India is not the only country struggling to balance its current account deficit.
Let's take a look at how countries are placed when it comes to CAD.
Source: The Economist
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Ukraine
Current account balance (2012): Minus 8 per cent
Overall rank: 1
Ukraine, which has been hurt badly by the global economic crisis, is facing a severe CAD problem mainly due to its reliance on energy imports.
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South Africa
Current account balance (2012): Minus 6.5 per cent
Overall rank: 2
South Africa, which has seen many investors leave the country due to bad security situation, is a major exporter of minerals and diamonds.
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Turkey
Current account balance (2012): Minus 6.2 per cent
Overall rank: 3
Turkey, which has major economic ties with Europe, is witnessing a big fall in its currency.
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India
Current account balance (2012): Minus 5 per cent
Overall rank: 4
India, whose economic growth has fallen below 5 per cent, is another country that is seeing a decline in the value of its currency.
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Romania
Current account balance (2012): Minus 4 per cent
Overall rank: 5
Romania, which was one of the fastest growing economies in Europe until 2009, is taking steps to attract investors back.
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Peru
Current account balance (2012): Minus 3.9 per cent
Overall rank: 6
Peru, whose main exports are copper, gold, zinc, textiles and chemicals, is one of the fastest growing economies in the world.
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Poland
Current account balance (2012): Minus 3.9 per cent
Overall rank: 7
Poland, which is the sixth-largest economy in the European Union, has launched several measures to liberalise its economy.
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Chile
Current account balance (2012): Minus 3.9 per cent
Overall rank: 8
Chile, one of the wealthiest nations in South America, has large amounts of mineral reserves.
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Colombia
Current account balance (2012): Minus 3.9 per cent
Overall rank: 9
Colombia, which has major trade ties with the United States, is witnessing slow growth in economic recovery.
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Egypt
Current account balance (2012): Minus 3.7 per cent
Overall rank: 10
Egypt, which has a centralised economy, has seen a drop in growth due to internal security situation.
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Indonesia
Current account balance (2012): Minus 3.5 per cent
Overall rank: 11
Indonesia is another country that is witnessing a sharp decline in its currency value.
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Brazil
Current account balance (2012): Minus 3 per cent
Overall rank: 12
Brazil, which is Latin America's largest economy, has some of the highest number of billionaires in the world.
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Pakistan
Current account balance (2012): Minus 2.9 per cent
Overall rank: 13
Pakistan, which has a semi-industrialised economy, depends to a large extent on remittances for its foreign exchange reserves.
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Mexico
Current account balance (2012): Minus 2 per cent
Overall rank: 14
Mexico, which was hit hard by the 2008 global economic crisis, is a major trading partner of the United States.
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Argentina
Current account balance (2012): Zero per cent
Overall rank: 15
Argentina, which is considered an emerging economy, has substantial natural resources and a diversified industrial base.
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Bangladesh
Current account balance (2012): Plus 1 per cent
Overall rank: 16
Bangladesh, which is a major exporter of textiles and garments, is a rapidly developing economy.
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Thailand
Current account balance (2012): Plus 2 per cent
Overall rank: 17
Thailand, which has one of the biggest tourism markets in the world, is the second-largest economy in Southeast Asia.
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Hungary
Current account balance (2012): Plus 2.5 per cent
Overall rank: 18
Hungary, whose private sector accounts for 80 per cent of GDP, has booming mining, processed foods and pharmaceuticals industries.
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China
Current account balance (2012): Plus 3 per cent
Overall rank: 19
China, the second-largest economy in the world, is a major manufacturing hub.
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The Philippines
Current account balance (2012): Plus 3.1 per cent
Overall rank: 20
The Philippines, which is the 40th-largest economy in the world, primarily exports semiconductors and electronic products.
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Venezuela
Current account balance (2012): Plus 3.1 per cent
Overall rank: 21
Venezuela, whose economy depends on petroleum and manufacturing sectors, is one of the biggest economies in Latin America.
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Russia
Current account balance (2012): Plus 4 per cent
Overall rank: 22
Russia, which has a booming energy sector, is one of the biggest economies in the world.
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Algeria
Current account balance (2012): Plus 5.2 per cent
Overall rank: 23
Algeria, whose economy is dependent on petroleum and natural gas exports, trades primarily with France and Spain.
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Malaysia
Current account balance (2012): Plus 5.4 per cent
Overall rank: 24
Malaysia, one of the fastest growing economies in Asia, is a major export hub.
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Vietnam
Current account balance (2012): Plus 6 per cent
Overall rank: 25
Vietnam, whose main exports are agriculture products, is projected to be the fastest growing economies among emerging nations by 2025.
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