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North America

Mexico

Full profile

GDP of $1.84 tn in 2025, real growth of 0.5% and inflation of 3.8%, by the IMF’s figures.

Mexico was the largest U.S. goods trading partner in January–August 2026, with $682.8B of trade (up 17.7% from a year earlier), and Laredo, TX handled the most of it (39.7% of the trade through listed ports).

Overview

Mexico in figures

The latest figure each source reports. Annual figures come from one international source on one definition for every country, so they compare across this site’s country pages.

Output

IMF World Economic Outlook and World Bank, annual

GDP, current U.S. dollars
$1.84 tn
2025 · 0.0% on 2024
IMF ›
Real GDP, 2015 U.S. dollars
$1.35 tn
2025 · +0.6% on 2024
World Bank ›
Real GDP growth
0.5%
2025 · −1.0 pp on 2024
IMF ›
GDP per person
$13,759
2025 · −0.8% on 2024
IMF ›
GDP per person, PPP
$25,684 PPP
2025 · +2.3% on 2024
IMF ›
Population
131.9 m
2025 · +0.8% on 2024
World Bank ›

Prices and jobs

IMF and World Bank (ILO modelled estimates), annual

Inflation, annual average
3.8%
2025 · −0.9 pp on 2024
IMF ›
Unemployment rate
2.6%
2025 · −0.1 pp on 2024
IMF ›
Labour force participation
61.6%
2025 · 0.0 pp on 2024
World Bank ›
Employment to population
60.0%
2025 · 0.0 pp on 2024
World Bank ›

Public finances and the external account

IMF and World Bank, annual, % of GDP

Government gross debt
61.7%
2025 · +2.7 pp on 2024
IMF ›
Government balance
−4.9%
2025 · +0.9 pp on 2024
IMF ›
Current account balance
−0.5%
2025 · +0.4 pp on 2024
IMF ›
Exports of goods and services
39.6%
2025 · +2.4 pp on 2024
World Bank ›
Imports of goods and services
40.3%
2025 · +2.1 pp on 2024
World Bank ›

Latest readings

OECD, quarterly and monthly

Real GDP, quarter on quarter
1.4%
Q2 2026 · +1.8 pp on Q1 2026
OECD ›
Real GDP, year on year
1.9%
Q2 2026 · +1.5 pp on Q1 2026
OECD ›
Consumer prices, year on year
3.5%
Sep 2026 · +0.2 pp on Aug 2026
OECD ›
Unemployment rate (OECD)
2.7%
Aug 2026 · 0.0 pp on Jul 2026
OECD ›

Sectors

What the economy produces

Each sector’s value added as a share of GDP, and how fast it grew in real terms. World Bank, annual.

Value added, % of GDP, 2025
  • Agriculture, forestry and fishing3.9%

    3.1% in 2015 (+0.8 pp)

  • Industry, including construction30.6%

    30.8% in 2015 (−0.3 pp)

  • of which Manufacturing20.0%

    19.8% in 2015 (+0.2 pp)

  • Services58.9%

    60.5% in 2015 (−1.6 pp)

Real value added growth, % a year
SectorLatest5-year average
Agriculture, forestry and fishing4.2%20251.5%
Industry, including construction−1.3%20252.4%
Manufacturing−0.5%20253.0%
Services1.3%20253.1%

World Bank, World Development Indicators (national accounts). The five-year average is the compound annual rate over the last five years with figures, calculated by CK Economics.

Outlook

Where the IMF and CK see it going

The IMF’s World Economic Outlook projections next to the last two years it reports, and CK Economics’ own backtested forecasts, labelled as ours, in a table of their own.

IMF forecast

World Economic Outlook, October 2026. Shaded columns from 2026 on are the IMF’s projections, not CK Economics’.

IMF World Economic Outlook figures and projections
Indicator202420252026IMF forecast →2027 (IMF forecast)2028 (IMF forecast)2029 (IMF forecast)2030 (IMF forecast)Trend
Real GDP growth, %1.50.51.51.82.22.12.1
Inflation, annual average, %4.73.83.83.63.13.03.0
Unemployment rate, %2.72.62.82.82.82.82.8
Government balance, % of GDP−5.8−4.9−4.2−3.9−3.6−3.5−3.3
Government gross debt, % of GDP59.061.762.162.963.464.064.3
Current account balance, % of GDP−0.9−0.5−0.3−0.5−0.7−0.7−0.8

International Monetary Fund, World Economic Outlook, via the IMF DataMapper. Years before 2026 are the IMF’s reported series, which for some countries include staff estimates.

