Current account imbalances in countries like Japan, Germany, and China can have positive effects on regional and global growth. These effects are stronger in regional growth, especially from Japan. Global growth is also impacted, but to a lesser extent. Trade in intermediate goods plays a significant role in amplifying these effects. On the other hand, countries with persistent deficits, like the US, see lower growth responses. A reduction in the UK's deficit can have some positive effects on growth. However, a positive shock to the US deficit can drag on global growth due to declining import demand and the US dollar's role as a global reserve currency. These findings have important implications for global policies regarding imbalances.