WASHINGTON: The International Monetary Fund (IMF) said yesterday that global current account imbalances narrowed in 2019 as trade slowed, and the coro...
The International Monetary Fund said yesterday that global current account imbalances narrowed in 2019 as trade slowed, and the coronavirus could narrow them further in 2020, but some commodity exporters and tourism-dependent countries will swing to current account deficits.
"Major commodity exporters should see their current accounts going from significant surpluses to significant deficits," IMF chief economist Gita Gopinath said in a webcast presentation of the report. The fund said the US dollar's current account position in 2019, a deficit of 2.3% of GDP, was moderately weaker than warranted by economic fundamentals and would likely narrow to 2.0% in 2020. But it estimated that the dollar's real effective exchange rate was overvalued by around 11% in 2019.
On a different front, the World Trade Organization expects global trade to fall 13% this year due to coronavirus shocks, significantly less than its most pessimistic scenario of a 32% slump, its outgoing chief said.
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