CK forecast

A baseline forecast, not a scenario: an ensemble of statistical models and the IMF’s forecast, published only where its backtest beat naive. Ranges are 80%.

CK Economics forecasts with 80% ranges
Indicator202620272028
Real GDP growth, %1.50.5 to 4.01.8−2.6 to 4.91.9−1.3 to 5.7
Inflation, %3.83.5 to 4.03.72.2 to 5.1–
Unemployment rate, %2.82.5 to 3.02.82.1 to 3.4–

CK Economics, from the IMF World Economic Outlook, October 2026. Scorecards and past forecasts →

Trade

U.S. trade with Mexico

U.S. Census Bureau goods trade between Mexico and the United States, by month, U.S. port and product.

National totals · January–August 2026

All U.S. customs districts. Imports are general imports; exports are total exports.

Imports
$419.3B
+18.3% y/y
Exports
$263.5B
+16.6% y/y
Total trade
$682.8B
+17.7% y/y
U.S. deficit
$155.9B
$27.3B larger than a year earlier
Share of U.S. trade
16.8%
1st of 233 partners

Source: U.S. Census Bureau, International Trade API (goods trade by country, national and by U.S. port); released 2026-10-16; retrieved 2026-10-16. Not seasonally adjusted.

Official statisticCK estimateSource figures as of October 16, 2026Sources & methods
Period covered
January–August 2026
Source figures as of
October 16, 2026
Geography
U.S. trade with Mexico, all U.S. customs districts
Sector
International trade in goods
Seasonal adjustment
Not seasonally adjusted
Transformations
Monthly values summed over the period by CK Economics. Total trade (imports + exports), balance, share of U.S. trade, rank and year-on-year changes calculated by CK Economics
Revisions
When Census publishes a new month, CK re-collects the previous 12; older months are re-collected after Census’s annual revision each June, or sooner if Census’s totals for them change. Revised figures replace earlier ones.
Data status
Each month passes CK’s release checks (complete, totals reconcile with Census’s, no sharp jumps) before it is published.
Limitations
Goods only, not services. General imports at customs value, total exports at f.a.s. value.

Full method · Research standards

Port subtotals

U.S. ports handling trade with Mexico

Download these rows (CSV)

The 249 ports listed cover 98.8% of national trade ($674.5B of $682.8B). Another 1.2% went by mail, low-value shipments or through ports Census doesn’t name.

