Classification of Economies in the World Economic Outlook (WEO)
The economy classification in the WEO divides the world into two major groups: advanced economies and emerging and developing economies. Please refer to the introduction to the WEO's Statistical Appendix for details. This classification is not based on strict criteria, economic or otherwise, and has evolved over time. The objective is to facilitate analysis by providing a reasonably meaningful method of organizing data.
Some economies remain outside the classification and therefore are not included in the analysis. Cuba and the Democratic People’s Republic of Korea are examples of economies that are not IMF members, and the IMF therefore does not monitor them.
Euro Area
Major Advanced Economies (G7)
Other Advanced Economies (Advanced Economies excluding G7 and Euro Area)
European Union
ASEAN-5
Emerging Market and Developing Economies
Emerging and Developing Asia
Emerging and Developing Europe
Latin America and the Caribbean
Middle East and Central Asia
Sub-Saharan Africa
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Andorra
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Hong Kong SAR
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Norway
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Austria
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Germany
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Malta
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Canada
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Italy
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United States |
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Austria
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France
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Malta
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Indonesia
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Singapore
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Afghanistan
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Georgia
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Paraguay
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Bangladesh
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Myanmar
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Albania
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North Macedonia
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Antigua and Barbuda
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Dominica
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Panama
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Afghanistan
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Mauritania
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Angola
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Eritrea
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Namibia
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Composite data for country groups in the WEO are either sums or weighted averages of data for individual countries. Arithmetically weighted averages are used for all data for the emerging market and developing economies group—except data on inflation, for which geometric averages are used. The following conventions apply:
Composites for other data relating to the domestic economy, whether growth rates or ratios, are weighted by GDP valued at purchasing power parity as a share of total world or group GDP. For the aggregation of inflation in advanced economies (and subgroups), annual rates are simple percentage changes from the previous years; for the aggregation of world inflation and inflation in emerging market and developing economies (and subgroups), annual rates are based on logarithmic differences.
Composites for real GDP per capita in purchasing-power-parity terms are sums of individual country data after conversion to the international dollar in the years indicated.
Unless noted otherwise, composites for all sectors for the euro area are corrected for reporting discrepancies in transactions within the area. Unadjusted annual GDP data are used for the euro area and for the majority of individual countries, except for Cyprus, Ireland, Portugal, and Spain, which report calendar-adjusted data. For data prior to 1999, data aggregations apply 1995 European currency unit exchange rates.
Composites for fiscal data are sums of individual country data after conversion to US dollars at the average market exchange rates in the years indicated.
Composite unemployment rates and employment growth are weighted by labor force as a share of group labor force.
Composites relating to external sector statistics are sums of individual country data after conversion to US dollars at the average market exchange rates in the years indicated for balance of payments data and at end-of-year market exchange rates for debt denominated in currencies other than US dollars.
Composites of changes in foreign trade volumes and prices, however, are arithmetic averages of percent changes for individual countries weighted by the US dollar value of exports or imports as a share of total world or group exports or imports (in the preceding year).
Unless noted otherwise, group composites are computed if 90 percent or more of the share of group weights is represented.