China Overtakes Germany as Largest Current Account Surplus Country : Ifo Report

Current Events of National and International Importance Budgeting and Fiscal policy

China overtook Germany to become the country with the world’s largest current account surplus in the year 2020, as per a survey by the Munich-based Ifo institute.
Ifo (Information and Forschung) Institute for Economic Research is a research institution based in Munich, Germany, which analyses economic policy .
The current account surplus of China more than doubled to $310 billion in 2020, while the current account surplus of Germany shrank for the fifth year in a row in 2020 to $261 billion.
Japan ranked third with a current account surplus of $158 billion.