U.S. goods trade with Mexico by U.S. port, January–August 2026
U.S. port, activate to sortImports, activate to sortExports, activate to sortTotal trade, sorted descending; activate to reverseBalance, activate to sortShare of listed-port trade, activate to sortTrade y/y, activate to sort
Green Bay, WI3703Mainly land/other$0$146.4K$146.4K$146.4K<0.01%None a year earlier
Lubbock, TX5503Mainly air$0$129.6K$129.6K$129.6K<0.01%+706.6%
Vanceboro, ME0105Mainly land/other$0$111.4K$111.4K$111.4K<0.01%None a year earlier
Syracuse, NY0906Mainly air$108.3K$0$108.3K−$108.3K<0.01%+1544.4%
Portland, ME0101Mainly vessel$78.9K$11.1K$90.0K−$67.8K<0.01%−38.9%
Reno, NV2833Mainly air$48.5K$24.3K$72.7K−$24.2K<0.01%+158.0%
Des Moines, IA3513Mainly air$14.0K$56.5K$70.5K$42.5K<0.01%−90.0%
Fort Myers Airport, FL1822Mainly land/other$53.3K$2.7K$56.0K−$50.7K<0.01%+65.1%
Salem, MA0408Mainly air$13.3K$40.9K$54.2K$27.5K<0.01%−14.0%
Bridgeport, CT0410Mainly land/other$52.0K$0$52.0K−$52.0K<0.01%+977.8%
Houlton, ME0106Mainly land/other$49.8K$0$49.8K−$49.8K<0.01%−98.5%
Hannah, ND3408Mainly land/other$0$44.4K$44.4K$44.4K<0.01%−92.5%
Boise, ID2907Mainly air$13.2K$29.5K$42.7K$16.4K<0.01%−99.7%
Dunseith, ND3422Mainly land/other$40.4K$0$40.4K−$40.4K<0.01%−22.6%
Midland International Airport, TX5582Mainly air$37.5K$0$37.5K−$37.5K<0.01%None a year earlier
Boca Grande, FL1807Mainly vessel$0$34.4K$34.4K$34.4K<0.01%None a year earlier
Baudette, MN3424Mainly land/other$0$32.2K$32.2K$32.2K<0.01%None a year earlier
St. John, ND3405Mainly land/other$0$30.3K$30.3K$30.3K<0.01%None a year earlier
Birmingham, AL1904Mainly air$30.1K$0$30.1K−$30.1K<0.01%−98.2%
Rochester, NY0903Mixed$0$28.0K$28.0K$28.0K<0.01%None a year earlier
Limestone, ME0118Mainly land/other$0$25.6K$25.6K$25.6K<0.01%None a year earlier
Monterey, CA2805Mainly vessel$0$25.5K$25.5K$25.5K<0.01%None a year earlier
Tri-City Airport, Blountville, TN2027Mainly air$0$25.1K$25.1K$25.1K<0.01%None a year earlier
Skagway, AK3103Mainly land/other$25.0K$0$25.0K−$25.0K<0.01%None a year earlier
Fort Wayne Airport, IN4183Mainly air$0$23.0K$23.0K$23.0K<0.01%None a year earlier
Fort Pierce, FL5205Mainly air$0$22.2K$22.2K$22.2K<0.01%+29.4%
Oklahoma City, OK5504Mainly air$16.4K$3.8K$20.2K−$12.6K<0.01%−99.8%
Oroville, WA3019Mainly land/other$17.5K$0$17.5K−$17.5K<0.01%−97.9%
Warroad, MN3423Mainly land/other$0$13.9K$13.9K$13.9K<0.01%None a year earlier
Gary, IN3905Mainly air$0$12.8K$12.8K$12.8K<0.01%None a year earlier
Juneau, AK3101Mainly vessel$11.0K$0$11.0K−$11.0K<0.01%None a year earlier
Ambrose, ND3410Mainly land/other$0$10.9K$10.9K$10.9K<0.01%None a year earlier
Northgate, ND3406Mainly land/other$0$9.2K$9.2K$9.2K<0.01%None a year earlier
Bluegrass Airport, Lexington, KY4184Mainly air$0$6.7K$6.7K$6.7K<0.01%None a year earlier
Muskegon, MI3815Mainly vessel$0$6.1K$6.1K$6.1K<0.01%None a year earlier
Manchester User Fee Airport, NH0182Mainly air$0$5.8K$5.8K$5.8K<0.01%−83.8%
Lancaster, MN3430Mainly land/other$0$5.2K$5.2K$5.2K<0.01%None a year earlier
Roosville, MT3318Mainly land/other$5.0K$0$5.0K−$5.0K<0.01%+114.6%
Turner, MT3306Mainly land/other$4.4K$0$4.4K−$4.4K<0.01%−42.0%
New London, CT0413Mainly vessel$4.4K$0$4.4K−$4.4K<0.01%None a year earlier
Erie, PA4106Mainly vessel$4.3K$0$4.3K−$4.3K<0.01%None a year earlier
Andrade, CA2502Mainly air$0$4.0K$4.0K$4.0K<0.01%−66.4%
Santa Teresa Airport, NM2481Mainly air$0$4.0K$4.0K$4.0K<0.01%None a year earlier
Amarillo, TX5502Mainly air$0$3.9K$3.9K$3.9K<0.01%None a year earlier
Atlantic City User Fee Airport, NJ1182Mainly air$0$3.5K$3.5K$3.5K<0.01%−89.5%
Neche, ND3404Mainly land/other$0$3.4K$3.4K$3.4K<0.01%None a year earlier
Madawaska, ME0109Mainly land/other$2.9K$0$2.9K−$2.9K<0.01%None a year earlier
Van Buren, ME0108Mainly land/other$2.5K$0$2.5K−$2.5K<0.01%−99.4%
Fort Kent, ME0110Mainly land/other$432$0$432−$432<0.01%None a year earlier

Port figures are subtotals: they add up to the listed-port total, not the national total above. Shares are of trade through the ports listed. Main mode is each port’s mode by trade value over the latest twelve months, not its gateway type. Source: U.S. Census Bureau, International Trade API (goods trade by country, national and by U.S. port); released 2026-10-16; retrieved 2026-10-16. Not seasonally adjusted.

