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This article is published in association with IMF. Thoughtful policy changes can help ensure spending pressures remain contained, while creating space to care for elderly people and respond to economic shocks Korea’s population is aging faster than almost any other country. That’s because people live longer than in most other countries, while the birth rate is […]
This article is published in association with IMF. By Ziad Amer, Bunyada Laoprapassorn, and Shane Lowe Country seeks to tackle tourism bottlenecks, improve access to credit, and expand its labor force Blessed by nature with lush forests, coral reefs and a strategic location near Mexico and the United States, Belize’s economy is highly reliant on tourism, […]
This article is published in association with IMF. Tobias Adrian Stretched asset valuations and pressures in core sovereign bond markets are keeping financial stability risks elevated amid heightened economic uncertainty. These vulnerabilities could be amplified by the growth of nonbank financial institutions—through their growing importance as market makers, liquidity providers and intermediaries in private credit, real […]
This article is published in association with IMF. Glen Kwende, Erin Nephew, Carlos Sánchez-Muñoz Our unique data on the currency composition of global foreign exchange reserves, COFER, track how much of the world’s reserves are held at central banks in different currencies—such as the US dollar, the euro, Japanese yen, Chinese renminbi, British pound, and others. The […]
This article is published in association with IMF. Countries have increasingly adopted fiscal rules and frameworks that aim to give clarity and predictability to government spending. But these rules have not been as effective in keeping deficits and debt within their intended limits. As we show in a new report, about 40 percent of advanced economies […]
This article is published in association with IMF. Romain Veyrune Central banks pride themselves on being data-driven and consensus-based. Surprisingly, though, there is little consensus among policymakers on a crucial issue: how much capital should these institutions hold? Unlike commercial banks, central banks don’t have universally prescribed minimum capital requirements. They can’t go bankrupt, because they […]
This article is published in association with IMF. Vitor Gaspar, Carlos Eduardo Goncalves, Marcos Poplawski-Ribeiro Global debt has stabilized, though it remains at an elevated level, as a continued reduction in private-sector lending offset greater borrowing by governments. Total debt was little changed last year, just above 235 percent of global gross domestic product, according to […]
This article is published in association with IMF. Three years ago, Finance & Development devoted a full issue to anticipating “The Money Revolution,” driven by innovations in finance, such as crypto assets. That revolution is now unfolding. This issue of F&D looks at the new frontiers of finance, where technology, data, and changing societal values are reshaping how people and […]
This article is published in association with IMF. Policymakers and government officials spend time, energy, budgets, and political capital on implementing public sector accounting reforms, only for unintended actions to potentially obstruct their chances of success. 10 types of obstruction are outlined below, and how policymakers and officials can instead avoid it: 1. Avoid diagnostics. The obstructive […]
This article is published in association with IMF. The IMF, with financial support from the Governments of Japan and Germany, and in collaboration with regional technical assistance centers (AFRITACs Central and West), organized three editions of the Interregional Seminar on Public Investment Management (SEIGIP) in 2022, 2023, and 2025 in the region. The three editions, each […]
The IMF, with financial support from the Governments of Japan and Germany, and in collaboration with regional technical assistance centers (AFRITACs Central and West), organized three editions of the Interregional Seminar on Public Investment Management (SEIGIP) in 2022, 2023, and 2025 in the region. The three editions, each of which brought together some 60 senior […]
This article is published in association with IMF. Reforming a tax administration is essential for achieving greater efficiency, transparency, and public trust. This piece shares principles and lessons for driving sustainable change, focusing on the human factors that make reform succeed. Reform Is Human Tax administration reform is not just technical work—it is human work. Institutions […]
This article is published in association with IMF. Faced with intensifying fiscal pressures, from rising health and pension costs to increased defense spending and the need to address gender inequality, climate change, and economic development, Southeast European countries are at a pivotal moment. With limited public resources, the challenge is clear: how to ensure that budgets […]
This article is published in association with IMF. Guillaume Chabert, Robert Powell The significant shocks that have buffeted the global economy over the past five years have weighed heaviest on low-income countries and fragile and conflict-affected states. The post-pandemic recovery in low-income countries has lagged emerging market economies, which began their revival in 2021, though with […]
This article is published in association with IMF. Comprehensive reforms have fueled Seychelles’ journey out of crisis and its continued resilience in the face of shocks Seychelles—a nation of 115 islands in the Indian Ocean—today enjoys a comparatively high degree of economic stability. Inflation is below 2 percent, real GDP has largely recovered from the pandemic, […]
This article is published in association with IMF. Between 2005 and 2023, the Public Expenditure and Financial Accountability (PEFA) program has completed over 500 national and subnational assessments, providing an overview of how countries manage public finances. However, internal audit was frequently overlooked. The findings are indeed concerning. A staggering 86% of these assessments showed that […]
This article is published in association with IMF. Wenjie Chen, Michele Fornino, Hamza Mighri, Can Sever More than half of sub-Saharan Africa’s population lives in fragile and conflict-affected states (FCS)—economies that face profound challenges such as stagnant economic growth, weak institutions, inadequate public services, extreme poverty, war, and forced internal displacement. Some countries have transitioned out […]
