The global current account balance, measured as a share of global GDP, also shows a narrowing trend. The global current account balance shrank to 1.3% of world GDP in 2012 from 1.5% in 2011, well down from its peak of 2.2% in 2007 (Figure 1.1.9). Developing Asia as a whole continued to show a surplus, cont...
ributing nearly 0.5% of world GDP to the surplus, of which more than half was from the PRC. Developing Asia’s surpluses are still large, but the region’s share of the world surplus has been declining, from almost 60% in 2009 to 41% in 2011 and to 37% in 2012.
Aside from developing Asia, the dominant supply-side contributors continue to be the Middle East (mainly oil exporters), Japan, and the Russian Federation. As the oil price has stayed elevated over the past 2 years, the Middle East’s current account surplus remained above 0.5% of world GDP.
On the deficit side, the US is the dominant player, with a deficit of nearly 0.7% of world GDP. Stable growth in overseas markets, particularly emerging markets, has helped underpin demand for US-made goods, keeping the US current account gap from expanding as sustained spending in the US drives import growth. The figures underscore US dependence on foreign investors for funding.
Sources: ADB estimates using data from International Monetary Fund; World
Economic Outlook database (October 2012); Asian Development Outlook
Never miss a thing with our weekly newsletter. We'll send you the latest and greatest infographics, news and all things Visually.
Go ahead, you can always opt out anytime with just one click.
Switch to Wordpress Code
Click bellow to copy
Get Notified of New Infographics
Thank you for subscribing to the Visually newsletter.
Just one last thing: we've sent you an email asking you to confirm your subscription.
Tell your story visually before December 31st and get a free iPad Air!*
The holidays are a great time to tell your brand story. From Black Friday trends and Mobile Shopping guides to the Best and Worst Times to Book Travel and Thanksgiving etiquette, the Visually team will help you craft your brand's unique stories and raise your social profile during the noisy holiday season.