China overtook Germany to become the country with the world’s largest current account surplus in the year 2020, as per a survey by the Munich-based Ifo institute. The current account surplus of China more than doubled to $310 billion in 2020, while the current account surplus of Germany shrank for the fifth year in a row in 2020 to $261 billion. The data underlines a tectonic shift in world trade triggered by the coronavirus crisis as higher demand across the globe for medical protection gear and electronic devices boosted Chinese exports.
WARRIOR 4.0 | Banking Awareness Batch for SBI, RRB, RBI and IBPS Exams | Bilingual | Live Class
The United States remained the country with the world’s largest current account deficit which rose roughly by a third to $635 billion in 2020 or 3.1% of economic output. Japan ranked third with a current account surplus of $158 billion. Ifo (Information and Forschung) Institute for Economic Research is a research institution based in Munich, Germany, which analyses economic policy.
Important takeaways for all competitive exams:
Bondi Beach is one of Australia’s most recognisable and loved coastal destinations. Located just minutes…
As one of the all-time great WWE superstars, John Cena officially retired from in-ring competition…
The Indian Space Research Organisation (ISRO) has revealed plans for no less than seven space…
The Chakrashila Wildlife Sanctuary in Assam has recently come into focus due to successful community-led…
India’s presence in global motorsport technology received a major boost as MRF Tyres clinched the…
India's push towards meeting its increasing energy demands while ensuring long-term sustainability received a boost…