This article is published in association with IMF. Era Dabla-Norris, Davide Furceri Fiscal Policy under mounting uncertainty means government budgets need resilience—particularly in countries whose economic weight makes them influence global trends Global public debt could increase to 100 percent of global gross domestic product by the end of the decade if current trends continue, according […]
This article is published in association with IMF. Tobias Adrian, Kleopatra Nikolaou, Jason Wu The smooth functioning of government bond markets is important for the safety and soundness of broader capital markets, especially amid heightened financial market volatility. Bond markets recently adjusted sharply to an abrupt re-assessment of the global macroeconomic environment and elevated trade policy […]
This article is published in association with IMF. Artificial intelligence is an emerging source of productivity and economic growth that’s also reshaping employment and investment. AI has the potentialto raise the average pace of annual global economic growth according to scenarios in our recent analysis, included in the IMF’s April 2025 World Economic Outlook. AI, however, needs […]
This article is published in association with IMF. Julie Cooper The Efficiency Trap Imagine stepping into a leadership role and feeling like you’ve walked into a swamp. Every step is measured. Every movement is resisted. Progress feels agonizing. Decisions crawl. Approvals get stuck in layers of bureaucracy. It’s frustrating—like trying to run through quicksand. If you’ve […]
This article is published in association with IMF. Gender inequality is a persistent challenge across countries, regardless of income level. Among various policy tools aimed at addressing these disparities, Gender Responsive Public Financial Management (GRPFM) has gained traction as a promising approach. GRPFM integrates gender considerations into budgetary processes, aiming to allocate public resources in ways […]
This article is published in association with IMF. Era Dabla-Norris, Davide Furceri, Mauricio Soto Many countries struggle with low economic growth and high debt and will need bold fiscal actions to restore their finances. Two significant areas for potential savings are energy subsidies and pension systems. However, reforms in both areas can be unpopular with the public. Public […]
This article is published in association with IMF. Kanan Mammadov Emerging economies are bracing for what could become a new sovereign debt crisis. Developing countries are set to pay a record $400 billion in external debt service in 2024 (World Economic Forum), a burden that threatens to divert resources from crucial development needs. From 2020 to 2023, there were 15 […]
This article is published in association with IMF. Salih Fendoglu, Mahvash S. Qureshi, Felix Suntheim Heightened tensions can hurt stock markets, raise government borrowing costs, and pose risks to financial stability Global geopolitical risks remain elevated, raising concerns about their potential impact on economic and financial stability. Shocks such as wars, diplomatic tensions, or terrorism can disrupt cross-border trade […]
This article is published in association with IMF. Antonio Blasco, Srinivas Gurazada Public Expenditure and Financial Accountability (PEFA) assessment reports offer a comprehensive 360-degree view of Public Financial Management (PFM), utilizing robust evidence-based scoring methodology. While producing a high-quality PEFA assessment report is largely a technical exercise, decisions on reform actions necessarily need to go beyond […]
This article is published in association with IMF. Anne-Charlotte Paret Onorato Combining overhauls in areas including business and external regulation, governance, and human development can boost output levels by 3 percent over four years. Anne-Charlotte Paret Onorato March 25, 2025 Southeast Asia’s major economies have made major strides over the last couple of decades. The largest have seen […]
This article is published in association with IMF. Bas B. Bakker, Sophia Chen, Dmitry Vasilyev Latin America and the Caribbean has long been a region with one of the most informal labor markets. A large part of the workforce is outside of the formal economy, leaving many people without access to benefits and protections. Informal businesses […]
This article is published in association with IMF. In 2023, Uganda launched an ambitious growth strategy to expand its economy from USD 50 billion to USD 500 billion by 2040. This ‘ten-fold growth strategy’ is anchored on agro-industrialization, tourism, mineral development, and science and technology innovation (ATMS) to accelerate growth. Achieving this bold ambition could elevate […]
This article is published in association with IMF. Macroeconomic policy can play a key role in preventing armed conflict, in turn saving lives and avoiding injuries, forced displacement and migration, and vast damage to the economy. That’s according to new IMF research, based on policy simulations incorporating machine learning-based predictions of conflict. The paper finds that every […]
This article is published in association with IMF. Improving the business environment, strengthening governance, and reforming the labor market are among the keys to economic success South Africa is well-positioned to confront significant longstanding challenges that have been holding the economy back: declining real per-capital income, persistent unemployment, pervasive poverty, and one of the highest inequality […]
This article is published in association with IMF. Gita Bhatt Every great leap in human progress—from the printing press to the steam engine to the semiconductor—has been driven by ideas. But ideas do not emerge in a vacuum; they come from people. And among them, it is often the most talented minds that push the boundaries […]
This article is published in association with IMF. New technologies have the potential to improve the relationship between governments and citizens. Tax portals, customs IT systems and online services have simplified interactions with public authorities, reduced bureaucratic hurdles, and increased transparency. Now, generative artificial intelligence (GenAI) is emerging as the next transformative force. Known for its […]
