A number of assumptions have been adopted by the IMF for the projections presented in the World Economic Outlook. It has been assumed that real effective exchange rates will remain constant at their average levels during July 5–August 2, 2006, except for the currencies participating in the European exchange rate mechanism II (ERM II), which are assumed to remain constant in nominal terms relative to the euro; that established policies of national authorities will be maintained; that the average price of oil will be $69.20 a barrel in 2006 and $75.50 a barrel in 2007, and remain unchanged in real terms over the medium term; that the six-month London interbank offered rate (LIBOR) on U.S. dollar deposits will average 5.4% in 2006 and 5.5% in 2007; that the three-month euro deposits rate will average 3.1% in 2006 and 3.7% in 2007; and that the six-month Japanese yen deposit rate will yield an average of 0.5% in 2006 and of 1.1% in 2007. These are, of course, working hypotheses rather than forecasts, and the uncertainties surrounding them add to the margin of error that would in any event be involved in the projections. The estimates and projections are based on statistical information available through end-August 2006.
In line with recent improvements in standards of reporting economic statistics, several countries have phased out their traditional fixed-base-year method of calculating real macroeconomic variables levels and growth by switching to a chain-weighted method of computing aggregate growth. Recent dramatic changes in the structure of these economies have obliged these countries to revise the way in which they measure real GDP levels and growth. Switching to the chain-weighted method of computing aggregate growth, which uses current price information, allows countries to measure GDP growth more accurately by eliminating upward biases in new data. Currently, real macroeconomic data for List 1 are based on chain-weighted methodology. However, data for List 2 are based on unrevised national accounts and subject to revision in the future.
List 1: Albania, Australia, Austria, Azerbaijan, Canada, Czech Republic, Denmark, euro area, Finland, Georgia, Germany, Greece, Iceland, Ireland, Italy, Japan, Kazakhstan, Lithuania, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Russia, Slovenia, Spain, Sweden, Switzerland, the United Kingdom, the United States.
List 2: Before 1996 (Albania), 1988 (Austria), 1995 (Czech Republic), 1990 (Denmark), 1995 (euro area), 1991 (Germany), 1995 (Greece), 1990 (Iceland), 1994 (Japan), 1995 (Luxembourg), 1987 (New Zealand), 1995 (Russia), 1995 (Slovenia), 1995 (Spain).
All data refer to calendar years, except for the following countries, which refer to fiscal years:
- Australia (July/June)
- Bangladesh (July/June)
- Egypt (July/June)
- Iran, I.R. of, (March/February)
- Mauritius (July/June)
- Myanmar (April/March)
- Nepal (July/June)
- Netherlands Antilles, (February/January)
- New Zealand (July/June)
- Pakistan (July/June)
- Samoa (July/June)
- Tonga (July/June)
These conventions have been used throughout the WEO:
- Domestic economy series are expressed in billions of national currency units.
- External accounts series are expressed in billions of U.S. dollars.
- Billion means a thousand million.
World regions (country-composite geos)
- Advanced Economies [IIMAE]
- Australia, Iceland, Portugal, Austria, Ireland, Puerto Rico, Belgium, Israel, San Marino, Canada, Italy, Singapore, Cyprus, Japan, Slovak Republic, Czech Republic, Korea, Slovenia, Denmark, Latvia, Spain, Estonia, Lithuania, Sweden, Finland, Luxembourg, Switzerland, France, Macao SAR, Taiwan Province of China, Germany, Malta, United Kingdom, Greece, Netherlands, United States, Hong Kong SAR, New Zealand, Norway
- Euro Area [IEUZN]
- Austria, Germany, Malta, Belgium, Greece, Netherlands, Cyprus, Ireland, Portugal, Estonia, Italy, Slovak Republic, Finland, Latvia, Slovenia, France, Lithuania, Spain, Luxembourg
- Major Advanced Economies (G7) [IMAJ7]
- Canada, France, Germany, Italy, Japan, United Kingdom, United States
- Other Advanced Economies (Advanced Economies excluding G7 and Euro Area) [IIMAO]
- Australia, Czech Republic, Denmark, Hong Kong SAR, Iceland, Israel, Korea, Macao SAR, New Zealand, Norway, Puerto Rico, San Marino, Singapore, Sweden, Switzerland, Taiwan Providence of China
- European Union [IEU25]
- Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovak Republic, Slovenia, Spain, Sweden, United Kingdom
- Emerging and Developing Economies [IEMDE]
