.2431395 684 Mauritius 2017
698 Zimbabwe 2017 -0.745031 0.3082452 686 Morocco 2017
714 Rwanda 2017 1.1650949 -0.042992 688 Mozambiqu 2017
716 São Tomé a 2017 0.6394922 -0.722008 692 Niger 2017
718 Seychelles 2017 0.4059736 0.2763195 694 Nigeria 2017
722 Senegal 2017 0.4049012 -0.34661 698 Zimbabwe 2017
724 Sierra Leon 2017 -0.04174 0.0008521 714 Rwanda 2017
728 Namibia 2017 0.583593 -1.148125 716 São Tomé a 2017
732 Sudan 2017 -1.080496 -1.122238 718 Seychelles 2017
733 South Suda 2017 -1.166072 -1.032056 722 Senegal 2017
734 Swaziland 2017 -0.012702 -0.494302 724 Sierra Leon 2017
738 Tanzania 2017 0.0210938 0.2927013 728 Namibia 2017
742 Togo 2017 -0.160727 -0.527183 732 Sudan 2017
744 Tunisia 2017 0.1311316 -0.152203 733 South Suda 2017
746 Uganda 2017 -0.514783 -0.110516 734 Swaziland 2017
748 Burkina Fas 2017 0.4281076 0.0976562 738 Tanzania 2017
754 Zambia 2017 -0.063825 0.0858496 742 Togo 2017
813 Solomon Is 2017 0.6412092 -0.247644 744 Tunisia 2017
819 Fiji 2017 0.662216 -0.760653 746 Uganda 2017
826 Kiribati 2017 0.9252811 -0.532711 748 Burkina Fas 2017
836 Nauru 2017 -0.237613 -0.531083 754 Zambia 2017
846 Vanuatu 2017 0.5182251 -0.189231 813 Solomon Is 2017
853 Papua New 2017 -0.413642 -1.230269 819 Fiji 2017
862 Samoa 2017 1.0819551 -0.079109 826 Kiribati 2017
866 Tonga 2017 0.2580782 0.1807216 846 Vanuatu 2017
867 Marshall Is 2017 0.4893877 -0.930713 853 Papua New 2017
868 Micronesia 2017 1.2419931 -0.702478 862 Samoa 2017
869 Tuvalu 2017 0.542156 -0.814136 866 Tonga 2017
911 Armenia 2017 -0.248897 0.331395 867 Marshall Is 2017
912 Azerbaijan 2017 -0.814208 0.2792184 868 Micronesia 2017
913 Belarus 2017 -0.226619 0.3787822 911 Armenia 2017
914 Albania 2017 -0.197639 0.8686787 912 Azerbaijan 2017
915 Georgia 2017 1.0180577 0.7327468 913 Belarus 2017
916 Kazakhstan 2017 -1.011923 -0.345902 914 Albania 2017
917 Kyrgyz Repu 2017 -0.569796 0.4776937 915 Georgia 2017
918 Bulgaria 2017 -0.216659 0.6854337 916 Kazakhstan 2017
921 Moldova 2017 -0.403737 0.7344163 917 Kyrgyz Repu 2017
922 Russia 2017 -1.130701 0.9020811 918 Bulgaria 2017
923 Tajikistan 2017 -0.831557 -0.381995 921 Moldova 2017
924 China 2017 -0.174011 -0.041882 922 Russia 2017
925 Turkmenist 2017 -1.43003 -0.709321 923 Tajikistan 2017
926 Ukraine 2017 -0.450787 0.6326489 924 China 2017
927 Uzbekistan 2017 -0.772 -0.362725 926 Ukraine 2017
935 Czech Repub 2017 0.1008351 0.6540188 927 Uzbekistan 2017
936 Slovak Repu 2017 -0.16934 0.2455773 935 Czech Repub 2017
939 Estonia 2017 0.8915532 1.2272453 936 Slovak Repu 2017
942 Serbia 2017 -0.230321 0.5253061 939 Estonia 2017
943 Montenegro 2017 -0.024384 0.2270821 941 Latvia 2017
944 Hungary 2017 -0.198948 0.3028424 942 Serbia 2017
948 Mongolia 2017 -0.245017 0.3960931 943 Montenegro 2017
960 Croatia 2017 0.0420774 0.6221516 944 Hungary 2017
961 Slovenia 2017 0.3784747 1.2893681 946 Lithuania 2017
962 Macedonia, 2017 -0.159045 0.6966579 948 Mongolia 2017
963 Bosnia and 2017 -0.30268 1.0180392 960 Croatia 2017
964 Poland 2017 0.4341358 0.8692279 961 Slovenia 2017
967 Kosovo 2017 -0.23488 0.5698232 962 Macedonia, 2017
968 Romania 2017 -0.171785 0.911122 963 Bosnia and 2017
964 Poland 2017
967 Kosovo 2017
968 Romania 2017
GDP_wgi_cGDP_procurement
0.189983 0.2496382
1.1148357 0.1790004
0.6261955 0.1502407
0.6991232 0.0093624
1.2922342 0.1169599
0.5373967 0.1171484
0.9181483 0.2234585
-0.358692 0.2570807
-0.560217 0.0490473
0.850885 0.1838245
0.6791053 0.018335
1.2045485 -0.02087
0.7280089 -0.070457
1.0733858 0.213003
0.8342896 0.0949294
1.4812629 0.0935045
-0.373905 0.1307376
0.8741371 0.0194892
-0.043533 0.1994976
0.0845929 0.2064558
0.5578343 0.1339863
-0.059983 0.1773123
-0.40649 0.0869956
0.8844396 0.3019399
1.6702024 0.1565787
0.1806936 0.1678323
-0.286109 0.0243778
-0.288593 -0.134056
-0.404493 0.0807824
0.8991919 0.145867
-0.206625 0.2191814
0.5565028 0.0136631
-0.6519 -0.020412
-0.348691 -0.031243
-0.152106 0.1030664
-0.389121 0.0715902
-0.697863 0.0003966
-0.289573 -0.01413
-0.928774 0.2402648
-0.45238 0.0859804
-0.70386 -0.044809
-0.512433 0.2337968
-0.305513 0.1824283
1.2187806 0.119353
-1.143057 -0.161204
0.0515054 -0.299075
0.8012329 -0.196313
1.4607273 -0.414582
0.9153787 -0.081457
0.6162399 -0.193605
0.0733872 -0.262027
0.1483753 0.010146
-0.443828 -0.189418
0.266547 -0.214711
0.7487914 -0.127228
-0.025267 -0.21904
-0.704511 -0.310954
-1.00986 -0.135511
0.2670234 0.2227001
-0.818414 -0.083479
-1.276427 -0.219491
0.333917 0.015532
0.5802346 -0.074958
-1.70047 0.0053202
-0.989818 -0.322235
-0.531926 -0.187977
-2.378169 -0.310888
-0.670183 -0.177685
-0.321993 -0.038031
-0.325592 0.023061
-1.071425 -0.026777
-0.981017 -0.077886
-0.36347 0.057846
1.8948172 -0.040339
-0.157834 -0.383483
-0.816463 -0.123275
-0.24144 -0.011723
0.0525095 0.1276011
0.3720263 -0.112208
0.1398361 0.1473351
-0.028628 0.0315598
-0.124474 -0.149087
-0.105769 0.1441248
-0.561884 -0.221958
-0.25011 -0.163714
-0.235623 0.0928482
-0.344303 0.0198903
-0.130711 0.1952543
-0.08241 0.0827212
-0.325709 -0.164134
-0.19548 0.0399942
-0.152695 -0.143237
-0.468833 -0.048468
-1.021916 -0.100355
0.8846944 0.087665
-0.711226 -0.015997
-0.700613 -0.038682
1.2246737 0.1478781
-0.598897 -0.076231
-0.907808 -0.283814
-0.138038 0.014996
-0.937833 -0.256226
-0.847083 -0.001376
-0.021227 -0.013849
-2.348474 -0.359246
-0.655554 -0.278127
-0.02762 -0.080067
-0.75466 -0.084423
-0.149339 -0.139185
0.2271832 0.0341279
-1.023813 -0.204327
-0.475997 -0.064087
-0.043854 -0.012095
-0.466238 0.0803171
0.4700575 -0.156183
-0.132352 -0.046848
-0.501895 0.0399845
-0.094393 -0.132242
-0.106005 0.0866673
-0.28969 -0.235576
0.1294437 0.1019915
0.2058641 0.1431234
-0.299138 -0.033113
-0.088032 -0.016504
-0.651038 0.0183434
-0.745031 -0.180061
1.1650949 -0.056297
0.6394922 -0.089803
0.4059736 -0.068169
0.4049012 -0.009853
-0.04174 0.0849238
0.583593 -0.294249
-1.080496 -0.288109
-1.166072 -0.013546
-0.012702 -0.037475
0.0210938 0.0498829
-0.160727 -0.163896
0.1311316 0.0785632
-0.514783 0.0864243
0.4281076 0.1047103
-0.063825 0.0812695
0.6412092 -0.177961
0.662216 -0.120624
0.9252811 -0.305392
0.5182251 -0.477756
-0.413642 -0.300785
1.0819551 0.1082338
0.2580782 -0.111818
0.4893877 -0.211663
1.2419931 -0.168077
-0.248897 -0.131037
-0.814208 -0.208166
-0.226619 0.0773177
-0.197639 0.2037121
1.0180577 0.0204654
-1.011923 0.1146217
-0.569796 -0.039084
-0.216659 0.1033384
-0.403737 -0.047286
-1.130701 0.0482878
-0.831557 -0.009628
-0.174011 0.1669172
-0.450787 0.1420348
-0.772 -0.275467
0.1008351 0.202924
-0.16934 0.2071989
0.8915532 0.066642
0.3029594 0.1369202
-0.230321 0.168839
-0.024384 -0.024264
-0.198948 0.1322352
0.181201 0.258514
-0.245017 -0.039582
0.0420774 0.2008026
0.3784747 0.0731189
-0.159045 0.1498492
-0.30268 -0.073602
0.4341358 0.1623677
-0.23488 0.1160644
-0.171785 0.0795008
Figure 2.12. Fiscal Institutions and Control of Corruption
1.0
0.5
0.0
-0.5
-1.0
Anticorruption unit (dummy)
Revenue institutions (mean)
Tax complexity (time)
Red tape (procedures)
Number of tax payments

Time for tax audit
PPP procurement
Time for VAT refund
CG procurement
Red tape (time)
E-government
Fiscal transparency
Paying suppliers
Labor tax rate
Press freedom
PFM controls
Note: The figure shows coefficients when regressing control of corruption on different fiscal institutions.
For example, the more complex the laws, the lower the control of corruption. Coefficients are shown if
significant at the 5 percent level. Series are standardized. See Online Annex 2.1. CG: central government;
PFM: public financial management; PPP: public-private partnership; VAT: value-added tax.
No controls
1.0
Tax complexity (time) -0.55

Red tape (time) -0.63
Red tape (procedures) -0.48
0.5
Time for VAT refund -0.45

Labor tax rate
0.0
Time for tax audit -0.14

Fiscal transparency 0.52
-0.5
Paying suppliers 0.47

Revenue institutions (mean) 0.85
-1.0
PFM controls 0.25

Anticorruption unit (dummy)
Press freedom
E-government 0.57
CG procurement 0.34
PPP procurement 0.44
Number of tax payments -0.46
Univariate Press freedom 0.59
Controlling for GDP per capita, oil exports Anticorruption unit (dummy)
Controlling for GDP per capita, oil exports, press
freedom, judicial institutions, and corruption in 1996
scal institutions.
ts are shown if
tral government;
x.
Some controls More controls
-0.34 -0.18
-0.33 -0.16
-0.30 -0.14
-0.19
-0.14 -0.08
-0.13
0.20
0.21
0.31 0.16
0.37 0.13
0.24
Figure 2.13. Relative Importance of Fiscal Institutions
1.
Ho
us CG procurement
Countries with high
eh corruption (low control of
old Urban population share
corruption) rankings in
Co 1996
Tax complexity (time)
ver
ag Red tape (procedures)
e
by Number of tax payments
So
cia Time to register property
l
As Automation in judiciary
sis Press freedom
tan
ce Case management in judiciary
Pr
og e-government
ra
ms Speed of judiciary process
in
Red tape (time)
De
vel Fiscal transparency
opi
ng 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00
Co
unt
rie
s Source: IMF staff estimates.
(pe Note: The results show the top most relevant institutions out of more than 50 variables (Online Annex 2.1). C
rce
nt
of
ho
us
eh
old
s
in
inc
om
e
qui
ntil
e)
In
de
vel
opi
ng
co
unt
rie
s,
cov
era
ge
of
the
po
or
is
rel
ativ
ely
low
era
ge
of
the
po
or
is
rel
ativ
ely
low
an
d
cov
era
ge
of
the
ric
h
co
mp
ara
tive
ly
hig
h.
Countries with high corCountries with low corruption (high co
Variable Relative Importance
Fiscal transparency 9.84 3.08
Red tape (time) 8.33 6.72
Speed of judiciary process 7.88
e-government 6.99 6.66
Case management in judiciary 6.28
Press freedom 4.53 4.61
Automation in judiciary 4.40
Time to register property 2.99
Number of tax payments 2.97
Red tape (procedures) 6.79
Tax complexity (time) 4.94
Urban population share 4.13
CG procurement 3.01
es (Online Annex 2.1). CG: central government.

with low corruption (high control of corruption) rankings in 1996
Figure 2.14. Fiscal Governance Framework
Figure 2.15. Corruption Control and Attitude Toward Tax Cheating
45 r=-0.51
(p-value=0.01)
Tax cheating justifiable
40
35
30
-0.3 -0.2 -0.1 0.1 0.2 0.3 0.4 0.5 0.6
Sources: Latinobarómetro; Worldwide Governance Indicators. 1998 and 2004 data.

Note: The Control of Corruption Index provides a relative measure of perceived
corruption and ranges from -2.5 (high corruption) to 2.5 (low corruption).
cce tax_cheat Correlation T P-val
-0.21256 42.429633 -0.513206 -2.804665 0.0103256
-0.015989 38.687384
0.0152588 43.016165
0.0661416 43.277985
0.092513 38.77471
0.1093954 37.082197
0.1267998 45.358308
0.1365755 36.507277
0.1445859 37.504551
0.1642058 42.510629
0.180251 38.539012
0.1978408 39.286385
0.2066069 39.559753
0.2171798 36.431121
0.2356771 38.858974
0.2492886 38.537979
0.2587517 40.622875
0.2695796 32.442298
0.2827586 41.519569
0.3036116 38.350917
0.3575475 35.114119
0.396124 37.112448
0.4344771 39.804918
0.620109 34.0752
Figure 2.16. Corruption Is a Challenge for Many Resource-Rich Countries
1. Sovereign Wealth Funds
Percent of GDP
100 250
Timor-
Kuwait: Libya: Score (left scale)
90 Leste:
479 361
650 Asset value (right scale)
80 200
70
60 150
50
40 100
Score
30
20 50
10
0 0
Sources: Natural Resource Governance Institute (2017); and Worldwide Governance Indicators.
Note: Panel 1 shows the corporate governance and transparency score of the sovereign wealth funds and the size
scores for any individual country as the quality of underlying data can vary across countries and data sources. In pa
while the whiskers show the bottom and top 5 percent of the data. The definition of resource-rich countries follow
tries
2. Control of Corruption

Better
Editing this shape or saving this workbook into a different file format will permanently
break the chart.
Worse
Resource-rich countries Non-resource-rich countries
cators.
wealth funds and the size of assets as a percentage of 2016 GDP. Caution is needed in interpreting
ies and data sources. In panel 2, the boxes show the median as well as the 25th and 75th percentiles,
ource-rich countries follows the October 2015 Fiscal Monitor.
Panel 1 Panel 2
country Asset value Score (left NGDPD (billNGDPD (milliAsset value (right scaleYear
Colombia 3240 100 282.75 282750.73 1.15 2017
Ghana 208 93 42.79 42787.58 0.49 2017
Chile 13966 92 249.92 249920.82 5.59 2017
Norway 926940 90 371.34 371344.76 249.62 2017
Timor-Leste 16238 88 2.52 2521.00 249.62 2017
Canada 17900 88 1526.95 1526953.79 1.17 2017
Trinidad & 5880 74 22.66 22656.73 25.95 2017
Iran 53307 70 404.45 404445.03 13.18 2017
Peru 7904 69 194.67 194672.43 4.06 2017
Kazakhstan 62 67 137.29 137289.35 0.05 2017
Botswana 6040 65 15.66 15660.41 38.57 2017
Australia 300 61 1267.78 1267777.04 0.02 2017
Kuwait 524000 61 109.38 109381.48 249.62 2017
Azerbaijan 33600 52 37.81 37809.80 88.87 2017
Oman 34000 47 65.94 65941.48 51.56 2017
Mexico 5901 45 1077.83 1077830.35 0.55 2017
Malaysia 3019 42 296.75 296753.08 1.02 2017
Mongolia 250 42 11.16 11159.44 2.24 2017
Russia 73570 40 1284.73 1284727.48 5.73 2017
Uganda 72 36 24.51 24509.18 0.29 2017
Libya 67000 32 18.54 18539.41 249.62 2017
Bahrain 400 32 32.23 32228.48 1.24 2017
Angola 4828 25 101.12 101123.75 4.77 2017
Gabon 1000 23 14.02 14020.16 7.13 2017
Venezuela 75250 22 236.12 236116.12 31.87 2017
U.A.E 589800 21 357.05 357045.16 165.19 2017
Algeria 7570 21 160.13 160129.83 4.73 2017
Saudi Arabi 514000 18 644.94 644935.56 79.70 2017
Chad 17 10.09 10091.06 0.00 2017
Equatorial 80 7 11.25 11253.35 0.71 2017
Sudan 7 55.79 55786.64 0.00 2017
Nigeria 2400 4 405.44 405442.36 0.59 2017
Qatar 338400 4 151.73 151732.14 223.02 2017
2017
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2017
Resource RNon-Resource Rich
2.236664 1.381283
-0.599219 1.843301
-0.927528 1.526027
-1.363519 1.497138
-0.140643 2.193274
-0.811255 1.259546
-1.371593 1.841048
-0.331152 0.188857
0.2478644 1.985429
0.7340495 1.867232
0.3640488 2.138839
1.13369 1.988966
0.7127975 1.924201
-0.252372 1.522445
-0.539836 2.215701
-0.582738 -0.13803
-0.610061 1.83808
-1.411941 1.548576
-1.184609 0.7398102
-1.431806 0.8740765
-1.330078 0.4919703
-1.417572 -0.192915
-1.82574 1.795016
-0.808148 2.241001
-0.52175 -0.008138
-1.590927 -0.255608
-1.067754 -0.656894
-1.544762 -0.531685
-0.884894 1.039394
-0.820549 -0.369663
-0.891939 0.4668472
-1.481765 -0.738488
-0.506325
-0.739442
-1.237688
-0.717277
-0.871774
-0.539375
-0.72478
-0.495882
1.292767
0.2423304
1.173898
1.421144
0.6517005
0.4755489
-0.507729
-0.271639
-0.172186
0.138214
0.5077242
0.5870592
0.724358
-0.174011
-0.364186
0.7828787
0.8268534
0.2600122
-0.999708
-0.540559
-1.592206
-1.516776
-0.831289
1.568301
-0.564869
-1.290856
-0.451482
0.9648974
1.614928
-0.239473
0.4810342
-0.935471
0.64218
0.0260305
-0.787159
-0.749141
-0.777852
-0.472607
-0.475193
2.133488
-0.385521
-0.64031
0.7988232
-1.283351
0.8402322
-1.172709
-0.684541
-0.547208
-1.202361
-0.557087
-0.664568
-0.225418
-1.562251
-1.005737
-0.955789
-0.025721
-0.687909
-1.049565
-0.653593
-0.634982
-0.750887
0.2005712
-0.132408
-0.855766
-0.647367
-1.270367
0.6332065
0.1417677
0.6812423
-0.086035
-0.589318
0.3247772
-1.712713
-0.304949
-0.476067
-0.705202
-0.106572
-1.038217
-0.11024
-0.538552
0.111802
0.3592741
0.0060723
-0.898545
0.659628
-0.160611
0.0018501
0.7494102
-0.560063
-0.25724
-0.417942
0.744684
-1.05354
-0.160792
-0.798191
-1.330518
-0.269596
-0.783514
-1.158786
0.5678657
0.2240206
1.242479
0.5360193
-0.374754
-0.087407
0.0895667
0.553921
-0.451333
0.1869582
0.8139435
-0.306878
-0.515063
0.725145
-0.503592
-0.031181
Figure 2.17. Many Audit Agencies are Constrained by Lack of Resources
(Percent)
100
90
80
70
60
Percent
50
40
30
20
10
0
Advanced economies Emerging market economies Low-income developing countries
The SAI determines its own budget, or the budget of the SAI is determined by the legislature or judiciary (or
some independent body), and the funding level is broadly consistent with the resources the SAI needs to
fulfill its mandate
The budget of the SAI is determined by the executive, and the funding level is broadly consistent with the
resources the SAI needs to fulfill its mandate
Source: International Budget Partnership, Open Budget Index, 2017.

Note : SAI : Supreme audit institution.
Advanced eEmerging mLow-income developing countries
The SAI determin88.235294 51.785714 28.571429
The budget of th 0 17.857143 14.285714
The budget of th11.764706 16.071429 19.047619
The budget of th 0 14.285714 38.095238
developing countries
ure or judiciary (or

e SAI needs to
nsistent with the

e developing countries
Figure 2.18. Purpose of Foreign Bribes
(Percent)
License/Authorizati
on; 6.00%
Other or unknown;
12.00%
Favorable tax
treatment; 6.00%
Other preferential Public

treatment; 7.00% procurement;
57.00%
Customs
clearance; 12.00%
Source: OECD (2014).

