Who is running the largest current account surplus in the world? China? Saudi Arabia? Both wrong! These are only the number two and three countries. China had a record $420bn surplus in 2008, but that imbalance has more than halved since. As a share of GDP China’s external imbalance is down from ten to two-and-a-half percent since the global crisis — evidence of a remarkable rebalancing. The oil price would need to be significantly higher still to make Saudi Arabia the number one.
So for 2012 the number one prize actually goes to: Germany!
Multiplier Effect
Euro Crisis Sees Reloading Of Germany’s Current Account Surplus Jörg Bibow