This year’s report provides the external sector assessment of 30 of the world’s largest economies on the basis of their 2024 data. Global current account balances in 2024 widened significantly. Staff assessment suggests that excess current account balances account for about two-thirds of the widening, with China, the United States, and the euro area driving the increase. As the first in a planned series of periodic monitoring of the international monetary system, the analytical chapter of the report takes stock of historical developments, outlines key conceptual frameworks, and introduces new indicators to track its evolving trends.