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High Inflation│Project recommendation
Page 1 of 15
IASB Agenda ref 14
STAFF PAPER April 2015
IASB Meeting [this box can be used to give additional meeting dates]
Project High Inflation
Paper topic Project recommendation
CONTACT(S) Alan Teixeira [email protected] +44 (0)20 7246 6442
This paper has been prepared by the staff of the IFRS Foundation for discussion at a public meeting of the IASB and does not represent the views of the IASB or any individual member of the IASB. Comments on the application of IFRSs do not purport to set out acceptable or unacceptable application of IFRSs. Technical decisions are made in public and reported in IASB Update.
Overview
1. The purpose of this project is to consider the requests made by the Federación
Argentina de Consejos Profesionales de Ciencias Económicas, the Argentinian
standard-setter, and the Group of Latin American Standard Setters (GLASS) to:
(a) eliminate or reduce the cumulative inflation rate threshold currently included in
IAS 29 Financial reporting in Hyperinflationary Economies to identify when
hyperinflation exists; and
(b) to modify the procedures for reporting the adjustments resulting from restating the
financial statements.
2. In the December 2014 meeting, ASAF members recommended that the IASB
should consider a short-term project to review changing the threshold in IAS 29 to
improve flexibility over when the accounting adjustments required by IAS 29 are
applied. In addition, they suggested that a longer-term project could consider the
accounting concepts for inflation accounting.
3. The purpose of this paper is to consider whether the IASB should develop a plan to
work towards a revised or replaced IAS 29.
4. My recommendation is that the IASB should give this project a lower priority, and
consider removing it from its work programme altogether.
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High Inflation│Project recommendation
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Background information
5. It is well understood that the financial position and performance of an entity can be
affected by inflation. The IASB does not have a Standard that takes into
consideration inflation generally. There is an IFRS (IAS 29 Financial Reporting in
Hyperinflationary Economies) that overrides other IFRS when an entity is
operating in a hyperinflationary economy, but it is designed to operate only with
extreme levels of inflation.
6. IAS 29 does not establish an absolute rate at which hyperinflation is deemed to
arise. Whether or not a country is considered to be experiencing hyperinflation
will normally be determined on a country-wide basis, for example, by an
agreement of the accounting profession, not by an individual entity. This is
because it is preferable that all entities that report in the currency of the same
hyperinflationary economy apply this Standard from the same date.
7. To identify whether a country has hyperinflation, IAS 29 requires an assessment of
the following indicators:
(a) the general population prefers to keep its wealth in non-monetary assets or in a
relatively stable foreign currency;
(b) amounts of local currency held are immediately invested to maintain purchasing
power;
(c) the general population regards monetary amounts not in terms of the local currency
but in terms of a relatively stable foreign currency;
(d) prices may be quoted in that currency;
(e) sales and purchases on credit take place at prices that compensate for the expected
loss of purchasing power during the credit period, even if the period is short;
(f) interest rates, wages and prices are linked to a price index; and
(g) the cumulative inflation rate over three years is approaching, or exceeds, 100 per
cent.
8. The last of the indicators, (g), seems to gain more attention than the other
indicators, perhaps because it is a quantitative threshold. The IASB has been asked
to consider a request to change the definition of hyperinflation so that 8 per cent
per annum over a three-year period (ie cumulatively 26 per cent) would indicate
hyperinflation.
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9. This request has come from some stakeholders who are concerned that the financial
position and performance of entities is being distorted in countries subject to
medium- or long-term high inflation levels. The requests relate mainly to the Latin
America region, but are equally applicable to entities in other high-inflation
countries.
Requests to the IASB
10. Several bodies have provided the IASB with thoughtful and helpful analysis of the
issues facing countries with high inflation.
Latin America (2010)
11. In 2010, at the request of the IASB, a group of Latin American standard-setters
began looking at issues related to ‘high’ inflation. That led, in September 2010, to
the Federación Argentina de Consejos Profesionales de Ciencias Económicas (the
Federation), the Argentinian standard-setter, writing to the IASB requesting the
IASB to consider a proposal to replace IAS 29.1 The Federation attached the draft
of a new Standard that it considered would put IFRS “in a position to provide an
adequate answer to the effects of inflation on financial reporting.”2 In its letter the
Federation states that
‘It is a basic accounting principle that all measurements must be made
by using the same measurement unit. It is also a basic principle, an
implicit but an obvious one, that the measurement unit, i.e. the
currency, must have a constant value over time.’
12. The Federation believes that when financial statements are not adjusted for
inflation, the comparisons and aggregations do not provide adequate information.
1 The Federation acknowledged the contributions from the standard-setters from Brazil, Mexico and Chile. The
letter pre-dates the establishment of GLASS.
2 Accompanying letter from the Federación Argentina de Consejos Profesionales de Ciencias Económicas.
September 2010, accessible on the IASB website at http://www.ifrs.org/Meetings/Pages/EEG-meeting-December-
2013.aspx—see also the References section at the end of this paper.
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High Inflation│Project recommendation
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The Federation presented a research paper in the form of a draft Standard, which
proposed a replacement for IAS 29, except that rather than applying only to
hyperinflationary economies it was a general inflation standard.
13. The Federation was concerned that IFRSs do not produce quality information in
those countries suffering from high inflation. They believe that from a conceptual
viewpoint, restatements should be performed whenever the effects of inflation are
significant. Most of the Commission members considered that such decisions
would involve a drastic change in accounting practices, particularly for countries
without an inflationary track record.
14. If the inflation levels are not significant enough, the restated financial statements
do not necessarily provide better information than those that were not restated.
Besides generating costs that cannot exceed benefits, if the economic environment
is below certain levels of inflation, the adjustment may introduce a factor that can
impair the interpretation of the financial statements. As a result, it has been
considered that the inflation restatement shall be required if specific, and relatively
high, levels of inflation are reached. Accordingly, the Federation proposed that
this new Standard should be applied when:
(a) the cumulative inflation rate of its functional currency for the last 12 months is
higher or equal to 10 per cent; or
(b) the cumulative inflation rate of its functional currency for the last 36 months is
higher or equal to 26 per cent; or
(c) the preceding financial statements were restated and the cumulative inflation rate of
its functional currency has not been lower than 15 per cent for the last 36 months.
IASB Emerging Economies Group (2013)
15. The IASB’s emerging economies group discussed inflation accounting as its main
topic at the December 2013 meeting.
16. At that meeting GLASS asserted that jurisdictions that have suffered from
hyperinflation, although (fortunately) they are not suffering from it at present, may
still experience annual inflation and have a widespread perception that financial
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High Inflation│Project recommendation
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statements that ignore inflation approaching 10 per cent or more, in the long run
may mislead users and undermine year-to-year comparisons.3
17. At the time, only one country in Latin America qualified as a hyperinflationary
economy—Venezuela; while several countries in Latin America have inflationary
economies. GLASS therefore suggested that the IASB should:
(a) remove the 100 per cent hyperinflation threshold presented under characteristics of a
hyperinflationary economy;
(b) allow inflation accounting for entities whose functional currency is not the currency
of a hyperinflationary economy, but whose primary users of the financial statements
consider the loss of that currency’s purchasing power to be relevant over a specified
period; and
(c) enhance the procedures for restatement of financial statements.
18. GLASS acknowledged that this would involve a comprehensive new project.
ASAF (2014)
19. GLASS presented a paper to the Accounting Standards Advisory Forum (ASAF) in
December 2014, considering some of the problems with the existing requirements
of IAS 29 and how the Standard could be improved. The paper recommended that
the ‘trigger’ for the application of IAS 29 should be lowered to 26 per cent over
three years (ie 8 per cent per annum). This threshold was the same as that
proposed by the Federación Argentina de Consejos Profesionales de Ciencias
Económicas, but the GLASS recommendation was to lower the threshold for
IAS 29 rather than proposing a new general inflation Standard. The Brazilian
standard-setter thinks that general price level adjustments should be required for
entities in high-inflation economies, not merely those in hyperinflation.
20. At the meeting, some ASAF members thought that a 100 per cent threshold was
‘unrealistic’. However, there was mixed reaction on whether opening up IAS 29
was the right answer or whether we should instead change the accounting basis for
3 The letter from the Federación Argentina de Consejos Profesionales de Ciencias Económicas was sent to the
IASB before the constitution of GLASS and was not discussed by GLASS.
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everyone. There was some support for a long-term solution as part of the
Conceptual Framework project.
Other—CMAC
21. Recently the CMAC, the Global Preparers Forum and the IFRS Interpretations
Committee have considered restrictions associated with official currency rates in
Venezuela. Currency restrictions are sometimes associated with high-inflation
economies.
22. At the Global Preparers Forum meeting in March 2014, during the discussion about
hyperinflation, a concern was raised about the requirement to consolidate foreign
subsidiaries using the ‘official’ foreign exchange rate, in cases in which that rate
may not reflect the market value, such as in economies that are facing high or
hyperinflation. This is considered to have resulted in financial performance in
some subsidiaries appearing at values that are artificially inflated—for example
revenues and expenses are consolidated at inflated amounts because of the artificial
currency.
23. This is not strictly a hyperinflation issue. What it does highlight is that if the
exchange rates in Venezuela were at their market levels, the translation of the
Venezuelan subsidiary into another functional currency would not simply be
‘distorted’ by the hyperinflation. The related fall in the value of the currency
would offset a significant portion of the hyperinflationary effect.
24. I think these matters are valid concerns raised by CMAC members, but lowering
the threshold for IAS 29 will not resolve them.
Investors
25. I have not undertaken a systematic consultation with investors. However, we did
discuss the topic with the CMAC at its meeting in February 2015. The strong and
consistent message from CMAC members was that the IASB should not lower the
indicative threshold. Among the comments expressed were:
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High Inflation│Project recommendation
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(a) Lowering the threshold would put a lot of pressure on the credibility of the particular
price index used, because most countries will have experienced this level of
inflation, or something close to it, in the last 20 years.
(b) IAS 29 is a very blunt instrument that is trying to fundamentally correct a major
economic event in a country and lowering the threshold without considering the
Standard more carefully would be dangerous.
(c) Analysts cope with price changes and that is one of their roles.
(d) Adjusting prices as if the price changes had not occurred is like adjusting for a very
high fever and pretending it is normal. The adjustments can make it difficult to
assess the true financial health of the company and hide economic reality.
