IMF: Global Current Account Balances to Decline in 2023 After Increasing in 2022 Due to High Oil and Commodity Trade
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The current account balance shows a country's financial dealings with the world, including trade, investment, and transfers.
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According to the IMF, global current account balances will decline in 2023 after increasing in 2022.
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Higher trade balances for oil and commodities widened balances in 2022 due to the Ukraine conflict.
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Libya has the highest current account balance in Africa at 21.3% of GDP.
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Nigeria rounds out the top 10 African countries with a balance of 0.7% of GDP.