Official statisticCK estimateSource figures as of October 16, 2026Sources & methods
Period covered
January–August 2026
Source figures as of
October 16, 2026
Geography
Listed U.S. ports of entry and exit handling trade with Mexico
Sector
International trade in goods
Seasonal adjustment
Not seasonally adjusted
Transformations
Monthly values summed over the period by CK Economics. Total trade (imports + exports), balance, shares of the listed-port total, ranks and year-on-year changes calculated by CK Economics
Revisions
When Census publishes a new month, CK re-collects the previous 12; older months are re-collected after Census’s annual revision each June, or sooner if Census’s totals for them change. Revised figures replace earlier ones.
Data status
Each month passes CK’s release checks (complete, totals reconcile with Census’s, no sharp jumps) before it is published.
Limitations
Goods only, not services. General imports at customs value, total exports at f.a.s. value. Port figures are subtotals and don’t add up to the national total. Listed ports only: Census’s pseudo-ports (mail, low-value shipments, vessels under their own power) and unnamed ports are left out.

Full method · Research standards

Largest ports for trade with Mexico, by trade

U.S. dollars · January–August 2026 · port subtotals

  • Imports
  • Exports
  • Laredo, TX
    Imports: $174.8B
    Exports: $93.0B
  • Ysleta, TX
    Imports: $68.6B
    Exports: $33.9B
  • Otay Mesa, CA
    Imports: $25.8B
    Exports: $14.1B
  • Santa Teresa, NM
    Imports: $23.5B
    Exports: $15.3B
  • Eagle Pass, TX
    Imports: $22.5B
    Exports: $8.2B
  • Hidalgo, TX
    Imports: $20.2B
    Exports: $9.9B
  • Nogales, AZ
    Imports: $14.7B
    Exports: $7.6B
  • El Paso, TX
    Imports: $6.9B
    Exports: $11.5B
  • Calexico-East, CA
    Imports: $7.7B
    Exports: $5.8B
  • Brownsville, TX
    Imports: $5.6B
    Exports: $7.4B

Top 10 = 85.6% of U.S. trade with Mexico through the ports listed.

Source: U.S. Census Bureau, International Trade API (goods trade by country, national and by U.S. port); released 2026-10-16; retrieved 2026-10-16. Not seasonally adjusted.

Official statisticCK estimateSource figures as of October 16, 2026Sources & methods
Period covered
January–August 2026
Source figures as of
October 16, 2026
Geography
Listed U.S. ports of entry and exit handling trade with Mexico
Sector
International trade in goods
Seasonal adjustment
Not seasonally adjusted
Transformations
Monthly values summed over the period by CK Economics. Total trade (imports + exports), balance, shares of the listed-port total, ranks and year-on-year changes calculated by CK Economics
Revisions
When Census publishes a new month, CK re-collects the previous 12; older months are re-collected after Census’s annual revision each June, or sooner if Census’s totals for them change. Revised figures replace earlier ones.
Data status
Each month passes CK’s release checks (complete, totals reconcile with Census’s, no sharp jumps) before it is published.
Limitations
Goods only, not services. General imports at customs value, total exports at f.a.s. value. Port figures are subtotals and don’t add up to the national total. Listed ports only: Census’s pseudo-ports (mail, low-value shipments, vessels under their own power) and unnamed ports are left out.

Full method · Research standards

View data table
Largest ports for trade with Mexico, by trade, U.S. dollars · January–August 2026 · port subtotals
PortImportsExports
Laredo, TX$174.8B$93.0B
Ysleta, TX$68.6B$33.9B
Otay Mesa, CA$25.8B$14.1B
Santa Teresa, NM$23.5B$15.3B
Eagle Pass, TX$22.5B$8.2B
Hidalgo, TX$20.2B$9.9B
Nogales, AZ$14.7B$7.6B
El Paso, TX$6.9B$11.5B
Calexico-East, CA$7.7B$5.8B
Brownsville, TX$5.6B$7.4B

Trade with Mexico by the ports’ main mode

U.S. dollars · January–August 2026 · every listed port

  • Imports
  • Exports
  • Mainly vessel
    Imports: $23.0B
    Exports: $21.0B
  • Mainly air
    Imports: $9.1B
    Exports: $24.1B
  • Mainly land/other
    Imports: $385.4B
    Exports: $211.9B
  • Mixed
    Imports: $49.8M
    Exports: $44.3K

Ports grouped by their main mode by trade value over the latest twelve months (vessel or air at least half; land/other when vessel and air together are under half; otherwise mixed). A port’s group says how most of its trade moves, not what kind of gateway it is.