26. There was also a general discussion about the effects of inflation, particularly in
countries with exchange controls that caused counterintuitive results. Again,
CMAC members thought that IAS 29 should only be used when it was obvious that
a country was going through a major economic readjustment and the currency is,
effectively, irrelevant—the test must be very high.
27. In summary, there was no support from CMAC members for lowering the
indicative threshold.
Data
28. I analysed inflation data from 1970 to 2013 using information provided by the
World Bank. The analysis, set out in the appendix to this paper, shows that if the
threshold had been 8 per cent (ie 26 per cent over three years), IAS 29 would
clearly have been applied far more frequently, and by entities in virtually all
jurisdictions, than would have been the case using the current definition of
hyperinflation.
29. The extent of its application would, in my view, change the character of IAS 29
from a hyperinflation Standard to a more general inflation Standard that regularly
adjusts amounts for price level changes. The IASB would need to be confident that
IAS 29 provided sensible accounting for these lower-inflation circumstances.
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Is IAS 29 a good Standard?
30. IAS 29 is a general price-level Standard that requires that amounts reported by an
entity be adjusted by a general price index. The Standard provides some guidance
on identifying a price index and which items to convert. In my opinion, the
Standard is relatively blunt instrument for dealing with price changes. It does not
set out a capital maintenance objective and the measurement basis is focused on
adjusting other measures into amounts that reflect the large changes in prices.
31. Those familiar with the different capital maintenance and price adjustment models
that have been developed by Standard-setters will know that IAS 29 does not
attempt to address many of the issues necessary for a comprehensive “inflation”
Standard. This is not a criticism of IAS 29. It is a Standard that is designed to
step in and provide low cost adjustments to financial statements when an economy
is no longer functioning normally. IAS 29 does not, for example, attempt to
identify or separate holding gains on traded assets or define a capital maintenance
concept. It simply sets out adjustments that entities need to make when faced with
hyperinflation.
Is there a case for IFRS to adjust for ‘inflation’?
32. If the IASB is to develop requirements, it will need to undertake a more
comprehensive project than simply applying an index to transaction-based
numbers.
33. At the heart of the issue is determining how to measure ‘profit’, which is generally
measured as the increase in equity of an entity, excluding transactions with the
owners, over the capital (equity) being maintained. In IFRS today the equity being
maintained is the ‘number of currency units”.4 For IFRS, this simply means that
comprehensive income is any excess over the number of currency units of equity
held at the beginning of the year.
34. Different concepts of capital maintenance would lead to different amounts of
comprehensive income. Over the last 40 years or so, the merits of many capital
4 This is commonly referred to as NOD or number of dollars in the literature, because it appears mainly in US
journals.
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maintenance schemes have been debated, and in some cases they have led to
Accounting Standards in different jurisdictions. They have included accounting
designed to maintain capital at a level that reflects:
(a) general price levels (ie general inflation within a jurisdiction);
(b) specific price changes that are relevant to an entity, reflecting the specific assets it
holds and the price changes to which it is exposed;
(c) the physical capability or capacity of the entity;
(d) the ability to replace its existing assets; and
(e) the ability to adapt by selling its assets.
35. A complete system requires decisions about what capital it is trying to maintain,
the measurement attributes for specific assets (ie how to re-measure assets) and
how to account for those changes. Some systems separate the holding gains (such
as the change in value of inventory that has occurred because of price changes
being separated from the selling price to identify the ‘real’ gain). Some systems
also make working capital adjustments on the basis that an entity will need more
working capital during times of rising prices.
36. As I mentioned earlier, there have been several standard-setting efforts to develop
financial reporting standards that involve some sort of price adjustments and
capital maintenance. The American Institute of CPAs published Accounting
Research Study No 6, Reporting the Financial Effect of Price-Level Changes in
1963. In 1969, the Accounting Principles Board issued APB 3 Financial
Statements Restated for General Price-Level Changes. In 1982 the NZ
standard-setter issued CCA 1 (Current Cost Accounting 1). It was withdrawn in
1986.
37. In 1977, the IASC issued IAS 6 Accounting Responses to Changing Prices,
replacing it in 1981 with IAS 15 Information Reflecting the Effects of Changing
Prices. IAS 15 was withdrawn by the IASB in 2003. The FASB issued FAS 33
Financial Reporting and Changing Prices in 1979, withdrawing it in 1986. The
UK standard-setter issued SSAP 16 Current Cost Accounting in 1985. It was
withdrawn in 1988.
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38. None of these Standards were mandated and none has survived. There was also
very little voluntary uptake. For example, only three companies applied CCA 1 in
New Zealand, and there is some evidence that the adopters had political incentives
to do so.
39. This paper does not set out to provide a comprehensive history of accounting
standards that make price level adjustments, nor to provide a complete history of
the literature on capital maintenance. However, I do want to emphasise two points.
The first is that discussions about ‘inflation accounting’ should involve more than
simply considering whether to adjust recorded transactions by a general price
index. The second is that price and capital maintenance adjustments add
complexity to financial reporting for preparers and users.
Summary
40. IAS 29 is a Standard that requires simple adjustments to amounts presented by
entities in countries suffering from hyperinflation. It is not designed to be a
general price-level Standard.
41. Developing a Standard that takes into account price-level changes would require a
fundamental project that includes an assessment of an appropriate capital
maintenance model. Attempts to do so over the last 40 years in developed
economies have systematically failed, even during periods of high inflation. Such
standards impose high costs on preparers and add significant complexity to the
financial reports.
42. As CMAC members noted, within a country suffering hyperinflation all entities
will be affected by hyperinflation and are therefore “comparable”. Investors and
analysts have been coping with the problem of inflation for decades.
43. I think that there is a low probability that any research will lead to specific
proposals to either significantly change the accounting model in IAS 29 or for an
IFRS that addresses price changes. On this basis I consider that the cost-benefit
payoff for the IASB and the IFRS community would be low and the IASB should
remove the project from its active agenda.
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High Inflation│Project recommendation
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44. The appropriate place for considering this issue is within a future phase of the
Conceptual Framework project.
Recommendation
I recommend that the IASB should give this subject a lower priority, and consider removing it
from the research agenda altogether, for the following reasons:
broadening the application of IAS 29 is not appropriate because it is not a general price-level
Standard;
the issue of inflation accounting is a broad and fundamental issue that is best considered in
the Conceptual Framework project, because it should be considered in conjunction with
capital maintenance concepts—and several attempts to mandate price-level standards in
developed economies have not been successful ; and
issues related to currency restrictions can be more effectively addressed at the
Implementation level.
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High Inflation│Project recommendation
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References
The papers referred to in this paper are available on the IFRS website as papers discussed at the
December 2013 meeting of the Emerging Economies Group.
http://www.ifrs.org/Meetings/Pages/EEG-meeting-December-2013.aspx
Paper reference on IFRS website Description
AP 1A: Discussion Guide A paper written by Wayne Upton for the EEG
meeting on price-level adjusted financial
statements.
AP 1B: Discussion Guide Appendix 1 The letter from the Federación Argentina de
Consejos Profesionales de Ciencias Económicas, the
Argentinian standard-setter, to the IASB requesting
the IASB to consider a proposal to replace IAS 29.
AP 1C: Discussion Guide Appendix 2 A research paper from Federación Argentina de
Consejos Profesionales de Ciencias Económicas in
the form of a draft Standard on Inflation.
AP 1D: IAS 29 Financial Reporting in
Hyperinflationary Economies Applicability of the
concept of financial capital maintenance defined
in constant purchasing power units
A staff paper discussed at the IFRS Interpretations
Committee in September 2013, considering
whether an entity is permitted to use the financial
capital maintenance concept defined in terms of
constant purchasing power units when the entity’s
functional currency is not the currency of a
hyperinflationary economy as described in IAS 29
Financial Reporting in Hyperinflationary Economies.
AP 1E: Agenda for the papers This is the meeting agenda for the EEG meeting in
December 2013.
AP 1F: Inflation in the World—IMF
AP 1G: Adjusted for Ticket price inflation—link
to a website
AP 1H: Performance adjusted by inflation
effects—slide presentation
Agenda ref 14
Appendix—Inflation data (Source: World Bank)
Key: Yellow indicates estimated periods in which IAS 29 would apply if a threshold of inflation exceeding 100 per cent over three years is used.
Brown indicates estimated periods in which IAS 29 would apply if a threshold of inflation exceeding 26 per cent over three years is used.