Public Purpose of bribes
procurement
Customs 0.57
clearance
Other preferential 0.12
treatmenttax
Favorable 0.07
treatment 0.06
License/Authorization 0.06
Other or unknown 0.12
Table A1. Advanced Economies: General Government Overall Balance, 2010–24
(Percent of GDP)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Australia -5.1 -4.4 -3.5 -2.8 -2.9 -2.8 -2.6 -1.5 -1.2 -1.5 -0.7 0.0 0.1 0.0 0.0
Austria -4.5 -2.6 -2.2 -2.0 -2.7 -1.0 -1.6 -0.7 -0.2 -0.1 -0.3 -0.3 -0.5 -0.6 -0.6
Belgium -4.0 -4.2 -4.2 -3.1 -3.1 -2.5 -2.4 -0.9 -0.8 -1.2 -1.4 -1.4 -1.4 -1.4 -1.5
Canada -4.7 -3.3 -2.5 -1.5 0.2 -0.1 -0.4 -0.3 -0.4 -0.6 -0.6 -0.6 -0.7 -0.6 -0.6
Cyprus1 -4.7 -5.7 -5.6 -5.1 -0.2 -0.3 0.3 1.8 2.9 1.8 2.0 2.1 2.1 2.2 2.6
Czech Republic -4.2 -2.7 -3.9 -1.2 -2.1 -0.6 0.7 1.5 1.5 1.1 0.8 0.6 0.6 0.6 0.6
Denmark -2.7 -2.1 -3.5 -1.2 1.1 -1.3 -0.1 1.2 -0.1 -0.4 -0.4 -0.3 -0.2 -0.1 0.1
Estonia 0.2 1.2 -0.3 -0.2 0.7 0.1 -0.3 -0.3 0.2 0.2 0.2 0.1 0.0 0.0 0.0
Finland -2.6 -1.0 -2.2 -2.6 -3.2 -2.8 -1.7 -0.7 -1.0 -0.3 0.0 0.1 0.0 -0.1 0.0
France -6.9 -5.2 -5.0 -4.1 -3.9 -3.6 -3.4 -2.7 -2.6 -3.3 -2.4 -2.5 -2.5 -2.6 -2.6
Germany -4.2 -1.0 0.0 -0.1 0.6 0.8 0.9 1.0 1.7 1.1 1.1 0.8 0.8 0.7 0.7
Greece -11.2 -10.3 -6.6 -3.6 -4.0 -2.8 0.6 1.0 0.4 -0.2 0.1 0.1 0.0 -0.5 -0.6
Hong Kong SAR 4.1 3.8 3.1 1.0 3.6 0.6 4.4 5.5 2.0 1.3 1.6 0.8 0.8 0.8 0.8
Iceland -9.5 -5.4 -3.6 -1.8 -0.1 -0.8 12.4 0.5 1.1 0.7 0.5 0.5 0.5 0.5 0.5
Ireland1 -32.0 -12.8 -8.1 -6.1 -3.6 -1.9 -0.5 -0.2 0.0 0.0 0.2 0.3 0.5 0.7 0.9
Israel -3.7 -3.0 -4.4 -4.0 -2.4 -1.0 -1.4 -1.0 -2.2 -2.5 -2.5 -2.5 -2.5 -2.5 -2.5
Italy -4.2 -3.7 -2.9 -2.9 -3.0 -2.6 -2.5 -2.4 -2.1 -2.7 -3.4 -3.5 -3.7 -3.7 -3.8
Japan -9.5 -9.4 -8.6 -7.9 -5.6 -3.8 -3.7 -3.2 -3.2 -2.8 -2.1 -1.9 -1.8 -1.9 -2.1
Korea 1.5 1.7 1.6 0.6 0.4 0.6 1.7 2.3 2.8 2.1 1.5 1.1 0.7 0.7 0.7
Latvia -6.5 -3.2 0.2 -0.6 -1.7 -1.5 -0.4 -0.8 -0.7 -0.8 -0.5 -0.7 -0.5 -0.5 -0.2
Lithuania -6.9 -8.9 -3.1 -2.6 -0.7 -0.2 0.3 0.4 0.9 0.4 0.3 0.3 0.3 0.3 0.2
Luxembourg -0.7 0.5 0.3 1.0 1.3 1.3 1.6 1.4 2.6 1.0 1.3 1.2 1.5 1.6 1.6
Malta -2.4 -2.4 -3.5 -2.4 -1.7 -1.1 0.9 3.5 0.9 0.6 0.6 0.7 0.7 0.6 0.6
Netherlands -5.2 -4.4 -3.9 -2.9 -2.2 -2.0 0.0 1.2 1.1 1.0 0.8 0.8 0.8 0.8 0.8
New Zealand -5.5 -5.0 -2.3 -1.4 -0.5 0.2 0.9 1.1 0.4 0.1 0.7 1.0 1.3 1.3 1.3
Norway 11.0 13.4 13.8 10.8 8.7 6.1 4.0 5.1 7.5 7.5 7.2 7.3 7.3 7.5 7.7
Portugal -11.2 -7.4 -5.7 -4.8 -7.1 -4.3 -2.0 -3.0 -0.7 -0.6 -0.1 0.4 0.3 0.3 0.5
Singapore 6.0 8.6 7.8 6.6 5.4 3.5 4.3 5.8 4.0 4.2 3.1 2.9 2.8 2.7 2.5
Slovak Republic -7.5 -4.3 -4.3 -2.7 -2.7 -2.6 -2.2 -0.8 -0.8 0.0 0.3 0.3 0.3 0.3 0.3
Slovenia -5.2 -5.5 -3.1 -13.8 -5.8 -3.3 -1.7 -0.7 1.1 0.5 0.2 0.4 0.5 0.6 0.7
Spain1 -9.4 -9.6 -10.5 -7.0 -6.0 -5.3 -4.5 -3.1 -2.7 -2.3 -2.3 -2.4 -2.5 -2.7 -2.8
Sweden 0.0 -0.2 -1.0 -1.4 -1.6 0.2 1.1 1.5 0.8 0.5 0.3 0.3 0.3 0.3 0.3
Switzerland 0.4 0.7 0.4 -0.4 -0.2 0.6 0.4 0.4 0.3 0.3 0.2 0.2 0.3 0.3 0.3
United Kingdom -9.3 -7.5 -7.5 -5.3 -5.3 -4.2 -2.9 -1.8 -1.4 -1.3 -1.2 -1.1 -0.8 -0.6 -0.6
United States2 -10.6 -9.3 -7.6 -4.1 -3.7 -3.2 -3.9 -3.8 -4.3 -4.6 -4.4 -4.4 -4.4 -4.0 -3.7
Average -7.6 -6.2 -5.4 -3.6 -3.0 -2.5 -2.5 -2.1 -2.1 -2.4 -2.3 -2.2 -2.2 -2.1 -2.0
Euro Area -6.2 -4.2 -3.7 -3.1 -2.5 -2.0 -1.6 -1.0 -0.6 -1.0 -0.9 -1.0 -1.1 -1.1 -1.1
G7 -8.7 -7.3 -6.3 -4.1 -3.4 -2.8 -3.1 -2.8 -2.9 -3.2 -3.0 -3.0 -3.0 -2.7 -2.6
G20 Advanced -8.2 -6.9 -5.9 -3.9 -3.2 -2.7 -2.9 -2.6 -2.6 -3.0 -2.7 -2.7 -2.7 -2.5 -2.4
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see "Fiscal Policy Assumptions" in text).
Note: For country-specific details, see "Data and Conventions" in text, and Table B.
1
Data include financial sector support. For Cyprus, 2014 and 2015 balances exclude financial sector support.
2
For cross-economy comparability, expenditure and fiscal balances of the United States are adjusted to exclude the imputed interest on unfunded pension liabilities and the imputed
compensation of employees, which are counted as expenditures under the 2008 System of National Accounts (2008 SNA) adopted by the United States, but not in countries that have not yet
adopted the 2008 SNA. Data for the United States in this table may thus differ from data published by the U.S. Bureau of Economic Analysis.
Table A2. Advanced Economies: General Government Primary Balance, 2010–24
(Percent of GDP)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Australia -4.8 -3.9 -2.8 -2.0 -2.0 -1.8 -1.6 -0.6 -0.3 -0.5 0.2 0.9 1.0 0.8 0.8
Austria -2.3 -0.4 0.0 0.2 -0.7 0.9 0.1 0.8 1.0 1.0 0.8 0.6 0.4 0.3 0.2
Belgium -0.7 -1.0 -1.0 -0.2 -0.2 0.2 0.1 1.3 1.2 0.6 0.3 0.2 0.2 0.1 0.1
Canada -3.9 -2.7 -1.8 -1.0 0.5 0.6 0.2 0.0 -0.1 -0.2 0.0 0.3 0.4 0.4 0.4
Cyprus1 -3.2 -4.1 -2.9 -1.9 2.8 2.5 2.8 4.2 5.3 4.1 4.2 4.2 4.1 4.0 4.3
Czech Republic -3.2 -1.7 -2.8 -0.2 -1.0 0.3 1.5 2.2 2.1 1.8 1.6 1.4 1.4 1.4 1.4
Denmark -2.1 -1.4 -3.0 -0.8 1.6 -0.6 0.4 1.4 0.3 0.1 0.1 0.2 0.3 0.4 0.6
Estonia 0.0 1.0 -0.4 -0.3 0.6 0.0 -0.4 -0.3 0.2 0.2 0.2 0.1 0.0 0.0 0.0
Finland -2.5 -1.0 -2.0 -2.5 -3.0 -2.6 -1.5 -0.4 -0.9 -0.3 -0.1 0.0 0.1 0.1 0.1
France -4.5 -2.6 -2.5 -1.9 -1.9 -1.8 -1.7 -1.0 -0.9 -1.7 -0.8 -0.9 -0.9 -0.9 -0.9
Germany -2.1 1.1 1.8 1.4 1.8 1.9 1.8 1.9 2.4 1.8 1.6 1.3 1.3 1.2 1.2
Greece -5.3 -3.0 -1.5 0.4 -0.1 0.8 3.8 4.1 3.8 3.5 3.5 3.5 3.5 3.0 2.8
Hong Kong SAR 2.3 1.9 1.3 -0.7 3.6 0.6 3.6 4.7 0.6 -0.2 0.1 -0.8 -1.0 -1.3 -1.3
Iceland -6.8 -2.8 -0.4 1.6 3.5 2.8 15.5 3.6 3.6 2.8 2.7 2.6 2.3 2.2 1.8
Ireland1 -29.7 -10.2 -4.8 -2.6 -0.3 0.4 1.6 1.7 1.7 1.5 1.5 1.5 1.6 1.8 1.9
Israel 0.0 0.6 -1.2 -0.9 -0.3 0.8 0.5 1.0 -0.3 -0.5 -0.5 -0.5 -0.5 -0.4 -0.4
Italy -0.1 0.8 2.1 1.7 1.4 1.3 1.2 1.2 1.4 0.9 0.3 0.3 0.3 0.4 0.5
Japan -8.6 -8.3 -7.5 -7.0 -4.9 -3.2 -3.0 -2.7 -2.9 -2.7 -2.1 -1.9 -1.9 -1.9 -2.1
Korea 0.8 0.9 0.8 -0.2 -0.3 -0.3 0.8 1.2 2.0 1.3 0.8 0.6 0.5 0.5 0.5
Latvia -5.1 -1.8 1.7 0.9 -0.2 0.3 0.8 0.3 0.2 0.0 0.4 0.2 0.2 0.3 0.5
Lithuania -5.2 -7.2 -1.2 -0.9 1.0 1.3 1.6 1.6 1.8 1.2 1.0 0.9 0.9 0.9 0.8
Luxembourg -0.9 0.3 0.1 0.8 1.1 1.1 1.4 1.2 2.4 0.8 0.9 0.7 0.9 0.9 0.8
Malta 0.7 0.8 -0.5 0.4 1.0 1.3 3.0 5.3 2.5 2.0 1.9 1.9 2.0 1.8 1.8
Netherlands -3.9 -3.0 -2.5 -1.6 -0.8 -0.8 1.1 2.1 1.8 1.6 1.4 1.4 1.4 1.4 1.4
New Zealand -4.9 -4.2 -1.4 -0.6 0.1 0.9 1.5 1.8 1.0 0.9 1.4 1.7 1.9 1.9 1.9
Norway 8.9 11.3 12.0 8.8 6.4 3.5 1.5 2.6 5.0 5.1 4.8 4.8 4.8 5.0 5.2
Portugal -8.5 -3.6 -1.4 -0.6 -2.7 0.0 1.9 0.7 2.6 2.5 3.1 3.5 3.1 3.1 3.2
Singapore ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Slovak Republic -6.4 -2.9 -2.8 -1.1 -1.1 -1.1 -0.9 0.4 0.4 1.1 1.4 1.3 1.3 1.3 1.3
Slovenia -4.0 -4.2 -1.4 -11.5 -2.8 -0.6 1.0 1.5 3.0 2.2 1.8 2.0 2.1 2.3 2.4
Spain1 -7.8 -7.7 -8.0 -4.0 -3.0 -2.6 -1.9 -0.7 -0.4 -0.2 -0.2 -0.2 -0.3 -0.3 -0.4
Sweden 0.3 0.1 -0.8 -1.2 -1.4 0.1 1.0 1.4 0.6 0.3 0.2 0.1 0.1 0.1 0.1
Switzerland 0.8 1.1 0.8 -0.2 0.0 0.9 0.6 0.6 0.5 0.4 0.4 0.4 0.4 0.4 0.4
United Kingdom -6.8 -4.7 -5.2 -4.0 -3.5 -2.7 -1.3 -0.1 0.1 0.1 0.2 0.4 0.5 0.5 0.5
United States2 -9.1 -7.5 -5.9 -2.5 -2.1 -1.7 -2.3 -2.2 -2.6 -2.9 -2.4 -2.2 -2.2 -1.8 -1.4
Average -6.1 -4.5 -3.8 -2.1 -1.6 -1.2 -1.2 -0.8 -0.9 -1.2 -0.9 -0.9 -0.8 -0.7 -0.5
Euro Area -3.7 -1.6 -1.0 -0.6 -0.2 0.0 0.4 0.8 1.1 0.6 0.7 0.5 0.5 0.5 0.5
G7 -6.9 -5.3 -4.4 -2.5 -1.8 -1.4 -1.6 -1.3 -1.5 -1.8 -1.4 -1.3 -1.3 -1.1 -0.9
G20 Advanced -6.6 -5.1 -4.2 -2.4 -1.8 -1.4 -1.5 -1.2 -1.3 -1.6 -1.3 -1.2 -1.2 -0.9 -0.8
Note: Primary balance is defined as the overall balance excluding net interest payments. For country-specific details, see "Data and Conventions" in text, and Table B.
1
Data include financial sector support. For Cyprus, 2014 and 2015 balances exclude financial sector support.
2
Table A3. Advanced Economies: General Government Cyclically Adjusted Balance, 2010–24
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Australia -4.9 -4.2 -3.3 -2.6 -2.5 -2.4 -2.2 -1.2 -1.0 -1.2 -0.4 0.2 0.2 0.0 0.0
Austria -4.1 -3.2 -2.5 -1.5 -1.8 0.0 -0.9 -0.6 -0.6 -0.6 -0.8 -0.7 -0.6 -0.7 -0.6
Belgium -3.8 -4.3 -4.0 -2.4 -2.5 -2.1 -2.3 -0.9 -0.9 -1.3 -1.5 -1.5 -1.5 -1.5 -1.6
Canada -4.0 -3.1 -2.0 -1.0 0.5 0.8 0.6 0.0 -0.2 -0.5 -0.7 -0.7 -0.8 -0.7 -0.6
Cyprus -5.1 -5.7 -4.4 -2.3 1.8 1.7 1.4 1.9 2.3 1.2 1.2 1.3 1.2 1.7 2.0
Czech Republic -4.1 -3.0 -3.1 0.4 -1.0 -0.6 0.8 1.2 1.2 0.8 0.5 0.4 0.4 0.4 0.5
Denmark -1.6 -1.3 -2.2 0.1 2.0 -1.0 -0.5 0.2 -0.7 -1.0 -1.1 -1.0 -0.8 -0.6 -0.3
Estonia 3.1 2.2 0.1 0.4 1.1 0.7 0.0 -0.5 -0.2 -0.1 0.0 0.0 0.0 0.0 0.0
Finland -1.8 -1.5 -1.7 -1.2 -0.9 0.0 0.0 -0.1 -0.8 -0.5 -0.2 -0.1 -0.2 -0.2 0.0
France -6.2 -5.2 -4.7 -3.6 -3.4 -3.2 -3.0 -2.7 -2.7 -3.4 -2.4 -2.5 -2.6 -2.6 -2.6
Germany -3.6 -1.5 -0.3 0.0 0.5 0.7 0.8 0.6 1.2 0.7 0.6 0.4 0.5 0.6 0.7
Greece -8.9 -4.4 1.9 4.8 2.8 3.0 5.6 4.8 3.2 1.8 1.3 0.7 0.3 -0.4 -0.6
Hong Kong SAR1 0.7 -1.6 -1.1 -4.3 -1.2 -3.3 -1.3 -2.3 -3.7 -4.7 -3.7 -4.4 -4.5 -4.1 -4.1
Iceland -7.6 -4.7 -3.0 -1.8 -0.1 -1.2 11.3 -0.4 0.0 0.4 0.3 0.5 0.4 0.5 0.5
Ireland1 -8.9 -6.5 -5.4 -4.6 -3.1 -1.3 -1.2 -0.5 -0.4 -0.4 -0.1 0.1 0.4 0.7 0.9
Israel -3.6 -3.5 -4.3 -4.1 -2.6 -0.9 -1.4 -1.0 -2.3 -2.6 -2.6 -2.6 -2.6 -2.6 -2.6
Italy -3.5 -3.4 -1.4 -0.8 -0.9 -0.8 -1.2 -1.7 -1.7 -2.1 -3.2 -3.5 -3.8 -4.0 -4.1
Japan -8.0 -8.0 -7.6 -7.5 -5.5 -4.3 -4.1 -3.4 -3.1 -2.8 -2.1 -1.8 -1.7 -1.8 -2.1
Korea 1.5 1.6 1.7 0.9 0.6 0.8 2.0 2.5 2.9 2.3 1.7 1.2 0.7 0.7 0.6
Latvia -4.4 -2.7 0.1 -1.4 -1.7 -1.5 -0.4 -1.2 -1.3 -1.2 -0.7 -0.8 -0.6 -0.5 -0.3
Lithuania -4.1 -7.4 -2.3 -2.1 -0.5 0.0 0.7 0.4 0.7 0.1 0.1 0.1 0.2 0.2 0.2
Luxembourg -0.5 0.3 1.2 1.4 1.2 0.8 1.3 1.6 2.6 1.0 1.1 1.1 1.4 1.5 1.5
Malta -2.5 -1.9 -2.5 -1.1 -1.4 -2.1 0.6 3.2 0.5 0.4 0.5 0.7 0.8 0.6 0.6
Netherlands -4.8 -4.4 -2.7 -1.1 -0.5 -0.8 0.8 1.2 0.5 0.1 0.1 0.2 0.4 0.6 0.8
New Zealand -4.5 -4.0 -1.3 -0.5 -0.1 0.3 0.8 0.7 -0.1 -0.2 0.3 0.5 0.8 0.9 0.9
Norway1 -4.6 -4.0 -4.4 -4.7 -5.5 -6.4 -7.3 -7.4 -6.8 -7.1 -7.2 -7.2 -7.2 -7.2 -7.2
Portugal -11.0 -6.3 -2.8 -1.6 -4.3 -2.5 -0.8 -2.6 -0.7 -0.8 -0.3 0.4 0.2 0.3 0.4
Singapore 6.5 8.5 7.8 6.5 5.4 3.6 4.3 5.6 3.8 4.2 3.1 2.9 2.8 2.7 2.5
Slovak Republic -6.2 -3.1 -3.1 -1.6 -2.1 -2.9 -2.8 -1.3 -1.3 -0.4 0.2 0.2 0.3 0.3 0.3
Slovenia -4.8 -4.3 -2.0 -1.4 -2.2 -0.9 -0.3 0.5 0.5 -0.1 -0.4 -0.3 0.0 0.3 0.5
Spain1 -8.5 -7.4 -3.3 -2.3 -1.9 -2.5 -2.9 -2.6 -2.7 -2.6 -2.8 -2.9 -2.9 -3.0 -3.1
Sweden1 0.5 -0.2 -0.6 -0.7 -0.8 -0.4 0.7 1.2 0.5 0.4 0.3 0.3 0.3 0.3 0.3
Switzerland1 0.4 0.7 0.6 -0.3 -0.3 0.7 0.5 0.4 0.1 0.2 0.2 0.2 0.3 0.3 0.3
United Kingdom1 -7.2 -5.9 -5.9 -3.9 -4.6 -3.9 -2.8 -1.9 -1.4 -1.2 -1.0 -0.9 -0.7 -0.6 -0.6
United States1, 2 -9.3 -7.9 -6.1 -4.0 -3.4 -3.2 -3.9 -4.0 -4.7 -5.2 -5.0 -4.9 -4.9 -4.5 -4.1
Average -6.6 -5.6 -4.4 -3.1 -2.6 -2.3 -2.5 -2.3 -2.5 -2.9 -2.7 -2.7 -2.6 -2.5 -2.3
Euro Area -5.1 -3.9 -2.6 -1.4 -1.3 -1.1 -0.9 -0.9 -0.8 -1.1 -1.1 -1.3 -1.3 -1.2 -1.2
G7 -7.5 -6.4 -5.2 -3.7 -3.0 -2.7 -3.0 -2.9 -3.1 -3.5 -3.3 -3.3 -3.2 -3.0 -2.8
G20 Advanced -7.1 -6.0 -4.9 -3.5 -2.9 -2.6 -2.8 -2.7 -2.8 -3.2 -3.0 -3.0 -3.0 -2.8 -2.6
Note: For country-specific details, see "Data and Conventions" in text, and Table B.
1
Data for these countries include adjustments beyond the output cycle.
2
Table A4. Advanced Economies: General Government Cyclically Adjusted Primary Balance, 2010–24
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Australia -4.6 -3.7 -2.6 -1.8 -1.7 -1.4 -1.3 -0.3 0.0 -0.3 0.5 1.0 1.1 0.9 0.8
Austria -1.9 -1.0 -0.3 0.6 0.2 1.9 0.8 0.9 0.6 0.5 0.3 0.3 0.3 0.2 0.2
Belgium -0.6 -1.1 -0.8 0.4 0.4 0.5 0.2 1.3 1.1 0.5 0.3 0.1 0.1 0.1 0.0
Canada -3.2 -2.5 -1.4 -0.5 0.8 1.4 1.2 0.3 0.1 0.0 0.0 0.2 0.3 0.3 0.3
Cyprus -3.9 -4.5 -2.4 0.0 3.9 3.7 3.2 3.7 4.1 3.0 2.8 2.8 2.8 3.1 3.3
Czech Republic -3.1 -1.9 -2.0 1.4 0.1 0.3 1.6 1.8 1.8 1.5 1.3 1.2 1.2 1.3 1.3
Denmark -1.0 -0.7 -1.7 0.5 2.4 -0.3 0.0 0.4 -0.3 -0.5 -0.6 -0.5 -0.3 -0.1 0.2
Estonia 3.0 2.0 0.0 0.3 1.0 0.6 -0.1 -0.5 -0.2 -0.1 0.0 0.0 0.0 0.0 -0.1
Finland -1.8 -1.5 -1.5 -1.1 -0.7 0.1 0.2 0.1 -0.7 -0.4 -0.3 -0.2 -0.1 0.0 0.1
France -3.8 -2.6 -2.2 -1.4 -1.4 -1.4 -1.3 -1.0 -1.0 -1.7 -0.8 -0.9 -0.9 -0.9 -0.9
Germany -1.4 0.5 1.6 1.6 1.7 1.8 1.7 1.4 1.9 1.3 1.2 0.9 1.0 1.1 1.2
Greece -3.3 2.0 6.2 8.2 6.2 6.1 8.4 7.6 6.3 5.4 4.6 4.1 3.7 3.0 2.8
Hong Kong SAR1 -1.1 -3.5 -2.9 -6.0 -1.2 -3.3 -2.1 -3.1 -5.1 -6.3 -5.2 -6.0 -6.4 -6.2 -6.2
Iceland -5.0 -2.1 0.1 1.6 3.5 2.5 14.4 2.8 2.5 2.5 2.6 2.5 2.2 2.2 1.7
Ireland1 -6.7 -4.0 -2.3 -1.2 0.3 1.1 1.0 1.5 1.2 1.1 1.2 1.3 1.5 1.8 1.9
Israel 0.0 0.2 -1.1 -1.0 -0.5 1.0 0.5 1.0 -0.3 -0.6 -0.6 -0.5 -0.5 -0.5 -0.4
Italy 0.6 1.0 3.4 3.7 3.3 3.0 2.5 1.9 1.8 1.4 0.5 0.3 0.2 0.2 0.2
Japan -7.1 -6.9 -6.5 -6.6 -4.7 -3.7 -3.4 -2.9 -2.8 -2.7 -2.1 -1.9 -1.8 -1.9 -2.1
Korea 0.8 0.9 1.0 0.0 -0.1 -0.1 1.0 1.4 2.1 1.5 1.0 0.7 0.5 0.5 0.4
Latvia -3.1 -1.3 1.6 0.0 -0.2 0.3 0.9 -0.1 -0.3 -0.3 0.2 0.1 0.2 0.3 0.5
Lithuania -2.6 -5.7 -0.4 -0.4 1.1 1.5 2.0 1.6 1.6 0.9 0.7 0.7 0.8 0.8 0.8
Luxembourg -0.8 0.1 1.0 1.2 0.9 0.6 1.1 1.4 2.5 0.7 0.8 0.5 0.8 0.8 0.7
Malta 0.6 1.2 0.5 1.6 1.3 0.3 2.7 5.0 2.1 1.8 1.7 1.9 2.0 1.9 1.9
Netherlands -3.4 -2.9 -1.4 0.2 0.8 0.4 1.9 2.1 1.3 0.8 0.7 0.8 1.0 1.2 1.4
New Zealand -3.9 -3.2 -0.4 0.2 0.5 1.0 1.5 1.4 0.6 0.5 1.0 1.2 1.5 1.5 1.5
Norway 1
-7.1 -6.4 -6.5 -6.9 -8.1 -9.4 -10.2 -10.2 -9.6 -9.9 -10.0 -10.0 -10.0 -10.0 -10.0
Portugal -8.3 -2.6 1.2 2.4 -0.1 1.6 3.0 1.1 2.6 2.4 3.0 3.5 3.1 3.1 3.1
Singapore ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Slovak Republic -5.1 -1.8 -1.6 0.0 -0.5 -1.4 -1.4 -0.1 -0.1 0.8 1.2 1.2 1.2 1.3 1.3
Slovenia -3.6 -3.0 -0.4 0.7 0.6 1.8 2.4 2.7 2.4 1.6 1.2 1.3 1.6 2.0 2.2
Spain1 -6.9 -5.5 -0.9 0.4 0.9 0.1 -0.4 -0.3 -0.4 -0.5 -0.6 -0.7 -0.6 -0.7 -0.7
Sweden1 0.8 0.2 -0.4 -0.6 -0.7 -0.5 0.6 1.0 0.3 0.2 0.1 0.1 0.1 0.1 0.1
Switzerland1 0.8 1.1 1.0 0.0 -0.1 0.9 0.6 0.6 0.3 0.4 0.4 0.4 0.4 0.4 0.3
United Kingdom1 -4.9 -3.2 -3.7 -2.6 -2.8 -2.5 -1.3 -0.1 0.1 0.2 0.4 0.5 0.5 0.5 0.5
United States1, 2 -7.8 -6.1 -4.4 -2.5 -1.9 -1.7 -2.3 -2.3 -3.1 -3.4 -2.9 -2.8 -2.7 -2.2 -1.8
Average -5.1 -3.9 -2.8 -1.7 -1.2 -1.1 -1.2 -1.0 -1.3 -1.6 -1.3 -1.3 -1.2 -1.0 -0.9
Euro Area -2.6 -1.3 0.0 1.0 1.0 1.0 1.0 0.9 0.9 0.5 0.4 0.3 0.3 0.4 0.4
G7 -5.7 -4.4 -3.4 -2.1 -1.5 -1.3 -1.5 -1.4 -1.7 -2.1 -1.7 -1.6 -1.6 -1.3 -1.1
G20 Advanced -5.5 -4.3 -3.2 -2.0 -1.4 -1.2 -1.4 -1.3 -1.5 -1.9 -1.5 -1.4 -1.4 -1.2 -1.0
Note: Cyclically adjusted primary balance is defined as the cyclically adjusted balance plus net interest payable/paid (interest expense minus interest revenue) following the World Economic
Outlook convention. For economy-specific details, see "Data and Conventions" in text, and Table B.
1
The data for these economies include adjustments beyond the output cycle.
2
Table A5. Advanced Economies: General Government Revenue, 2010–24
(Percent of GDP)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Australia 31.9 31.9 33.1 33.7 33.9 34.6 34.8 34.9 35.6 35.9 36.0 35.8 35.7 35.6 35.6
Austria 48.4 48.3 49.0 49.7 49.6 50.0 48.6 48.3 48.3 47.7 48.0 48.0 48.0 48.0 48.0
Belgium 49.3 50.3 51.6 52.7 52.2 51.3 50.6 51.3 51.3 50.7 50.4 50.4 50.4 50.4 50.4
Canada 38.3 38.3 38.4 38.5 38.5 40.0 40.1 39.9 40.1 40.1 40.1 40.1 40.1 40.1 40.1
Cyprus 37.3 36.7 36.4 36.7 39.8 39.0 38.0 38.9 39.6 38.4 37.6 37.4 37.4 37.4 37.6
Czech Republic 39.3 40.3 40.5 41.4 40.3 41.1 40.2 40.5 42.1 42.2 42.1 42.1 42.1 42.1 42.1
Denmark 54.0 54.4 54.5 54.6 56.4 53.2 52.6 52.3 52.1 51.7 51.4 51.2 51.0 50.8 50.7
Estonia 40.7 38.6 39.0 38.3 38.5 39.7 39.2 38.9 40.1 40.1 40.1 39.9 39.7 39.4 39.1
Finland 52.1 53.3 54.0 54.9 54.9 54.4 54.2 53.3 51.8 51.8 51.7 51.8 51.9 51.9 51.8
France 50.0 51.1 52.1 53.1 53.3 53.2 53.2 53.8 53.6 52.4 52.0 51.6 51.5 51.4 51.4
Germany 43.0 43.8 44.3 44.5 44.5 44.5 44.8 45.0 45.6 45.5 45.3 45.0 45.0 44.9 44.9
Greece 41.3 43.8 46.2 47.9 46.2 47.9 49.5 48.3 49.0 47.5 46.0 45.2 44.4 44.2 44.0
Hong Kong SAR 20.7 22.4 21.4 21.0 20.8 18.6 22.6 22.8 20.5 20.7 21.0 20.9 21.2 20.7 20.7
Iceland 38.3 38.8 40.2 40.6 43.7 40.6 56.9 43.8 42.7 42.1 41.9 41.6 41.3 41.3 41.1
Ireland 33.0 33.7 34.0 34.2 33.8 27.0 27.0 26.1 25.8 25.9 25.4 25.3 24.5 24.2 24.0
Israel 36.8 36.8 36.0 36.3 36.5 36.6 36.5 37.8 36.7 36.5 36.4 36.4 36.4 36.4 36.4
Italy 45.7 45.7 47.9 48.1 47.9 47.7 46.5 46.4 46.4 46.5 46.5 46.6 46.7 46.8 46.9
Japan 29.0 30.0 30.8 31.6 33.3 34.2 34.3 34.2 33.9 34.0 34.6 34.7 34.7 34.7 34.7
Korea 21.0 21.6 22.1 21.5 21.2 21.5 22.4 23.2 24.3 24.6 24.6 24.5 24.4 24.4 24.4
Latvia 36.5 35.6 37.4 36.7 36.1 36.2 36.2 35.6 36.9 35.9 35.9 34.7 34.7 34.7 34.7
Lithuania 34.3 32.6 32.1 32.1 33.4 34.1 33.6 32.8 34.1 34.9 34.8 34.8 34.7 34.7 34.6
Luxembourg 43.5 42.9 44.4 44.3 43.3 43.3 43.6 44.5 46.3 45.3 45.5 45.6 45.7 45.8 45.8
Malta 38.7 38.8 39.2 39.5 39.3 38.5 37.4 39.2 38.2 37.5 37.3 37.0 37.1 36.0 36.0
Netherlands 41.8 41.5 42.0 42.8 42.8 41.8 42.8 43.7 43.5 44.4 44.2 44.0 44.1 44.1 44.1
New Zealand 37.6 37.3 37.5 37.2 37.2 37.6 37.5 37.3 37.3 37.2 37.3 37.2 37.1 37.1 37.2
Norway 55.3 56.5 56.1 54.1 53.8 54.1 53.9 54.2 55.1 55.3 54.6 55.0 55.2 55.6 56.0
Portugal 40.6 42.6 42.9 45.1 44.6 43.8 42.8 42.7 43.0 43.2 43.3 43.8 43.5 43.5 43.5
Singapore 21.1 23.1 22.1 21.3 21.1 21.2 21.5 22.6 21.5 21.4 21.1 21.1 21.2 21.3 21.3
Slovak Republic 34.7 36.5 36.3 38.7 39.3 42.5 39.2 39.4 39.2 39.2 39.3 38.6 38.5 38.6 37.6
Slovenia 40.8 40.6 41.6 40.6 41.2 40.4 39.3 39.1 40.5 40.2 40.3 40.6 40.9 41.3 41.5
Spain 36.2 36.2 37.6 38.6 38.9 38.5 37.7 37.9 38.7 38.9 38.7 38.6 38.6 38.5 38.4
Sweden 49.7 49.0 49.3 49.5 48.5 48.9 49.9 49.9 49.5 49.4 49.3 49.1 49.1 49.1 49.1
Switzerland 32.4 32.7 32.6 32.7 32.4 33.5 33.3 33.3 33.3 33.3 33.3 33.3 33.3 33.3 33.3
United Kingdom 35.2 35.7 35.7 36.1 35.2 35.5 36.0 36.6 36.9 37.0 37.0 36.9 37.0 37.1 37.1
United States 29.0 29.3 29.3 31.4 31.3 31.5 31.1 30.9 30.9 31.1 31.5 31.6 31.7 32.0 32.3
Average 34.9 35.5 35.6 36.8 36.8 36.4 36.3 36.4 36.5 36.4 36.6 36.5 36.6 36.7 36.8
Euro Area 44.3 44.9 46.0 46.7 46.6 46.1 45.9 46.1 46.2 45.9 45.7 45.5 45.4 45.4 45.4
G7 34.2 34.8 34.9 36.3 36.4 36.2 36.0 36.0 36.1 36.0 36.2 36.2 36.3 36.4 36.6
G20 Advanced 33.7 34.2 34.4 35.7 35.8 35.6 35.4 35.5 35.6 35.5 35.8 35.7 35.8 35.9 36.1
Note: For economy-specific details, see "Data and Conventions" in text, and Table B.
Table A6. Advanced Economies: General Government Expenditure, 2010–24
(Percent of GDP)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Australia 37.0 36.3 36.6 36.5 36.8 37.4 37.4 36.4 36.8 37.4 36.6 35.8 35.6 35.6 35.6
Austria 52.8 50.9 51.2 51.6 52.3 51.0 50.2 49.0 48.5 47.8 48.2 48.3 48.4 48.5 48.6
Belgium 53.3 54.5 55.9 55.8 55.3 53.7 53.0 52.2 52.1 51.9 51.8 51.8 51.8 51.8 51.9
Canada 43.1 41.6 40.9 40.0 38.4 40.0 40.6 40.3 40.6 40.7 40.7 40.7 40.7 40.7 40.7
Cyprus 42.0 42.3 41.9 41.9 40.0 39.3 37.7 37.1 36.6 36.6 35.7 35.2 35.3 35.1 35.0
Czech Republic 43.5 43.0 44.5 42.6 42.4 41.7 39.5 39.0 40.6 41.1 41.3 41.5 41.5 41.5 41.5
Denmark 56.7 56.4 58.0 55.8 55.2 54.5 52.7 51.2 52.2 52.1 51.7 51.5 51.2 50.8 50.5
Estonia 40.5 37.4 39.3 38.5 37.9 39.6 39.5 39.2 39.8 39.9 39.9 39.8 39.7 39.3 39.1
Finland 54.8 54.4 56.2 57.5 58.1 57.1 55.9 54.0 52.8 52.1 51.8 51.8 51.9 51.9 51.8
France 56.9 56.3 57.1 57.2 57.2 56.8 56.6 56.5 56.2 55.7 54.4 54.1 54.0 54.0 54.0
Germany 47.3 44.7 44.3 44.7 44.0 43.7 43.9 43.9 43.9 44.3 44.3 44.2 44.2 44.2 44.2
Greece 52.5 54.1 52.8 51.6 50.2 50.6 48.9 47.3 48.6 47.7 45.9 45.1 44.4 44.7 44.7
Hong Kong SAR 16.6 18.6 18.3 20.0 17.3 18.0 18.2 17.3 18.5 19.4 19.4 20.1 20.4 19.8 19.8
Iceland 47.8 44.2 43.8 42.4 43.8 41.4 44.5 43.3 41.7 41.5 41.4 41.1 40.8 40.8 40.6
Ireland 65.0 46.5 42.0 40.4 37.5 29.0 27.5 26.3 25.7 25.9 25.2 25.0 24.0 23.5 23.1
Israel 40.4 39.7 40.4 40.3 38.9 37.7 37.8 38.8 39.0 39.0 39.0 39.0 39.0 39.0 39.0
Italy 49.9 49.4 50.8 51.1 50.9 50.3 49.0 48.9 48.5 49.2 49.9 50.1 50.3 50.5 50.7
Japan 38.5 39.4 39.4 39.5 38.9 38.0 37.9 37.4 37.1 36.9 36.8 36.5 36.4 36.5 36.8
Korea 19.5 19.9 20.6 20.9 20.8 20.9 20.7 20.8 21.5 22.5 23.1 23.5 23.7 23.7 23.7
Latvia 43.0 38.8 37.2 37.3 37.8 37.8 36.6 36.4 37.6 36.7 36.3 35.4 35.2 35.2 34.9
Lithuania 41.2 41.5 35.2 34.7 34.0 34.3 33.3 32.4 33.1 34.5 34.5 34.5 34.5 34.4 34.4
Luxembourg 44.1 42.4 44.1 43.3 42.0 42.0 41.9 43.1 43.7 44.2 44.3 44.4 44.2 44.2 44.3
Malta 41.1 41.2 42.7 41.9 41.1 39.6 36.5 35.7 37.3 36.9 36.7 36.3 36.4 35.4 35.4
Netherlands 47.0 46.0 45.9 45.7 44.9 43.8 42.8 42.6 42.4 43.4 43.5 43.2 43.3 43.3 43.3
New Zealand 43.0 42.3 39.7 38.6 37.7 37.4 36.7 36.2 37.0 37.0 36.6 36.2 35.8 35.9 35.9
Norway 44.3 43.1 42.3 43.3 45.1 48.0 49.9 49.1 47.7 47.8 47.4 47.7 47.9 48.1 48.3
Portugal 51.8 50.0 48.5 49.9 51.7 48.1 44.8 45.7 43.7 43.9 43.5 43.4 43.2 43.2 43.1
Singapore 15.0 14.5 14.4 14.8 15.7 17.6 17.2 16.9 17.5 17.2 17.9 18.2 18.4 18.6 18.8
Slovak Republic 42.1 40.8 40.6 41.4 42.0 45.1 41.5 40.2 40.0 39.2 39.0 38.3 38.1 38.2 37.2
Slovenia 46.0 46.1 44.7 54.4 47.0 43.7 41.0 39.8 39.4 39.7 40.1 40.2 40.4 40.7 40.8
Spain 45.6 45.8 48.1 45.6 44.8 43.7 42.2 41.0 41.4 41.1 41.1 41.0 41.1 41.2 41.2
Sweden 49.7 49.2 50.2 50.9 50.1 48.7 48.8 48.4 48.7 48.8 49.0 48.8 48.8 48.8 48.8
Switzerland 32.0 31.9 32.2 33.1 32.7 32.9 32.9 33.0 33.0 33.1 33.1 33.1 33.1 33.1 33.1
United Kingdom 44.5 43.2 43.3 41.4 40.5 39.7 38.9 38.4 38.3 38.3 38.2 37.9 37.8 37.8 37.8
United States1 39.6 38.6 37.0 35.5 35.0 34.6 35.0 34.8 35.1 35.7 35.9 35.9 36.2 36.0 36.0
Average 42.5 41.7 41.0 40.4 39.8 38.9 38.8 38.5 38.6 38.8 38.8 38.7 38.8 38.8 38.8
Euro Area 50.5 49.2 49.7 49.7 49.1 48.2 47.5 47.0 46.8 46.9 46.6 46.5 46.5 46.5 46.5
G7 42.8 42.1 41.2 40.4 39.8 39.0 39.0 38.8 39.0 39.2 39.2 39.2 39.3 39.2 39.2
G20 Advanced 41.9 41.1 40.3 39.6 39.0 38.3 38.3 38.0 38.2 38.5 38.5 38.4 38.5 38.4 38.5
1
compensation of employees, which are counted as expenditures under the 2008 System of National Accounts (2008 SNA) adopted by the United States, but not in economies that have not
yet adopted the 2008 SNA. Data for the United States in this table may thus differ from data published by the U.S. Bureau of Economic Analysis.
Table A7. Advanced Economies: General Government Gross Debt, 2010–24
(Percent of GDP)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Australia1 20.5 24.1 27.7 30.7 34.1 37.8 40.5 40.7 40.7 41.1 40.6 39.7 38.9 37.5 36.4
Austria 82.4 82.2 81.7 81.0 83.8 84.4 82.9 78.5 74.2 71.2 68.4 66.1 64.3 62.7 61.2
Belgium 99.7 102.6 104.3 105.5 107.6 106.5 106.1 103.4 101.4 99.6 98.1 96.4 94.7 93.1 91.0
Canada1 81.3 81.9 85.5 86.2 85.7 91.3 91.8 90.1 90.6 88.0 84.7 81.3 78.0 74.9 72.0
Cyprus 55.8 65.2 79.2 102.1 108.0 108.0 105.5 95.8 102.5 101.0 94.3 89.5 79.6 73.0 67.3
Czech Republic 37.4 39.8 44.5 44.9 42.2 40.0 36.8 34.7 33.0 31.6 30.7 29.9 28.1 26.4 25.1
Denmark 42.6 46.1 44.9 44.0 44.3 39.8 37.3 34.8 34.3 33.6 32.9 35.2 37.3 38.9 39.5
Estonia 6.6 6.1 9.7 10.2 10.5 9.9 9.2 8.7 8.1 7.6 7.2 6.8 6.4 6.1 5.8
Finland 47.1 48.5 53.9 56.5 60.2 63.5 63.0 61.3 60.5 59.9 59.0 58.5 56.8 55.0 53.3
France 85.3 87.8 90.6 93.4 94.9 95.6 96.6 98.5 98.6 99.2 98.7 98.2 97.6 97.0 96.2
Germany 81.0 78.6 79.9 77.4 74.5 70.8 67.9 63.9 59.8 56.9 53.8 51.1 48.5 46.0 43.7
Greece 146.2 180.6 159.6 177.9 180.2 177.8 181.1 179.3 183.3 174.2 167.3 160.9 153.8 147.2 143.2
Hong Kong SAR1 0.6 0.6 0.5 0.5 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0
Iceland 85.4 92.0 89.4 81.8 78.8 65.0 51.2 43.1 35.4 33.1 30.1 27.8 25.7 23.3 22.0
Ireland 86.0 110.9 119.9 119.8 104.3 76.9 73.5 68.5 65.2 62.4 58.9 57.1 54.0 51.0 47.8
Israel 70.7 68.7 68.4 67.0 65.8 63.8 62.0 60.4 59.6 59.0 58.1 57.2 56.4 55.6 54.9
Italy 115.4 116.5 123.4 129.0 131.8 131.6 131.3 131.3 132.1 133.4 134.1 135.3 136.4 137.5 138.5
Japan 207.9 222.1 229.0 232.5 236.1 231.6 236.3 235.0 237.1 237.5 237.0 237.4 237.8 238.0 238.3
Korea 30.8 31.5 32.2 35.4 37.3 39.5 39.9 39.8 40.7 40.5 40.7 41.1 41.8 42.2 42.4
Latvia 46.4 42.9 41.5 39.0 40.9 36.8 40.3 40.0 37.6 36.7 35.1 34.7 33.1 31.8 30.5
Lithuania 36.2 37.2 39.8 38.8 40.5 42.6 39.9 39.4 35.9 33.8 31.8 30.0 28.3 26.8 25.4
Luxembourg 19.8 18.7 21.7 23.7 22.7 22.2 20.7 23.0 21.8 21.6 21.3 21.0 20.5 20.0 19.6
Malta 67.5 70.2 67.7 68.4 63.4 57.9 55.4 50.2 45.4 42.5 39.1 35.7 32.1 30.0 28.2
Netherlands 59.3 61.7 66.2 67.7 67.9 64.7 61.9 57.0 54.4 52.0 49.9 47.4 44.9 42.3 39.8
New Zealand 29.7 34.7 35.7 34.6 34.2 34.4 33.5 31.6 29.4 28.1 27.3 26.8 25.9 23.5 21.2
Norway 42.3 28.8 30.0 30.4 28.4 32.9 36.2 36.8 36.8 36.8 36.8 36.8 36.8 36.8 36.8
Portugal 90.5 111.4 126.2 129.0 130.6 128.8 129.2 124.8 121.4 119.5 117.3 111.3 107.4 106.3 102.7
Singapore 97.0 100.4 104.8 101.2 96.1 99.4 103.7 106.9 108.3 109.4 111.2 111.8 112.6 112.8 117.0
Slovak Republic 41.2 43.7 52.2 54.7 53.5 52.2 51.8 50.9 48.8 46.9 45.1 43.3 41.5 39.8 38.6
Slovenia 38.2 46.4 53.8 70.4 80.4 82.6 78.7 74.1 68.5 65.4 63.4 61.2 59.1 56.9 54.9
Spain 60.1 69.5 85.7 95.5 100.4 99.3 99.0 98.1 97.0 96.0 94.9 94.1 93.3 92.7 92.3
Sweden 38.6 37.8 38.1 40.7 45.5 44.2 42.4 40.8 39.0 37.2 35.5 33.9 32.3 30.9 29.4
Switzerland 42.6 42.9 43.7 42.9 43.0 43.0 41.8 41.8 40.5 39.5 38.2 36.9 35.7 34.6 33.4
United Kingdom 75.2 80.8 84.1 85.2 87.0 87.9 87.9 87.1 86.9 85.7 84.4 83.6 82.6 81.5 80.3
United States1 95.4 99.7 103.2 104.8 104.4 104.7 106.9 106.2 105.8 106.7 107.5 108.4 109.4 110.0 110.3
Average 98.2 102.4 106.6 105.1 104.6 104.2 106.7 104.6 103.6 104.0 103.7 103.7 103.6 103.3 103.0
Euro Area 84.6 86.6 89.7 91.6 91.8 89.9 89.1 86.8 85.0 83.6 81.8 80.3 78.6 77.2 75.7
G7 111.6 116.8 120.9 118.6 117.4 116.2 119.4 117.6 116.7 117.3 117.4 117.7 118.0 118.1 118.1
G20 Advanced 105.9 110.3 114.2 112.2 111.3 110.8 113.9 112.0 111.2 111.8 111.8 112.1 112.3 112.3 112.2
1
For cross-economy comparability, gross debt levels reported by national statistical agencies for countries that have adopted the 2008 System of National Accounts (Australia, Canada, Hong
Kong SAR, and the United States) are adjusted to exclude unfunded pension liabilities of government employees’ defined-benefit pension plans.
Table A8. Advanced Economies: General Government Net Debt, 2010–24
(Percent of GDP)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Australia1 4.0 8.1 11.2 13.2 15.5 17.9 18.9 18.4 19.2 20.4 20.2 19.5 18.8 17.7 16.7
Austria 60.5 60.3 60.5 60.4 59.1 58.3 57.1 55.9 51.0 48.8 46.8 45.3 44.2 43.2 42.4
Belgium2 88.4 90.8 91.6 92.5 94.1 93.3 92.4 90.1 88.5 87.0 85.9 84.6 83.3 82.0 80.3
Canada1 27.1 27.6 29.0 29.8 28.6 28.5 28.8 27.6 27.9 26.6 25.8 25.0 24.3 23.6 23.0
Cyprus 48.1 52.5 67.1 78.1 89.5 91.3 86.9 79.5 ... ... ... ... ... ... ...
Czech Republic 25.5 26.8 28.3 29.1 29.4 28.1 24.9 21.5 ... ... ... ... ... ... ...
Denmark 15.0 15.1 18.5 18.3 18.2 16.5 16.7 15.0 14.8 14.7 14.6 14.4 14.1 13.6 13.0
Estonia -8.5 -6.8 -4.9 -4.4 -3.9 -2.2 -2.6 -2.1 -0.4 -0.4 -0.4 -0.4 -0.3 -0.3 -0.2
Finland3 3.2 5.1 9.5 12.9 17.4 18.7 21.5 22.2 22.3 21.8 21.2 20.4 19.9 19.3 18.7
France 73.6 76.4 80.0 83.0 85.5 86.4 87.5 87.5 87.6 88.2 87.7 87.3 86.7 86.0 85.2
Germany 60.9 59.2 58.4 57.5 54.0 51.0 48.2 44.5 41.0 38.6 36.2 34.1 32.1 30.2 28.4
Greece ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Hong Kong SAR ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Iceland4 64.3 59.9 62.0 60.5 53.6 47.4 39.7 35.6 29.7 28.9 26.8 24.8 23.1 21.4 19.8
Ireland5 66.9 79.7 87.5 90.4 86.4 66.3 64.4 59.1 55.7 53.6 51.9 49.8 47.0 44.3 41.4
Israel 64.3 63.2 63.1 62.2 62.1 60.2 58.7 57.1 56.4 55.9 55.2 54.5 53.8 53.1 52.5
Italy 104.7 106.8 111.6 116.7 118.8 119.5 118.9 119.0 120.1 121.5 122.5 123.8 125.2 126.6 127.8
Japan 131.1 142.4 146.7 146.4 148.5 147.8 152.6 151.1 153.2 153.6 153.2 153.6 153.9 154.1 154.5
Korea 29.2 29.9 -2.0 1.9 3.5 6.4 11.8 11.6 12.6 12.4 12.6 13.0 13.7 14.1 14.3
Latvia 28.5 31.2 29.4 29.3 29.6 31.1 31.0 32.1 30.4 29.9 28.7 28.6 27.3 26.3 25.3
Lithuania 26.3 33.1 33.4 34.2 32.7 34.6 32.3 32.4 29.3 27.5 25.9 24.3 22.9 21.7 20.5
Luxembourg -13.5 -11.5 -10.7 -9.0 -10.8 -12.2 -11.8 -11.5 -10.9 -9.6 -8.6 -7.5 -6.8 -6.1 -5.4
Malta 57.2 58.2 57.9 59.0 53.9 49.5 43.0 37.9 ... ... ... ... ... ... ...
Netherlands 45.7 48.4 51.9 53.5 54.7 52.9 50.6 46.6 44.5 42.6 40.8 38.8 36.7 34.6 32.5
New Zealand 4.7 8.8 10.8 11.0 10.4 9.9 9.1 8.0 8.8 10.3 10.8 10.5 8.8 6.5 4.2
Norway6 -47.4 -48.3 -50.0 -61.3 -75.9 -87.0 -85.3 -80.8 -79.1 -84.5 -89.3 -93.9 -98.4 -102.9 -107.5
Portugal 82.1 96.1 104.8 108.2 112.8 113.9 112.5 110.1 108.2 107.0 104.0 100.6 97.5 94.5 91.3
Singapore ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Slovak Republic ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Slovenia 26.6 32.2 36.7 45.5 46.6 50.4 52.4 51.9 ... ... ... ... ... ... ...
Spain 45.8 56.3 71.5 80.8 85.2 85.3 86.2 84.8 84.1 83.5 82.9 82.4 82.1 81.9 81.8
Sweden 13.6 11.9 11.5 11.7 11.5 11.2 8.9 6.2 5.9 5.2 4.6 4.2 3.7 3.4 3.0
Switzerland 24.2 24.4 23.9 22.9 23.1 23.3 22.8 22.1 20.8 19.8 18.5 17.3 16.0 14.9 13.7
United Kingdom 68.1 72.5 75.5 76.8 78.8 79.3 78.8 77.5 77.5 76.2 75.0 74.2 73.2 72.1 70.9
United States1 70.0 76.5 80.3 80.9 80.5 80.4 81.7 80.7 80.9 83.4 86.2 88.2 91.3 93.0 94.3
Average 69.5 74.0 76.5 75.7 75.5 75.6 77.4 75.4 75.4 76.4 77.2 77.7 78.6 78.9 79.0
Euro Area 66.0 68.6 72.1 74.6 75.0 73.8 72.8 70.9 68.9 67.9 66.7 65.5 64.4 63.4 62.3
G7 79.9 85.4 88.6 87.3 86.7 86.1 88.1 86.2 86.0 87.3 88.5 89.4 90.9 91.6 92.2
G20 Advanced 75.6 80.5 82.5 81.4 81.0 80.9 83.0 81.0 80.9 82.2 83.3 84.1 85.4 86.0 86.4
1
For cross-economy comparability, net debt levels reported by national statistical agencies for economies that have adopted the 2008 System of National Accounts (Australia, Canada, Hong
Kong SAR, and the United States) are adjusted to exclude unfunded pension liabilities of government employees’ defined-benefit pension plans.
2
