Updated: Sep 30 2013, 06:43am hrs
In the run-up to the financial crisis the world economy was marked by huge current-account imbalances. Chinas surplus alone was 0.7% of global GDP in 2008; America had a deficit of over 1% of world GDP that year. Since then the world has rebalanced. The current-account balances of the worlds big surplus economies have totalled less than 2% of global GDP since 2009, thanks partly to the strength of the Chinese currency and lower oil prices. Weak growth has cut European demand for imports. An energy boom has helped reduce Americas trade deficit, as a percentage of global GDP, to a 16-year low.