High Inflation │Project recommendation
Page 13 of 15
Country Name 1970
1971
1972
1973
1974
1975
1976 1977
1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
2003 2004
2005
2006 2007
2008
2009
2010
2011
2012
2013
Afghanistan
12.7
7.3
8.5
30.6
(8.3)
0.9
10.2
7.2
7.6
Albania
226.0
85.0
22.6
7.8
12.7
33.2
20.6
0.4
0.1
3.1
7.8
0.5
2.3
2.4
2.4
2.9
3.4
2.3
3.6
3.5
2.0
1.9
Algeria 6.6
2.6
3.7
6.2
4.7
8.2
9.4
12.0
17.5
11.3
9.5
14.7
6.5
6.0
8.1
10.5
12.4
7.4
5.9
9.3
16.7
25.9
31.7
20.5
29.0
29.8
18.7
5.7
5.0
2.6
0.3
4.2
1.4
4.3
4.0
1.4
2.3
3.7
4.9
5.7
3.9
4.5
8.9
3.3
Angola
83.6
299.1
1,379.4
948.8
2,671.8
4,145.1
219.2
107.3
248.2
325.0
152.6
108.9
98.2
43.5
23.0
13.3
12.2
12.5
13.7
14.5
13.5
10.3
8.8
Antigua and Barbuda
1.1
0.8
1.4
2.4
2.0
2.0
2.1
1.8
1.4
5.3
(0.6)
3.4
3.5
3.4
1.1
Arab World
8.3
15.5
9.7
10.3
12.0
9.7
9.6
10.8
8.3
5.5
8.1
7.3
6.8
4.2
5.9
7.7
8.5
9.0
9.4
9.4
5.1
6.5
4.7
3.6
3.4
2.7
1.9
1.8
1.8
2.7
3.6
3.5
3.9
5.0
11.3
2.9
4.0
4.8
4.8
3.2
Armenia
3,373.5
176.0
18.7
14.0
8.7
0.6
(0.8)
3.1
1.1
4.7
7.0
0.6
2.9
4.4
8.9
3.4
8.2
7.7
2.6
5.8
Aruba
4.0
1.1
3.6
3.1
4.0
5.8
5.6
3.9
5.2
6.3
3.4
3.2
3.0
1.9
2.3
4.0
2.9
3.3
3.7
2.5
3.4
3.6
5.4
9.0
(2.1)
2.1
4.4
0.6
(2.4)
Australia 3.9
6.1
5.9
9.5
15.1
15.1
13.5
12.3
7.9
9.1
10.1
9.7
11.1
10.1
4.0
6.7
9.1
8.5
7.2
7.6
7.3
3.2
1.0
1.8
1.9
4.6
2.6
0.3
0.9
1.5
4.5
4.4
3.0
2.8
2.3
2.7
3.5
2.3
4.4
1.8
2.8
3.4
1.8
2.4
Austria 4.4
4.7
6.4
7.5
9.5
8.4
7.3
5.5
3.6
3.7
6.3
6.8
5.4
3.3
5.7
3.2
1.7
1.4
1.9
2.6
3.3
3.3
4.0
3.6
3.0
2.3
1.8
1.3
0.9
0.6
2.4
2.7
1.8
1.4
2.1
2.3
1.4
2.2
3.2
0.5
1.8
3.3
2.5
2.0
Azerbaijan
(10.6)
1,128.0
1,662.2
411.8
19.8
3.7
(0.8)
(8.5)
1.8
1.5
2.8
2.2
6.7
9.7
8.4
16.6
20.8
1.4
5.7
7.9
1.0
2.4
Bahamas, The 6.2
4.6
6.8
5.5
13.1
10.4
4.3
3.2
6.1
9.1
12.1
11.1
6.0
4.0
4.0
4.6
5.4
5.8
4.4
5.4
4.7
7.1
5.7
2.7
1.4
2.1
1.4
0.5
1.3
1.3
1.6
2.0
2.2
3.0
1.0
1.6
2.4
2.5
4.5
2.1
1.3
3.2
2.0
0.4
Bahrain
1.6
5.8
5.1
14.3
24.4
16.2
22.5
17.7
15.8
2.2
3.9
11.3
8.9
3.0
0.3
(2.6)
(2.3)
(1.7)
0.3
1.5
0.9
0.8
(0.2)
2.5
0.8
2.7
(0.5)
2.4
(0.4)
(1.3)
(0.7)
(1.2)
(0.5)
1.6
2.4
2.6
2.0
3.3
3.5
2.8
2.0
(0.4)
2.8
3.2
Bangladesh
9.9
7.4
6.0
6.1
6.4
3.6
3.0
5.3
10.3
2.4
5.3
8.4
6.1
2.2
2.0
3.3
5.7
7.6
7.0
6.8
9.1
8.9
5.4
8.1
10.7
6.2
7.5
Barbados 7.3
7.5
11.9
16.9
38.9
20.3
5.0
8.4
9.5
13.2
14.4
14.6
10.3
5.2
4.7
3.9
1.3
3.3
4.9
6.2
3.1
6.3
6.1
1.1
0.1
1.9
2.4
7.7
(1.3)
1.6
2.4
2.6
0.1
1.6
1.4
6.1
7.3
4.0
8.1
3.6
5.8
9.4
4.5
1.8
Belarus
1,190.2
2,221.0
709.3
52.7
63.9
72.9
293.7
168.6
61.1
42.5
28.4
18.1
10.3
7.0
8.4
14.8
12.9
7.7
53.2
59.2
18.3
Belgium 3.9
4.3
5.4
7.0
12.7
12.8
9.2
7.1
4.5
4.5
6.7
7.6
8.7
7.7
6.3
4.9
1.3
1.6
1.2
3.1
3.5
3.2
2.4
2.8
2.4
1.5
2.1
1.6
1.0
1.1
2.5
2.5
1.6
1.6
2.1
2.8
1.8
1.8
4.5
(0.1)
2.2
3.5
2.8
1.1
Belize
11.2
6.8
5.0
3.4
4.8
0.8
2.0
3.1
2.1
3.1
4.6
2.4
1.5
2.6
2.9
6.4
1.0
(0.9)
(1.2)
0.6
1.2
2.2
2.6
3.1
3.6
4.2
2.3
6.4
(1.1)
5.6
(3.7)
1.3
0.7
Benin
0.4
38.5
14.5
4.9
3.5
5.8
0.3
4.2
4.0
2.5
1.5
0.9
5.4
3.8
1.3
7.9
2.2
2.3
2.7
6.8
1.0
Bhutan
9.9
9.9
18.0
7.0
1.9
10.0
6.4
10.1
8.8
10.0
12.3
16.0
11.2
7.0
9.5
8.8
6.5
10.6
6.8
4.0
3.4
2.5
1.6
(18.1)
5.3
5.0
5.2
8.3
4.4
7.0
8.8
10.9
7.0
Bolivia 4.0
3.7
6.5
31.5
62.8
8.0
4.5
8.1
10.4
19.7
47.2
32.1
123.5
275.6
1,281.3
11,749.6
276.3
14.6
16.0
15.2
17.1
21.4
12.1
8.5
7.9
10.2
12.4
4.7
7.7
2.2
4.6
1.6
0.9
3.3
4.4
5.4
4.3
8.7
14.0
3.3
2.5
9.8
4.6
5.7
Bosnia and Herzegovina
6.1
1.5
7.4
(0.4)
2.2
3.7
2.0
(0.1)
Botswana
12.0
11.7
13.2
9.0
11.7
13.6
16.4
11.1
10.5
8.6
8.1
10.0
9.8
8.4
11.6
11.4
11.8
16.2
14.3
10.5
10.5
10.1
8.7
6.7
7.7
8.6
6.6
8.0
9.2
6.9
8.6
11.6
7.1
12.7
8.0
6.9
8.5
7.5
5.9
Brazil
101.7
100.5
135.0
192.1
226.0
147.1
228.3
629.1
1,430.7
2,947.7
432.8
951.6
1,928.0
2,075.9
66.0
15.8
6.9
3.2
4.9
7.0
6.8
8.5
14.7
6.6
6.9
4.2
3.6
5.7
4.9
5.0
6.6
5.4
6.2
Brunei Darussalam
9.1
6.4
1.2
3.1
2.4
1.8
1.2
1.2
1.3
2.1
1.6
1.3
4.3
2.5
6.0
2.0
1.7
(0.4)
(0.4)
1.6
0.6
(2.3)
0.3
0.8
1.2
0.2
1.0
2.1
1.0
0.4
2.0
0.5
0.4
Bulgaria
2.7
2.7
2.4
6.4
23.8
338.4
91.3
72.9
96.1
62.1
121.6
1,058.4
18.7
2.6
10.3
7.4
5.8
2.2
6.3
5.0
7.3
8.4
12.3
2.8
2.4
4.2
3.0
0.9
Burkina Faso 1.8
2.1
(2.9)
7.6
8.7
18.8
(8.4)
30.0
8.3
15.0
12.2
7.6
12.1
8.2
4.8
6.9
(2.6)
(2.7)
4.3
(0.5)
(0.5)
2.2
(2.0)
0.6
25.2
7.5
6.1
2.3
5.1
(1.1)
(0.3)
5.0
2.2
2.0
(0.4)
6.4
2.3
(0.2)
10.7
2.6
(0.8)
2.8
3.8
0.5
Burundi
(0.2)
3.9
3.8
6.0
15.7
15.7
6.9
6.8
23.9
36.5
2.9
12.2
5.9
8.2
14.3
3.8
1.7
7.1
4.5
11.7
7.0
11.7
1.8
9.7
14.9
19.3
26.4
31.1
12.5
3.4
24.3
9.2
(1.4)
10.8
7.9
13.5
2.8
8.3
24.1
11.0
6.4
9.7
18.0
8.1
Cabo Verde
11.2
5.4
10.9
3.8
4.1
4.6
10.7
9.6
3.1
5.8
3.5
8.4
6.0
8.6
4.4
4.4
(2.5)
3.3
1.9
1.2
(1.9)
0.4
5.4
4.4
6.8
1.0
2.1
4.5
2.5
1.5
Cambodia
(0.8)
7.2
8.0
14.8
4.0
(0.8)
(0.6)
3.2
1.2
3.9
6.3
6.1
7.7
25.0
(0.7)
4.0
5.5
2.9
2.9
Cameroon
5.9
4.0
8.1
10.4
17.2
13.6
9.9
14.7
12.5
6.6
9.6
10.7
13.3
16.6
11.4
8.5
7.8
13.1
1.7
(1.7)
1.1
0.1
(0.0)
(3.2)
35.1
9.1
3.9
4.8
3.2
1.9
1.2
4.4
2.8
0.6
0.2
2.0
5.1
0.9
5.3
3.0
1.3
2.9
2.9
1.9
Canada 3.4
2.8
4.8
7.6
10.9
10.8
7.5
8.0
8.9
9.1
10.2
12.5
10.8
5.8
4.3
4.0
4.2
4.4
4.0
5.0
4.8
5.6
1.5
1.8
0.2
2.2
1.6
1.6
1.0
1.7
2.7
2.5
2.3
2.8
1.9
2.2
2.0
2.1
2.4
0.3
1.8
2.9
1.5
0.9
Chad
20.3
5.2
(13.1)
(6.0)
15.5
(3.7)
(0.7)
3.2
(3.1)
(8.4)
41.7
9.2
11.3
5.6
4.3
(8.0)
3.8
12.4
5.2
(1.8)
(5.4)
7.9
8.0
(9.0)
10.3
10.0
(2.1)
(3.7)
14.0
0.1
Chile
1.4
3.3
3.0
1.8
China
7.2
18.7
18.3
3.1
3.5
6.3
14.6
24.2
16.9
8.3
2.8
(0.8)
(1.4)
0.3
0.7
(0.8)
1.2
3.9
1.8
1.5
4.8
5.9
(0.7)
3.3
5.4
2.7
2.6
Colombia 6.9
11.5
13.6
21.2
24.6
23.2
20.1
33.7
17.4
24.5
26.5
27.5
24.6
19.7
16.2
24.0
18.9
23.3
28.1
25.9
29.1
30.4
27.0
22.4
22.8
20.9
20.8
18.5
18.7
10.9
9.2
8.0
6.4
7.1
5.9
5.0
4.3
5.5
7.0
4.2
2.3
3.4
3.2
2.0
Comoros
5.6
3.5
3.8
4.5
3.0
3.4
4.5
1.7
4.4
3.4
1.8
1.8
2.3
Congo, Dem. Rep. 8.0
5.8
15.8
15.6
29.5
28.7
80.4
68.9
48.8
101.1
46.6
35.4
36.7
76.5
52.2
23.8
44.4
78.7
71.1
104.1
81.3
2,154.4
4,129.2
1,986.9
23,773.1
541.9
492.4
198.5
29.1
284.9
513.9
359.9
31.5
12.9
4.0
21.3
13.1
16.9
17.3
2.8
7.1
15.3
9.7
1.6
Congo, Rep.