Source: U.S. Census Bureau, International Trade API (goods trade by country, national and by U.S. port); released 2026-10-16; retrieved 2026-10-16. Not seasonally adjusted.

Official statisticCK estimateSource figures as of October 16, 2026Sources & methods
Period covered
January–August 2026
Source figures as of
October 16, 2026
Geography
Listed U.S. ports handling trade with Mexico
Sector
International trade in goods
Seasonal adjustment
Not seasonally adjusted
Transformations
Monthly values summed over the period by CK Economics. Ports grouped by their main mode over the latest twelve months, and each group summed, by CK Economics
Revisions
When Census publishes a new month, CK re-collects the previous 12; older months are re-collected after Census’s annual revision each June, or sooner if Census’s totals for them change. Revised figures replace earlier ones.
Data status
Each month passes CK’s release checks (complete, totals reconcile with Census’s, no sharp jumps) before it is published.
Limitations
Goods only, not services. General imports at customs value, total exports at f.a.s. value. A port’s group says how most of its trade moves, not what kind of gateway it is.

Full method · Research standards

View data table
Trade with Mexico by the ports’ main mode, U.S. dollars · January–August 2026 · every listed port
Main mode by valueImportsExports
Mainly vessel$23.0B$21.0B
Mainly air$9.1B$24.1B
Mainly land/other$385.4B$211.9B
Mixed$49.8M$44.3K

Monthly U.S. imports from and exports to Mexico

U.S. dollars · January 2025–August 2026 · national totals

  • Imports
  • Exports

Source: U.S. Census Bureau, International Trade API (goods trade by country, national and by U.S. port); released 2026-10-16; retrieved 2026-10-16. Not seasonally adjusted.

Official statisticSource figures as of October 16, 2026Sources & methods
Period covered
January 2025–August 2026
Source figures as of
October 16, 2026
Geography
U.S. trade with Mexico, all U.S. customs districts
Sector
International trade in goods
Seasonal adjustment
Not seasonally adjusted
Transformations
None: figures as published
Revisions
When Census publishes a new month, CK re-collects the previous 12; older months are re-collected after Census’s annual revision each June, or sooner if Census’s totals for them change. Revised figures replace earlier ones.
Data status
Each month passes CK’s release checks (complete, totals reconcile with Census’s, no sharp jumps) before it is published.
Limitations
Goods only, not services. General imports at customs value, total exports at f.a.s. value.

Full method · Research standards

View data table
Monthly U.S. imports from and exports to Mexico, U.S. dollars · January 2025–August 2026 · national totals
MonthImportsExports
Jan 2025$41.6B$28.0B
Feb 2025$41.6B$26.7B
Mar 2025$48.0B$29.4B
Apr 2025$41.8B$27.8B
May 2025$46.1B$28.1B
Jun 2025$44.8B$27.7B
Jul 2025$45.3B$28.9B
Aug 2025$45.2B$29.2B
Sep 2025$44.6B$27.2B
Oct 2025$48.5B$29.5B
Nov 2025$44.4B$26.6B
Dec 2025$42.4B$28.0B
Jan 2026$42.5B$31.6B
Feb 2026$44.3B$28.9B
Mar 2026$51.2B$32.8B
Apr 2026$50.7B$35.3B
May 2026$54.2B$33.1B
Jun 2026$55.3B$33.9B
Jul 2026$60.5B$34.2B
Aug 2026$60.6B$33.7B

Monthly U.S. goods balance with Mexico

U.S. dollars, exports − imports · January 2025–August 2026 · national totals

  • Deficit (below zero)
  • Surplus (above zero)

Source: U.S. Census Bureau, International Trade API (goods trade by country, national and by U.S. port); released 2026-10-16; retrieved 2026-10-16. Not seasonally adjusted.

