The objective of balance of payments is to keep track of spending and savings to determine your financial goals. This system is a macroeconomic goal.
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They are steady growth in the economy, low unemployment and balance of payments also there a fourth which is exchange rate.
Yes, as the balance of trade is only one part of the balance of payments
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A persistent deficit in the balance of payments leads to an individual not paying their way. Society as a whole can get into a deficit when many people are defaulting on payments.
The primary source of similar statistics for balance of payments and economic performance worldwide is theInternational Monetary Fund, Balance of Payments Statistics.