4.2
0.4
1.0
(1.8)
2.9
(1.7)
(3.9)
4.9
42.4
9.4
10.0
4.1
(0.9)
0.1
4.4
(0.6)
2.4
3.1
6.5
2.7
7.3
5.3
5.0
1.3
3.9
6.0
Costa Rica
4.7
3.1
4.6
15.2
30.1
17.4
3.5
4.2
6.0
9.2
18.1
37.1
90.1
32.6
12.0
15.1
11.8
16.8
20.8
16.5
19.0
28.7
21.8
9.8
13.5
23.2
17.5
13.2
11.7
10.0
11.0
11.2
9.2
9.4
12.3
13.8
11.5
9.4
13.4
7.8
5.7
4.9
4.5
5.2
Cote d'Ivoire 8.2
(0.4)
0.3
11.1
17.4
11.4
12.1
27.4
13.2
16.3
14.7
8.8
7.6
5.6
4.3
1.9
9.7
6.9
6.9
1.0
(0.8)
1.7
4.2
2.2
26.1
14.3
2.5
4.0
4.7
0.8
2.5
4.3
3.1
3.3
1.4
3.9
2.5
1.9
6.3
1.0
1.7
4.9
1.3
2.6
Croatia
50.0
133.3
185.7
1,400.0
500.0
122.2
625.0
1,500.0
107.3
4.0
4.3
4.2
6.4
4.0
4.6
3.8
1.7
1.8
2.0
3.3
3.2
2.9
6.1
2.4
1.0
2.3
3.4
2.2
Cyprus
2.4
4.1
4.8
7.8
16.2
4.6
3.9
7.3
7.4
9.5
13.5
10.7
6.4
5.0
6.0
5.0
1.2
2.8
3.4
3.8
4.5
5.0
6.5
4.9
4.7
2.6
3.0
3.6
2.2
1.6
4.1
2.0
2.8
4.1
2.3
2.6
2.5
2.4
4.7
0.4
2.4
3.3
2.4
(0.4)
Czech Republic
10.0
9.2
8.8
8.5
10.6
2.1
3.9
4.7
1.8
0.1
2.8
1.8
2.5
2.9
6.4
1.0
1.4
1.9
3.3
1.4
Denmark 6.5
5.9
6.6
9.3
15.3
9.6
9.0
11.1
10.0
9.6
12.3
11.8
10.1
6.9
6.3
4.7
3.7
4.0
4.6
4.8
2.7
2.4
2.1
1.3
2.0
2.1
2.1
2.2
1.9
2.5
2.9
2.4
2.4
2.1
1.2
1.8
1.9
1.7
3.4
1.3
2.3
2.8
2.4
0.8
Djibouti
12.1
5.7
(2.4)
0.9
1.9
2.1
18.1
4.1
1.7
0.6
2.0
3.1
3.1
3.5
5.0
12.0
1.7
4.0
5.1
3.7
2.4
Dominica 12.4
3.6
3.7
12.1
34.4
19.9
10.9
9.5
7.7
13.3
4.4
4.1
2.2
3.7
2.8
4.0
2.9
6.2
3.2
5.6
5.5
1.6
0.0
1.3
1.7
2.4
1.0
1.2
0.9
1.3
0.2
1.5
2.4
1.7
2.6
3.2
6.3
0.0
3.2
2.4
1.4
(0.0)
Dominican Republic 3.8
3.6
8.6
15.1
13.1
14.5
7.8
12.9
3.5
9.2
16.8
7.5
7.6
5.6
20.2
45.3
7.6
13.6
43.9
40.7
50.5
47.1
4.3
5.3
8.3
12.5
5.4
8.3
4.8
6.5
7.7
8.9
5.2
27.4
51.5
4.2
7.6
6.1
10.6
1.4
6.3
8.5
3.7
4.8
Ecuador
5.1
8.4
7.9
13.0
23.3
15.4
10.7
13.0
11.7
10.3
13.0
16.4
16.3
48.4
31.2
28.0
23.0
29.5
58.2
75.6
48.5
48.8
54.3
45.0
27.4
22.9
24.4
30.6
36.1
52.2
96.1
37.7
12.5
7.9
2.7
2.4
3.0
2.3
8.4
5.2
3.6
4.5
5.1
2.7
Egypt, Arab Rep. 3.8
3.1
2.1
5.1
10.0
9.7
10.3
12.7
11.1
9.9
20.8
10.3
14.8
16.1
17.0
12.1
23.9
19.7
17.7
21.3
16.8
19.7
13.6
12.1
8.2
15.7
7.2
4.6
3.9
3.1
2.7
2.3
2.7
4.5
11.3
4.9
7.6
9.3
18.3
11.8
11.3
10.1
7.1
9.5
El Salvador 2.8
0.4
1.5
6.4
16.9
19.1
7.0
11.8
13.3
14.1
17.4
14.8
11.7
13.3
11.5
22.3
31.9
24.9
19.8
17.6
24.0
14.4
11.2
18.5
10.6
10.0
9.8
4.5
2.5
0.5
2.3
3.8
1.9
2.1
4.5
4.7
4.0
4.6
6.7
1.1
0.9
5.1
1.7
0.8
Equatorial Guinea
(17.6)
(13.2)
2.5
6.2
0.9
(3.4)
(4.3)
5.5
31.8
19.9
4.5
3.0
7.9
0.4
4.8
8.8
7.6
7.3
4.2
5.6
4.4
2.8
6.6
4.7
7.8
6.9
6.1
6.4
Estonia
89.8
47.7
28.8
23.1
10.6
8.2
3.3
4.0
5.7
3.6
1.3
3.0
4.1
4.4
6.6
10.4
(0.1)
3.0
5.0
3.9
2.8
Ethiopia 10.1
0.5
(6.1)
8.9
8.6
6.6
28.5
16.7
14.3
16.0
4.5
6.1
5.9
(0.7)
8.4
19.1
(9.8)
(2.4)
7.1
7.8
5.2
35.7
10.5
3.5
7.6
10.0
(8.5)
2.4
0.9
7.9
0.7
(8.2)
1.7
17.8
3.3
12.9
12.3
17.2
44.4
8.5
8.1
33.2
22.8
8.1
Fiji
4.1
9.1
22.0
11.1
14.5
13.1
11.4
7.0
6.1
7.8
14.5
11.2
7.0
6.7
5.3
4.4
1.8
5.7
11.8
6.2
8.2
6.5
4.9
5.2
0.8
2.2
3.1
3.4
5.7
2.0
1.1
4.3
0.8
4.2
2.8
2.4
2.5
4.8
7.7
3.7
5.5
8.7
3.4
2.9
Finland 2.7
6.5
7.1
11.0
16.7
17.8
14.3
12.7
7.8
7.5
11.6
12.0
9.6
8.4
7.1
5.9
2.9
4.1
5.1
6.6
6.1
4.1
2.6
2.1
1.1
1.0
0.6
1.2
1.4
1.2
3.4
2.6
1.6
0.9
0.2
0.9
1.6
2.5
4.1
-
1.2
3.4
2.8
1.5
France 5.8
5.4
6.1
7.4
13.6
11.7
9.6
9.5
9.3
10.6
13.5
13.3
12.0
9.5
7.7
5.8
2.5
3.3
2.7
3.5
3.4
3.2
2.4
2.1
1.7
1.8
2.0
1.2
0.6
0.5
1.7
1.6
1.9
2.1
2.1
1.7
1.7
1.5
2.8
0.1
1.5
2.1
2.0
0.9
Gabon
3.8
3.9
3.5
6.2
12.1
28.5
20.2
13.9
10.8
8.0
12.3
8.7
16.7
10.7
5.9
7.4
6.3
(0.9)
(8.8)
6.7
7.7
(11.7)
(9.5)
0.5
36.1
9.6
0.7
4.0
1.4
(1.9)
0.5
2.1
0.0
2.2
0.4
3.7
(1.4)
5.0
5.3
1.9
1.5
1.3
2.7
0.5
Gambia, The (2.0)
3.1
8.7
6.9
9.2
25.9
17.0
12.4
8.9
6.1
6.8
5.9
10.9
10.6
22.1
18.3
56.6
23.5
11.7
8.3
12.2
8.6
9.5
6.5
1.7
7.0
1.1
2.8
1.1
3.8
0.8
4.5
8.6
17.0
14.2
4.8
2.1
5.4
4.5
4.6
5.0
4.8
4.3
5.7
Georgia
162.7
39.4
7.1
3.6
19.2
4.1
4.6
5.6
4.8
5.7
8.2
9.2
9.2
10.0
1.7
7.1
8.5
(0.9)
(0.5)
Germany
5.1
4.4
2.7
1.7
1.4
1.9
0.9
0.6
1.5
2.0
1.4
1.0
1.7
1.5
1.6
2.3
2.6
0.3
1.1
2.1
2.0
1.5
Ghana 3.0
9.6
10.1
17.7
18.1
29.8
56.1
116.5
73.1
54.4
50.1
116.5
22.3
122.9
39.7
10.3
24.6
39.8
31.4
25.2
37.3
18.0
10.1
25.0
24.9
59.5
46.6
27.9
14.6
12.4
25.2
32.9
14.8
26.7
12.6
15.1
10.9
10.7
16.5
19.3
10.7
8.7
9.2
11.6
Greece 3.2
3.1
4.3
15.5
26.9
13.4
13.3
12.2
12.5
19.0
24.9
24.5
20.9
20.2
18.4
19.3
23.0
16.4
13.5
13.7
20.4
19.5
15.9
14.4
10.9
8.9
8.2
5.5
4.8
2.6
3.2
3.4
3.6
3.5
2.9
3.5
3.2
2.9
4.2
1.2
4.7
3.3
1.5
(0.9)
Grenada
18.5
18.1
20.9
21.8
18.8
7.8
6.1
5.7
2.5
0.6
(0.9)
4.0
5.6
2.7
2.6
3.8
2.8
3.8
1.9
2.0
1.2
1.4
0.6
2.2
3.1
(0.4)
2.2
2.2
3.5
4.3
3.9
8.0
(0.3)
3.4
3.0
2.4
(0.0)
Guatemala 2.3
(0.5)
0.5
13.8
16.5
13.2
10.7
12.3
8.3
11.3
10.8
11.4
0.3
4.5
3.4
18.7
36.9
12.3
10.8
11.4
41.2
33.2
10.0
11.8
10.9
8.4
11.1
9.2
6.6
5.2
6.0
7.3
8.1
5.6
7.6
9.1
6.6
6.8
11.4
1.9
3.9
6.2
3.8
4.3
Agenda ref 14
Key: Yellow indicates estimated periods in which IAS 29 would apply if a threshold of inflation exceeding 100 per cent over three years is used.