Belgium’s net debt series has been revised to ensure consistency between liabilities and assets. Net debt is defined as gross debt (Maastricht definition) minus assets in the form of currency
and deposits, loans, and debt securities.
3
Net debt figures were revised to only include categories of assets corresponding to the categories of liabilities covered by the Maastricht definition of gross debt.
4
Net debt for Iceland is defined as gross debt less currency and deposits.
5
Net debt for Ireland is defined as gross general debt less debt instrument assets, namely, currency and deposits (F2), debt securities (F3), and loans (F4). It was previously defined as
general government debt less currency and deposits.
6
Norway's net debt series has been revised because of a change in the net debt calculation by excluding the equity and shares from financial assets and including accounts receivable in the
financial assets, following Government Finance Statistics and the Maastricht definition.
Table A9. Emerging Market and Middle-Income Economies: General Government Overall Balance, 2010–24
(Percent of GDP)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Algeria 0.0 -0.1 -4.4 -0.4 -7.3 -15.3 -13.0 -6.6 -5.2 -6.5 -2.6 -1.6 -0.3 1.7 1.9
Angola 3.4 8.1 4.1 -0.3 -5.7 -2.9 -4.5 -6.3 2.4 0.1 -0.1 0.0 -0.2 -0.3 -0.3
Argentina -1.4 -2.7 -3.0 -3.3 -4.3 -6.0 -6.6 -6.7 -5.2 -2.7 -1.5 -1.4 -1.1 -0.9 -0.5
Azerbaijan 13.8 10.9 3.7 1.6 2.7 -4.8 -1.1 -1.4 4.0 4.4 5.9 6.0 4.8 3.9 3.0
Belarus -4.2 -2.8 0.4 -1.0 0.1 -3.0 -1.7 -0.3 2.3 -2.0 -1.7 -0.3 -0.6 -0.7 -0.7
Brazil -2.7 -2.5 -2.5 -3.0 -5.4 -10.2 -9.0 -7.9 -6.8 -7.3 -7.0 -6.9 -6.6 -6.2 -5.8
Chile -0.4 1.4 0.7 -0.5 -1.5 -2.1 -2.7 -2.6 -1.5 -1.8 -1.5 -1.1 -0.9 -0.7 -0.5
China -0.4 -0.1 -0.3 -0.8 -0.9 -2.8 -3.7 -3.9 -4.8 -6.1 -5.5 -5.4 -5.4 -5.3 -5.3
Colombia -3.3 -2.0 0.1 -0.9 -1.8 -3.4 -2.4 -2.6 -2.2 -2.6 -1.0 -0.7 -0.9 -0.9 -0.4
Croatia -6.2 -7.8 -5.3 -5.3 -5.3 -3.3 -0.8 0.9 0.4 0.0 0.1 0.1 0.2 0.3 0.4
Dominican Republic -2.7 -3.1 -6.6 -3.5 -2.9 -0.2 -2.8 -3.2 -3.0 -3.1 -3.3 -3.4 -3.4 -3.5 -3.4
Ecuador -1.4 -0.1 -0.9 -4.6 -5.2 -6.1 -8.2 -4.5 -0.9 0.0 3.8 2.9 2.8 2.9 2.1
Egypt1 -7.4 -9.6 -10.0 -12.9 -11.3 -10.9 -12.5 -10.4 -9.5 -8.6 -6.5 -5.0 -4.0 -3.7 -3.8
Hungary -4.5 -5.4 -2.4 -2.6 -2.6 -1.9 -1.6 -2.2 -2.3 -1.9 -1.9 -1.8 -1.8 -1.8 -2.0
India -8.6 -8.3 -7.5 -7.0 -7.1 -7.2 -7.1 -7.0 -6.7 -6.9 -6.6 -6.4 -6.3 -6.2 -6.1
Indonesia -1.2 -0.7 -1.6 -2.2 -2.1 -2.6 -2.5 -2.5 -1.8 -1.8 -1.8 -1.8 -1.8 -1.8 -1.8
Iran 2.6 0.6 -0.3 -0.9 -1.1 -1.8 -2.3 -1.8 -3.9 -4.0 -4.1 -4.5 -4.8 -5.3 -5.6
Kazakhstan 1.5 5.8 4.4 4.9 2.5 -6.3 -5.3 -4.4 0.5 1.4 1.7 1.6 1.4 1.4 1.5
Kuwait 26.0 33.3 32.4 34.1 22.4 5.6 0.3 6.6 11.4 9.5 7.6 7.3 6.2 5.2 4.5
Libya 12.5 -17.2 28.6 -5.1 -73.8 -131.0 -113.3 -43.0 -7.4 -10.9 -14.9 -20.2 -25.5 -26.3 -27.1
Malaysia2 -4.4 -3.6 -3.1 -3.5 -2.7 -2.6 -2.6 -2.4 -3.6 -3.0 -2.5 -2.5 -2.5 -2.5 -2.5
Mexico -4.0 -3.3 -3.7 -3.7 -4.5 -4.0 -2.8 -1.1 -2.3 -2.5 -2.4 -2.3 -2.3 -2.3 -2.3
Morocco -4.3 -6.6 -7.2 -5.1 -4.8 -4.2 -4.5 -3.5 -3.7 -3.7 -3.3 -3.0 -3.0 -3.0 -3.0
Oman 5.6 9.4 4.6 4.7 -1.1 -15.9 -21.2 -12.9 -7.7 -9.9 -7.0 -5.6 -6.6 -7.7 -7.9
Pakistan -6.0 -6.7 -8.6 -8.4 -4.9 -5.3 -4.4 -5.8 -6.5 -7.2 -8.7 -8.0 -7.8 -7.6 -7.7
Peru 0.1 2.0 2.1 0.7 -0.2 -2.1 -2.3 -2.9 -2.1 -1.9 -1.3 -0.9 -0.9 -0.9 -0.9
Philippines -2.4 -0.3 -0.3 0.2 0.9 0.6 -0.4 -0.4 -1.0 -1.2 -1.4 -1.5 -1.6 -1.9 -1.9
Poland -7.3 -4.8 -3.7 -4.1 -3.7 -2.7 -2.2 -1.4 -0.6 -2.2 -3.1 -3.1 -3.1 -3.1 -3.1
Qatar 6.8 7.3 10.5 21.6 14.3 4.5 -5.4 -2.9 5.3 6.1 6.6 6.4 6.7 6.4 6.5
Romania -6.4 -4.3 -2.5 -2.5 -1.7 -1.4 -2.4 -2.8 -2.9 -3.8 -4.1 -4.2 -4.3 -4.1 -3.9
Russia -3.2 1.4 0.4 -1.2 -1.1 -3.4 -3.7 -1.5 2.8 1.0 0.8 0.4 0.0 -0.2 -0.4
Saudi Arabia 4.4 11.6 11.9 5.6 -3.5 -15.8 -17.2 -9.2 -4.6 -7.9 -5.7 -7.2 -6.8 -6.5 -6.4
South Africa -5.0 -4.1 -4.4 -4.3 -4.3 -4.8 -4.1 -4.4 -4.4 -5.1 -5.1 -4.9 -5.0 -5.0 -4.9
Sri Lanka -7.0 -6.2 -5.6 -5.2 -6.2 -7.0 -5.4 -5.5 -5.3 -4.6 -3.5 -3.5 -3.5 -3.5 -3.5
Thailand -1.3 0.0 -0.9 0.5 -0.8 0.1 0.6 -0.9 -0.3 -0.1 -0.7 -0.8 -1.0 -1.2 -1.3
Turkey -3.4 -0.7 -1.8 -1.5 -1.4 -1.3 -2.3 -2.3 -3.6 -3.1 -3.5 -3.7 -3.5 -3.1 -2.6
Ukraine -5.8 -2.8 -4.3 -4.8 -4.5 -1.2 -2.2 -2.2 -2.3 -2.3 -2.3 -2.2 -2.0 -2.0 -2.0
United Arab Emirates 0.6 5.3 9.0 8.4 1.9 -3.4 -2.0 -1.6 -1.8 -0.8 -1.7 -0.6 -0.2 0.3 0.5
Uruguay3 -1.1 -0.9 -2.7 -2.3 -3.5 -3.6 -3.8 -3.5 -2.7 -2.7 -2.6 -3.2 -3.4 -3.6 -3.6
Venezuela -4.7 -8.2 -10.4 -11.3 -15.6 -10.7 -10.8 -23.0 -29.9 -29.8 -30.1 -30.0 -29.6 -29.9 -29.9
Average -2.1 -0.9 -0.9 -1.4 -2.4 -4.4 -4.8 -4.3 -4.0 -4.8 -4.4 -4.4 -4.4 -4.3 -4.3
Asia -2.2 -1.6 -1.6 -1.8 -1.9 -3.3 -3.9 -4.1 -4.7 -5.6 -5.2 -5.1 -5.1 -5.0 -5.0
Europe -3.7 -0.2 -0.7 -1.5 -1.4 -2.7 -2.9 -1.9 0.2 -0.8 -1.2 -1.4 -1.6 -1.6 -1.6
Latin America -2.8 -2.6 -2.8 -3.1 -4.8 -6.8 -6.2 -5.6 -4.9 -4.8 -4.2 -4.1 -3.8 -3.6 -3.4
MENAP 2.4 4.3 5.6 3.9 -1.5 -8.5 -9.5 -5.7 -3.4 -4.4 -3.7 -3.8 -3.7 -3.6 -3.7
G20 Emerging -2.3 -1.1 -1.2 -1.8 -2.5 -4.4 -4.9 -4.4 -4.4 -5.4 -4.9 -4.9 -4.9 -4.8 -4.7
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see "Fiscal Policy Assumptions' in text).
Note: For country-specific details, see "Data and Conventions" in text, and Table C. MENAP = Middle East, North Africa, and Pakistan.
1
Based on nominal GDP series prior to the recent revision; therefore, data in the tables are not comparable to the authorities’ numbers.
2
The General Government overall balance in 2019 includes a one-off refund of tax arrears in 2019 of 2.4 percent of GDP.
3
Data corresponds to the consolidated public sector (as presented in the authorities’ budget documentation), which includes the nonfinancial public sector, local governments, Banco Central
del Uruguay, and Banco Seguros del Estado. In particular, Uruguay is one of the few countries in the sample for which public debt includes the debt of the central bank which increases the
reported number. Starting from October 2018, the public pension system has been receiving transfers in the context of a new law that compensates persons affected by the creation of the
mixed pension system (amounting to 1.3 percent of GDP in 2018). These funds are recorded as revenues, consistent with IMF’s methodology. Therefore, data and projections for 2018 – 2022
are affected by these transfers.
Table A10. Emerging Market and Middle-Income Economies: General Government Primary Balance, 2010–24
(Percent of GDP)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Algeria -0.5 -1.3 -5.3 -0.5 -7.4 -15.8 -13.1 -6.3 -5.6 -6.8 -2.7 -1.7 -0.4 1.8 1.7
Angola 4.6 9.0 5.0 0.4 -4.7 -1.1 -1.7 -3.0 6.9 5.2 5.5 5.4 5.0 4.5 4.2
Argentina -0.6 -1.6 -1.7 -2.6 -3.5 -4.4 -4.7 -4.2 -2.2 0.0 1.1 1.2 1.3 1.3 1.6
Azerbaijan 13.8 10.9 3.8 1.7 2.9 -4.4 -0.7 -0.8 4.8 5.4 6.8 6.9 5.6 4.6 3.5
Belarus -3.5 -1.7 1.7 0.0 1.1 -1.3 0.3 1.6 4.3 0.3 0.5 2.0 1.7 1.5 1.6
Brazil 2.3 2.9 1.9 1.7 0.0 -1.9 -2.5 -1.8 -1.7 -1.8 -1.0 -0.5 0.1 0.6 1.0
Chile -0.3 1.5 0.8 -0.4 -1.3 -1.9 -2.4 -2.3 -1.2 -1.4 -1.0 -0.6 -0.3 -0.1 0.1
China 0.1 0.4 0.2 -0.3 -0.4 -2.2 -2.9 -3.0 -3.8 -4.9 -4.3 -4.1 -4.1 -4.0 -3.8
Colombia -1.6 -0.1 1.6 1.2 0.3 -0.8 0.7 0.3 0.5 0.1 1.6 1.7 1.4 1.3 1.7
Croatia -4.1 -5.1 -2.3 -2.2 -2.3 -0.1 2.1 3.5 2.5 1.8 1.8 1.6 1.7 1.8 1.9
Dominican Republic -0.9 -1.0 -4.2 -1.2 -0.5 2.4 0.1 -0.2 0.4 0.2 0.0 -0.1 0.0 0.0 0.1
Ecuador -0.8 0.5 -0.2 -3.5 -4.2 -4.7 -6.7 -2.4 1.5 2.7 6.5 5.5 5.1 5.0 4.3
Egypt1 -3.2 -4.8 -4.9 -5.9 -4.2 -4.1 -4.3 -2.5 -0.4 1.0 1.7 1.9 2.1 2.0 2.0
Hungary -0.7 -1.7 1.8 1.6 1.2 1.5 1.5 0.5 0.1 0.1 0.1 0.1 0.0 0.1 0.1
India -4.4 -4.0 -3.2 -2.4 -2.6 -2.7 -2.5 -2.3 -1.8 -1.9 -1.8 -1.8 -1.7 -1.7 -1.7
Indonesia 0.0 0.5 -0.4 -1.0 -0.9 -1.2 -1.0 -0.9 0.0 -0.3 -0.3 -0.3 -0.3 -0.3 -0.4
Iran 2.6 0.7 -0.2 -0.8 -1.1 -1.7 -2.2 -1.7 -3.5 -3.4 -3.1 -3.1 -3.1 -3.2 -3.2
Kazakhstan 1.8 5.7 3.8 4.4 2.0 -5.9 -4.7 -5.3 0.8 1.6 1.8 1.7 1.5 1.5 1.6
Kuwait 16.9 26.5 25.4 25.8 12.7 -7.5 -14.2 -9.5 -1.5 -3.9 -6.0 -6.7 -7.2 -7.7 -8.0
Libya 12.5 -17.2 28.6 -5.1 -73.8 -131.0 -113.3 -43.0 -7.4 -10.9 -14.9 -20.2 -25.5 -26.3 -27.1
Malaysia -2.9 -2.0 -2.1 -2.2 -0.9 -0.9 -0.8 -0.6 -2.1 -1.0 -0.7 -0.7 -0.5 -0.5 -0.4
Mexico -0.9 -0.4 -0.6 -0.7 -1.5 -1.0 0.6 3.0 1.8 1.5 1.4 1.5 1.5 1.3 1.2
Morocco -2.0 -4.4 -4.7 -2.5 -2.1 -1.4 -1.8 -0.9 -1.3 -1.2 -0.9 -0.8 -0.8 -0.8 -0.8
Oman 4.7 8.9 3.3 2.6 -2.1 -16.1 -21.6 -12.3 -6.7 -8.7 -5.8 -4.1 -4.6 -5.0 -4.9
Pakistan -1.7 -2.9 -4.2 -3.9 -0.3 -0.5 -0.1 -1.5 -2.1 -1.7 -2.2 -2.1 -2.0 -2.1 -2.0
Peru 1.2 3.0 3.0 1.7 0.7 -1.2 -1.3 -1.9 -1.0 -0.6 0.0 0.6 0.5 0.5 0.5
Philippines 0.7 2.3 2.3 2.7 3.1 2.7 1.5 1.3 1.0 0.8 0.6 0.6 0.5 0.3 0.3
Poland -4.9 -2.3 -1.1 -1.6 -1.7 -0.9 -0.5 0.2 1.0 -0.6 -1.5 -1.5 -1.5 -1.5 -1.5
Qatar 8.0 8.8 12.0 22.8 15.5 6.0 -3.9 -1.6 6.7 7.6 8.1 7.8 8.0 7.6 7.6
Romania -5.1 -2.8 -0.7 -0.8 -0.2 -0.1 -1.1 -1.7 -1.5 -2.4 -2.7 -2.7 -2.8 -2.6 -2.3
Russia -3.1 1.7 0.7 -0.8 -0.7 -3.1 -3.2 -1.0 3.4 1.4 1.3 1.2 0.8 0.6 0.5
Saudi Arabia 4.7 11.6 11.7 5.2 -4.2 -17.9 -20.2 -11.1 -5.1 -8.0 -5.5 -6.8 -6.1 -5.6 -5.3
South Africa -2.6 -1.5 -1.7 -1.4 -1.3 -1.6 -0.7 -0.9 -0.7 -1.1 -0.9 -0.7 -0.6 -0.4 -0.2
Sri Lanka -1.5 -1.3 -0.9 -0.6 -2.0 -2.2 -0.2 0.0 0.6 1.5 2.4 2.3 2.3 2.3 2.3
Thailand -0.7 0.8 -0.1 1.3 -0.1 0.7 1.0 -0.4 0.3 0.5 0.0 -0.1 -0.2 -0.3 -0.4
Turkey 0.1 1.8 0.7 0.8 0.5 0.6 -1.0 -1.0 -2.1 -1.2 -1.1 -1.1 -1.1 -0.8 -0.6
Ukraine -4.1 -0.8 -2.4 -2.3 -1.2 3.0 1.9 1.6 1.2 1.5 1.1 1.1 1.3 1.1 1.1
United Arab Emirates 0.9 5.5 9.3 8.8 2.2 -3.2 -1.9 -1.5 -1.5 -0.5 -1.4 -0.3 0.1 0.6 0.8
Uruguay2 1.9 1.9 -0.2 0.4 -0.6 0.0 -0.5 -0.2 0.7 0.8 0.7 0.0 0.0 -0.3 -0.3
Venezuela -3.2 -6.1 -6.9 -8.1 -11.9 -9.0 -10.1 -22.6 -29.9 -29.8 -30.1 -30.0 -29.6 -29.9 -29.9
Average -0.4 0.8 0.6 0.1 -0.8 -2.6 -3.0 -2.4 -2.1 -2.8 -2.4 -2.3 -2.2 -2.1 -2.1
Asia -0.8 -0.3 -0.4 -0.6 -0.6 -2.0 -2.5 -2.5 -3.0 -3.9 -3.4 -3.3 -3.3 -3.2 -3.1
Europe -2.3 1.0 0.5 -0.3 -0.3 -1.5 -1.7 -0.8 1.3 0.3 0.1 0.1 -0.1 -0.1 -0.1
Latin America 0.5 0.9 0.3 0.0 -1.2 -2.3 -2.3 -1.5 -1.1 -0.9 -0.2 0.2 0.4 0.6 0.9
MENAP 2.9 4.8 6.1 4.5 -0.9 -8.0 -9.1 -5.4 -2.7 -3.3 -2.4 -2.6 -2.4 -2.2 -2.2
G20 Emerging -0.4 0.8 0.4 -0.2 -0.8 -2.6 -3.1 -2.4 -2.4 -3.3 -2.8 -2.7 -2.6 -2.5 -2.4
Note: Primary balance is defined as the overall balance excluding net interest payments. For country-specific details, see "Data and Conventions" in text, and Table C. MENAP = Middle East,
North Africa, and Pakistan.
1
2
Table A11. Emerging Market and Middle-Income Economies: General Government Cyclically Adjusted Balance, 2010–24
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Algeria -4.6 0.3 -2.8 2.0 -9.3 -18.4 -15.7 -10.8 -8.1 -15.2 -8.0 -5.8 -1.7 3.0 6.0
Angola 4.3 5.1 1.1 -1.4 -5.1 0.5 -1.9 -4.4 1.8 -0.5 -0.8 -0.3 0.0 0.1 0.1
Argentina -1.4 -3.8 -3.1 -3.8 -3.7 -6.4 -5.9 -6.7 -3.5 -0.1 1.0 0.6 0.4 0.0 -0.1
Azerbaijan ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Belarus -4.1 -3.6 -0.2 -1.5 -0.8 -2.5 -0.2 0.3 2.3 -2.0 -1.8 -0.4 -0.6 -0.8 -0.7
Brazil -3.7 -4.0 -3.8 -4.4 -6.9 -10.1 -7.5 -6.5 -5.6 -6.3 -6.3 -6.6 -6.4 -6.2 -5.8
Chile 1
-1.9 -1.0 -0.4 -0.5 -0.5 0.5 -1.0 -2.0 -1.5 -1.6 -1.4 -1.2 -1.0 -0.8 -0.6
China -0.4 -0.1 -0.1 -0.5 -0.5 -2.5 -3.6 -3.9 -4.8 -6.1 -5.5 -5.4 -5.4 -5.3 -5.2
Colombia -2.7 -2.2 0.0 -1.2 -2.2 -3.7 -2.4 -2.1 -1.5 -2.0 -0.5 -0.4 -0.7 -0.8 -0.4
Croatia -5.1 -6.8 -3.5 -3.2 -3.2 -2.0 -0.3 0.8 0.2 -0.2 0.0 0.1 0.2 0.3 0.4
Dominican Republic -3.2 -3.1 -6.3 -3.1 -2.9 -0.3 -3.0 -3.1 -3.2 -3.2 -3.4 -3.4 -3.4 -3.5 -3.4
Ecuador -1.1 -0.6 -1.7 -5.8 -6.4 -6.9 -7.7 -4.1 -1.3 0.7 4.8 4.2 3.9 3.8 3.0
Egypt2 -8.6 -9.6 -10.0 -13.0 -11.4 -11.5 -12.1 -10.7 -9.7 -8.6 -6.7 -5.2 -4.2 -3.9 -4.0
Hungary -3.1 -4.3 0.1 -0.2 -1.3 -1.1 -0.8 -2.0 -2.9 -2.6 -2.7 -2.4 -2.2 -2.0 -2.0
India -9.0 -8.6 -7.5 -6.8 -6.9 -7.2 -7.3 -6.7 -6.6 -6.9 -6.7 -6.5 -6.3 -6.2 -6.1
Indonesia -1.5 -1.0 -1.9 -2.5 -2.3 -2.7 -2.5 -2.4 -1.7 -1.8 -1.8 -1.8 -1.9 -1.9 -1.8
Iran ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Kazakhstan ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Kuwait ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Libya ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Malaysia -4.1 -2.9 -3.1 -3.0 -2.4 -2.8 -2.7 -2.6 -4.5 -2.6 -2.6 -2.6 -2.5 -2.5 -2.5
Mexico -3.7 -3.3 -3.9 -3.7 -4.6 -4.3 -4.2 -2.7 -2.4 -2.5 -2.3 -2.2 -2.2 -2.3 -2.3
Morocco -4.3 -6.9 -7.7 -5.9 -6.3 -4.6 -4.8 -4.2 -4.1 -3.9 -3.4 -3.4 -3.7 -4.0 -4.3
Oman ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Pakistan ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Peru1 -0.1 1.2 1.3 0.1 -0.1 -1.6 -1.9 -2.1 -1.9 -1.7 -1.3 -0.9 -0.9 -1.0 -1.0
Philippines -2.5 0.0 -0.3 0.1 0.6 0.6 -0.4 -0.4 -1.0 -1.2 -1.4 -1.5 -1.6 -1.9 -1.9
Poland -7.0 -5.3 -3.5 -3.5 -3.2 -2.4 -2.2 -1.8 -1.6 -2.4 -3.2 -3.1 -3.0 -2.9 -2.9
Qatar ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Romania -5.7 -3.2 -1.3 -1.5 -0.8 -0.7 -2.1 -3.5 -3.8 -4.5 -4.6 -4.4 -4.3 -4.1 -3.7
Russia -2.9 1.5 0.2 -1.3 0.1 -3.0 -3.4 -1.1 2.8 0.9 0.7 0.3 -0.1 -0.3 -0.4
Saudi Arabia ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
South Africa -3.7 -3.7 -4.2 -4.2 -4.1 -4.2 -3.8 -3.7 -3.7 -4.1 -3.9 -3.9 -4.1 -4.1 -4.0
Sri Lanka ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Thailand -1.4 0.0 -0.7 0.3 -0.4 0.5 0.9 -0.7 -0.2 0.0 -0.7 -0.8 -1.0 -1.2 -1.3
Turkey -2.2 -1.6 -1.9 -2.3 -1.7 -1.6 -2.1 -3.6 -4.5 -1.9 -2.6 -3.2 -3.1 -2.9 -2.4
Ukraine -2.7 -3.2 -4.5 -4.6 -3.3 1.9 -1.2 -1.5 -2.0 -2.2 -2.2 -2.2 -2.0 -2.0 -2.0
United Arab Emirates ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Uruguay3 -2.1 -2.1 -3.6 -3.3 -4.4 -3.6 -3.6 -3.3 -2.5 -2.5 -2.5 -3.1 -3.3 -3.6 -3.6
Venezuela ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Average -2.8 -2.0 -1.9 -2.2 -2.4 -3.7 -4.1 -4.0 -4.0 -4.8 -4.4 -4.4 -4.4 -4.3 -4.2
Asia -2.2 -1.6 -1.4 -1.5 -1.5 -3.0 -3.9 -4.1 -4.7 -5.7 -5.2 -5.1 -5.1 -5.0 -5.0
Europe -3.5 -0.9 -1.0 -1.9 -1.0 -2.2 -2.5 -1.9 -0.3 -0.9 -1.3 -1.6 -1.8 -1.8 -1.7
Latin America -3.1 -3.3 -3.1 -3.6 -5.0 -6.5 -5.5 -4.8 -3.6 -3.6 -3.2 -3.3 -3.3 -3.2 -3.1
MENAP -6.6 -6.4 -7.7 -7.7 -9.9 -11.9 -11.6 -9.3 -7.9 -9.4 -6.3 -5.0 -3.4 -2.3 -1.8
G20 Emerging -2.6 -1.8 -1.8 -2.2 -2.3 -3.9 -4.3 -4.2 -4.2 -5.1 -4.8 -4.8 -4.8 -4.7 -4.6
1
Data for these countries include adjustments beyond the output cycle.
2
3
Data corresponds to the consolidated public sector (as presented in the authorities’ budget documentation), which includes the nonfinancial public sector, local governments, Banco Central del
Uruguay, and Banco Seguros del Estado. In particular, Uruguay is one of the few countries in the sample for which public debt includes the debt of the central bank which increases the reported
number. Starting from October 2018, the public pension system has been receiving transfers in the context of a new law that compensates persons affected by the creation of the mixed pension
system (amounting to 1.3 percent of GDP in 2018). These funds are recorded as revenues, consistent with IMF’s methodology. Therefore, data and projections for 2018 – 2022 are affected by
these transfers.
Table A12. Emerging Market and Middle-Income Economies: General Government Cyclically Adjusted Primary Balance, 2010–24
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Algeria -5.2 -1.7 -4.2 2.0 -9.5 -19.2 -15.7 -10.4 -8.6 -15.5 -8.2 -5.9 -1.8 3.1 5.8
Angola 5.4 6.1 2.0 -0.6 -4.1 2.0 0.5 -1.4 6.6 4.9 5.1 5.3 5.1 4.7 4.4
Argentina -0.6 -2.6 -1.8 -3.2 -2.9 -4.8 -4.1 -4.2 -0.6 2.5 3.4 3.0 2.7 2.2 2.0
Azerbaijan ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Belarus -3.5 -2.5 1.2 -0.5 0.2 -0.8 1.7 2.2 4.3 0.2 0.4 1.8 1.6 1.5 1.5
Brazil 1.5 1.7 0.8 0.5 -1.2 -1.8 -1.2 -0.6 -0.6 -0.9 -0.5 -0.2 0.2 0.6 1.0
Chile 1
-1.9 -0.9 -0.3 -0.4 -0.4 0.7 -0.7 -1.6 -1.1 -1.2 -0.9 -0.6 -0.4 -0.2 0.0
China 0.0 0.4 0.4 0.0 0.1 -1.9 -2.8 -3.0 -3.8 -5.0 -4.3 -4.2 -4.1 -3.9 -3.8
Colombia -1.0 -0.3 1.5 1.0 -0.2 -1.1 0.7 0.7 1.2 0.7 2.0 2.0 1.6 1.4 1.7
Croatia -3.0 -4.1 -0.6 -0.3 -0.4 1.0 2.5 3.4 2.3 1.6 1.6 1.6 1.7 1.8 1.9
Dominican Republic -1.4 -1.1 -3.9 -0.9 -0.5 2.3 -0.1 -0.1 0.2 0.1 0.0 -0.1 0.0 0.0 0.1
Ecuador -0.5 0.1 -1.0 -4.8 -5.3 -5.4 -6.1 -2.0 1.2 3.3 7.4 6.6 6.1 5.8 5.0
Egypt2 -4.1 -4.7 -4.9 -6.1 -4.4 -4.7 -4.0 -2.9 -0.7 0.9 1.5 1.7 1.8 1.8 1.8
Hungary 0.6 -0.6 4.1 3.8 2.4 2.2 2.2 0.7 -0.5 -0.7 -0.6 -0.5 -0.3 -0.1 0.0
India -4.7 -4.2 -3.1 -2.3 -2.4 -2.7 -2.7 -2.0 -1.8 -1.9 -1.9 -1.8 -1.7 -1.7 -1.7
Indonesia -0.1 0.2 -0.7 -1.3 -1.1 -1.3 -1.0 -0.8 0.0 -0.2 -0.3 -0.3 -0.3 -0.4 -0.4
Iran ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Kazakhstan ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Kuwait ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Libya ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Malaysia -2.7 -1.3 -2.1 -1.7 -0.7 -1.1 -0.8 -0.7 -2.9 -0.6 -0.7 -0.7 -0.5 -0.5 -0.4
Mexico -0.6 -0.4 -0.8 -0.6 -1.5 -1.3 -0.9 1.4 1.7 1.5 1.5 1.6 1.5 1.4 1.2
Morocco -2.0 -4.7 -5.2 -3.3 -3.6 -1.9 -2.2 -1.7 -1.6 -1.5 -1.0 -1.2 -1.5 -1.7 -2.1
Oman ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Pakistan ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Peru1 1.0 2.2 2.3 1.1 0.8 -0.6 -0.9 -1.1 -0.8 -0.4 0.1 0.6 0.5 0.4 0.4
Philippines 0.5 2.6 2.3 2.6 2.9 2.7 1.4 1.3 0.9 0.8 0.6 0.5 0.5 0.3 0.3
Poland -4.6 -2.7 -0.9 -1.0 -1.2 -0.7 -0.5 -0.2 -0.1 -0.9 -1.6 -1.5 -1.3 -1.3 -1.2
Qatar ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Romania -4.4 -1.8 0.4 0.1 0.6 0.5 -0.9 -2.4 -2.4 -3.0 -3.1 -2.9 -2.8 -2.5 -2.1
Russia -2.7 1.7 0.5 -1.0 0.5 -2.7 -3.0 -0.6 3.4 1.3 1.2 1.0 0.7 0.5 0.5
Saudi Arabia ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
South Africa -1.3 -1.2 -1.5 -1.3 -1.1 -1.0 -0.5 -0.3 0.0 -0.1 0.2 0.4 0.3 0.4 0.6
Sri Lanka ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Thailand -0.8 0.9 0.2 1.1 0.3 1.1 1.3 -0.1 0.4 0.5 0.0 -0.1 -0.2 -0.3 -0.4
Turkey 1.1 0.9 0.6 0.0 0.3 0.3 -0.8 -2.2 -2.9 0.0 -0.3 -0.6 -0.7 -0.6 -0.4
Ukraine -1.2 -1.2 -2.6 -2.2 0.0 5.9 2.9 2.2 1.5 1.7 1.2 1.2 1.3 1.1 1.1
Uruguay3 0.9 0.8 -1.0 -0.5 -1.4 -0.1 -0.3 0.0 0.9 1.0 0.8 0.1 0.0 -0.2 -0.3
Venezuela ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Average -0.9 -0.1 -0.2 -0.5 -0.6 -1.8 -2.2 -1.9 -1.9 -2.6 -2.2 -2.1 -2.1 -2.0 -1.9
Asia -0.9 -0.3 -0.2 -0.4 -0.3 -1.8 -2.5 -2.5 -3.1 -3.9 -3.4 -3.3 -3.3 -3.2 -3.1
Europe -2.0 0.5 0.3 -0.6 0.2 -0.9 -1.3 -0.8 0.9 0.3 0.0 -0.1 -0.2 -0.2 -0.2
Latin America 0.4 0.5 0.1 -0.3 -1.4 -1.9 -1.4 -0.6 0.1 0.3 0.8 0.9 1.0 1.1 1.2
MENAP -4.0 -3.9 -4.8 -3.4 -5.6 -7.6 -6.4 -4.7 -3.1 -4.0 -1.5 -0.8 0.2 1.3 1.8
G20 Emerging -0.6 0.1 -0.1 -0.5 -0.5 -1.9 -2.4 -2.1 -2.2 -3.0 -2.6 -2.5 -2.5 -2.4 -2.3
Note: Cyclically adjusted primary balance is defined as the cyclically adjusted balance plus net interest payable/paid (interest expense minus interest revenue) following the World Economic Outlook
convention. For country-specific details, see "Data and Conventions" in text, and Table C. MENAP = Middle East, North Africa, and Pakistan.
1
Data for these countries include adjustments beyond the output cycle. For country-specific details, see "Data and Conventions" in text, and Table C.
2
3
Data corresponds to the consolidated public sector (as presented in the authorities' budget documentation), which includes the nonfinancial public sector, local governments, Banco Central del Uruguay,
and Banco de Seguros del Estado. In particular, Uruguay is one of the few countries in the sample for which public debt includes the debt of the central bank, which increases recorded public sector gross
debt. Starting from October 2018, the public pension system has been receiving transfers in the context of a new law that compensates persons affected by the creation of the mixed pension system
(amounting to 1.3 percent of GDP in 2018). These funds are recorded as revenues, consistent with IMF’s methodology. Therefore, data and projections for 2018 – 2022 are affected by these transfers.
Table A13. Emerging Market and Middle-Income Economies: General Government Revenue, 2010–24
(Percent of GDP)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Algeria 37.2 40.0 39.1 35.8 33.3 30.5 28.6 32.5 33.3 29.9 29.4 28.1 27.4 27.0 28.8
Angola 42.8 45.5 41.3 36.7 30.7 24.1 17.5 17.5 22.1 19.0 19.8 19.8 19.5 19.1 18.8
Argentina 31.9 32.2 33.8 34.3 34.6 35.4 34.9 34.5 33.8 34.8 35.3 34.9 34.8 34.4 34.4
Azerbaijan 45.8 44.6 40.3 39.4 39.1 33.9 34.3 34.3 38.2 38.9 37.8 37.3 36.0 34.0 32.7
Belarus 40.1 37.5 39.3 39.8 38.9 38.8 39.0 38.7 39.9 37.6 36.9 36.7 36.7 36.7 36.7
Brazil 36.1 35.1 34.7 34.5 32.7 28.4 30.9 30.8 31.3 31.0 30.9 30.8 30.9 30.9 30.8
Chile 23.0 24.2 23.8 22.6 22.3 22.8 22.6 22.8 23.7 23.6 23.6 23.5 23.4 23.3 23.2
China 24.6 26.9 27.8 27.7 28.1 28.5 28.2 28.3 29.2 28.7 29.0 28.7 28.4 28.1 27.9
Colombia 26.2 26.8 28.3 28.0 27.6 26.3 25.2 25.4 25.2 26.1 26.2 26.0 25.6 25.4 25.5
Croatia 41.1 40.9 41.7 42.7 42.6 44.4 46.1 46.7 47.6 46.9 46.6 46.7 46.5 46.5 46.2
Dominican Republic 13.1 12.9 13.6 14.2 14.6 17.4 14.6 14.9 15.1 15.2 15.2 15.1 15.2 15.1 15.1
Ecuador 33.3 39.3 39.3 39.2 38.4 33.6 30.3 32.0 36.3 35.2 38.3 35.5 34.8 34.7 34.8
Egypt1 23.9 20.9 20.8 21.7 24.4 22.0 20.3 21.8 20.6 20.2 19.7 19.8 19.9 19.8 19.8
Hungary 44.8 44.0 46.1 46.7 46.8 48.1 45.1 44.7 45.1 44.7 44.1 43.0 42.6 42.3 42.1
India 18.8 19.3 19.8 19.6 19.1 19.9 20.2 19.8 20.6 20.4 20.4 20.4 20.5 20.5 20.5
Indonesia 15.6 17.0 17.2 16.9 16.5 14.9 14.3 14.1 14.9 14.9 15.0 15.0 15.1 15.1 15.0
Iran 21.0 18.9 13.9 13.5 14.3 16.1 17.3 17.5 14.2 13.4 13.6 13.6 13.5 13.4 13.4
Kazakhstan 23.9 27.0 26.3 24.8 23.7 16.6 16.1 20.3 20.4 21.2 21.7 21.5 21.4 21.6 21.7
Kuwait 70.7 72.3 71.2 72.3 66.6 60.0 54.1 58.4 58.4 59.9 58.2 58.5 57.6 56.2 55.0
Libya 70.4 42.4 74.2 83.0 69.3 51.2 31.7 51.8 70.3 81.4 75.3 67.9 62.3 56.8 50.2
Malaysia 22.6 23.9 25.8 24.6 23.7 22.5 20.4 19.4 19.3 20.0 17.8 17.6 17.6 17.5 17.5
Mexico 23.7 24.4 24.5 24.1 23.4 23.5 24.6 24.7 23.4 21.9 21.7 21.6 21.7 21.7 21.7
Morocco 26.8 27.2 28.0 27.8 28.0 26.5 26.0 26.6 26.1 26.0 26.1 26.3 26.6 26.7 26.9
Oman 40.5 48.7 48.7 49.5 46.3 34.9 29.7 31.7 35.2 33.4 34.6 35.9 35.0 34.1 33.6
Pakistan 14.3 12.6 13.0 13.5 15.2 14.5 15.5 15.5 15.3 14.9 14.6 14.6 14.7 14.7 14.7
Peru 21.1 21.8 22.4 22.3 22.4 20.3 18.8 18.3 19.5 19.6 19.9 20.1 20.2 20.2 20.2
Philippines 16.8 17.6 18.6 18.8 19.0 19.4 19.1 19.6 20.0 20.2 20.2 20.3 20.3 20.4 20.6
Poland 38.5 39.1 39.1 38.5 38.7 39.0 38.9 39.7 41.0 40.8 40.2 39.9 39.7 39.6 39.5
Qatar 37.4 35.8 41.5 49.9 47.7 46.8 34.8 30.5 34.7 35.9 34.9 34.1 33.2 32.5 31.8
Romania 31.9 32.5 32.5 31.5 32.1 32.8 28.9 28.0 29.3 30.0 30.2 30.4 30.5 30.4 30.0
Russia 32.3 34.7 34.5 33.5 33.9 31.9 32.8 33.3 35.9 34.0 33.7 33.4 33.3 33.2 33.2
Saudi Arabia 37.4 44.4 45.2 41.2 36.7 25.0 21.5 24.1 30.5 31.3 32.5 30.6 30.1 29.5 29.0
South Africa 26.4 26.8 26.9 27.3 27.6 28.2 28.6 28.3 29.1 29.5 29.7 29.7 29.7 29.7 29.7
Sri Lanka 13.0 13.6 12.2 12.0 11.6 13.3 14.2 13.8 13.5 15.2 16.1 16.1 16.1 16.1 16.1
Thailand 20.7 21.1 21.3 22.2 21.4 22.3 21.9 21.0 21.4 21.5 21.5 21.5 21.5 21.5 21.5
Turkey 32.8 32.7 32.6 32.8 31.9 32.2 32.8 31.5 31.2 30.9 30.6 30.4 30.7 30.9 31.1
Ukraine 43.4 42.9 44.7 43.3 40.3 41.9 38.3 39.3 41.6 40.6 39.6 39.3 39.3 39.0 38.3
United Arab Emirates 32.8 36.5 38.1 38.7 35.0 29.0 28.9 28.8 28.4 30.5 28.9 28.6 28.4 28.0 27.4
Uruguay2 29.4 28.3 27.8 29.5 28.8 28.8 29.3 29.8 31.0 30.9 30.6 29.9 29.8 29.6 29.5
Venezuela 26.4 31.1 29.8 28.4 34.6 19.7 14.3 14.7 7.7 5.9 5.6 5.7 5.8 5.8 6.2
Average 27.7 28.9 29.4 29.1 28.5 27.2 26.8 27.0 27.9 27.5 27.5 27.2 27.1 26.9 26.7
Asia 22.4 24.3 25.3 25.3 25.5 26.0 25.6 25.5 26.5 26.1 26.3 26.0 25.9 25.7 25.5
Europe 34.2 35.3 35.2 34.5 34.4 33.3 33.7 33.8 35.5 34.7 34.3 34.0 34.0 34.0 33.9
Latin America 30.4 30.7 30.5 30.2 29.4 26.8 27.3 27.9 27.5 27.1 27.2 27.1 27.1 27.1 27.1
MENAP 32.6 33.8 36.2 35.4 32.6 26.5 24.1 25.6 27.6 27.8 27.6 26.9 26.6 26.1 25.8
G20 Emerging 27.0 28.6 29.0 28.6 28.2 27.3 27.2 27.2 28.2 27.6 27.7 27.4 27.2 27.0 26.9
1
2
Table A14. Emerging Market and Middle-Income Economies: General Government Expenditure, 2010–24
(Percent of GDP)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Algeria 37.3 40.1 43.5 36.2 40.6 45.8 41.6 39.2 38.5 36.4 32.0 29.7 27.6 25.3 26.9
Angola 39.4 37.4 37.2 37.0 36.5 27.1 22.0 23.8 19.7 18.9 20.0 19.9 19.7 19.4 19.1
Argentina 33.4 34.9 36.8 37.6 38.9 41.4 41.5 41.2 39.0 37.5 36.8 36.3 35.9 35.3 35.0
Azerbaijan 32.0 33.7 36.6 37.8 36.4 38.7 35.4 35.7 34.2 34.4 31.9 31.3 31.2 30.1 29.7
Belarus 44.3 40.3 38.9 40.8 38.8 41.8 40.7 39.0 37.6 39.5 38.6 37.0 37.2 37.4 37.4
Brazil 38.8 37.6 37.2 37.4 38.0 38.6 39.9 38.7 38.1 38.3 37.8 37.8 37.4 37.1 36.7
Chile 23.3 22.8 23.1 23.1 23.8 24.9 25.3 25.4 25.2 25.5 25.1 24.6 24.3 24.1 23.7
China 25.0 27.0 28.1 28.5 29.0 31.3 31.9 32.2 34.0 34.8 34.5 34.1 33.8 33.5 33.1
Colombia 29.5 28.8 28.2 28.9 29.4 29.7 27.6 28.0 27.4 28.7 27.2 26.8 26.5 26.3 25.9
Croatia 47.3 48.7 47.0 48.0 48.0 47.8 46.9 45.8 47.2 46.9 46.5 46.6 46.3 46.2 45.8
Ecuador 34.7 39.5 40.3 43.7 43.6 39.7 38.6 36.6 37.2 35.2 34.6 32.6 32.0 31.8 32.6
Egypt1 31.4 30.5 30.8 34.6 35.7 33.0 32.7 32.2 30.1 28.8 26.2 24.8 23.8 23.5 23.6
Hungary 49.2 49.4 48.5 49.3 49.4 50.0 46.8 46.9 47.4 46.7 46.0 44.8 44.4 44.1 44.1
India 27.4 27.6 27.4 26.6 26.2 27.1 27.3 26.8 27.3 27.2 27.0 26.9 26.7 26.7 26.6
Indonesia 16.9 17.7 18.8 19.1 18.6 17.5 16.8 16.6 16.6 16.7 16.8 16.9 16.9 16.9 16.9
Iran 18.4 18.3 14.3 14.4 15.4 17.9 19.5 19.3 18.0 17.4 17.7 18.0 18.4 18.7 19.0
Kazakhstan 22.5 21.2 21.9 19.8 21.3 22.9 21.5 24.7 19.8 19.8 20.0 19.9 20.0 20.1 20.2
Kuwait 44.7 39.1 38.8 38.1 44.3 54.4 53.8 51.8 47.0 50.4 50.6 51.2 51.4 51.0 50.5
Libya 57.9 59.7 45.7 88.1 143.1 182.2 145.1 94.8 77.7 92.3 90.2 88.1 87.8 83.1 77.4
Malaysia 27.0 27.5 28.9 28.2 26.3 25.1 23.0 21.9 23.0 23.0 20.3 20.2 20.1 20.0 20.0
Mexico 27.7 27.7 28.2 27.8 28.0 27.5 27.4 25.7 25.8 24.4 24.1 23.9 24.0 24.0 24.0
Morocco 31.1 33.8 35.2 32.9 32.9 30.7 30.5 30.0 29.8 29.7 29.4 29.3 29.5 29.7 29.9
Oman 34.8 39.3 44.1 44.9 47.4 50.9 50.8 44.6 42.9 43.3 41.6 41.5 41.6 41.7 41.5
Pakistan 20.3 19.3 21.7 21.8 20.1 19.8 19.9 21.3 21.8 22.2 23.3 22.6 22.5 22.3 22.4
Peru 21.0 19.8 20.3 21.6 22.6 22.4 21.1 21.2 21.6 21.5 21.3 21.0 21.1 21.1 21.1
Philippines 19.2 17.9 18.9 18.7 18.1 18.8 19.5 19.9 21.0 21.4 21.6 21.8 22.0 22.3 22.5
Poland 45.8 43.9 42.9 42.6 42.4 41.7 41.1 41.1 41.6 43.0 43.2 43.0 42.9 42.8 42.6
Qatar 30.6 28.5 31.0 28.3 33.4 42.3 40.1 33.5 29.4 29.8 28.3 27.7 26.5 26.1 25.3
Romania 38.3 36.7 35.0 34.0 33.8 34.2 31.2 30.8 32.2 33.8 34.3 34.5 34.7 34.6 33.9
Russia 35.5 33.3 34.1 34.7 35.0 35.3 36.4 34.7 33.1 33.1 33.0 33.0 33.3 33.5 33.5
Saudi Arabia 33.0 32.8 33.2 35.5 40.2 40.8 38.7 33.3 35.1 39.2 38.1 37.8 36.9 36.0 35.4
South Africa 31.4 30.9 31.4 31.6 31.9 32.9 32.7 32.6 33.6 34.6 34.7 34.6 34.6 34.6 34.6
Sri Lanka 20.0 19.9 17.8 17.2 17.9 20.4 19.6 19.3 18.8 19.8 19.7 19.7 19.7 19.6 19.6
Thailand 22.0 21.1 22.2 21.6 22.2 22.2 21.4 22.0 21.6 21.6 22.2 22.3 22.5 22.7 22.8
Turkey 36.2 33.4 34.4 34.2 33.3 33.4 35.1 33.8 34.8 34.0 34.1 34.1 34.2 34.0 33.7
Ukraine 49.2 45.7 49.0 48.1 44.8 43.0 40.6 41.5 43.8 42.9 41.9 41.5 41.3 41.0 40.3
Uruguay2 30.5 29.2 30.5 31.8 32.3 32.3 33.2 33.3 33.7 33.6 33.2 33.1 33.2 33.2 33.1
Venezuela 31.1 39.4 40.3 39.7 50.1 30.3 25.2 37.7 37.7 35.7 35.7 35.7 35.4 35.7 36.0
Average 29.8 29.9 30.4 30.5 30.9 31.5 31.5 31.3 31.9 32.3 32.0 31.6 31.5 31.2 31.0
Asia 24.6 26.0 26.9 27.1 27.4 29.3 29.6 29.6 31.2 31.7 31.5 31.1 31.0 30.7 30.5
Europe 37.9 35.6 35.9 35.9 35.8 36.0 36.5 35.7 35.3 35.6 35.5 35.4 35.6 35.6 35.4
Latin America 33.2 33.3 33.4 33.4 34.2 33.6 33.5 33.4 32.3 31.9 31.4 31.2 31.0 30.7 30.5
MENAP 30.2 29.5 30.6 31.5 34.1 35.0 33.6 31.3 31.0 32.2 31.3 30.8 30.2 29.7 29.5
G20 Emerging 29.3 29.7 30.2 30.4 30.7 31.7 32.1 31.7 32.5 32.9 32.7 32.3 32.1 31.9 31.6
1
2
Data corresponds to the consolidated public sector (as presented in the authorities' budget documentation), which includes the nonfinancial public sector, local governments, Banco Central
del Uruguay, and Banco de Seguros del Estado.
Table A15. Emerging Market and Middle-Income Economies: General Government Gross Debt, 2010–24
(Percent of GDP)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Algeria 10.5 9.3 9.3 7.6 7.7 8.7 20.4 27.5 36.9 46.9 48.9 49.4 47.4 43.0 43.3
Angola 37.2 29.6 26.7 33.1 39.8 57.1 75.7 68.5 88.1 90.5 82.8 79.7 75.4 70.9 66.1
Argentina 43.5 38.9 40.4 43.5 44.7 52.6 53.1 57.1 86.3 75.9 69.0 65.1 62.8 60.7 59.5
Azerbaijan 5.0 5.0 5.8 6.2 8.5 18.0 20.6 22.6 19.4 17.6 15.0 12.7 11.1 9.6 8.3
Belarus 36.8 58.2 36.9 36.9 38.8 53.0 53.5 53.2 47.8 51.1 51.9 50.4 50.4 50.7 51.2
Brazil1 63.1 61.2 62.2 60.2 62.3 72.6 78.3 84.1 87.9 90.4 92.4 94.1 95.6 96.5 97.6
Chile 8.6 11.1 11.9 12.7 15.0 17.3 21.0 23.5 25.6 27.2 28.1 28.7 28.8 28.7 28.3
China 33.7 33.6 34.3 37.0 39.9 41.1 44.2 46.8 50.5 55.4 59.5 63.2 66.7 69.7 72.4
Colombia 36.6 35.8 34.0 37.6 43.3 50.4 49.8 49.8 50.5 49.2 47.3 45.1 43.2 41.4 39.2
Croatia 58.1 65.0 70.6 81.6 85.7 85.3 82.3 77.7 73.9 70.7 67.8 65.0 62.3 59.6 57.4
Ecuador 2
17.7 16.8 17.5 20.0 27.1 33.8 43.2 44.6 46.1 49.2 46.8 45.2 40.8 36.6 33.4
Egypt3 69.6 72.8 73.8 84.0 85.1 88.5 96.8 103.2 92.6 86.9 84.6 81.3 79.3 75.5 72.8
Hungary 80.2 80.5 78.4 77.1 76.6 76.6 75.9 73.3 69.4 66.6 65.0 63.5 62.2 61.0 59.9
India 67.5 69.6 69.1 68.5 67.8 69.9 69.0 69.8 69.8 69.0 67.8 66.5 65.3 64.2 63.1
Indonesia 24.5 23.1 23.0 24.8 24.7 27.5 28.3 28.9 29.2 29.3 29.0 29.0 29.0 28.8 28.5
Iran 11.7 8.9 12.1 10.7 11.8 38.4 47.5 39.5 33.2 30.0 27.3 25.7 25.1 25.4 24.5
Kazakhstan 10.7 10.2 12.1 12.6 14.5 21.9 19.7 20.3 21.9 20.9 20.0 19.2 18.5 17.7 16.8
Kuwait 6.2 4.6 3.6 3.1 3.4 4.7 10.0 20.7 14.8 17.8 21.0 26.2 31.1 34.7 38.4
Libya … … … … … … … … … … … … … … …
