If we look back to the middle of the 1980’s, the last time global imbalances were considered to be a problem of the world economy, the current account deficit of the United States peaked at 3.5% of GDP. Looking at the details, however, there are some interesting differences between 2004 and the middle of the 1980s.
Short-term imbalances between supply and demand might also be a factor once the economy opens up again across all sectors. An example of this can be seen in the industrial sector, where a surprisingly brisk global recovery has caused bottlenecks in many areas that are now limiting production.