Brown indicates estimated periods in which IAS 29 would apply if a threshold of inflation exceeding 26 per cent over three years is used.
High Inflation │Project recommendation
Page 14 of 15
Guinea
31.4
34.7
22.8
18.4
4.7
15.5
21.4
15.2
11.9
Guinea-Bissau
60.3
80.8
33.0
57.6
69.6
48.1
15.2
45.4
50.7
49.1
8.0
(2.1)
8.6
3.3
3.3
(3.5)
0.9
3.3
2.0
4.6
10.5
(1.7)
2.5
5.0
2.1
0.7
Guyana
12.2
7.1
3.6
4.6
7.5
6.1
2.6
5.3
6.0
4.7
6.9
6.6
12.3
8.1
2.9
2.1
5.0
2.4
1.8
Haiti 1.4
9.6
3.2
22.7
15.0
16.8
7.0
6.5
(2.7)
13.1
17.8
10.9
7.4
10.2
6.4
10.6
3.3
(11.4)
4.1
6.9
21.3
15.4
19.4
29.7
39.3
27.6
20.6
20.6
10.6
8.7
13.7
14.2
9.9
39.3
22.8
15.7
13.1
8.5
15.5
(0.0)
5.7
8.4
6.3
5.9
Honduras
2.9
2.2
3.6
5.2
12.8
8.4
4.9
8.4
5.7
12.1
18.1
9.4
9.0
8.3
4.7
3.4
4.4
2.5
4.5
9.9
23.3
34.0
8.8
10.7
21.7
29.5
23.8
20.2
13.7
11.7
11.0
9.7
7.7
7.7
8.1
8.8
5.6
6.9
11.4
5.5
4.7
6.8
5.2
5.2
Hong Kong SAR, China
11.0
9.9
8.7
3.6
3.5
5.6
8.0
10.2
10.2
11.3
9.6
8.7
8.8
9.1
6.3
5.8
2.9
(4.0)
(3.7)
(1.7)
(3.1)
(2.5)
(0.4)
0.9
2.1
2.0
4.3
0.6
2.3
5.3
4.1
4.4
Hungary
3.4
1.8
3.8
5.2
3.9
4.7
9.0
9.3
4.5
7.0
6.4
8.7
7.0
5.3
8.7
15.8
16.9
29.0
34.2
22.9
22.5
18.9
28.3
23.4
18.3
14.2
10.0
9.8
9.2
5.3
4.6
6.8
3.6
3.9
7.9
6.1
4.2
4.9
4.0
5.7
1.7
Iceland
13.1
6.7
9.7
21.0
42.7
49.4
32.8
30.6
44.0
45.4
58.5
50.8
51.0
84.2
29.2
31.7
21.9
17.7
25.8
20.8
15.5
6.8
4.0
4.1
1.6
1.7
2.3
1.7
1.7
3.2
5.1
6.4
5.2
2.1
3.2
4.0
6.7
5.1
12.7
12.0
5.4
4.0
5.2
3.9
India 5.1
3.1
6.5
16.9
28.6
5.7
(7.6)
8.3
2.5
6.3
11.4
13.1
7.9
11.9
8.3
5.6
8.7
8.8
9.4
3.3
9.0
13.9
11.8
6.4
10.2
10.2
9.0
7.2
13.2
4.7
4.0
3.7
4.4
3.8
3.8
4.2
6.1
6.4
8.4
10.9
12.0
8.9
9.3
10.9
Indonesia 12.3
4.4
6.5
31.0
40.6
19.1
19.9
11.0
8.1
16.3
18.0
12.2
9.5
11.8
10.5
4.7
5.8
9.3
8.0
6.4
7.8
9.4
7.5
9.7
8.5
9.4
8.0
6.2
58.4
20.5
3.7
11.5
11.9
6.6
6.2
10.5
13.1
6.4
9.8
4.8
5.1
5.4
4.3
6.4
Iran, Islamic Rep.
1.7
4.2
6.4
9.8
14.2
12.9
11.3
27.3
11.7
10.5
20.6
24.2
18.7
19.7
12.5
4.4
18.4
28.6
28.7
22.3
7.6
17.1
25.8
21.2
31.4
49.7
28.9
17.3
17.9
20.1
14.5
11.3
14.3
16.5
14.8
13.4
11.9
17.2
25.5
13.5
10.1
20.6
27.4
39.3
Iraq 4.4
3.6
5.2
4.9
7.7
9.5
12.8
9.2
4.6
181.0
83.6
207.7
448.5
387.3
(16.1)
23.1
14.8
12.6
5.0
16.4
19.3
33.6
27.0
37.0
53.2
(10.1)
12.7
6.9
2.9
5.8
6.1
1.9
Ireland 8.2
9.0
8.6
11.4
17.0
20.9
18.0
13.6
7.6
13.2
18.2
20.3
17.1
10.5
8.6
5.4
3.8
3.1
2.2
4.1
3.3
3.2
3.1
1.4
2.3
2.5
1.7
1.4
2.4
1.6
5.6
4.9
4.7
3.5
2.2
2.4
3.9
4.9
4.1
(4.5)
(0.9)
2.6
1.7
0.5
Israel 6.1
12.0
12.9
20.0
39.7
39.3
31.3
34.6
50.6
78.3
131.0
116.8
120.4
145.6
373.8
304.6
48.2
19.9
16.2
20.2
17.2
19.0
11.9
10.9
12.3
10.0
11.3
9.0
5.4
5.2
1.1
1.1
5.7
0.7
(0.4)
1.3
2.1
0.5
4.6
3.3
2.7
3.5
1.7
1.5
Italy 4.8
5.5
5.2
10.7
19.4
16.9
16.6
17.4
12.1
14.6
21.3
17.8
16.4
14.6
10.8
9.2
5.8
4.7
5.1
6.2
6.5
6.3
5.1
4.5
4.0
5.2
4.0
2.0
2.0
1.7
2.5
2.8
2.5
2.7
2.2
2.0
2.1
1.8
3.4
0.8
1.5
2.7
3.0
1.2
Jamaica
14.7
5.3
5.4
17.7
27.2
17.4
9.8
11.2
34.9
29.1
27.3
12.7
6.5
11.6
27.8
25.7
15.1
6.7
8.3
14.3
22.0
51.1
77.3
22.1
35.1
19.9
26.4
9.7
8.6
6.0
8.2
7.0
7.1
10.3
13.6
15.3
8.6
9.3
22.0
9.6
12.6
7.5
6.9
9.3
Japan 7.7
6.4
4.8
11.6
23.2
11.8
9.4
8.1
4.2
3.7
7.8
4.9
2.7
1.9
2.3
2.0
0.6
0.1
0.7
2.3
3.0
3.3
1.7
1.3
0.7
(0.1)
0.1
1.8
0.7
(0.3)
(0.7)
(0.8)
(1.3)
0.2
(0.0)
(0.3)
0.2
0.1
1.4
(1.3)
(0.7)
(0.3)
(0.0)
0.4
Jordan 5.9
4.8
7.7
11.1
19.4
12.0
11.5
14.6
6.9
14.2
11.1
7.7
7.4
5.0
3.8
3.0
-
(0.2)
6.6
25.7
16.2
8.2
4.0
3.3
3.5
2.4
6.5
3.0
3.1
0.6
0.7
1.8
1.8
1.6
3.4
3.5
6.3
5.4
14.9
(0.7)
5.0
4.4
4.8
5.5
Kazakhstan
1,877.4
176.2
39.2
17.4
7.1
8.3
13.2
8.4
5.8
6.4
6.9
7.6
8.6
10.8
17.2
7.3
7.1
8.3
5.1
5.8
Kenya 2.2
3.8
5.8
9.3
17.8
19.1
11.4
14.8
16.9
8.0
13.9
11.6
20.7
11.4
10.3
13.0
2.5
8.6
12.3
13.8
17.8
20.1
27.3
46.0
28.8
1.6
8.9
11.4
6.7
5.7
10.0
5.7
2.0
9.8
11.6
10.3
14.5
9.8
26.2
9.2
4.0
14.0
9.4
5.7
Korea, Rep. 16.1
13.4
11.7
3.2
24.3
25.3
15.3
10.2
14.5
18.3
28.7
21.3
7.2
3.4
2.3
2.5
2.7
3.0
7.1
5.7
8.6
9.3
6.3
4.7
6.3
4.5
4.9
4.4
7.5
0.8
2.3
4.1
2.8
3.5
3.6
2.8
2.2
2.5
4.7
2.8
3.0
4.0
2.2
1.3
Kosovo
(1.1)
(1.1)
(1.4)
0.6
4.4
9.4
(2.4)
3.5
7.3
2.5
1.8
Kuwait
8.3
13.0
8.4
5.2
9.9
8.7
7.0
6.9
7.4
7.8
4.7
1.2
1.5
1.0
0.7
1.5
3.3
9.8
9.1
(0.5)
0.4
2.5
2.7
3.6
0.7
0.1
3.0
1.8
1.3
0.9
1.0
1.2
4.1
3.1
5.5
10.6
4.6
4.5
4.9
3.2
2.7
Kyrgyz Republic
31.9
23.4
10.5
37.0
18.7
6.9
2.1
3.0
4.1
4.4
5.6
10.2
24.5
6.9
8.0
16.5
2.7
6.6
Lao PDR
61.3
35.6
13.4
9.9
6.3
6.8
19.6
13.0
27.5
91.0
128.4
25.1
7.8
10.6
15.5
10.5
7.2
6.8
4.5
7.6
0.0
6.0
7.6
4.3
6.4
Latvia
243.3
108.8
35.9
25.0
17.6
8.4
4.7
2.4
2.6
2.5
1.9
3.0
6.2
6.7
6.5
10.1
15.4
3.5
(1.1)
4.4
2.2
-
Lebanon
1.2
4.0
Lesotho
13.4
14.2
11.4
16.7
13.5
16.0
16.3
12.4
12.1
17.5
11.0
13.3
18.0
11.8
11.5
14.7
11.6
17.7
17.2
13.1
8.2
9.3
9.3
6.1
(9.6)
33.8
6.6
5.0
3.4
6.1
8.0
10.7
7.4
3.6
5.0
6.1
4.9
Liberia
14.2
10.3
7.8
10.8
7.3
11.4