Malaysia 51.9 52.6 54.6 56.4 56.2 57.9 56.6 55.2 56.2 56.3 55.8 55.2 54.6 53.9 53.2
Mexico 42.0 42.9 42.7 45.9 48.9 52.8 56.8 54.0 53.6 54.1 54.5 54.5 54.5 54.4 54.3
Morocco 49.0 52.5 56.5 61.7 63.3 63.7 64.9 65.1 65.2 65.1 64.3 63.1 62.0 60.9 60.0
Oman 5.8 5.2 4.9 5.0 4.9 15.5 32.5 46.9 50.9 61.3 63.1 64.5 66.9 70.5 73.3
Pakistan 60.6 58.9 63.2 63.9 63.5 63.3 67.6 67.0 72.1 77.0 79.1 81.0 82.6 84.1 85.6
Peru 25.4 23.0 21.2 20.0 20.7 24.0 24.5 25.4 26.8 27.2 27.0 26.4 25.9 25.5 25.0
Philippines 49.7 47.5 47.9 45.7 42.1 41.5 39.0 39.9 39.6 39.1 38.5 37.9 37.3 36.9 36.4
Poland 53.1 54.1 53.7 55.7 50.4 51.3 54.2 50.6 48.4 47.5 48.2 49.1 49.9 50.5 51.2
Qatar 29.1 33.5 32.1 30.9 24.9 35.5 46.7 49.8 48.4 52.7 45.9 40.6 37.1 33.3 29.4
Romania 30.9 34.2 37.8 39.0 40.5 39.4 38.9 36.9 36.6 38.0 39.7 41.5 43.3 45.0 46.2
Russia 10.9 11.2 11.9 13.1 16.1 16.4 16.1 15.5 14.0 13.8 13.9 14.1 14.7 15.9 16.9
Saudi Arabia 8.4 5.4 3.0 2.1 1.6 5.8 13.1 17.2 19.1 23.7 25.4 27.6 28.1 32.4 37.5
South Africa 34.7 38.2 41.0 44.1 47.0 49.3 51.5 53.0 56.7 57.8 59.8 61.8 63.5 65.1 66.5
Sri Lanka 71.6 71.1 69.6 71.8 72.2 78.5 79.6 79.1 84.1 83.0 80.6 78.3 75.9 73.8 71.6
Thailand 39.8 39.1 41.9 42.2 43.3 42.6 41.8 41.9 42.1 41.5 41.8 42.3 42.8 43.1 43.5
Turkey 40.1 36.5 32.7 31.4 28.8 27.6 28.3 28.3 29.1 29.9 28.3 28.1 28.1 27.6 26.7
Ukraine 40.6 36.9 37.5 40.5 70.3 79.5 81.2 71.9 63.9 62.0 57.9 53.8 49.8 46.2 43.7
Uruguay4 59.4 58.1 58.0 60.2 61.4 64.6 61.6 65.7 70.0 71.3 71.0 71.2 71.5 71.6 71.3
Venezuela 36.5 50.6 58.1 72.2 63.5 31.7 30.3 33.1 175.6 214.4 228.2 247.5 261.6 274.8 272.8
Average 38.3 37.5 37.5 38.7 40.8 43.9 46.8 48.5 50.8 53.4 55.1 56.8 58.4 59.8 61.2
Asia 40.4 39.8 39.8 41.5 43.6 44.8 47.2 49.4 52.0 55.5 58.2 60.7 63.1 65.0 66.8
Europe 28.3 27.0 25.7 26.6 28.7 31.0 31.9 30.2 29.4 29.6 29.4 29.6 30.0 30.5 30.8
Latin America 48.7 48.7 48.8 49.5 51.5 55.1 58.8 62.6 69.5 70.0 70.0 70.0 70.0 69.7 69.5
MENAP 24.0 21.6 22.8 23.5 23.6 33.3 40.7 40.0 38.6 41.2 41.4 41.6 41.5 42.2 43.2
G20 Emerging 39.1 38.0 37.6 38.7 41.1 44.0 46.8 49.0 51.5 54.6 56.9 59.0 61.1 63.0 64.8
1
Gross debt refers to the nonfinancial public sector, excluding Eletrobras and Petrobras, and includes sovereign debt held on the balance sheet of the central bank.
2
In late 2016, the authorities changed the definition of debt to a consolidated basis which in 2016 was 11.5 percent of GDP lower than the previous aggregate definition. Both the historic and
projection numbers are now presented on a consolidated basis.
3
4
del Uruguay, and Banco de Seguros del Estado. In particular, Uruguay is one of the few countries in the sample for which public debt includes the debt of the central bank, which increases
recorded public sector gross debt.
Table A16. Emerging Market and Middle-Income Economies: General Government Net Debt, 2010–24
(Percent of GDP)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Algeria -33.7 -31.1 -29.0 -29.5 -21.8 -7.6 13.3 21.8 31.7 41.5 43.7 44.1 42.0 37.7 37.7
Angola ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Argentina ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Azerbaijan ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Belarus ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Brazil 38.0 34.5 32.2 30.5 32.6 35.6 46.2 51.6 54.1 56.2 58.7 60.9 62.8 64.2 65.7
Chile -7.0 -8.6 -6.8 -5.6 -4.4 -3.4 0.9 4.4 6.1 8.3 10.0 11.2 12.0 12.6 12.8
China ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Colombia 28.5 27.2 24.8 26.9 32.9 42.1 38.6 39.0 40.6 40.8 39.6 38.1 36.8 35.6 33.9
Croatia 45.8 54.1 59.1 66.5 70.9 72.3 70.5 65.9 ... ... ... ... ... ... ...
Ecuador ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Egypt 1
57.1 61.3 63.5 73.7 77.1 78.8 88.2 93.9 81.3 77.6 76.7 74.4 73.2 73.0 70.6
Hungary 72.5 72.4 70.7 70.9 70.4 71.3 68.8 66.2 62.3 59.5 57.9 56.4 55.1 53.9 52.8
India ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Indonesia 19.7 17.8 18.6 20.6 20.4 22.5 23.8 24.8 25.4 25.8 25.8 26.1 26.3 26.3 26.2
Iran 1.9 -2.5 1.3 -5.6 -5.6 21.7 34.5 28.8 27.2 27.6 26.7 25.3 24.8 25.1 24.3
Kazakhstan -10.2 -12.7 -15.9 -17.6 -19.2 -30.9 -23.8 -16.2 -17.3 -17.6 -17.9 -18.2 -18.3 -18.1 -18.0
Kuwait ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Libya … … … … … … … … … … … … … … …
Malaysia ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Mexico 36.0 37.2 37.2 40.0 42.6 46.5 48.7 45.8 45.0 45.6 45.9 46.0 46.0 45.9 45.8
Morocco 48.5 52.1 56.0 61.2 62.8 63.1 64.4 64.7 64.9 64.9 64.0 62.8 61.7 60.6 59.8
Oman -30.1 -29.7 -29.1 -43.9 -44.1 -43.1 -28.5 -10.8 0.9 10.8 17.0 21.7 27.5 34.1 40.6
Pakistan 56.5 55.8 59.2 60.1 58.0 58.2 61.3 61.4 67.2 72.7 75.3 77.7 79.6 81.4 83.2
Peru 10.2 6.1 2.8 1.5 2.7 5.3 6.9 8.7 10.4 11.6 12.3 12.4 12.6 12.8 13.0
Philippines ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Poland 47.3 48.3 47.9 50.9 44.7 46.6 48.0 44.5 43.6 42.8 43.5 44.4 45.1 45.8 46.5
Qatar ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Romania 22.9 27.4 29.0 29.6 29.7 29.7 27.7 28.3 28.3 29.8 31.6 33.5 35.5 37.2 38.5
Russia ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Saudi Arabia -37.7 -37.7 -47.7 -50.9 -47.1 -35.9 -17.1 -7.7 -0.1 8.8 14.2 21.0 27.0 32.4 37.5
South Africa 28.5 31.3 34.8 38.2 40.8 44.1 45.2 46.8 50.3 53.3 55.9 58.1 60.0 61.7 63.3
Sri Lanka ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Thailand ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Turkey 34.9 31.1 27.5 25.9 23.8 23.0 23.4 22.3 24.9 25.8 24.1 23.9 24.0 23.6 22.8
Ukraine ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Uruguay2 31.1 28.8 25.9 24.2 23.0 25.8 29.9 32.3 36.2 38.1 38.4 38.8 39.3 39.7 39.6
Venezuela ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Average 25.9 23.9 22.4 22.6 23.9 28.3 34.2 35.6 36.4 38.6 39.6 40.5 41.4 42.1 42.6
Asia ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Europe 36.5 34.8 32.0 31.6 29.7 28.8 31.1 30.1 30.3 30.9 30.4 30.5 30.9 31.0 30.9
Latin America 33.0 31.1 29.3 29.3 31.9 35.2 40.7 43.0 43.7 45.3 46.6 47.6 48.4 48.9 49.4
MENAP 0.9 -1.2 -3.2 -4.0 -0.7 14.6 28.2 28.9 30.8 36.2 38.9 41.2 43.5 45.6 47.5
G20 Emerging 27.1 24.7 21.8 21.7 23.2 26.2 32.1 35.0 36.4 39.0 40.3 41.7 43.0 44.0 44.9
1
2
del Uruguay, and Banco de Seguros del Estado. In particular, Uruguay is one of the few countries in the sample for which public debt includes the debt of the central bank, which increases
recorded public sector gross debt.
Table A17. Low-Income Developing Countries: General Government Overall Balance, 2010–24
(Percent of GDP)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Bangladesh -2.7 -3.6 -3.0 -3.4 -3.1 -4.0 -3.4 -3.3 -4.1 -4.2 -3.7 -3.5 -3.5 -3.4 -3.3
Benin -0.4 -1.3 -0.3 -1.9 -2.3 -7.6 -5.9 -5.8 -4.7 -2.7 -1.8 -1.4 -1.1 -0.8 -0.7
Burkina Faso -4.6 -2.3 -3.1 -4.0 -2.0 -2.4 -3.6 -7.9 -4.7 -3.0 -3.0 -3.0 -3.0 -3.0 -3.0
Cambodia -3.8 -4.7 -4.5 -2.6 -1.6 -1.3 -1.4 -1.1 -2.0 -2.0 -2.6 -2.9 -3.2 -3.9 -3.7
Cameroon -1.0 -2.4 -1.4 -3.7 -4.2 -4.4 -6.1 -4.9 -2.7 -2.2 -1.7 -1.5 -1.6 -1.5 -1.5
Chad -4.2 2.4 0.5 -2.1 -4.2 -4.4 -2.0 -0.1 1.4 -0.2 1.5 1.4 2.2 2.9 3.0
Congo, Democratic Republic of the -0.9 -0.9 2.0 2.0 0.1 -0.2 -1.0 -1.5 -0.5 -0.5 -0.5 -0.5 -0.7 -0.8 -0.5
Congo, Republic of 16.6 17.0 9.4 -3.6 -13.6 -24.8 -20.4 -7.5 5.4 7.2 9.6 6.7 7.0 6.3 5.9
Côte d'Ivoire -1.8 -4.0 -3.1 -2.2 -2.2 -2.8 -4.0 -4.5 -4.0 -3.0 -3.0 -2.9 -2.9 -2.9 -2.9
Ethiopia -1.3 -1.6 -1.2 -1.9 -2.6 -1.9 -2.3 -3.3 -3.0 -3.0 -3.0 -2.9 -2.8 -2.7 -2.5
Ghana -7.5 -5.5 -8.4 -9.1 -8.0 -4.1 -6.9 -4.1 -7.0 -5.6 -4.4 -4.1 -4.0 -3.2 -2.8
Guinea -9.6 -0.9 -2.5 -3.9 -3.2 -6.9 -0.1 -2.0 -2.0 -2.3 -1.7 -0.9 -1.0 -1.0 -1.0
Haiti -2.7 -2.5 -4.8 -7.2 -6.4 -2.6 -0.1 -0.5 -2.3 -2.4 -1.8 -1.7 -1.7 -1.7 -1.7
Honduras -3.4 -2.9 -3.5 -5.7 -2.9 -0.8 -0.4 -0.4 0.3 0.6 -0.1 0.1 0.1 0.0 0.0
Kenya -4.4 -4.1 -5.0 -5.7 -7.4 -8.1 -8.3 -7.8 -7.3 -5.2 -4.0 -3.2 -3.0 -3.0 -3.0
Kyrgyz Republic -5.9 -4.7 -5.9 -3.7 -3.4 -2.7 -6.4 -4.6 -1.3 -3.3 -3.0 -3.0 -3.0 -3.0 -3.0
Lao P.D.R. -2.8 -1.5 -0.4 -4.8 -3.9 -2.3 -4.6 -5.6 -4.6 -4.8 -5.0 -4.9 -4.9 -4.9 -4.9
Madagascar -0.9 -2.4 -2.6 -4.0 -2.3 -3.3 -1.3 -2.4 -2.2 -2.5 -4.1 -5.0 -4.9 -4.5 -3.9
Mali -2.6 -3.4 -1.0 -2.4 -2.9 -1.8 -3.9 -2.9 -4.7 -3.0 -3.0 -3.0 -3.0 -3.0 -3.0
Moldova -2.2 -2.0 -1.9 -1.6 -1.6 -1.9 -1.8 -0.8 -1.0 -3.8 -3.5 -2.9 -2.6 -2.5 -2.5
Mozambique -3.8 -4.8 -3.9 -2.7 -10.7 -7.2 -6.3 -3.4 -5.3 -5.4 -6.0 -5.6 -5.7 -3.6 -2.2
Myanmar -5.5 -3.5 1.7 -1.6 -1.1 -4.3 -2.5 -2.7 -2.5 -3.5 -3.8 -4.0 -4.0 -3.8 -3.7
Nepal -0.8 -0.8 -1.3 1.8 1.5 0.7 1.4 -3.1 -6.5 -5.0 -5.0 -1.9 -1.6 -1.2 -1.1
Nicaragua 0.1 0.2 -0.1 -0.7 -1.2 -1.4 -1.6 -1.6 -4.3 -3.4 -4.5 -4.6 -5.0 -5.5 -5.9
Niger -2.4 -1.5 -1.1 -2.6 -8.0 -9.0 -6.1 -5.7 -4.9 -4.5 -3.0 -2.8 -2.0 -1.9 -2.0
Nigeria -4.2 0.4 0.2 -2.3 -2.1 -3.5 -4.0 -5.4 -4.5 -5.1 -4.6 -4.5 -4.5 -4.5 -4.4
Papua New Guinea 3.1 2.2 -1.2 -6.9 -6.3 -4.8 -5.2 -2.7 -2.9 -2.5 -1.9 -1.3 -1.0 -1.0 -0.9
Rwanda -0.7 -0.9 -2.5 -1.3 -4.0 -2.8 -2.3 -2.5 -2.6 -3.2 -3.4 -3.4 -3.5 -3.6 -3.7
Senegal -3.9 -4.9 -4.1 -4.3 -3.9 -3.7 -3.3 -2.9 -3.4 -3.0 -3.0 -3.0 -3.0 -3.0 -3.0
Somalia ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Sudan 0.1 -2.3 -7.4 -5.8 -4.7 -3.8 -4.4 -6.6 -8.5 -8.8 -10.4 -11.8 -13.9 -14.4 -15.0
Tajikistan -3.0 -2.1 0.6 -0.9 -0.1 -2.0 -9.0 -6.0 -4.8 -4.7 -3.5 -3.7 -3.9 -4.5 -4.8
Tanzania -4.8 -3.6 -4.1 -3.8 -2.9 -3.2 -2.1 -1.2 -1.8 -2.6 -3.1 -3.4 -3.5 -3.6 -3.6
Timor-Leste -4.4 -4.7 -6.7 -3.5 -13.4 -17.0 -35.1 -18.7 -17.3 -22.7 -28.8 -22.9 -24.8 -20.2 -19.8
Uganda -5.7 -2.7 -3.0 -4.0 -4.7 -4.7 -4.8 -3.8 -4.8 -6.7 -8.4 -4.8 -4.7 -1.3 -2.5
Uzbekistan 3.2 7.3 7.9 3.5 3.2 1.4 1.9 2.1 3.1 0.9 0.1 0.0 -0.2 -0.5 -0.6
Vietnam -2.8 -1.1 -6.9 -7.4 -6.3 -5.5 -4.7 -4.8 -4.6 -4.5 -4.3 -4.3 -4.3 -4.3 -4.5
Yemen -4.1 -4.5 -6.3 -6.9 -4.1 -8.7 -8.4 -4.9 -4.4 -5.1 -5.5 -3.2 -2.4 -1.2 -0.1
Zambia -2.4 -1.8 -2.8 -6.2 -5.7 -9.3 -5.8 -7.7 -6.5 -5.0 -5.9 -5.3 -4.3 -2.8 -2.1
Zimbabwe 0.2 -2.5 0.0 -1.3 -1.1 -1.8 -6.5 -8.4 -3.8 -2.0 -2.5 -0.3 -0.4 -0.8 -1.0
Average -2.9 -1.3 -2.0 -3.5 -3.3 -3.9 -3.9 -4.2 -4.0 -4.0 -3.8 -3.6 -3.5 -3.4 -3.4
Oil Producers -3.2 0.2 -0.3 -2.9 -2.8 -4.3 -4.8 -5.3 -4.1 -4.5 -4.2 -4.0 -3.9 -3.9 -3.8
Asia -2.8 -2.3 -3.6 -4.6 -4.0 -4.3 -3.7 -3.8 -4.2 -4.3 -4.0 -3.8 -3.8 -3.7 -3.7
Latin America -2.3 -2.0 -2.8 -4.6 -3.2 -1.3 -0.7 -0.8 -1.5 -1.1 -1.6 -1.5 -1.5 -1.7 -1.7
Sub-Saharan Africa -3.5 -1.0 -1.3 -3.1 -3.3 -4.0 -4.4 -4.8 -4.2 -4.1 -3.7 -3.5 -3.5 -3.3 -3.2
Others -0.3 -0.2 -1.4 -2.4 -1.6 -2.9 -2.8 -2.8 -2.6 -3.6 -4.0 -3.6 -3.8 -3.6 -3.4
Note: For country-specific details, see "Data and Conventions" in text, and Table D.
Table A18. Low-Income Developing Countries: General Government Primary Balance, 2010–24
(Percent of GDP)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Bangladesh -0.8 -1.9 -1.1 -1.4 -1.0 -1.9 -1.5 -1.6 -1.7 -2.4 -1.8 -1.7 -1.6 -1.6 -1.4
Benin 0.1 -0.9 0.3 -1.4 -1.9 -6.9 -4.7 -3.8 -2.5 -0.3 0.3 0.5 0.6 0.7 0.6
Burkina Faso -4.1 -1.7 -2.4 -3.4 -1.2 -1.7 -2.6 -6.9 -3.5 -1.7 -1.7 -1.6 -1.6 -1.5 -1.5
Cambodia -3.6 -4.4 -4.2 -2.3 -1.3 -1.0 -1.0 -0.7 -1.6 -1.6 -2.2 -2.5 -2.8 -3.5 -3.3
Cameroon -0.7 -2.0 -1.1 -3.3 -3.8 -4.0 -5.3 -4.0 -1.8 -1.3 -0.7 -0.6 -0.6 -0.7 -0.7
Chad -3.6 3.0 0.9 -1.5 -3.6 -2.7 0.1 1.5 2.8 0.9 2.7 2.4 3.1 3.6 3.7
Congo, Democratic Republic of the -0.7 -0.3 2.5 2.4 0.4 0.0 -0.7 -1.1 -0.1 -0.1 0.0 0.0 0.0 -0.2 0.2
Congo, Republic of 17.5 17.1 9.4 -3.4 -13.4 -23.9 -17.8 -5.4 7.5 8.8 10.9 8.0 8.1 7.2 6.7
Côte d'Ivoire -0.3 -2.2 -1.4 -0.9 -0.9 -1.3 -2.3 -2.8 -2.1 -1.1 -0.7 -0.7 -0.7 -0.8 -0.7
Ethiopia -0.9 -1.2 -0.9 -1.6 -2.2 -1.5 -1.9 -2.8 -2.5 -2.5 -2.5 -2.2 -2.1 -1.9 -1.6
Ghana -5.2 -3.5 -5.8 -5.5 -3.4 1.0 -1.5 1.2 -1.4 0.0 1.7 1.6 1.2 1.3 1.4
Guinea -8.3 0.5 -1.2 -3.0 -2.2 -6.1 0.9 -1.1 -1.0 -1.5 -0.9 0.0 0.0 0.0 0.0
Haiti -2.2 -2.1 -4.4 -6.7 -5.9 -2.3 0.3 -0.2 -2.0 -2.1 -1.4 -1.4 -1.3 -1.4 -1.3
Honduras -4.1 -3.2 -3.6 -5.6 -2.6 0.0 0.2 0.2 1.0 1.6 0.8 0.9 1.1 0.9 0.9
Kenya -2.5 -2.2 -2.9 -3.3 -4.8 -5.3 -5.2 -4.5 -3.7 -1.5 -0.3 0.4 0.4 0.1 0.0
Kyrgyz Republic -5.1 -3.7 -4.9 -2.9 -2.6 -1.8 -5.3 -3.5 0.0 -1.8 -1.6 -1.5 -1.5 -1.4 -1.4
Lao P.D.R. -2.4 -1.0 0.2 -3.8 -3.2 -1.4 -3.5 -4.3 -3.1 -2.9 -3.0 -2.9 -2.9 -3.0 -3.0
Madagascar -0.1 -1.5 -1.9 -3.3 -1.7 -2.5 -0.4 -1.6 -1.3 -1.6 -3.2 -4.1 -4.0 -3.6 -3.0
Mali -2.2 -2.8 -0.4 -1.9 -2.3 -1.2 -3.3 -2.0 -3.9 -2.1 -2.1 -2.1 -2.1 -2.0 -2.0
Moldova -1.5 -1.4 -1.3 -1.1 -1.1 -1.2 -0.6 0.3 -0.3 -3.0 -2.6 -1.9 -1.6 -1.5 -1.5
Mozambique -3.1 -3.9 -2.9 -1.9 -9.6 -5.9 -3.3 0.0 -1.5 -1.5 -2.0 -2.0 -2.5 -0.8 -0.1
Myanmar -4.2 -2.2 3.0 -0.3 0.2 -3.2 -1.2 -1.3 -0.8 -2.0 -2.2 -2.3 -2.1 -1.9 -1.8
Nepal 0.0 0.0 -0.5 2.6 2.1 1.1 1.7 -2.8 -6.0 -4.3 -4.4 -1.3 -1.1 -0.7 -0.7
Nicaragua 0.4 0.6 0.5 -0.4 -0.9 -0.9 -0.9 -0.7 -3.1 -2.1 -2.9 -3.0 -3.2 -3.7 -4.1
Niger -2.2 -1.1 -0.8 -2.3 -7.7 -8.4 -5.1 -4.7 -3.6 -3.1 -1.3 -1.4 -0.7 -0.7 -0.8
Nigeria -3.6 1.2 1.2 -1.3 -1.2 -2.4 -2.7 -4.1 -2.8 -3.5 -3.3 -3.0 -2.8 -2.5 -2.3
Papua New Guinea 4.0 3.2 -0.2 -5.8 -4.7 -3.0 -3.1 -0.4 -0.5 -0.2 0.3 0.7 0.9 0.8 0.9
Rwanda -0.2 -0.5 -2.1 -0.4 -3.2 -1.9 -1.3 -1.5 -1.4 -2.1 -2.1 -2.2 -2.2 -2.5 -2.4
Senegal -3.2 -3.7 -3.0 -3.1 -2.6 -2.2 -1.6 -1.0 -1.4 -1.0 -1.1 -1.2 -1.2 -1.2 -1.4
Somalia ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Sudan 1.1 -1.3 -6.2 -5.3 -3.9 -3.1 -3.9 -6.1 -8.1 -8.3 -10.0 -11.4 -12.7 -13.8 -14.8
Tajikistan -2.5 -1.6 1.1 0.1 0.4 -1.5 -8.3 -5.5 -3.5 -3.5 -2.0 -1.8 -1.8 -2.1 -2.0
Tanzania -4.1 -2.8 -3.1 -2.6 -1.6 -1.7 -0.6 0.4 -0.2 -0.9 -1.2 -1.4 -1.5 -1.4 -1.3
Timor-Leste -4.4 -4.7 -6.7 -3.5 -13.4 -17.0 -35.1 -18.7 -17.2 -22.5 -28.4 -22.4 -24.1 -19.6 -19.1
Uganda -4.8 -1.7 -1.7 -2.7 -3.2 -2.9 -2.4 -1.4 -2.6 -4.3 -5.8 -2.1 -2.0 1.5 0.8
Uzbekistan 3.3 7.3 7.8 3.4 3.1 1.2 1.7 1.9 2.9 0.6 0.0 -0.2 -0.4 -0.6 -0.9
Vietnam -1.6 -0.1 -5.6 -5.9 -4.6 -3.5 -2.7 -2.9 -2.6 -2.5 -2.3 -2.3 -2.2 -2.2 -2.3
Yemen -1.7 -0.2 -0.9 -1.5 1.5 -2.6 -3.1 -4.7 -4.2 -4.9 -2.9 -2.0 -1.3 -0.3 0.9
Zambia -1.0 -0.8 -1.5 -4.7 -3.5 -6.5 -2.4 -3.7 -1.6 -0.5 -0.7 -0.3 0.4 2.0 2.4
Zimbabwe 1.1 -2.2 0.3 -0.7 -0.4 -0.9 -5.9 -7.5 -3.1 -1.1 -1.3 0.6 0.3 -0.2 -0.4
Average -2.0 -0.2 -0.8 -2.2 -2.0 -2.4 -2.3 -2.6 -2.2 -2.3 -2.0 -1.8 -1.7 -1.6 -1.5
Oil Producers -2.4 1.2 0.9 -1.6 -1.5 -2.8 -3.2 -3.9 -2.6 -3.0 -2.7 -2.4 -2.3 -2.1 -1.9
Asia -1.5 -1.1 -2.3 -3.1 -2.4 -2.6 -2.0 -2.2 -2.2 -2.5 -2.2 -2.0 -1.9 -1.9 -1.9
Latin America -2.4 -1.9 -2.6 -4.3 -2.8 -0.7 -0.1 -0.1 -0.8 -0.2 -0.6 -0.6 -0.5 -0.7 -0.7
Sub-Saharan Africa -2.7 0.0 -0.2 -2.0 -2.1 -2.6 -2.7 -3.0 -2.2 -2.1 -1.8 -1.5 -1.5 -1.3 -1.2
Others 0.7 1.2 0.2 -1.0 0.0 -1.3 -1.7 -2.6 -2.3 -3.3 -3.2 -3.1 -3.1 -3.0 -2.9
Note: Primary balance is defined as the overall balance excluding net interest payments. For country-specific details, see "Data and Conventions" in text, and Table D.
Table A19. Low-Income Developing Countries: General Government Revenue, 2010–24
(Percent of GDP)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Bangladesh 10.0 10.4 11.2 11.2 10.9 9.8 10.1 10.2 10.1 10.2 10.2 10.1 10.2 10.2 10.1
Benin 18.9 18.8 19.2 18.5 17.2 17.3 15.3 18.6 18.6 19.2 19.4 19.5 19.5 19.4 19.4
Burkina Faso 19.8 20.7 22.4 24.4 21.6 20.7 21.8 22.1 22.8 22.8 23.0 23.3 23.6 23.7 23.7
Cambodia 17.1 15.9 17.2 18.7 20.1 19.6 20.8 22.1 22.2 22.1 21.7 21.4 21.2 21.0 21.1
Cameroon 15.0 16.3 16.3 16.3 16.6 16.5 14.8 15.0 15.8 15.8 15.9 15.8 15.9 15.9 15.9
Chad 20.2 24.8 24.4 20.7 17.8 14.0 12.6 15.1 16.0 14.7 15.8 15.5 15.7 16.4 16.6
Congo, Democratic Republic of the 15.6 13.7 16.5 14.6 18.6 16.8 11.8 10.4 12.2 12.9 13.6 14.1 14.7 15.0 15.1
Congo, Republic of 41.2 46.4 49.1 50.6 48.1 32.6 34.1 27.7 30.4 32.8 34.0 31.8 33.3 33.8 34.2
Côte d'Ivoire 18.1 14.2 19.2 19.7 18.9 20.0 20.0 20.4 19.7 20.0 20.2 20.3 20.3 20.5 20.5
Ethiopia 17.2 16.6 15.5 15.8 14.9 15.4 15.9 15.0 13.1 13.7 13.1 13.0 13.1 13.3 13.7
Ghana 12.5 14.1 13.7 12.6 13.4 14.9 13.4 13.9 14.6 16.1 15.3 15.9 15.9 16.0 15.9
Guinea 10.8 15.1 17.5 14.8 17.0 14.8 15.8 15.2 15.4 15.6 16.4 16.9 17.2 17.2 16.9
Haiti 19.9 22.0 23.8 21.0 18.9 19.3 18.6 17.7 17.2 16.8 16.8 16.6 16.2 15.8 15.5
Honduras 23.1 23.0 22.9 23.8 24.7 25.2 27.0 26.5 26.9 26.3 26.2 26.1 26.0 26.0 25.9
Kenya 19.8 19.5 19.1 19.7 19.8 19.1 18.7 17.9 18.3 18.7 19.7 19.9 19.7 19.6 19.6
Kyrgyz Republic 31.2 32.7 34.7 34.4 35.4 35.6 33.1 33.4 32.8 34.1 32.4 32.6 32.4 32.1 31.6
Lao P.D.R. 19.5 19.3 20.8 20.4 20.2 20.7 15.8 16.4 16.3 16.2 16.1 16.1 16.1 16.1 16.1
Madagascar 13.2 11.7 10.8 10.9 12.4 11.9 14.8 14.8 14.9 15.9 15.0 14.8 14.8 15.0 15.2
Mali 17.7 17.1 14.6 17.4 17.1 19.1 18.3 20.0 15.4 20.5 21.0 21.1 21.4 21.7 22.0
Moldova 31.9 30.5 31.7 30.9 31.8 30.0 28.6 29.8 30.3 30.0 29.7 29.5 29.4 29.3 29.1
Mozambique 26.1 27.3 27.0 31.4 31.8 28.1 26.2 28.3 26.0 26.1 26.1 26.3 26.5 26.6 25.3
Myanmar 9.1 9.8 20.6 21.2 23.8 19.5 18.8 17.1 17.7 17.3 17.4 17.4 17.7 18.1 18.4
Nepal 18.0 17.8 18.0 19.6 20.4 20.8 23.3 24.4 25.5 29.2 29.4 29.9 30.2 30.6 30.8
Nicaragua 22.5 23.5 23.9 23.5 23.3 24.2 25.3 25.3 24.1 25.7 26.8 24.8 25.4 25.8 26.0
Niger 18.2 17.9 21.4 24.6 23.0 23.3 20.3 21.2 21.4 24.1 25.1 24.6 25.0 25.0 24.7
Nigeria 12.4 17.7 14.3 11.0 10.5 7.6 5.5 6.2 8.0 7.0 7.3 7.2 7.3 7.4 7.5
Papua New Guinea 21.5 21.9 21.2 20.7 20.9 19.3 17.6 17.6 17.9 17.0 17.3 17.6 17.9 17.9 17.9
Rwanda 24.6 25.3 23.2 25.5 24.2 24.6 23.5 22.9 24.1 23.5 23.3 23.6 23.7 23.7 23.7
Senegal 17.6 18.2 18.6 17.7 19.2 19.3 20.7 19.4 18.7 19.1 19.5 19.6 20.1 20.3 20.6
Somalia …. …. …. 1.7 2.3 2.1 2.5 3.5 3.7 4.3 4.4 4.6 4.8 5.0 5.2
Sudan 17.5 15.9 9.1 9.6 8.8 8.4 7.1 7.2 6.9 6.4 5.9 5.5 5.3 5.1 5.0
Tajikistan 23.2 24.9 25.1 26.9 28.4 29.9 29.9 29.7 27.0 27.7 28.1 28.1 28.0 27.7 27.7
Tanzania 15.5 15.6 15.4 15.0 14.4 14.0 14.8 15.4 15.1 15.5 15.6 15.8 16.0 16.1 16.3
Timor-Leste 22.4 19.8 15.8 20.2 26.3 33.2 36.8 30.7 30.0 27.1 23.7 24.1 25.2 23.2 21.9
Uganda 13.2 14.5 13.5 12.7 13.4 15.2 14.8 15.1 15.6 16.1 16.2 17.3 17.5 19.2 19.3
Uzbekistan 36.7 37.7 38.8 34.8 34.3 31.3 30.7 29.4 34.0 30.4 30.7 31.0 31.1 31.2 31.3
Vietnam 27.3 25.9 22.6 23.1 22.2 23.8 23.7 23.5 23.6 23.6 23.5 23.4 23.4 23.3 23.1
Yemen 26.1 25.3 29.9 23.9 23.6 10.6 7.5 3.5 3.8 3.3 5.7 7.5 8.4 9.1 10.9
Zambia 15.6 17.7 18.7 17.6 18.9 18.8 18.2 17.5 18.4 18.1 17.4 17.4 17.4 17.4 17.4
Zimbabwe 18.3 20.7 20.4 19.6 19.3 18.7 16.8 14.1 10.3 8.8 11.7 14.4 15.7 15.7 15.7
Average 17.0 18.8 18.0 16.7 16.5 15.1 14.7 14.9 15.4 15.2 15.3 15.4 15.4 15.5 15.5
Oil Producers 14.8 18.9 16.6 13.7 13.2 9.7 8.2 8.7 10.3 9.3 9.6 9.5 9.6 9.7 9.7
Asia 17.3 17.2 18.1 18.4 18.3 17.6 17.4 17.2 17.3 17.3 17.3 17.2 17.3 17.3 17.2
Latin America 22.2 22.9 23.4 23.1 23.1 23.7 24.9 24.5 24.1 24.2 24.4 23.8 23.9 23.8 23.8
Sub-Saharan Africa 15.0 17.9 16.3 14.6 14.3 12.7 12.0 12.5 13.2 13.1 13.2 13.3 13.4 13.5 13.5
Others 25.4 25.5 26.5 23.3 22.9 18.7 18.5 17.3 18.9 18.4 19.2 19.9 20.5 20.9 21.7
Table A20. Low-Income Developing Countries: General Government Expenditure, 2010–24
(Percent of GDP)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Bangladesh 12.7 14.0 14.2 14.6 14.0 13.8 13.4 13.6 14.2 14.5 13.9 13.7 13.7 13.6 13.4
Benin 19.2 20.1 19.5 20.4 19.4 24.9 21.3 24.4 23.3 22.0 21.2 20.9 20.6 20.2 20.1
Burkina Faso 24.4 23.0 25.5 28.4 23.5 23.1 25.5 30.0 27.5 25.8 26.0 26.3 26.7 26.7 26.7
Cambodia 20.9 20.6 21.7 21.4 21.7 20.9 22.2 23.2 24.2 24.1 24.3 24.3 24.4 25.0 24.8
Cameroon 16.0 18.6 17.8 20.0 20.8 20.9 20.9 19.8 18.5 18.0 17.5 17.4 17.4 17.4 17.4
Chad 24.4 22.4 23.9 22.8 22.0 18.3 14.5 15.2 14.6 14.9 14.3 14.1 13.5 13.5 13.7
Côte d'Ivoire 20.0 18.2 22.3 21.9 21.0 22.8 24.0 24.9 23.7 23.1 23.2 23.2 23.2 23.4 23.4
Ethiopia 18.5 18.2 16.6 17.8 17.5 17.3 18.2 18.2 16.1 16.8 16.1 15.9 15.9 16.0 16.2
Ghana 20.0 19.6 22.1 21.7 21.4 18.9 20.3 18.0 21.6 21.7 19.8 20.0 19.9 19.3 18.7
Guinea 20.5 16.0 20.0 18.6 20.2 21.7 16.0 17.2 17.5 17.9 18.1 17.8 18.1 18.2 17.9
Haiti 22.7 24.5 28.6 28.1 25.3 21.9 18.7 18.2 19.6 19.2 18.6 18.4 17.9 17.6 17.1
Honduras 26.5 25.9 26.4 29.6 27.6 26.0 27.4 26.9 26.5 25.7 26.3 26.0 25.9 26.0 25.9
Kenya 24.2 23.6 24.2 25.4 27.2 27.2 27.0 25.7 25.6 23.9 23.7 23.1 22.7 22.6 22.6
Kyrgyz Republic 37.1 37.4 40.6 38.1 38.9 38.3 39.5 37.9 34.1 37.5 35.4 35.6 35.4 35.2 34.6
Lao P.D.R. 22.3 20.8 21.2 25.2 24.1 23.0 20.5 22.0 20.9 21.0 21.0 21.0 21.0 21.0 21.0
Madagascar 14.0 14.1 13.4 14.9 14.7 15.2 16.1 17.2 17.1 18.4 19.1 19.7 19.7 19.6 19.1
Mali 20.3 20.6 15.5 19.8 20.0 20.9 22.3 22.9 20.2 23.5 23.9 24.2 24.4 24.7 25.0
Moldova 34.1 32.6 33.7 32.4 33.4 31.9 30.3 30.6 31.3 33.9 33.3 32.4 32.0 31.8 31.6
Mozambique 29.9 32.2 30.8 34.1 42.5 35.2 32.5 31.6 31.3 31.5 32.1 31.9 32.2 30.2 27.5
Myanmar 14.6 13.4 18.9 22.8 24.8 23.9 21.3 19.7 20.2 20.7 21.2 21.4 21.7 21.9 22.1
Nepal 18.8 18.6 19.3 17.8 18.8 20.1 21.9 27.5 32.0 34.2 34.4 31.8 31.9 31.8 32.0
Nicaragua 22.4 23.3 24.0 24.2 24.5 25.6 26.9 27.0 28.4 29.1 31.3 29.5 30.3 31.3 31.8
Niger 20.6 19.4 22.5 27.2 31.1 32.4 26.3 26.8 26.3 28.6 28.1 27.5 27.0 26.9 26.7
Nigeria 16.6 17.4 14.1 13.4 12.6 11.1 9.5 11.6 12.5 12.1 11.9 11.7 11.8 11.9 11.9
Papua New Guinea 18.4 19.7 22.4 27.6 27.2 24.1 22.8 20.3 20.8 19.5 19.2 18.9 18.9 18.9 18.9
Rwanda 25.3 26.2 25.7 26.8 28.3 27.4 25.8 25.4 26.7 26.7 26.7 27.0 27.2 27.4 27.4
Senegal 21.6 23.1 22.8 22.0 23.1 23.0 24.0 22.3 22.1 22.0 22.4 22.6 23.0 23.3 23.5
Somalia …. …. …. …. …. …. …. …. …. …. …. …. …. …. ….
Sudan 17.4 18.2 16.5 15.3 13.5 12.2 11.5 13.8 15.4 15.2 16.3 17.3 19.2 19.6 20.0
Tajikistan 26.1 27.0 24.5 27.8 28.5 31.9 38.9 35.6 31.7 32.4 31.6 31.8 31.9 32.2 32.5
Tanzania 20.2 19.1 19.5 18.8 17.3 17.2 16.9 16.6 16.9 18.1 18.7 19.2 19.5 19.7 19.9
Timor-Leste 26.7 24.5 22.5 23.7 39.7 50.2 71.8 49.4 47.3 49.8 52.6 47.0 49.9 43.4 41.7
Uganda 18.8 17.2 16.5 16.7 18.1 19.8 19.7 18.9 20.4 22.8 24.6 22.2 22.1 20.5 21.8
Uzbekistan 33.4 30.4 30.9 31.2 31.1 29.9 28.8 27.3 30.9 29.5 30.5 31.0 31.4 31.7 32.0
Vietnam 30.0 27.0 29.5 30.5 28.5 29.2 28.4 28.4 28.2 28.1 27.8 27.7 27.6 27.6 27.6
Yemen 30.2 29.8 36.2 30.8 27.8 19.3 15.9 8.3 8.2 8.4 11.2 10.7 10.8 10.3 11.0
Zambia 18.1 19.5 21.5 23.8 24.6 28.1 24.0 25.2 24.9 23.1 23.4 22.7 21.7 20.2 19.5
Zimbabwe 18.1 23.2 20.4 20.9 20.4 20.5 23.4 22.5 14.1 10.9 14.2 14.7 16.1 16.6 16.7
Average 20.0 20.0 20.0 20.3 19.9 19.1 18.7 19.1 19.4 19.3 19.2 19.0 19.0 18.9 18.9
Oil Producers 18.0 18.7 16.9 16.6 15.9 14.0 12.9 13.9 14.4 13.8 13.8 13.5 13.5 13.5 13.5
Asia 20.1 19.5 21.7 23.0 22.3 22.0 21.1 21.0 21.5 21.6 21.3 21.0 21.0 21.0 20.9
Latin America 24.5 24.9 26.2 27.7 26.2 25.0 25.6 25.3 25.6 25.3 26.0 25.3 25.4 25.5 25.5
Others 25.8 25.7 27.9 26.5 25.1 22.2 21.9 20.8 22.4 22.8 24.0 24.4 25.1 25.4 25.9
Table A21. Low-Income Developing Countries: General Government Gross Debt, 2010–24
(Percent of GDP)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Bangladesh 35.5 36.6 36.2 35.8 35.3 33.7 33.3 32.5 34.8 34.8 34.5 34.1 33.7 33.3 32.8
Benin 28.7 29.9 26.7 25.3 30.5 42.4 49.7 54.4 54.6 54.0 51.5 48.5 45.4 42.2 38.7
Burkina Faso 31.2 27.6 28.4 29.1 29.9 35.6 39.2 38.4 43.0 42.5 42.1 41.9 41.7 41.5 41.3
Cambodia 28.7 29.7 31.5 31.7 31.9 31.2 29.1 30.0 29.4 29.6 29.6 30.7 32.3 34.3 35.9
Cameroon 14.7 15.7 15.4 18.2 21.5 32.0 32.5 36.9 37.7 38.1 37.4 36.5 35.6 34.5 33.4
Chad 30.1 30.6 28.8 30.5 41.5 43.3 51.8 52.4 46.6 42.9 38.4 34.7 31.1 28.0 24.7
Côte d'Ivoire 63.0 69.2 45.0 43.4 44.8 47.3 48.4 49.8 52.2 50.9 49.1 48.4 47.4 46.8 47.2
Ethiopia 40.5 45.3 42.2 47.5 47.9 54.5 56.1 59.0 61.1 57.4 56.3 55.3 54.9 54.0 53.5
Ghana 34.6 31.4 35.6 43.2 51.2 54.8 57.1 57.3 59.6 62.0 60.0 58.2 56.3 52.7 50.2
Guinea 68.8 58.1 27.2 34.0 35.1 41.9 42.0 40.4 38.7 46.0 45.3 42.9 41.0 39.4 37.6
Haiti 17.3 11.8 16.3 21.5 26.3 30.3 33.7 31.0 33.0 36.2 36.7 37.0 37.3 37.4 37.4
Honduras 23.6 25.2 29.8 37.7 37.5 37.4 38.4 39.1 40.3 40.8 41.0 40.7 39.8 39.4 37.6
Kenya 44.4 43.0 43.9 44.0 48.6 51.4 53.2 54.8 57.2 55.5 52.8 49.5 48.9 49.4 49.6
Kyrgyz Republic 59.7 50.1 50.5 47.1 53.6 67.1 59.1 58.8 56.0 56.1 55.5 55.3 54.5 54.4 54.4
Lao P.D.R. 53.5 49.0 53.6 54.3 56.5 56.0 56.4 60.3 63.0 64.1 65.3 66.0 66.9 67.5 67.8
Madagascar 34.7 35.0 35.5 36.1 34.7 35.7 41.9 40.3 39.7 41.0 42.1 43.5 45.1 46.1 46.6
Mali 25.3 24.0 25.4 26.4 27.4 30.7 35.9 35.4 36.6 36.9 37.6 38.2 38.9 39.1 39.6
Moldova 22.3 20.0 20.5 20.0 25.6 33.1 31.9 29.3 27.1 28.8 30.7 31.0 32.0 32.5 33.0
Mozambique 43.3 38.0 40.1 53.1 62.4 88.1 121.6 103.2 100.4 124.5 119.9 115.3 111.5 100.9 89.5
Myanmar 49.6 46.1 43.4 37.1 37.4 41.6 41.8 47.3 49.4 49.1 47.8 46.5 44.9 43.7 42.5
Nepal 34.0 31.7 34.3 32.2 28.2 25.6 27.9 26.4 30.4 33.1 34.1 33.8 33.5 32.6 31.9
Nicaragua 30.3 28.8 27.9 28.8 28.7 29.2 31.2 34.0 37.2 40.9 43.9 46.5 48.8 50.9 52.2
Niger 20.7 25.9 24.9 24.7 30.6 39.7 43.7 49.0 55.1 55.6 54.1 52.5 48.3 45.8 44.2
Nigeria 9.6 17.6 17.7 18.6 17.5 20.3 23.4 25.3 28.4 30.1 31.4 32.7 33.8 34.9 35.9
Papua New Guinea 17.3 16.3 19.1 24.9 27.1 32.3 37.8 37.5 36.9 37.7 37.0 36.6 35.8 35.0 34.3
Rwanda 19.3 16.7 18.9 20.8 26.6 29.7 32.9 36.5 40.7 50.0 51.3 52.5 54.2 55.6 56.4
Senegal 28.3 32.7 34.2 36.8 42.4 44.5 47.7 60.6 64.4 62.0 60.4 59.4 55.2 52.4 51.6
Somalia ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Sudan 67.4 69.5 97.0 93.1 83.2 83.1 99.9 122.0 163.2 177.9 182.4 186.2 182.5 181.6 182.3
Tajikistan 36.6 35.3 32.3 29.1 27.7 34.7 42.0 50.4 47.9 49.5 50.7 52.1 53.5 55.8 58.4
Tanzania 27.3 27.8 28.7 30.0 32.6 35.9 36.4 36.6 36.0 36.6 37.2 38.1 39.1 40.4 41.8
Timor-Leste 0.0 0.0 0.0 0.1 0.5 1.5 3.1 3.8 5.4 ... ... ... ... ... ...
Uganda 22.4 23.4 24.5 27.8 30.7 34.3 37.1 39.7 42.2 44.8 48.1 49.6 49.5 48.4 46.4
Uzbekistan 8.4 8.4 8.8 7.9 7.8 8.7 10.5 24.1 23.5 23.2 23.3 23.8 24.1 24.3 24.0
Vietnam 48.1 45.6 48.1 51.7 54.7 57.1 59.7 58.2 57.5 57.4 57.1 57.3 57.4 57.4 57.6
Yemen 42.4 45.7 47.3 48.2 48.7 54.9 68.0 76.4 63.3 54.7 42.8 36.6 31.1 26.0 22.4
Zambia 18.9 20.8 25.4 27.1 36.1 62.3 60.7 62.7 72.4 80.5 83.5 84.1 82.8 80.0 76.8
Zimbabwe 49.6 41.4 37.2 38.6 40.3 41.8 54.2 52.9 29.8 21.0 20.5 20.1 19.6 18.6 17.7
Average 29.9 31.5 31.8 32.9 33.7 37.7 41.3 43.7 45.0 45.1 44.5 44.1 43.6 43.2 42.8
Oil Producers 16.0 22.1 21.1 22.3 22.0 26.2 30.1 32.8 34.4 34.8 34.8 35.2 35.5 35.9 36.3
Asia 40.8 39.6 40.4 41.2 42.3 43.1 44.0 43.7 44.7 44.9 44.6 44.4 44.2 43.9 43.7
Latin America 24.1 23.3 26.4 31.5 32.5 33.5 35.3 36.0 37.9 39.9 40.9 41.4 41.5 41.8 41.0
Others 43.8 43.3 48.0 46.0 44.2 47.4 53.1 67.8 72.3 69.1 65.0 62.4 58.8 56.0 53.8
Table A22. Low-Income Developing Countries: General Government Net Debt, 2010–24
(Percent of GDP)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Bangladesh ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Benin ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Burkina Faso ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Cambodia ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Cameroon 10.5 12.6 13.1 15.9 19.9 27.8 30.9 33.6 34.7 35.8 34.9 34.3 33.8 33.3 32.4
Chad ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Congo, Democratic Republic of the ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Congo, Republic of ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Côte d'Ivoire ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Ethiopia 32.4 40.0 37.0 41.9 43.3 49.7 52.0 55.0 57.5 54.4 53.8 53.1 53.1 52.3 52.1
Ghana 32.2 28.6 34.0 40.2 46.3 50.7 52.0 52.0 55.0 57.0 55.6 54.3 52.8 49.6 47.5
Guinea ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Haiti ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Honduras ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Kenya 40.2 39.1 40.1 40.1 44.4 46.3 47.9 49.1 51.8 52.2 50.9 47.7 47.1 47.6 47.9
Kyrgyz Republic ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Lao P.D.R. ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Madagascar ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Mali 16.9 17.1 21.2 20.5 20.0 24.7 29.7 29.9 31.9 32.2 32.6 32.9 33.4 34.0 33.1
Moldova ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Mozambique ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Myanmar ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Nepal ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Nicaragua ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Niger 16.6 22.2 19.9 19.1 24.2 34.4 39.2 43.3 51.1 51.9 50.7 49.3 45.3 43.0 41.4
Nigeria 6.3 12.6 10.8 11.7 13.8 15.9 19.0 20.9 24.2 26.3 28.0 29.6 31.1 32.5 33.7
Papua New Guinea ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Rwanda ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Senegal ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Somalia ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Sudan ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Tajikistan ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Tanzania ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Timor-Leste ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Uganda ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Uzbekistan ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Vietnam ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Yemen 38.3 42.3 45.3 46.7 47.8 54.1 67.1 75.5 62.7 54.2 42.4 36.3 30.8 25.7 22.1
Zambia 15.9 16.4 20.1 25.2 31.8 56.1 51.3 55.9 65.0 72.3 75.8 76.7 76.3 74.2 71.7
Zimbabwe ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Average … … … … … … … … … … … … … … …
Oil Producers … … … … … … … … … … … … … … …
Asia … … … … … … … … … … … … … … …
Latin America … … … … … … … … … … … … … … …
Sub-Saharan Africa … … … … … … … … … … … … … … …
Others … … … … … … … … … … … … … … …
Table A23. Advanced Economies: Structural Fiscal Indicators
(Percent of GDP, except where otherwise indicated)
Pension Net Present Net Present Projected Interest Nonresident

