WOCU Re-Weighting, November 2020

The second Re-Weighting of 2020 was conducted at 16:00 UTC on November 19.

In accordance with procedure, WOCU Country Weightings had remained at the November 2019 Re-Weighting levels from the last biannual Re-Weighting point in May 21, 2020, because the International Monetary Fund did not produce the World Economic Outlook GDP data required for that Re-Weighting, due to the high level of uncertainty in global economic conditions at the time.

This current Re-Weighting was conducted routinely, using IMF WEO data released in October 2020.

This means that changes are effectively year on year this time around, rather than 6 months on 6 months. The next set of WEO numbers are forecast by the IMF to be very different, due to the effects of COVID-19, but standouts prior to this anticipated effect are the continuing rise of China (up 1.3% to 20.8% from 19.5% of the WOCU) and, to a lesser extent the US, moving ahead at the expense of just about everybody else. India has leapfrogged up over the UK and France, notably pushing the UK down to 6th place. Korea has also dropped two places, now falling behind Canada and Russia.

The WOCU constituent table, rounded to the nearest whole percentage point, now stands at:

1 United States 30%
2 China 21%
3 Japan 7%
4 Germany 5%
5 India 4%
6 United Kingdom 4%
7 France 4%
8 Italy 3%
9 Brazil 3%
10 Canada 2%
11 Russia 2%
12 Korea 2%
13 Spain 2%
14 Australia 2%
15 Mexico 2%
16 Indonesia 2%
17 Netherlands 1%
18 Saudi Arabia 1%
19 Turkey 1%
20 Switzerland 1%

The next routine re-weighting is due at 16:00 UTC on 20 May, 2021.