17.5
7.4
7.3
8.5
6.8
7.6
Libya (5.3)
(3.1)
(0.3)
8.0
7.5
9.1
5.5
6.3
29.4
(6.0)
9.7
11.2
10.3
10.6
12.5
9.1
3.3
4.4
6.1
1.5
8.5
11.9
9.4
11.1
5.1
7.2
4.0
3.6
3.7
2.6
(2.9)
(8.8)
(9.8)
(2.2)
(2.2)
2.7
1.5
6.3
10.4
2.5
2.8
15.5
6.1
2.6
Lithuania
410.2
72.2
39.7
24.6
8.9
5.1
0.8
1.0
1.4
0.3
(1.1)
1.2
2.6
3.7
5.7
10.9
4.4
1.3
4.1
3.1
1.1
Luxembourg 4.6
4.7
5.2
6.1
9.4
10.7
9.8
6.7
3.1
4.5
6.3
8.1
9.4
8.7
5.6
4.1
0.3
(0.1)
1.5
3.4
3.7
3.1
3.2
3.6
2.2
1.9
1.4
1.4
1.0
1.0
3.1
2.7
2.1
2.0
2.2
2.5
2.7
2.3
3.4
0.4
2.3
3.4
2.7
1.7
Macao SAR, China
8.8
8.0
9.6
7.7
6.7
6.3
8.6
4.8
3.5
0.2
(3.2)
(1.6)
(2.0)
(2.6)
(1.6)
1.0
4.4
5.1
5.6
8.6
1.2
2.8
5.8
6.1
5.5
Macedonia, FYR
126.6
16.4
2.5
1.3
0.5
(1.3)
6.6
5.2
2.3
1.1
0.9
0.2
3.2
2.3
8.3
(0.7)
1.5
3.9
3.3
2.8
Madagascar 2.9
5.4
5.6
6.1
22.1
8.2
5.0
3.1
6.5
14.1
18.2
30.5
31.8
19.3
9.9
10.6
14.5
15.0
26.9
9.0
11.8
8.6
14.5
10.0
38.9
49.1
19.8
4.5
6.2
9.9
11.9
6.9
15.9
(1.2)
13.8
18.5
10.8
10.3
9.2
9.0
9.2
9.5
6.4
5.8
Malawi
11.8
9.8
13.5
20.0
10.5
14.0
25.2
33.9
12.4
11.8
12.6
23.8
22.8
34.6
83.3
37.6
9.1
29.7
44.8
29.6
22.7
14.7
9.6
11.4
15.4
14.0
8.0
8.7
8.4
7.4
7.6
21.3
27.3
Malaysia
1.8
1.6
3.2
10.6
17.3
4.5
2.6
4.8
4.9
3.7
6.7
9.7
5.8
3.7
3.9
0.3
0.7
0.3
2.6
2.8
2.6
4.4
4.8
3.5
3.7
3.5
3.5
2.7
5.3
2.7
1.5
1.4
1.8
1.0
1.5
3.0
3.6
2.0
5.4
0.6
1.7
3.2
1.7
2.1
Maldives
3.5
7.4
12.3
4.0
6.6
12.8
12.1
2.3
Mali
(0.1)
0.6
1.8
(6.2)
(0.3)
23.2
13.4
6.8
(0.4)
4.0
(1.2)
(0.7)
5.2
5.0
(1.3)
(3.1)
6.4
1.5
1.4
9.2
2.5
1.1
2.9
5.4
(0.6)
Malta
3.7
2.3
3.4
7.7
7.3
8.8
0.6
10.0
4.7
7.1
15.7
11.5
5.8
(0.9)
(0.4)
(0.2)
2.0
0.4
0.9
0.8
3.0
2.5
1.6
4.1
4.1
4.4
2.1
3.1
2.4
2.1
2.4
2.9
2.2
1.3
2.8
3.0
2.8
1.3
4.3
2.1
1.5
2.7
2.4
1.4
Mauritania
7.4
8.2
1.3
12.9
6.6
5.6
10.1
9.4
4.1
6.5
4.7
4.6
8.0
4.1
3.3
4.7
3.9
5.2
10.4
12.1
6.2
7.3
7.3
2.2
6.3
5.6
4.9
4.1
Mauritius 1.5
0.3
5.4
13.5
29.1
14.7
13.0
9.2
8.5
14.5
42.0
14.5
11.4
5.6
7.4
6.7
1.6
0.5
9.2
12.7
13.5
7.0
4.6
10.5
7.3
6.0
6.6
6.8
6.8
6.9
4.2
5.4
6.5
3.9
4.7
4.9
8.9
8.8
9.7
2.5
2.9
6.5
3.9
3.5
Mexico
5.2
5.3
5.0
12.0
23.8
15.2
15.8
29.0
17.5
18.2
26.4
27.9
58.9
101.8
65.5
57.7
86.2
131.8
114.2
20.0
26.7
22.7
15.5
9.8
7.0
35.0
34.4
20.6
15.9
16.6
9.5
6.4
5.0
4.5
4.7
4.0
3.6
4.0
5.1
5.3
4.2
3.4
4.1
3.8
Moldova
29.8
23.5
11.9
7.8
39.2
31.1
9.6
5.3
11.6
12.5
11.8
12.9
12.1
12.9
(0.1)
7.4
7.6
4.6
4.6
Mongolia
268.2
87.6
0.0
46.9
36.6
9.4
7.6
11.6
6.3
0.9
5.1
8.2
12.7
5.1
9.0
25.1
6.3
10.1
9.5
15.0
8.6
Montenegro
2.9
4.3
8.8
3.5
0.7
3.2
3.6
2.1
Morocco 1.3
4.2
3.8
4.1
17.6
7.9
8.5
12.6
9.7
8.3
9.4
12.5
10.5
6.2
12.4
7.7
8.7
2.7
2.4
3.3
6.8
8.0
5.7
5.2
5.1
6.1
3.0
1.0
2.8
0.7
1.9
0.6
2.8
1.2
1.5
1.0
3.3
2.0
3.7
1.0
1.0
0.9
1.3
1.9
Mozambique
50.1
40.1
47.0
32.9
45.5
42.2
63.2
54.4
48.5
7.4
1.5
2.9
12.7
9.0
16.8
13.4
12.7
7.2
13.2
8.2
10.3
3.3
12.7
10.4
2.1
4.2
Myanmar
(4.0)
2.1
7.6
25.2
25.2
31.7
22.4
(1.2)
(6.0)
5.7
0.6
0.3
5.3
5.7
4.8
6.8
9.3
24.8
16.0
27.2
17.6
32.3
21.9
31.8
24.1
25.2
16.3
29.7
51.5
18.4
(0.1)
21.1
57.1
36.6
4.5
9.4
20.0
35.0
26.8
1.5
7.7
5.0
1.5
5.5
Namibia
7.2
4.1
2.3
5.1
6.7
10.4
8.8
4.5
5.0
6.5
5.6
Nepal 15.2
(2.0)
8.4
11.4
19.8
7.6
(3.1)
9.9
7.3
3.6
14.7
11.1
11.7
12.4
2.8
8.1
19.0
10.8
9.0
8.8
8.2
15.6
17.1
7.5
8.3
7.6
9.2
4.0
11.2
7.5
2.5
2.7
3.0
5.7
2.8
6.8
6.9
5.7
9.9
11.1
9.3
9.3
9.5
9.0
Netherlands
3.7
7.5
7.8
8.0
9.6
10.2
9.1
6.5
4.1
4.2
6.5
6.7
5.9
2.8
3.3
2.2
0.2
(0.7)
0.7
1.1
2.5
3.1
3.2
2.6
2.8
1.9
2.0
2.2
2.0
2.2
2.3
4.2
3.3
2.1
1.2
1.7
1.2
1.6
2.5
1.2
1.3
2.3
2.5
2.5
New Zealand 6.7
10.3
6.8
8.2
11.3
14.5
16.8
14.6
11.9
13.7
17.1
15.3
16.2
7.4
6.2
15.4
13.2
15.7
6.4
5.7
6.1
2.6
1.0
1.3
1.7
3.8
2.3
1.2
1.2
0.3
3.0
2.5
2.7
1.1
2.3
3.0
3.4
2.4
4.0
2.1
2.3
4.4
0.9
1.3
Nicaragua
7.1
6.0
3.8
5.3
8.5
9.6
9.1
11.1
19.8
3.7
5.5
8.1
7.2
7.1
Niger
1.1
4.2
9.8
11.8
3.4
9.1
23.5
23.3
10.1
7.3
10.3
22.9
11.6
(2.5)
8.4
(0.9)
(3.2)
(6.7)
(1.4)
(2.8)
(0.8)
(7.8)
(4.5)
(1.2)
36.0
10.6
5.3
2.9
4.5
(2.3)
2.9
4.0
2.6
(1.6)
0.3
7.8
0.0
0.1
11.3
0.6
0.8
2.9
0.5
2.3
Nigeria 13.8
16.0
3.5
5.4
12.7
34.0
24.3
15.1
21.7
11.7
10.0
20.8
7.7
23.2
17.8
7.4
5.7
11.3 b
50.5
7.4
13.0
44.6
57.2
57.0
72.8
29.3
8.5
10.0
6.6
6.9
18.9
12.9
14.0
15.0
17.9
8.2
5.4
11.6
11.5
13.7
10.8
12.2
8.5
Norway 10.6
6.3
7.2
7.4
9.4
11.7
9.2
9.0
8.2
4.8
10.9
13.6
11.4
8.4
6.3
5.7
7.2
8.7
6.7
4.6
4.1
3.4
2.3
2.3
1.4
2.5
1.3
2.6
2.3
2.3
3.1
3.0
1.3
2.5
0.5
1.5
2.3
0.7
3.8
2.2
2.4
1.3
0.7
2.1
Oman
(0.8)
(0.3)
0.2
0.8
1.9
3.2
6.0
12.1
3.9
3.2
4.1
2.9
1.2
Pakistan 5.3
4.7
5.2
23.1
26.7
20.9
7.2
10.1
6.1
8.3
11.9
11.9
5.9
6.4
6.1
5.6
3.5
4.7
8.8
7.8
9.1
11.8
9.5
10.0
12.4
12.3
10.4
11.4
6.2
4.1
4.4
3.1
3.3
2.9
7.4
9.1
7.9
7.6
20.3
13.6
13.9
11.9
9.7
7.7
Panama 3.1
1.9
5.4
6.9
16.3
5.9
3.9
4.6
4.2
8.0
13.8
7.3
4.3
2.1
1.6
1.0
(0.1)
1.0
0.4
0.2
0.8
1.3
1.8
0.5
1.3
1.0
1.3
1.3
0.6
1.2
1.5
0.3
1.0
0.4