Health Care
Spending Value of Pension Value of Health Average Term to Rate–Growth Precrisis Overall Projected Holding of General
Spending Gross Financing Debt-to-Average
Change, 2015– Spending Care Spending Maturity, 2019 Differential, Balance, Overall Balance, Government Debt,
Change, 2015– Need, 20193 Maturity, 2019
301 Change, 2015– Change, 2015– (years)4 2019–24 2000–07 2019–24 2018
30
50 1, 2
50 2
(percent) (percent of total)5
Australia 0.8 25.3 1.6 59.6 3.0 7.7 5.3 -1.2 1.1 -0.3 41.8
Austria 0.6 17.1 1.5 59.0 7.7 9.9 7.2 -1.6 -2.2 -0.4 74.2
Belgium 0.5 17.9 2.0 76.8 17.0 9.7 10.2 -1.1 -0.5 -1.4 60.7
Canada 1.1 29.0 1.2 46.8 9.6 5.5 16.0 0.6 1.1 -0.6 22.5
Cyprus 0.7 21.0 … … 8.7 6.6 15.3 -2.6 -2.3 2.1 74.6
Czech Republic 0.1 20.1 0.7 25.1 3.3 5.4 5.8 -1.3 -3.8 0.7 41.9
Denmark -1.2 -44.4 1.3 46.0 4.4 8.1 4.2 0.2 2.5 -0.2 32.1
Estonia -0.8 -21.9 0.4 21.1 ... … … -4.9 1.4 0.1 74.3
Finland 1.3 25.5 1.6 50.8 6.0 6.5 9.3 -1.6 4.0 -0.1 65.5
France 0.4 -2.0 0.8 30.6 13.5 7.5 13.2 -1.3 -2.7 -2.6 53.8
Germany 1.4 39.7 1.0 47.8 3.5 5.9 9.7 -2.0 -2.4 0.9 52.2
Hong Kong SAR 1.8 55.1 … … … … … 0.1 0.0 1.0 …
Iceland 0.3 7.5 2.6 94.0 1.5 14.1 2.3 2.1 1.1 0.5 23.7
Ireland 1.0 43.3 1.0 38.3 7.2 10.0 6.3 -2.8 1.5 0.4 65.8
Israel 0.6 26.1 0.4 15.4 ... 6.1 9.7 -0.9 -3.8 -2.5 13.5
Italy6 1.7 47.2 1.0 40.8 23.7 6.7 19.9 1.1 -3.1 -3.5 30.5
Japan -1.2 -31.7 2.2 72.0 39.5 8.0 29.7 -0.7 -6.0 -2.1 10.6
Korea 2.0 75.4 2.1 84.3 -0.1 7.4 5.5 -1.0 2.0 1.1 13.4
Latvia -1.0 -35.9 0.9 32.8 ... 8.4 4.4 -2.8 -1.3 -0.5 76.1
Lithuania 0.2 1.0 0.7 27.5 2.8 6.5 5.2 -1.9 -1.8 0.3 79.9
Luxembourg 1.3 53.5 1.7 74.1 … 5.5 3.9 -3.5 2.4 1.4 44.4
Malta -1.0 -13.2 … … 5.1 8.6 5.0 -2.4 -4.9 0.6 13.0
Netherlands 0.3 14.2 2.8 94.6 5.1 7.2 7.2 -1.7 -0.8 0.8 42.1
New Zealand 1.6 53.8 2.0 66.4 4.4 6.9 4.1 0.1 3.1 0.9 60.8
Norway 0.7 22.3 1.9 78.2 … 4.6 8.0 -1.9 13.2 7.4 47.1
Portugal 0.9 24.6 2.0 74.3 14.4 6.2 19.2 -0.3 -4.5 0.1 56.1
Singapore7 0.8 27.8 … … 0.9 3.9 27.7 5.6 3.1 …
Slovak Republic -0.8 -16.1 0.6 26.5 2.9 8.6 5.4 -2.8 -5.0 0.3 63.9
Slovenia 1.1 51.5 1.0 42.9 5.7 8.9 7.3 -1.5 -1.0 0.5 65.7
Spain 0.4 27.4 1.7 60.0 16.7 7.4 13.0 -0.9 0.4 -2.5 49.7
Sweden -0.9 -33.5 0.6 25.0 3.7 4.6 8.1 -2.8 1.2 0.3 30.7
Switzerland 0.4 15.8 3.1 116.1 1.4 10.9 3.6 -1.1 -0.3 0.3 11.0
United Kingdom 0.2 8.3 1.9 65.0 9.5 15.0 5.7 -0.8 -1.9 -0.9 32.5
United States 1.5 31.4 3.6 122.3 25.1 5.7 18.7 -1.3 -2.6 -4.3 30.3
Average 0.9 21.4 2.4 85.1 19.1 7.0 15.9 -1.1 -2.1 -2.2 33.8
G7 1.0 20.6 2.6 90.4 22.3 6.9 17.9 -1.0 -2.9 -2.9 31.7
G20 Advanced 1.0 22.9 2.5 89.1 20.8 6.9 17.1 -1.0 -2.6 -2.7 31.4
Sources: Bloomberg Finance L.P.; Joint External Debt Hub, Quarterly External Debt Statistics; national authorities; and IMF staff estimates and projections.
Note: All economy averages are weighted by nominal GDP converted to U.S. dollars at average market exchange rates in the years indicated and based on data availability.
1
Pension projections rely on authorities’ estimates when these are available. For the European Union countries, pension projections are based on The 2018 Ageing Report of the European Commission. When authorities' estimates are not available, staff projections
use the methodology described in Clements, Eich, and Gupta, Equitable and Sustainable Pensions: Challenges and Experience (IMF, 2014). Staff projections for health care spending are driven by demographic and other factors. The difference between the growth of
health care spending and real GDP growth that is not explained by demographics (“excess cost growth”) is assumed to start at the economy specific historic average and converge to the advanced economy historic average by 2050 (0.8 percent).
2 For net present value calculations, a discount rate of 1 percent a year in excess of GDP growth is used for each economy.
3
Gross financing need is defined as the projected overall deficit and maturing government debt in 2019. For most economies, data on maturing debt refer to central government securities. Data are from Bloomberg Finance L.P. and IMF staff projections.
4
For most economies, average term to maturity data refer to central government securities; the source is Bloomberg Finance L.P.
5
Nonresident holding of general government debt data are for the fourth quarter of 2018 or latest available from the Joint External Debt Hub (JEDH), Quarterly External Debt Statistics, which include marketable and nonmarketable debt. For some economies, tradable
instruments in the JEDH are reported at market value. External debt in U.S. dollars is converted to local currency, then taken as a percentage of 2018 gross general government debt.
6 Italy's pension projections do not reflect the new demographic assumptions. Taking more prudent assumptions for the employment rate, productivity growth, and demographics, staff calculations show that the change in pension spending over 2015-30 would be about
3 percent of GDP, see Italy 2017 Article IV Staff Report Box 4.

