What is secular disequilibrium in BOP?

Secular disequilibrium in the balance of payments (BOP) refers to a persistent and long-term imbalance between a country's receipts and payments with the rest of the world, often due to structural factors such as changes in global demand, competitiveness, or economic policies. Unlike cyclical imbalances, which may fluctuate with economic cycles, secular disequilibrium indicates fundamental issues that require substantial adjustments in economic policy, exchange rates, or trade practices. This can lead to sustained deficits or surpluses, impacting a nation's currency stability and economic health over time.