2024-02-20-IMF-IMF_Committee_on_Balance_of_Payments_Statistics_2023_Annual_Report_17页_384kb

IMF Committee on Balance of Payments Statistics 2023 Annual Report Summary

Overview

The 2023 Annual Report reviews global balance of payments and international investment position (IIP) trends, focusing on post-COVID recovery impacts. It also outlines the Committee's work, including updates to the BPM6 standard, and the 2024 work plan centered on finalizing the BPM7 standard.

Key Trends

• Post-Pandemic Recovery: Cross-border current-account flows returned to pre-pandemic levels in 2022, driven by commodity price increases and trade rebounds. Services exports' share in total exports slowly recovered.
• Trade & Investment Flows: Global merchandise and services exports grew, though at reduced rates compared to pre-pandemic peaks. Portfolio investment flows decreased due to monetary tightening in advanced economies (AEs).
• Financial Flows: Other investment liabilities and cross-border financial flows declined significantly, reflecting reduced debt flows to emerging markets (EMDEs). Reserve assets decreased notably in AEs.
• Asymmetries: Current account imbalances normalized, but some asymmetries in the financial account persist, partly due to incomplete data coverage. Global IIP assets and liabilities decreased but remain high compared to pre-pandemic levels.

Committee Work in 2023

• BPM6 Update: Phase II of the BPM6 methodology update began, with progress on preparing an Annotated Outline (AO) for BPM7, integrating updates with the 2008 SNA.
• Harmonization: Work on a macroeconomic statistics glossary completed, providing harmonized definitions for key terms.
• Outreach & Implementation: Two regional outreach seminars held; training programs expanded to support national compilers. Three task teams established to provide guidance on complex topics like crypto assets and sustainable finance.
• Sustainable Finance & Climate Change: Climate-related indicators included in BPM7; support for tools like the MARIO model and Carbon Price App provided for climate policy analysis.
• Financial Interconnectedness: Coordinated Portfolio Investment Survey (CPIS) data enhanced with the ESI.

2024 Work Program

• BPM7 Finalization: Work on remaining BPM7 chapters and annexes to conclude in Q2-Q4 2024, with a white-cover version released in March 2025.
• Outreach: Seven regional seminars scheduled for 2024 to discuss implementation plans and proposed changes.
• Global Asymmetries: Establishment of a Task Force to address bilateral data discrepancies.

Conclusion

The Committee remains focused on methodology updates, promoting consistent international data standards, and addressing challenges like climate change and data gaps, with the BPM7 launch as a key milestone.