7 Singapore's general government debt is covered by financial assets and issued to develop the bond market.
Table A24. Emerging Market and Middle-Income Economies: Structural Fiscal Indicators
Pension Health Care Net Present Projected Interest Nonresident Holding

Net Present Value Precrisis Projected
Spending Spending Value of Health Gross Average Term Rate–Growth of General
of Pension Debt-to-Average Overall Overall
Change, 2015– Change, 2015– Care Spending Financing to Maturity, Differential, Government Debt,
Spending Change, Maturity, 2019 Balance, Balance,
301 30 Change, 2015– Need, 20193 2019 (years)4 2019–24 2018
2015–501, 2 2000–07 2019–24
502 (percent) (percent of total)5
Algeria 3.0 122.4 1.0 44.4 ... … … -5.1 7.4 -1.2 2.4
Angola 0.4 16.2 0.2 7.7 ... … … -3.6 2.5 -0.1 …
Argentina 0.8 40.7 0.9 37.1 15.3 10.5 7.2 -13.2 -0.2 -1.4 35.4
Azerbaijan 5.1 148.9 0.3 11.7 ... … … 2.3 6.3 4.7 …
Belarus 3.8 114.7 0.7 27.6 ... 5.0 10.3 -2.0 -7.2 -1.0 59.8
Brazil6 5.1 203.8 1.1 44.2 15.0 6.2 14.5 1.8 -3.6 -6.6 10.3
Chile -0.8 -22.8 1.3 53.3 2.4 10.5 2.6 -1.8 2.4 -1.1 28.9
China 2.0 70.7 0.8 31.9 … … … -5.4 -1.8 -5.5 …
Colombia -0.6 -37.8 1.2 48.4 4.9 8.5 5.8 -0.2 -1.9 -1.1 29.1
Croatia -0.6 -38.9 1.2 45.5 8.7 4.4 16.1 -1.0 -4.3 0.2 35.3
Dominican Republic 0.3 15.1 0.7 26.9 6.7 8.6 4.9 -0.3 -2.0 -3.3 60.0
Ecuador 0.8 33.4 1.0 39.9 5.6 5.7 8.6 3.4 1.2 2.4 66.2
Egypt 2.3 51.1 0.2 8.7 36.6 3.0 29.1 -5.0 -4.6 -5.2 20.4
Hungary -1.1 -21.8 1.0 40.1 15.5 3.4 19.4 -2.2 -6.4 -1.9 37.6
India 0.0 -5.7 0.2 9.0 10.7 9.3 7.4 -3.6 -8.6 -6.4 5.4
Indonesia 0.2 9.2 0.3 10.3 3.8 8.4 3.5 -2.7 -0.7 -1.8 59.0
Iran 2.0 109.9 1.0 43.0 ... … … -16.3 3.1 -4.7 …
Kazakhstan 1.7 47.5 0.4 14.9 ... 6.9 3.0 -3.3 4.7 1.5 28.7
Kuwait 7.4 330.1 0.7 31.2 ... 3.6 5.0 -0.5 29.0 6.7 …
Malaysia 2.1 82.4 0.5 19.5 10.0 7.1 7.9 -2.6 -3.8 -2.6 22.3
Mexico 0.6 18.6 0.7 31.1 10.1 8.4 6.5 1.7 -2.0 -2.4 30.9
Morocco 1.8 61.4 0.5 22.6 9.1 5.9 11.1 -1.9 -3.3 -3.1 19.8
Oman 0.6 27.8 0.8 36.6 ... 9.5 6.4 2.1 10.0 -7.4 …
Pakistan 0.1 5.3 0.1 4.9 42.3 1.1 72.4 -0.3 -2.9 -7.9 29.0
Peru 0.3 15.3 0.7 30.8 4.4 12.4 2.2 -0.2 -0.4 -1.1 28.0
Philippines 0.2 7.8 0.2 8.8 4.3 8.1 4.8 -3.7 -2.4 -1.6 25.4
Poland -0.2 -7.5 1.0 40.0 7.9 4.8 9.9 -1.5 -4.1 -3.0 46.7
Qatar 0.9 38.7 0.6 27.5 ... 8.1 6.5 -1.1 9.0 6.5 …
Romania -1.2 -16.2 0.9 33.6 8.0 5.8 6.5 -2.3 -2.5 -4.1 43.9
Russia 3.4 96.6 0.6 24.2 0.4 7.0 2.0 0.9 4.2 0.3 21.9
Saudi Arabia 2.4 92.9 1.0 38.9 ... 8.2 2.9 1.3 6.9 -6.7 …
South Africa 0.3 13.2 0.7 26.8 14.0 13.1 4.4 0.5 -0.6 -5.0 32.6
Sri Lanka 1.2 43.2 0.4 14.8 18.1 5.3 17.0 -0.8 -6.9 -3.7 43.5
Thailand 3.8 125.7 0.7 28.7 5.4 6.8 6.1 -2.1 -0.4 -0.8 12.3
Turkey7 -0.1 15.5 0.8 33.6 7.1 6.3 4.8 -1.7 -5.8 -3.3 41.4
Ukraine 1.0 99.8 0.5 21.0 8.1 9.0 6.9 -4.5 -2.4 -2.1 48.1
United Arab Emirates 0.6 29.6 0.7 28.2 ... … … -2.2 9.1 -0.4 …
Uruguay8 -0.4 -3.9 1.2 47.7 17.9 11.2 6.4 -4.6 -2.1 -3.2 39.0
Venezuela … … … … ... … … … 0.1 -29.9 …
Average 1.7 61.6 0.7 29.0 10.3 6.9 9.1 -3.7 -1.1 -4.4 16.3
G20 Emerging 1.9 65.7 0.7 28.9 9.4 7.0 8.1 -3.6 -1.9 -4.9 13.3
Sources: Joint External Debt Hub, Quarterly External Debt Statistics; national authorities; and IMF staff estimates and projections.
Note: All country averages are weighted by nominal GDP converted to U.S. dollars at average market exchange rates in the years indicated and based on data availability.
1
Pension projections rely on authorities’ estimates when these are available. For the European Union countries, pension projections are based on The 2018 Ageing Report of the European Commission. When authorities' estimates are not available, staff projections use
the methodology described in Clements, Eich, and Gupta, Equitable and Sustainable Pensions: Challenges and Experience (IMF, 2014). Staff projections for health care spending are driven by demographic and other factors. The difference between the growth of health
care spending and real GDP growth that is not explained by demographics (“excess cost growth”) is assumed at the advanced economy historic average by 2050 (0.8 percent).
2
For net present value calculations, a discount rate of 1 percent a year in excess of GDP growth is used for each country.
3
Gross financing need is defined as the projected overall balance and maturing government debt in 2019. Data are from IMF staff projections.
4
Average term to maturity data refer to central government securities; the source is Bloomberg Finance L.P.
5
Nonresident holding of general government debt data are the fourth quarter of 2018 or latest available from the Joint External Debt Hub (JEDH), Quarterly External Debt Statistics, which include marketable and nonmarketable debt. For some countries, tradable
instruments in the JEDH are reported at market value. External debt in U.S. dollars is converted to local currency, then taken as a percentage of 2018 gross general government debt.
6
IMF staff projects an increase in pension spending in Brazil equivalent to 5.9 percent of GDP by 2030. For more detail, refer to Fiscal Challenges of an Aging Population in Brazil (IMF, 2016).
7
Average Term to Maturity indicator for Turkey is in accordance with the published data for Central Government debt securities as of January 2019.
8
Data corresponds to the consolidated public sector (as presented in the authorities' budget documentation), which includes the nonfinancial public sector, local governments, Banco Central del Uruguay, and Banco de Seguros del Estado. In particular, Uruguay is one of
the few countries in the sample for which public debt includes the debt of the central bank, which increases recorded public sector gross debt.
Table A25. Low-Income Developing Countries: Structural Fiscal Indicators
Projected
Pension Net Present Health Care Net Present Nonresident Holding
Interest Rate– Precrisis Projected
Spending Value of Pension Spending Value of Health Average Term of General
Debt-to-Average Growth Overall Overall
Change, 2015– Spending Change, 2015– Care Spending to Maturity, Government Debt,
Maturity, 2019 Differential, Balance, Balance,
301 Change, 2015– 30 Change, 2015– 2019 (years)3 2018
2019–24 2000–07 2019–24
50 1, 2
50 2
(percent of total)4
(percent)
Bangladesh 0.3 13.1 0.1 3.5 5.4 6.4 -6.0 -2.8 -3.6 37.6
Benin 0.1 3.4 0.2 9.7 2.6 20.6 -4.1 -2.3 -1.4 …
Burkina Faso 0.0 3.2 0.4 17.6 1.6 26.2 -4.1 -1.8 -3.0 53.5
Cambodia 0.1 3.0 0.3 10.8 … … -7.5 -3.2 -3.0 93.4
Cameroon 0.0 0.6 0.1 6.0 6.0 6.3 -3.6 5.3 -1.7 62.4
Chad 0.0 -0.1 0.2 7.9 … … -4.6 -2.4 1.8 …
Congo, Democratic Republic of the 0.0 0.2 0.3 11.2 … … -4.5 -0.7 -0.6 …
Congo, Republic of 0.1 6.0 0.3 10.8 … … 0.7 4.8 7.1 …
Côte d'Ivoire 0.0 2.4 … … … … -3.5 -1.0 -2.9 …
Ethiopia 0.0 0.9 0.2 9.3 … … -13.2 -4.8 -2.8 …
Ghana 0.1 3.5 0.5 19.0 5.5 11.3 -3.6 -3.3 -4.0 …
Guinea 0.0 0.3 0.3 10.7 … … -10.1 -2.5 -1.3 …
Haiti … … 0.2 6.5 … … -11.1 -2.5 -1.8 …
Honduras 0.3 8.8 0.7 26.5 3.5 11.6 -0.3 -2.0 0.1 …
Kenya 0.2 9.6 0.3 11.7 5.9 9.4 -3.5 -1.4 -3.6 47.3
Kyrgyz Republic 5.2 148.3 0.6 23.6 … … -4.9 -4.8 -3.1 83.9
Lao P.D.R. 0.1 2.6 0.3 10.2 … … -6.1 -3.5 -4.9 …
Madagascar 0.3 12.3 0.4 17.3 … … -7.7 -3.4 -4.2 …
Mali -0.2 -2.6 0.2 9.0 2.2 16.9 -4.1 1.3 -3.0 …
Moldova 3.7 115.3 0.9 34.4 6.0 4.8 -5.0 -0.3 -3.0 55.1
Mozambique -0.1 0.1 0.4 17.3 2.2 56.5 -7.7 -3.3 -4.7 …
Myanmar 0.3 11.7 … … … … -8.1 -4.1 -3.8 …
Nepal 0.1 4.9 0.3 10.9 … … -8.3 -1.0 -2.6 …
Nicaragua 1.0 47.6 0.9 36.3 1.5 28.2 -0.8 -1.3 -4.8 81.1
Niger 0.0 -0.4 0.3 13.2 … … -5.6 2.6 -2.7 …
Nigeria 0.0 0.2 0.1 4.3 5.1 5.9 -4.8 2.3 -4.6 …
Papua New Guinea 0.0 0.7 0.5 18.1 … … 0.2 1.8 -1.4 31.9
Rwanda 0.1 2.7 0.8 32.0 … … -9.2 -0.5 -3.5 77.1
Senegal 0.0 4.6 0.3 10.2 12.3 5.1 -6.1 -0.9 -3.0 …
Somalia … … … … … … … … …
Sudan 0.0 1.2 0.3 12.6 … … -38.2 -0.9 -12.4 …
Tajikistan 0.5 17.1 0.3 13.6 … … -5.3 -2.8 -4.2 75.7
Tanzania 0.0 4.0 0.4 16.9 4.6 7.9 -3.3 -1.8 -3.3 …
Timor-Leste … … … … … … 2.7 -2.3 -23.2 …
Uganda 0.0 1.0 0.3 12.6 3.5 12.8 -4.4 -1.0 -4.8 64.2
Uzbekistan 4.0 132.9 0.6 23.0 … … -14.4 -3.0 -0.1 …
Vietnam 2.5 93.6 0.5 18.5 6.9 8.3 -5.5 -1.7 -4.4 …
Yemen 0.0 1.3 0.1 6.0 … … -9.9 -0.7 -2.9 …
Zambia 1.8 58.6 0.4 15.4 4.8 16.9 -5.5 -0.4 -4.2 …
Zimbabwe … … … … … … -8.6 … -1.2 …
Average 0.6 22.4 0.3 10.7 1.2 2.6 -6.1 -0.2 -3.7 19.4
Sources: Joint External Debt Hub, Quarterly External Debt Statistics; national authorities; and IMF staff estimates and projections.
Note: All country averages are weighted by nominal GDP converted to U.S. dollars at average market exchange rates in the years indicated and based on data availability.
1
Pension projections rely on authorities’ estimates when these are available. For the European Union countries, pension projections are based on The 2018 Ageing Report of the European Commission. When authorities' estimates are not available, staff
projections use the methodology described in Clements, Eich, and Gupta, Equitable and Sustainable Pensions: Challenges and Experience (IMF, 2014). Staff projections for health care spending are driven by demographic and other factors. The difference
between the growth of health care spending and real GDP growth that is not explained by demographics (“excess cost growth”) is assumed at the advanced economy historic average by 2050 (0.8 percent).
2
For net present value calculations, a discount rate of 1 percent a year in excess of GDP growth is used for each country.
3
Average term to maturity data refer to central government securities; the source is Bloomberg Finance L.P.
4
Nonresident holding of general government debt data are the fourth quarter of 2018 or latest available from the Joint External Debt Hub (JEDH), Quarterly External Debt Statistics, which include marketable and nonmarketable debt. For some countries,
tradable instruments in the JEDH are reported at market value. External debt in U.S. dollars is converted to local currency, then taken as a percentage of 2018 gross general government debt.
Table B. Advanced Economies: Definition and Coverage of Fiscal Monitor Data
Overall Fiscal Balance1 Cyclically Adjusted Balance
Coverage Accounting Coverage
Practice
Aggregate Subsectors Aggregate
Australia GG CG,SG,LG,TG A GG
Austria GG CG,SG,LG,SS A GG
Belgium GG CG,SG,LG,SS A GG
Canada GG CG,SG,LG,SS A GG
Cyprus GG CG,LG,SS A GG
Czech Republic GG CG,LG,SS A GG
Denmark GG CG,LG,SS A GG
Estonia GG CG,LG,SS C …
Finland GG CG,LG,SS A GG
France GG CG,LG,SS A GG
Germany GG CG,SG,LG,SS A GG
Greece GG CG,LG,SS A GG
Hong Kong SAR GG CG C GG
Iceland GG CG,LG,SS A GG
Ireland GG CG,LG,SS A GG
Israel GG CG,LG,SS Mixed GG
Italy GG CG,LG,SS A GG
Japan GG CG,LG,SS A GG
Korea CG CG, SS C CG
Latvia GG CG,LG,SS C GG
Lithuania GG CG,LG,SS A GG
Luxembourg GG CG,LG,SS A GG
Malta GG CG,SS A GG
Netherlands GG CG,LG,SS A GG
New Zealand CG CG A CG
Norway GG CG,LG,SS A GG
Portugal GG CG,LG,SS A GG
Singapore GG CG C GG
Slovak Republic GG CG,LG,SS A GG
Slovenia GG CG,LG,SS C GG
Spain GG CG,SG,LG,SS A GG
Sweden GG CG,LG,SS A GG
Switzerland GG CG,SG,LG,SS A GG
United Kingdom GG CG,LG A GG
United States GG CG,SG,LG A GG
Note: Coverage: CG = central government; GG = general government; LG = local governments; NFPC = nonfinancial public corporations; PS
territorial governments. Accounting standard: C = cash; A = accrual; Mixed = combination of accrual and cash accounting.
1
In many economies, fiscal data follow the IMF’s Government Finance Statistics Manual 2014. The concept of overall fiscal balance refers to n
however, the overall balance refers to total revenue and grants minus total expenditure and net lending.
2
Nominal = debt securities are valued at their nominal values, that is, the nominal value of a debt instrument at any moment in time is the am
principal to be repaid at (or before) maturity. The use of face value as a proxy for nominal value in measuring the gross debt position can resu
recommended, unless nominal and market values are not available. Current market = debt securities are valued at market prices; insurance, p
principles that are equivalent to market valuation; and all other debt instruments are valued at nominal prices, which are considered to be the
or Data
Cyclically Adjusted Balance Gross Debt
Coverage Accounting Coverage Valuation of
Practice Debt2
Subsectors Aggregate Subsectors
CG,SG,LG,TG A GG CG,SG,LG,TG Nominal
CG,SG,LG,SS A GG CG,SG,LG,SS Face
CG,LG,SS A GG CG,LG,SS Face
CG,LG,SS A GG CG,LG,SS Nominal
... ... GG CG,LG,SS Nominal
CG C GG CG Face
CG,LG,SS Mixed GG CG,LG,SS Nominal
CG,LG,SS A GG CG,LG,SS Current market
CG, SS C CG CG, SS Nominal
CG,LG,SS C GG CG,LG,SS Nominal
CG,SS A GG CG,SS Nominal
CG A CG CG Current market
CG,LG,SS A GG CG,LG,SS Current market
CG C GG CG Nominal
CG,LG,SS C GG CG,LG,SS Face
CG,SG,LG,SS A GG CG,SG,LG,SS Nominal
CG,SG,LG,SS A GG CG,SG,LG,SS Nominal
CG,LG A GG CG,LG Nominal
CG,SG,LG A GG CG,SG,LG Nominal
s; NFPC = nonfinancial public corporations; PS = public sector; SG = state governments; SS = social security funds; TG =
crual and cash accounting.
The concept of overall fiscal balance refers to net lending (+) and borrowing (–) of the general government. In some cases,
t lending.
ebt instrument at any moment in time is the amount that the debtor owes to the creditor. Face = undiscounted amount of
e in measuring the gross debt position can result in an inconsistent approach across all instruments and is not
urities are valued at market prices; insurance, pension, and standardized guarantee schemes are valued according to
nominal prices, which are considered to be the best generally available proxies of their market prices.
Table C. Emerging Market and Middle-Income Economies: Definition and Coverage of Fiscal Monitor Data
Overall Fiscal Balance1 Cyclically Adjuste
Practice
Algeria CG CG C ...
Angola GG CG, LG Mixed ...
Argentina GG CG,SG,SS C CG
Azerbaijan CG CG C ...
Belarus 3
GG CG,LG,SS C ...
Brazil 4
NFPS CG,SG,LG,SS, MPC,NFPC C NFPS
Chile GG CG,LG A GG
China GG CG,LG C GG
Colombia5 GG CG,SG,LG,SS Mixed GG
Croatia GG CG,LG A GG
Dominican Republic GG CG,SG,LG,SS, NMPC Mixed GG
Ecuador NFPS CG,SG,LG,SS, NFPC C NFPS
Egypt GG CG,LG,SS C GG
Hungary GG CG,LG,SS,NMPC A GG
India GG CG,SG C GG
Indonesia GG CG,LG C GG
Iran CG CG C ...
Kazakhstan GG CG,LG A ...
Kuwait CG CG Mixed ...
Libya GG CG,SG,LG C ...
Malaysia GG CG,SG,LG C GG
Mexico PS CG,SS,NMPC,NFPC C PS
Morocco CG CG A ...
Oman CG CG C ...
Pakistan GG CG,SG,LG C ...
Peru GG CG,SG,LG,SS C GG
Philippines GG CG,LG,SS C GG
Poland GG CG,LG,SS A GG
Qatar CG CG C ...
Romania GG CG,LG,SS C GG
Russia GG CG,SG,SS Mixed GG
Saudi Arabia CG CG C ...
South Africa 6
GG CG,SG,SS C GG
Sri Lanka CG CG C ...
Thailand 7
PS CG,BCG,LG,SS A PS
Turkey GG CG,LG,SS A GG
Ukraine GG CG,SG,LG,SS C GG
United Arab Emirates 8
GG CG,BCG,SG,SS C ...
Uruguay PS CG,LG,SS,MPC, NFPC A ...
Venezuela 9
GG BCG,NFPC C GG
Note: Coverage: BCG = budgetary central government; CG = central government; GG = general government; LG = local governments; MPC =
nonfinancial public sector; NMPC = nonmonetary financial public corporations; PS = public sector; SG = state governments; SS = social secu
accounting.
1
In many countries, fiscal data follow the IMF’s Government Finance Statistics Manual 2014. The concept of overall fiscal balance refers to ne
refers to total revenue and grants minus total expenditure and net lending.
2
before) maturity. The use of face value as a proxy for nominal value in measuring the gross debt position can result in an inconsistent approac
Current market = debt securities are valued at market prices; insurance, pension, and standardized guarantee schemes are valued according
prices, which are considered to be the best generally available proxies of their market prices.
3
Gross debt refers to general government public debt, including publicly guaranteed debt.
4
Gross debt refers to the nonfinancial public sector, excluding Eletrobras and Petrobras, and includes sovereign debt held on the balance she
5
Revenue is recorded on a cash basis and expenditure on an accrual basis.
6
Coverage for South Africa is a proxy for general government. It includes the national and provincial governments and certain public entities,
7
Data for Thailand do not include the debt of specialized financial institutions (SFIs/NMPC) without government guarantee.
8
Gross debt covers banking system claims only.
9
The fiscal accounts for 2010–22 correspond to the budgetary central government and Petróleos de Venezuela S.A. (PDVSA), whereas the fi
(including PDVSA), Instituto Venezolano de los Seguros Sociales (IVSS—social security), and Fondo de Garantía de Depósitos y Protección
age of Fiscal Monitor Data
Accounting Coverage
Practice
Subsectors Aggregate Subsectors
... ... CG CG
... ... GG CG, LG
CG C CG CG
... ... CG CG
... ... GG CG,LG,SS
CG,SG,LG,SS, MPC,NFPC C NFPS CG,SG,LG,SS, MPC,NFPC
CG,LG A GG CG,LG
CG,LG C GG CG,LG
CG,SG,LG,SS Mixed GG CG,SG,LG,SS
CG,LG A GG CG,LG
CG,SG,LG,SS, NMPC Mixed GG CG,SG,LG,SS, NMPC
CG,SG,LG,SS, NFPC C NFPS CG,SG,LG,SS, NFPC
CG,LG,SS C GG CG,LG,SS
CG,LG,SS,NMPC A GG CG,LG,SS,NMPC
CG,SG C GG CG,SG
CG,LG C GG CG,LG
... ... CG CG
... ... GG CG,LG
... ... CG CG
... ... GG CG,SG,LG
CG,SG,LG C GG CG,SG,LG
CG,SS,NMPC,NFPC C PS CG,SS,NMPC,NFPC
... ... CG CG
... ... CG CG
... ... GG CG,SG,LG
CG,SG,LG,SS C GG CG,SG,LG,SS
CG,LG,SS A GG CG,LG,SS
... ... CG CG
CG,SG,SS Mixed GG CG,SG,SS
... ... CG CG
CG,SG,SS C GG CG,SG,SS
... ... CG CG
CG,BCG,LG,SS A PS CG,BCG,LG,SS
CG,LG,SS A GG CG,LG,SS
CG,SG,LG,SS C GG CG,SG,LG,SS
... ... GG CG,BCG,SG,SS
... ... PS CG,LG,SS,MPC, NFPC
BCG,NFPC C GG BCG,NFPC
ment; LG = local governments; MPC = monetary public corporations, including central bank; NFPC = nonfinancial public corporations; NFPS =
state governments; SS = social security funds. Accounting standard: C = cash; A = accrual; Mixed = combination of accrual and cash
pt of overall fiscal balance refers to net lending (+) and borrowing (–) of the general government. In some cases, however, the overall balance
ment at any moment in time is the amount that the debtor owes to the creditor. Face = undiscounted amount of principal to be repaid at (or
can result in an inconsistent approach across all instruments and is not recommended, unless nominal and market values are not available.
antee schemes are valued according to principles that are equivalent to market valuation; and all other debt instruments are valued at nominal
vereign debt held on the balance sheet of the central bank.
ernments and certain public entities, while local governments are only partly covered, through the transfers to them.
rnment guarantee.
ezuela S.A. (PDVSA), whereas the fiscal accounts for years before 2010 correspond to the budgetary central government, public enterprises
Garantía de Depósitos y Protección Bancaria (FOGADE—deposit insurance).
Valuation of
Debt2
Nominal
Nominal
Nominal
Face
Nominal
Nominal
Face
Face
Face
Nominal
Face
Face
Nominal
Face
Nominal
Face
Nominal
Nominal
Nominal
Face
Nominal
Face
Face
Nominal
Nominal
Face
Nominal
Face
Nominal
Face
Current market
Nominal
Nominal
Nominal
Nominal
Nominal
Nominal
Nominal
Face
Nominal
al public corporations; NFPS =
on of accrual and cash
, however, the overall balance
principal to be repaid at (or

