The current account balance is one of the most important indicators of a country’s economic position in global trade and finance. It measures the difference between a nation’s exports, imports, investment income, and transfer payments as a percentage of GDP. Countries with large current account surpluses generally export more goods, services, and capital than they import, while countries with deficits rely more heavily on foreign financing and external borrowing.
According to the World Bank’s Macro Poverty Outlook projections, several economies are expected to record extremely large current account surpluses or deficits by 2028. Oil-exporting countries, financial hubs, and manufacturing economies dominate the surplus rankings, while fragile economies and highly import-dependent nations continue to face major external deficits.
Among the strongest projected surplus economies are 🇰🇼 Kuwait, 🇸🇬 Singapore, 🇳🇴 Norway, 🇸🇦 Saudi Arabia, and 🇦🇪 United Arab Emirates. These countries benefit from energy exports, strong sovereign wealth funds, international financial services, and competitive export sectors. Meanwhile, countries experiencing political instability, weak export capacity, or heavy import dependence are projected to maintain large negative balances.
Highest Current Account Surpluses (% of GDP)
| Rank | Country | Balance (% of GDP) |
|---|---|---|
| 1 | 🇸🇬 Singapore | 257% |
| 2 | 🇬🇾 Guyana | 37% |
| 3 | 🇯🇴 Jordan | 28% |
| 4 | 🇲🇺 Mauritius | 24% |
| 5 | 🇩🇯 Djibouti | 22% |
| 6 | 🇫🇷 France | 22% |
| 7 | 🇭🇰 Hong Kong SAR, China | 20% |
| 8 | 🇷🇼 Rwanda | 17% |
| 9 | 🇪🇷 Eritrea | 14% |
| 10 | 🇬🇩 Grenada | 13% |
| 11 | 🇶🇦 Qatar | 12% |
| 12 | 🇩🇰 Denmark | 11% |
| 13 | 🇲🇩 Moldova | 11% |
| 14 | 🇸🇨 Seychelles | 10% |
| 15 | 🇱🇧 Lebanon | 9% |
| 16 | 🇲🇪 Montenegro | 8% |
| 17 | 🇲🇾 Malaysia | 7% |
| 18 | 🇳🇦 Namibia | 7% |
| 19 | 🇹🇷 Turkiye | 5% |
| 20 | 🇦🇹 Austria | 4% |
Largest Current Account Deficits (% of GDP)
| Rank | Country | Balance (% of GDP) |
|---|---|---|
| 1 | 🇱🇷 Liberia | -287% |
| 2 | 🇸🇩 Sudan | -56% |
| 3 | 🇦🇫 Afghanistan | -39% |
| 4 | 🇳🇷 Nauru | -25% |
| 5 | 🇧🇹 Bhutan | -20% |
| 6 | 🇳🇵 Nepal | -19% |
| 7 | 🇲🇻 Maldives | -18% |
| 8 | 🇲🇼 Malawi | -18% |
| 9 | 🇱🇸 Lesotho | -17% |
| 10 | 🇩🇴 Dominican Republic | -16% |
| 11 | 🇿🇲 Zambia | -16% |
| 12 | 🇬🇷 Greece | -14% |
| 13 | 🇰🇪 Kenya | -14% |
| 14 | 🇷🇴 Romania | -14% |
| 15 | 🇧🇳 Brunei Darussalam | -13% |
| 16 | 🇲🇱 Mali | -12% |
| 17 | 🇩🇿 Algeria | -11% |
| 18 | 🇸🇰 Slovak Republic | -10% |
| 19 | 🇸🇦 Saudi Arabia | -10% |
| 20 | 🇰🇬 Kyrgyz Republic | -9% |
Key Insights
- 🇸🇬 Singapore recorded the world’s largest projected current account surplus relative to GDP, highlighting its role as a global financial and trade hub.
- 🇬🇾 Guyana continued benefiting from massive offshore oil discoveries, dramatically improving its external balance.
- Oil-rich Gulf economies such as 🇶🇦 Qatar and 🇸🇦 Saudi Arabia remained major surplus economies due to strong hydrocarbon exports.
- 🇳🇵 Nepal was projected to face one of the world’s largest current account deficits as a share of GDP, reflecting heavy import dependence.
- 🇱🇷 Liberia and 🇸🇩 Sudan showed extremely large projected deficits, pointing to deep structural economic challenges.
Why Current Account Balances Matter
A strong current account surplus often indicates that a country is highly competitive internationally and generates more foreign currency than it spends abroad. These countries typically build foreign reserves, strengthen their currencies, and improve economic resilience.
In contrast, persistent current account deficits can create long-term risks if countries rely excessively on external debt or foreign investment to finance imports and spending. Large deficits may pressure exchange rates, increase borrowing costs, and expose economies to financial instability during global downturns.
Global Economic Outlook
The projected data highlights how global trade, energy markets, tourism, manufacturing, and capital flows continue to shape economic performance across countries. Export-oriented economies and resource-rich nations are expected to maintain stronger external balances, while import-dependent and fragile economies may continue facing financial pressure.
As global interest rates, energy prices, and geopolitical tensions evolve, current account balances will remain a critical indicator of national economic strength and financial sustainability.