Official statisticCK estimateSource figures as of October 16, 2026Sources & methods
Period covered
January 2025–August 2026
Source figures as of
October 16, 2026
Geography
U.S. trade with Mexico, all U.S. customs districts
Sector
International trade in goods
Seasonal adjustment
Not seasonally adjusted
Transformations
Balance (exports − imports) calculated by CK Economics
Revisions
When Census publishes a new month, CK re-collects the previous 12; older months are re-collected after Census’s annual revision each June, or sooner if Census’s totals for them change. Revised figures replace earlier ones.
Data status
Each month passes CK’s release checks (complete, totals reconcile with Census’s, no sharp jumps) before it is published.
Limitations
Goods only, not services. General imports at customs value, total exports at f.a.s. value.

Full method · Research standards

View data table
Monthly U.S. goods balance with Mexico, U.S. dollars, exports − imports · January 2025–August 2026 · national totals
MonthBalance
Jan 2025−$13.6B
Feb 2025−$14.8B
Mar 2025−$18.6B
Apr 2025−$14.1B
May 2025−$18.0B
Jun 2025−$17.1B
Jul 2025−$16.4B
Aug 2025−$16.0B
Sep 2025−$17.4B
Oct 2025−$19.0B
Nov 2025−$17.8B
Dec 2025−$14.3B
Jan 2026−$10.9B
Feb 2026−$15.4B
Mar 2026−$18.4B
Apr 2026−$15.3B
May 2026−$21.1B
Jun 2026−$21.3B
Jul 2026−$26.3B
Aug 2026−$27.0B

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Mexico: Real GDP growth, year on year (quarterly)

Percentage change in seasonally and calendar adjusted real GDP (chain-linked volume) on the same quarter of the previous year.

Official statisticSource figures as of October 16, 2026Sources & methods
Period covered
Q1 1961 – Q2 2026
Source figures as of
October 16, 2026
Geography
Mexico
Sector
Whole economy (not a single sector)
Seasonal adjustment
Seasonally adjusted
Transformations
None: figures as published
Revisions
Replaced with the source’s latest figures whenever it revises them.
Data status
Current

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Definitions

Read the figures alike

Every figure keeps its source’s definition; where two sound alike but are measured differently, the difference is here.

GDP in dollars
The IMF converts GDP at current prices at each year’s market exchange rate, so the dollar figure moves with the currency. GDP per person at purchasing power parity converts at the cost of the same basket of goods in every country instead, which suits comparisons of living standards. The World Bank’s GDP at constant 2015 prices takes price changes out, so it measures volume: use it, or the growth rates, to see how much output changed.
Growth
Annual growth (IMF) compares a whole year with the year before. The OECD’s quarterly figures are seasonally adjusted and compare a quarter with the previous quarter (not annualized) or with the same quarter a year earlier. The U.S. Bureau of Economic Analysis reports quarterly growth at an annualized rate, roughly four times the quarter-on-quarter change. The three need not agree in any one period.
Inflation
The IMF’s annual inflation is the change in the average consumer price level over a whole year. The monthly figure compares one month with the same month a year earlier, so it turns sooner and swings more. Both use the national consumer price index.
Unemployment
The IMF’s annual unemployment rate follows each country’s national definition (age limits, what counts as looking for work), so levels are not strictly comparable across countries. The OECD’s monthly rates follow the ILO definition for most members. Labour force participation and employment to population are ILO modelled estimates for everyone aged 15 and over, on one definition for every country; national figures, often for ages 16 to 64, are higher.
Trade
The Trade section is U.S. Census Bureau goods trade between this country and the United States only, month by month. Exports and imports as a share of GDP are the World Bank’s figures for goods and services with every partner. The current account (IMF) is the balance of goods and services trade with every partner plus income flows.
Sectors
Sector shares are value added as a percentage of GDP. They don’t add up to 100%: GDP also includes taxes less subsidies on products. Manufacturing is part of industry, which also covers mining, construction and utilities. Sector growth is the change in real value added at constant local-currency prices.
Latest values and forecasts
Each latest figure is the most recent period the source does not label a projection; for some countries the IMF’s latest years are its staff estimates. Values the IMF projects are labelled “IMF forecast” wherever they appear. They are the IMF’s, not CK Economics’.

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