arket values are not available.
truments are valued at nominal
overnment, public enterprises

Table D. Low-Income Developing Countries: Definition and Coverage of Fiscal Monitor Data
Overall Fiscal Balance1
Coverage Accounting
Practice
Aggregate Subsectors
Bangladesh CG CG C
Benin CG CG C
Burkina Faso GG CG CB
Cambodia CG CG,LG A
Cameroon NFPS CG,NFPC C
Chad NFPS CG,NFPC C
Democratic Republic of the Congo GG CG,LG A
Republic of Congo CG CG A
Côte d'Ivoire CG CG A
Ethiopia CG CG,SG,LG,NFPC C
Ghana CG CG C
Guinea CG CG C
Haiti 3
CG CG C
Honduras GG CG,LG,SS Mixed
Kenya CG CG A
Kyrgyz Republic GG CG,LG,SS C
Lao P.D.R.4 CG CG C
Madagascar CG CG,LG C
Mali CG CG Mixed
Moldova GG CG,LG,SS C
Mozambique CG CG,SG Mixed
Myanmar5 NFPS CG,NFPC C
Nepal CG CG C
Nicaragua GG CG,LG,SS C
Niger CG CG A
Nigeria GG CG,SG,LG C
Papua New Guinea CG CG C
Rwanda GG CG,LG Mixed
Senegal CG CG C
Somalia CG CG C
Sudan CG CG Mixed
Tajikistan GG CG,LG,SS C
Tanzania CG CG,LG C
Timor-Leste CG CG C
Uganda CG CG C
Uzbekistan6 GG CG,SG,LG,SS C
Vietnam GG CG,SG,LG C
Yemen GG CG,LG C
Zambia CG CG C
Zimbabwe CG CG C
Note: Coverage: BCG = budgetary central government; CG = central government; CPS = combined public sector; EA = extrabudgetary units;
including central bank; NC = non-cash; NFPC = nonfinancial public corporations; NFPS = nonfinancial public sector; NMPC = nonmonetary f
cash; A = accrual; CB = commitments basis accounting; Mixed = combination of accrual and cash accounting.
1
In many countries, fiscal data follow the IMF’s Government Finance Statistics Manual 2014. The concept of overall fiscal balance refers to ne
and grants minus total expenditure and net lending.
2
use of face value as a proxy for nominal value in measuring the gross debt position can result in an inconsistent approach across all instrume
at market prices; insurance, pension, and standardized guarantee schemes are valued according to principles that are equivalent to market va
proxies of their market prices.
3
Haiti’s fiscal balance and debt data cover the central government, special funds and programs (Fonds d’Entretien Routier and Programme de
4
Lao P.D.R.'s fiscal spending includes capital spending by local governments financed by loans provided by the central bank.
5
Overall and primary balances in 2012 are based on the monetary statistics and are different from the balances calculated from expenditure a
6
Uzbekistan's listing includes the Fund for Reconstruction and Development.
Monitor Data
Practice
CG CG C CG
... ... ... CG
... ... ... GG
CG CG,LG A CG
... ... ... NFPS
... ... ... NFPS
... ... ... GG
... ... ... CG
... ... ... CG
... ... ... CG
... ... ... CG
... ... ... CG
… … … CG
GG CG,LG,SS Mixed GG
... ... ... CG
... ... ... GG
CG CG C CG
... ... ... CG
... ... ... CG
GG CG,LG,SS C GG
CG CG,SG Mixed CG
... ... ... NFPS
CG CG C CG
GG CG,LG,SS C GG
... ... ... CG
... ... ... GG
... ... ... CG
... ... ... GG
CG CG C CG
CG CG C CG
... ... ... CG
... ... ... GG
... ... ... CG
CG CG C CG
... ... ... CG
... ... ... GG
GG CG,SG,LG C GG
... ... ... GG
... ... ... CG
... ... ... CG
lic sector; EA = extrabudgetary units; FC = financial public corporations; GG = general government; LG = local governments; MPC = monetary public corpo
ublic sector; NMPC = nonmonetary financial public corporations; PS = public sector; SG = state governments; SS = social security funds. Accounting stan
nting.
pt of overall fiscal balance refers to net lending (+) and borrowing (–) of the general government. In some cases, however, the overall balance refers to total
ment at any moment in time is the amount that the debtor owes to the creditor. Face = undiscounted amount of principal to be repaid at (or before) maturity.
nsistent approach across all instruments and is not recommended, unless nominal and market values are not available. Current market = debt securities ar
ciples that are equivalent to market valuation; and all other debt instruments are valued at nominal prices, which are considered to be the best generally av
d’Entretien Routier and Programme de Scolarisation Universelle, Gratuite, et Obligatoire), and the state-owned electricity company EDH.
d by the central bank.
alances calculated from expenditure and revenue data.
Gross Debt
Coverage Valuation of
Debt2
Subsectors
CG Nominal
CG Nominal
CG Face
CG,LG Face
CG,NFPC Current market
CG,NFPC Face
CG,LG Nominal
CG Nominal
CG Nominal
CG,SG,LG,NFPC Nominal
CG Face
CG Nominal
CG Nominal
CG,LG,SS Nominal
CG Current market
CG,LG,SS Face
CG …
CG,LG Nominal
CG Nominal
CG,LG,SS Nominal
CG,SG Nominal
CG,NFPC Face
CG Face
CG,LG,SS Nominal
CG Nominal
CG,SG,LG Current market
CG Face
CG,LG Nominal
CG Nominal
CG …
CG Nominal
CG,LG,SS Nominal
CG,LG Nominal
CG …
CG Nominal
CG,SG,LG,SS Nominal
CG,SG,LG Nominal
CG,LG Nominal
CG Current market
CG Current market
ment; LG = local governments; MPC = monetary public corporations,
ate governments; SS = social security funds. Accounting standard: C =
nt. In some cases, however, the overall balance refers to total revenue
ounted amount of principal to be repaid at (or before) maturity. The