0.2
3.2
2.1
4.2
8.8
2.4
3.5
5.9
5.7
4.0
Papua New Guinea
6.1
8.3
23.2
10.5
7.7
4.5
5.8
5.8
12.1
8.1
5.5
7.9
7.4
3.7
5.5
3.3
5.4
4.5
7.0
7.0
4.3
5.0
2.9
17.3
11.6
4.0
13.6
14.9
15.6
9.3
11.8
14.7
2.2
1.8
2.4
0.9
10.8
6.9
6.0
4.4
4.5
5.0
Paraguay (0.9)
5.0
9.2
12.8
25.2
6.7
4.5
9.4
10.7
28.2
22.4
13.0
5.1
13.4
20.3
25.2
31.7
21.8
22.6
26.4
37.3
24.2
15.2
18.2
20.6
13.4
9.8
6.9
11.6
6.8
9.0
7.3
10.5
14.2
4.3
6.8
9.6
8.1
10.2
2.6
4.7
8.3
3.7
2.7
Peru 5.0
6.8
7.2
9.5
16.9
23.6
33.5
38.1
57.8
66.7
59.1
75.4
64.4
111.2
110.2
163.4
77.9
85.8
667.0
3,398.7
7,481.7
409.5
73.5
48.6
23.7
11.1
11.5
8.6
7.2
3.5
3.8
2.0
0.2
2.3
3.7
1.6
2.0
1.8
5.8
2.9
1.5
3.4
3.7
2.8
Philippines
14.4
21.4
8.2
16.6
34.2
6.8
9.2
9.9
7.3
17.5
18.2
13.1
10.2
10.0
50.3
23.1
0.8
3.8
8.8
10.6
12.7
18.5
8.6
6.9
8.4
6.7
7.5
5.6
9.3
5.9
4.0
5.3
2.7
2.3
4.8
6.5
5.5
2.9
8.3
4.2
3.8
4.6
3.2
3.0
Poland
1.1
(0.1)
2.5
7.1
2.3
4.4
4.9
8.1
7.0
9.7
19.1
103.6
25.5
15.4
11.5
16.5
26.4
58.7
244.6
555.4
76.7
45.3
36.9
33.3
28.1
19.8
15.1
11.7
7.3
10.1
5.5
1.9
0.8
3.6
2.1
1.1
2.4
4.3
3.8
2.7
4.3
3.6
1.0
Portugal
4.5
7.5
8.9
10.4
28.0
20.4
18.2
27.2
22.6
23.5
16.7
20.0
22.7
25.1
28.8
19.6
11.8
9.3
9.7
12.6
13.4
10.9
8.9
6.5
5.2
4.1
3.1
2.2
2.7
2.3
2.8
4.4
3.5
3.3
2.4
2.3
2.7
2.8
2.6
(0.8)
1.4
3.7
2.8
0.3
Qatar
6.8
8.5
5.7
2.7
1.1
1.9
0.8
2.7
4.6
3.3
3.0
4.4
3.1
(0.9)
1.3
3.0
4.9
4.8
3.0
2.2
1.7
1.5
0.2
2.3
6.8
8.8
11.8
13.8
15.1
(4.9)
(2.4)
1.9
1.9
3.1
Romania
230.6
211.2
255.2
136.8
32.2
38.8
154.8
59.1
45.8
45.7
34.5
22.5
15.3
11.9
9.0
6.6
4.8
7.8
5.6
6.1
5.8
3.3
4.0
Russian Federation
874.6
307.6
197.5
47.7
14.8
27.7
85.7
20.8
21.5
15.8
13.7
10.9
12.7
9.7
9.0
14.1
11.7
6.9
8.4
5.1
6.8
Rwanda 0.5
0.5
3.1
9.4
31.1
30.2
7.2
13.7
13.3
15.7
7.2
6.5
12.6
6.6
5.4
1.8
(1.1)
4.1
3.0
1.0
4.2
19.6
9.6
12.4
7.4
12.0
6.2
(2.4)
3.9
3.3
2.0
7.4
12.3
9.0
8.9
9.1
15.4
10.4
2.3
5.7
6.3
4.2
Agenda ref 14
Key: Yellow indicates estimated periods in which IAS 29 would apply if a threshold of inflation exceeding 100 per cent over three years is used.
Brown indicates estimated periods in which IAS 29 would apply if a threshold of inflation exceeding 26 per cent over three years is used.
High Inflation │Project recommendation
Page 15 of 15
Samoa 2.7
4.8
7.5
11.8
25.0
8.8
4.9
14.6
2.1
11.1
33.0
20.5
18.3
16.5
11.9
9.1
5.7
4.6
8.5
6.5
15.2
(1.8)
9.0
1.7
12.1
(2.9)
5.4
6.9
2.2
0.3
1.0
3.8
8.1
0.1
16.3
1.9
3.7
5.6
11.6
6.3
0.8
5.2
2.0
0.6
San Marino
1.4
1.7
2.1
2.5
4.3
2.2
2.6
2.0
2.8
1.6
Sao Tome and Principe
80.5
20.9
12.6
9.6
9.4
9.0
10.0
15.2
17.2
24.6
27.6
24.8
16.1
12.9
11.9
10.4
7.1
Saudi Arabia 0.2
4.5
4.3
16.5
21.4
34.6
31.6
11.4
(1.6)
1.1
4.2
2.8
1.0
0.2
(1.6)
(3.1)
(3.2)
(1.5)
0.9
1.0
2.1
4.9
(0.1)
1.1
0.6
4.9
1.2
0.1
(0.4)
(1.3)
(1.1)
(1.1)
0.2
0.6
0.3
0.7
2.2
4.2
9.9
5.1
5.3
5.8
2.9
3.5
Senegal
2.8
3.9
6.2
11.3
16.6
31.7
1.1
11.3
3.4
9.7
8.7
5.9
17.4
11.6
11.8
13.0
6.2
(4.1)
(1.8)
0.4
0.3
(1.8)
(0.1)
(0.6)
32.3
7.9
2.8
1.8
1.2
0.8
0.7
3.1
2.2
(0.0)
0.5
1.7
2.1
5.9
5.8
(1.1)
1.3
3.4
1.4
0.7
Serbia
82.7
95.6
23.3
30.2
42.5
71.1
95.0
19.5
9.9
11.0
16.1
11.7
6.4
12.4
8.1
6.1
11.1
7.3
7.7
Seychelles
14.6
20.9
18.2
24.4
18.6
14.9
15.0
11.8
12.5
13.6
10.6
(0.9)
6.1
4.1
0.8
0.2
2.6
1.8
1.6
3.9
2.0
3.2
1.4
1.7
(0.2)
(1.1)
0.6
2.6
6.3
6.3
6.0
0.2
3.3
3.9
0.9
(0.4)
5.3
37.0
31.8
(2.4)
2.6
7.1
4.3
Sierra Leone
11.6
14.8
9.3
16.6
16.2
12.9
10.3
Singapore 0.5
1.8
2.1
19.6
22.4
2.5
(1.8)
3.2
4.9
4.1
8.5
8.2
3.9
1.2
2.6
0.5
(1.4)
0.5
1.5
2.3
3.5
3.4
2.3
2.3
3.1
1.7
1.4
2.0
(0.3)
0.0
1.4
1.0
(0.4)
0.5
1.7
0.4
1.0
2.1
6.5
0.6
2.8
5.3
4.5
2.4
Slovak Republic
13.4
9.9
5.8
6.1
6.7
10.6
12.0
7.3
3.3
8.6
7.5
2.7
4.5
2.8
4.6
1.6
1.0
3.9
3.6
1.4
Slovenia
32.9
21.0
13.5
9.8
8.4
7.9
6.1
8.9
8.4
7.5
5.6
3.6
2.5
2.5
3.6
5.7
0.9
1.8
1.8
2.6
1.8
Small states
11.2
8.9
15.4
12.7
7.8
6.1
5.6
5.1
5.7
4.7
7.8
6.2
8.7
6.5
5.7
5.2
3.8
5.8
3.9
3.8
3.9
3.4
3.6
3.7
2.9
3.6
3.3
3.7
4.2
5.2
8.9
3.6
3.5
5.1
3.8
2.2
Solomon Islands
6.9
3.2
18.9
10.1
4.3
8.6
6.3
8.1
13.1
16.4
13.0
6.2
11.0
9.6
13.6
11.0
16.7
14.9
8.7
15.1
10.8
9.2
13.3
9.6
11.8
8.1
12.4
8.0
7.9
6.9
10.9
8.3
7.0
7.3
11.2
7.7
17.3
7.1
1.1
7.3
5.9
5.4
South Africa 4.1
5.7
6.5
9.6
11.6
12.5
11.0
11.2
11.1
13.3
13.7
15.3
14.6
12.3
11.5
16.3
18.7
16.2
12.8
14.7
14.3
15.3
13.9
9.7
8.9
8.7
7.4
8.6
6.9
5.2
5.3
5.7
9.2
5.9
1.4
3.4
4.6
7.1
11.5
7.1
4.3
10.9
2.2
3.3
South Sudan
5.0
1.2
47.3
Spain
5.8
8.2
8.3
11.4
15.7
16.9
17.6
24.5
19.8
15.7
15.5
14.6
14.4
12.2
11.3
8.8
8.8
5.2
4.8
6.8
6.7
5.9
5.9
4.6
4.7
4.7
3.6
2.0
1.8
2.3
3.4
3.6
3.1
3.0
3.0
3.4
3.5
2.8
4.1
(0.3)
1.8
3.2
2.4
1.4
Sri Lanka 5.9
2.7
6.3
9.6
12.3
6.6
1.3
1.2
12.1
10.7
26.1
18.0
10.8
14.0
16.6
1.5
8.0
7.7
14.0
11.6
21.5
12.2
11.4
11.7
8.4
7.7
15.9
9.6
9.4
4.7
6.2
14.2
9.6
6.3
7.6
11.6
10.0
15.8
22.6
3.5
6.2
6.7
7.5
6.9
St. Kitts and Nevis