- Afghanistan, Fiji, Papua New Guinea, Albania, Gabon, Paraguay, Algeria, The Gambia, Peru, Angola, Georgia, Philippines, Antigua and Barbuda, Ghana, Poland, Argentina, Grenada, Qatar, Armenia, Guatemala, Romania, Aruba, Guinea, Russia, Azerbaijan, Guinea-Bissau, Rwanda, The Bahamas, Guyana, Samoa, Bahrain, Haiti, São Tomé and Príncipe, Bangladesh, Honduras, Saudi Arabia, Barbados, Hungary, Senegal, Belarus, India, Serbia, Belize, Indonesia, Seychelles, Benin, Iran, Sierra Leone, Bhutan, Iraq, Solomon Islands, Bolivia, Jamaica, Somalia, Bosnia and Herzegovina, Jordan, South Africa, Botswana, Kazakhstan, South Sudan, Brazil, Kenya, Sri Lanka, Brunei Darussalam, Kiribati, St. Kitts and Nevis, Bulgaria, Kosovo, St. Lucia, Burkina Faso, Kuwait, St. Vincent and the Grenadines, Burundi, Kyrgyz Republic, Sudan1, Cabo Verde, Lao P.D.R., Suriname, Cambodia, Lebanon, Syria2, Cameroon, Lesotho, Tajikistan, Central African Republic, Liberia, Tanzania, Chad, Libya, Thailand, Chile, Madagascar, Timor-Leste, China, Malawi, Togo, Colombia, Malaysia, Tonga, Comoros, Maldives, Trinidad and Tobago, Democratic Republic of the Congo, Mali, Tunisia, Republic of Congo, Marshall Islands, Turkey, Costa Rica, Mauritania, Turkmenistan, Côte d'Ivoire, Mauritius, Tuvalu, Croatia, Mexico, Uganda, Djibouti, Micronesia, Ukraine, Dominica, Moldova, United Arab Emirates, Dominican Republic, Mongolia, Uruguay, Ecuador, Montenegro, Uzbekistan, Egypt, Morocco, Vanuatu, El Salvador, Mozambique, Venezuela, Equatorial Guinea, Myanmar, Vietnam, Eritrea, Namibia, Yemen, Eswatini, Nauru, Zambia, Ethiopia, Nepal, Zimbabwe, Nicaragua, Niger, Nigeria, North Macedonia, Oman, Pakistan, Palau, Panama
- Emerging and Developing Asia [IIMDS]
- Bangladesh, Myanmar, Bhutan, Nauru, Brunei Darussalam, Nepal, Cambodia, Palau, China, Papua New Guinea, Fiji, Philippines, India, Samoa, Indonesia, Solomon Islands, Kiribati, Sri Lanka, Lao P.D.R., Thailand, Malaysia, Timor-Leste, Maldives, Tonga, Marshall Islands, Tuvalu, Micronesia, Vanuatu, Mongolia, Vietnam
- ASEAN-5 [IASEA5]
- Indonesia, Malaysia, Philippines, Thailand, Vietnam
- Emerging and Developing Europe (IEDEU)
- Albania, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Hungary, Kosovo, Moldova, Montenegro, North Macedonia, Poland, Romania, Russia, Serbia, Turkey, Ukraine
- Emerging and Developing Europe, pre-2019m10 definition (Archived with "_G19") [IEDEU]
- Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Hungary, Kosovo, Montenegro, North Macedonia, Poland, Romania, Serbia, Turkey
- Latin America and the Caribbean [ILACA]
- Antigua and Barbuda, Dominican Republic, Paraguay, Argentina, Ecuador, Peru, Aruba, El Salvador, St. Kitts and Nevis, The Bahamas, Grenada, St. Lucia, Barbados, Guatemala, St. Vincent and the Grenadines, Belize, Guyana, Suriname, Bolivia, Haiti, Trinidad and Tobago, Brazil, Honduras, Uruguay, Chile, Jamaica, Venezuela, Colombia, Mexico, Costa Rica, Nicaragua, Dominica, Panama
- Middle East and Central Asia [IMECA]
- Afghanistan, Libya, Algeria, Mauritania, Armenia, Morocco, Azerbaijan, Oman, Bahrain, Pakistan, Djibouti, Qatar, Egypt, Saudi Arabia, Georgia, Somalia, Iran, Sudan, Iraq, Syria, Jordan, Tajikistan, Kazakhstan, Tunisia, Kuwait, Turkmenistan, Kyrgyz Republic, United Arab Emirates, Lebanon, Uzbekistan, Yemen
- Sub-Saharan Africa [IIMSS]
- Angola, Equatorial Guinea, Namibia, Benin, Eritrea, Niger, Botswana, Eswatini, Nigeria, Burkina Faso, Ethiopia, Rwanda, Burundi, Gabon, São Tomé and Príncipe, Cabo Verde, The Gambia, Senegal, Cameroon, Ghana, Seychelles, Central African Republic, Guinea, Sierra Leone, Chad, Guinea-Bissau, South Africa, Comoros, Kenya, South Sudan, Democratic Republic of the Congo, Lesotho, Tanzania, Republic of Congo, Liberia, Togo, Côte d'Ivoire, Madagascar, Uganda, Malawi, Zambia, Mali, Zimbabwe, Mauritius, Mozambique
- Commonwealth of Independent States (CIS) [ICISM] - Discontinued 2019m10
- Belarus, Moldova, Russia, Ukraine, Armenia, Azerbaijan, Georgia, Kasakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan, Uzbekistan
- Middle East, North Africa, Afghanistan, and Pakistan [IMENA_AP] - Discontinued 2019m10
- Afghanistan, Algeria, Bahrain, Djibouti, Egypt, Iran, Iraq, Jordan, Kuwait, Lebanon, Libya, Maurtania, Morocco, Oman, Pakistan, Qatar, Saudi Arabia, Somalia, Sudan, Syria, Tunisia, United Arab Emirates, Yemen
- Middle East and North Africa [IMENA] - Discontinued 2019m10
- Algeria, Bahrain, Djibouti, Egypt, Iran, Iraq, Jordan, Kuwait, Lebanon, Libya, Mauritania, Morocco, Oman, Qatar, Saudi Arabia, Somalia, Sudan, Syria, Tunisia, United Arab Emirates, Yemen