t values are not available. Current market = debt securities are valued
minal prices, which are considered to be the best generally available
the state-owned electricity company EDH.

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International Monetary Fund

Fiscal Affairs Department

April 2019 Fiscal Monitor "Curbing Corruption"

In case of questions, please contact: fiscalmonitor@imf.org

April 2019 Fiscal Monitor "Curbing Corruption"

Methodological and Statistical Appendix

cing Needs, 2019-20

d Sustainable Development Goals in 2030

creased Tax Revenue, 2030

bal Financial Crisis

ge of Fiscal Monitor Data

Average 6.1 3.8 9.9 6.5 3.6 10.2

1. Advanced Economies 2. Emerging Market and Middle-Income

2007 2008 2009 2010 2011 2012 2013 2014

hocks have yet to be reversed.

dle-Income 3. Low-Income Developing Countries

ancial crisis; PPP = purchasing power parity.

2015 2016 2017 2018

1. Advanced Economies 2. Emerging Market and Middle-Incom

obal financial crisis.

ket and Middle-Income 3. Low Income Developing Countries

2013 2014 2015 2016 2017 2018

8 Gini Index (RHS) 50 8 Gini Index (RHS) 50

base; and IMF staff estimates.

1. Advanced Economies 2. Emerging

Source: IMF staff estimates.

1. Emerging Market and Middle-Income Economies 2. Low-Income Developing Countries

Source: Gaspar and others (2019).

res substantial additional spending.

lth Education Energy 1 Transport 2 Water

onsistent with high performance in the selected

Source: World Input-Output Database Socio-Economic Accounts.

Israel ISR 59.3

The fiscal stance is easing across major advanced economies.

2012 2013 2014 2015

-20 Nominal excha nge rate Rea l GDP

Source: IMF World Economic Outlook Database and

2.0 B ubble size =

Source: IMF World Economic Outlook Database.

FRA 98.6 0.0

Source: IMF World Economic Outlook Database.

2 EMMIEs Oil exporters Non-oil exporters

Source: IMF World Economic Outlook Database. 2024

Sources: IMF World Economic Outlook Database

10.0 Turkey 0.7 1.4 -1.9 2.2 -4.8

Source: Bloomberg Finance L.P.

Source: Bloomberg Finance L.P.

1/16/2018 102.54 96.56 89.50 88.79

2/20/2018 112.15 100.69 85.08 91.48

4/3/2018 118.08 109.28 102.76 96.41

5/22/2018 129.66 140.55 115.47 106.28

9/4/2018 221.47 200.00 122.10 136.77

10/23/2018 187.85 150.17 113.81 123.32

Revenue has remained broadly flat since 2010, despite a

Non-tax revenue, EMMIEs of which oil exporters

Total expenditure has increased following the global financial

6.0 Employee compensation 10.0

4.0 Goods and services

Interest expense 5.0

-2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0

Source: IMF, World Economic Outlook Database.

Source: IMF, World Economic Outlook Database.

Source: IMF, World Economic Outlook Database.