17.7
10.5
5.9
2.3
2.7
2.6
(0.0)
1.0
0.2
5.2
4.0
4.3
2.9
1.8
1.4
3.0
2.1
8.9
3.4
3.4
2.1
2.3
2.0
2.2
2.3
3.4
8.5
4.5
5.3
2.0
0.5
7.1
1.4
0.7
St. Lucia
13.4
8.4
7.9
13.4
34.2
17.7
9.7
8.9
10.9
9.4
19.5
15.1
4.6
1.5
1.2
1.4
2.2
7.0
0.8
4.4
4.3
6.1
5.1
0.8
2.8
5.6
0.9
(0.0)
3.2
3.5
3.7
5.3
(0.3)
1.0
1.5
3.9
2.3
3.1
7.2
(1.7)
3.3
2.8
4.2
1.5
St. Vincent and the Grenadines
6.8
11.3
10.2
8.4
15.6
17.2
12.7
7.2
5.5
2.7
2.1
1.0
3.3
0.2
2.8
7.6
5.5
3.5
4.3
1.0
1.7
4.4
0.4
2.1
1.0
0.2
0.9
1.9
0.2
3.0
3.7
3.0
6.9
10.1
0.4
1.5
3.2
2.6
0.8
Sudan 4.0
1.3
13.6
15.3
26.2
24.0
1.7
17.1
19.2
31.1
25.4
24.6
25.7
30.6
34.1
45.4
24.5
20.6
64.7
66.7
65.2
123.6
117.6
101.4
115.4
68.4
132.8
46.7
17.1
16.0
8.0
4.9
8.3
7.7
8.4
8.5
7.2
8.0
14.3
11.2
13.2
22.1
37.4
30.0
Suriname 2.6
0.2
3.2
12.9
16.9
8.4
10.1
9.7
8.8
14.8
14.1
8.8
7.3
4.4
3.7
10.9
18.7
53.4
7.3
0.8
21.7
26.0
43.7
143.5
368.5
235.6
(0.7)
7.1
19.0
98.8
59.4
38.6
15.5
23.0
10.0
9.9
11.3
6.4
14.7
(0.2)
6.9
17.7
5.0
1.9
Swaziland
1.8
2.3
2.4
11.5
19.3
12.0
6.5
20.8
8.5
16.5
18.7
20.1
10.8
11.6
12.9
20.5
13.7
13.4
20.4
7.5
13.1
8.9
7.6
12.0
13.8
12.3
6.4
7.1
8.1
6.1
12.2
5.9
12.0
7.3
3.4
4.8
5.3
8.1
12.7
7.4
4.5
6.1
8.9
5.6
Sweden 7.0
7.4
6.0
6.7
9.9
9.8
10.3
11.5
9.9
7.2
13.7
12.1
8.6
8.9
8.0
7.4
4.2
4.2
5.8
6.4
10.5
9.3
2.3
4.6
2.2
2.5
0.5
0.5
(0.1)
0.5
1.0
2.4
2.2
1.9
0.4
0.5
1.4
2.2
3.4
(0.5)
1.2
3.0
0.9
(0.0)
Switzerland 3.6
6.6
6.7
8.8
9.8
6.7
1.7
1.3
1.1
3.6
4.0
6.5
5.7
3.0
2.9
3.4
0.7
1.4
1.9
3.2
5.4
5.9
4.0
3.3
0.9
1.8
0.8
0.5
0.0
0.8
1.5
1.0
0.6
0.6
0.8
1.2
1.1
0.7
2.4
(0.5)
0.7
0.2
(0.7)
(0.2)
Syrian Arab Republic
4.6
5.6
2.1
20.4
15.5
11.5
11.4
12.0
4.8
4.6
19.3
18.4
14.3
6.1
9.2
17.3
36.1
59.5
34.6
11.4
19.4
9.0
11.0
13.2
15.3
8.0
8.2
1.9
(0.8)
(3.7)
(3.8)
3.0
(0.1)
5.8
4.4
7.2
10.0
3.9
15.7
2.9
4.4
4.8
36.7
Tajikistan
38.6
12.2
16.3
7.1
7.1
10.0
13.1
20.5
6.4
6.4
12.4
5.8
5.0
Tanzania 3.5
4.8
7.6
10.4
19.6
26.1
6.9
11.6
6.6
12.9
30.2
25.7
28.9
27.1
36.1
33.3
32.4
29.9
31.2
25.8
35.8
28.7
21.8
25.3
34.1
27.4
21.0
16.1
12.8
7.9
5.9
5.1
5.3
5.3
4.7
5.0
7.3
7.0
10.3
12.1
6.2
12.7
16.0
7.9
Thailand
(0.1)
0.5
4.8
15.5
24.3
5.3
4.1
7.6
7.9
9.9
19.7
12.7
5.3
3.7
0.9
2.4
1.8
2.5
3.9
5.4
5.9
5.7
4.1
3.3
5.0
5.8
5.8
5.6
8.0
0.3
1.6
1.6
0.7
1.8
2.8
4.5
4.6
2.2
5.5
(0.8)
3.3
3.8
3.0
2.2
Timor-Leste
7.2
3.2
1.1
3.9
10.3
9.1
0.7
6.8
13.5
11.8
11.2
Togo 4.5
6.5
7.7
3.6
12.8
18.0
11.6
22.5
0.4
7.5
12.3
19.7
11.1
9.4
(3.5)
(1.8)
4.1
0.1
(0.2)
(0.8)
1.0
0.4
1.4
(1.0)
39.2
16.4
4.7
8.3
1.0
(0.1)
1.9
3.9
3.1
(1.0)
0.4
6.8
2.2
1.0
8.7
3.3
1.8
3.6
2.6
1.8
Tonga
7.1
17.5
9.6
5.5
22.4
14.9
10.8
9.8
0.1
16.8
21.7
4.7
9.9
4.1
9.7
10.6
7.9
1.0
1.0
1.5
3.0
2.1
3.3
4.5
6.3
8.3
10.4
11.6
11.0
8.3
6.4
5.9
10.4
1.4
3.6
6.3
1.2
0.7
Trinidad and Tobago 2.5
3.5
9.3
14.8
22.0
17.0
10.7
11.7
10.3
14.7
17.5
14.3
11.6
15.2
13.3
7.6
7.7
10.8
7.8
11.4
11.1
3.8
6.4
10.8
8.8
5.2
3.4
3.6
5.6
3.4
3.6
5.5
4.1
3.8
3.7
6.9
8.3
7.9
12.0
7.0
10.5
5.1
9.3
5.2
Tunisia
8.9
7.3
6.2
8.2
7.2
7.7
6.5
8.2
5.8
4.0
4.7
6.2
3.7
3.7
3.1
2.7
3.0
2.0
2.7
2.7
3.6
2.0
4.5
3.4
4.9
3.5
4.4
3.6
5.5
6.1
Turkey
6.9
15.7
11.7
15.4
15.8
19.2
17.4
27.1
45.3
58.7
110.2
36.6
30.8
31.4
48.4
45.0
34.6
38.8
73.7
63.3
60.3
66.0
70.1
66.1
106.3
88.1
80.3
85.7
84.6
64.9
54.9
54.4
45.0
25.3
10.6
10.1
9.6
8.8
10.4
6.3
8.6
6.5
8.9
7.5
Uganda
10.0
6.6
7.2
8.2
0.1
5.8
3.4
1.9
(0.3)
8.7
3.7
8.4
7.3
6.1
12.1
13.0
4.0
18.7
14.0
5.5
Ukraine
4,734.9
891.2
376.7
80.3
15.9
10.6
22.7
28.2
12.0
0.8
5.2
9.0
13.6
9.1
12.8
25.2
15.9
9.4
8.0
0.6
(0.3)
United Arab Emirates
12.3
1.6
0.9
0.9
0.7
1.1
United Kingdom
5.2
7.0
7.5
4.3
2.5
2.0
2.7
2.5
1.8
1.6
1.3
0.8
1.2
1.3
1.4
1.3
2.0
2.3
2.3
3.6
2.2
3.3
4.5
2.8
2.6
United States
5.9
4.3
3.3
6.2
11.0
9.1
5.7
6.5
7.6
11.3
13.5
10.3
6.2
3.2
4.3
3.6
1.9
3.7
4.0
4.8
5.4
4.2
3.0
3.0
2.6
2.8
2.9
2.3
1.6
2.2
3.4
2.8
1.6
2.3
2.7
3.4
3.2
2.9
3.8
(0.4)
1.6
3.2
2.1
1.5
Uruguay 16.3
24.0
76.5
97.0
77.2
81.4
50.6
58.2
44.5
66.8
63.5
34.0
19.0
49.2
55.3
72.2
76.4
63.6
62.2
80.4
112.5
102.0
68.5
54.1
44.7
42.2
28.3
19.8
10.8
5.7
4.8
4.4
14.0
19.4
9.2
4.7
6.4
8.1
7.9
7.1
6.7
8.1
8.1
8.6
Vanuatu
5.7
6.4
4.2
11.2
26.8
6.7
1.7
5.5
1.1
4.8
16.0
8.8
7.7
4.8
6.5
4.1
3.6
2.3
2.2
0.9
2.8
3.3
2.0
2.5
3.7
2.0
3.0
1.4
1.2
2.0
4.0
4.8
4.3
2.8
0.9
1.4
1.4
Venezuela, RB
27.1
28.2
26.1
21.1
40.6
Vietnam
5.7
3.2
7.3
4.1
(1.7)
(0.4)
3.8
3.2
7.8
8.3
7.4
8.3
23.1
7.1
8.9
18.7
9.1
6.6
West Bank and Gaza
7.1
5.6
5.5
3.0
1.0
5.7
4.4
3.0
3.5
3.9
1.8
9.9
2.8
Yemen, Rep.
36.0
29.4
35.8
49.4
55.1
30.7
2.2
6.0
8.7
4.6
11.9
12.2
10.8
12.5
11.8
10.8
7.9
19.0
5.4
11.2
19.5
9.9
11.0
Zambia
55.8
47.0
51.0
123.4
107.0
97.6
165.7
183.3
54.6
34.9
43.1
24.4
24.5
26.8
26.0
21.4
22.2
21.4
18.0
18.3
9.0
10.7
12.4
13.4
8.5
6.4
6.6
7.0
Zimbabwe
3.0
3.3
3.9
1.6
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