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This article is published in association with IMF. A productivity slump is eroding living standards and imperiling financial and social stability “Productivity isn’t everything,” Paul Krugman wrote in his 1990 book, The Age of Diminished Expectations, “but in the long run it is almost everything.” Productivity is a foundation of prosperity. The only way a country can […]
This article is published in association with IMF. Paula Arias, Robin Koepke Some higher risk countries still face high costs for selling foreign-currency denominated debt to investors after major central banks raised interest rates Capital flows to emerging market and developing economies went through several boom-bust cycles in recent decades, often partly driven by external developments […]
This article is published in association with IMF. Davit Gamkrelidze, Giorgi Mchedlishvili, Graham Prentice, Alok Verma Imbibing the spirit of Georgia’s national epic, “The Knight in the Panther’s Skin” by Shota Rustaveli, which celebrates the virtues of exploration and overcoming challenges, the Georgian State Treasury[1] has embraced innovative modern technology to manage risks in Treasury payments. Georgia has established a […]
This article is published in association with IMF. New governors in Bosnia and Herzegovina and Papua New Guinea lifted the share of central banks with women leaders to 16 percent The Editors Women are leading more central banks than ever before, thanks to appointments in the past year, but recent gains still leave the share of […]
This article is published in association with IMF. The Editors Beyond benchmark measures like employment, growth, and inflation, economics encompasses the full spectrum of humanity. It affects—and reflects—everyone. Central bankers may be most acutely aware of this, as well as the high cost for people should they falter in charting the policies to keep prices stable […]
This article is published in association with IMF. Fiscal rules have come under a range of criticism in recent years in the UK and elsewhere. In general, the argument of critics has been that they encourage sub-optimal economic policy-making. For example, they have been blamed for forcing countries into counterproductive austerity to not enforcing fiscal sustainability […]
This article is published in association with IMF. Crypto mining and data centers now account for 2 percent of global electricity use and nearly 1 percent of global emissions, and their footprint is growing. Shafik Hebous, Nate Vernon-Lin What do crypto assets and artificial intelligence have in common? Both are power hungry. Because of the electricity […]
This article is published in association with IMF. Washington, DC: Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), issued the following statement about Ukraine to members of the financial community today: “The Ukrainian authorities have done a remarkable job in implementing an ambitious economic reform program supported by the IMF, aiming to sustain […]
This article is published in association with IMF. India’s fiscal framework involves substantial transfers from the union government to sub-national agencies, like states and the urban local bodies (ULB), and further downstream to businesses and citizens. In the current fiscal year, the Government of India (GoI), plans to transfer USD 266 billion, or 7% of India’s […]
This article is published in association with IMF. Ian Hawkesworth, Eivind Tanberg, Kubai Khasiani, Amitabh Tripathi, Jeffrey Lam 43 officials from 19 countries participated in a regional workshop in Nairobi, Kenya in February 2024. It was organized by the IMF’s Fiscal Affairs Department and supported by the IMF’s regional technical assistance centers in Africa. The workshop […]
This article is published in association with IMF. Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the 2024 discussions on common euro area policies with member countries[1] The euro area is recovering gradually, with a modest acceleration of growth projected for 2024, gathering further speed in 2025. Increasing real wages together with […]
This article is published in association with IMF. Ceyla Pazarbasioglu, Pablo Saavedra With elevated debt service squeezing the space available to finance much needed investment in many countries, urgent action is needed to boost fiscal space, maintain adequate international support, and reduce debt servicing costs. Many countries are being squeezed by increasing interest payments and high […]
This article is published in association with IMF. Washington, DC: International Monetary Fund Managing Director Kristalina Georgieva delivered the following remarks at the third meeting of the G20 Finance Ministers and Central Bank Governors in Rio de Janeiro, Brazil: “I would like to thank the Government of Brazil for its generous hospitality, and Minister Haddad and […]
This article is published in association with IMF. Cathal Long On July 18, 2024, President Cyril Ramaphosa gave a speech to open South Africa’s new parliament outlining the Government of National Unity’s priorities and plans for the next 5 years. Digital government enthusiasts will be excited about his use of the term digital public infrastructure (DPI) […]
This article is published in association with IMF. Opening Remarks by Deputy Managing Director Kenji Okamura at the IMF’s XVIII CAPDR Regional Conference It is my great pleasure to welcome you to the 18th Regional Conference on Central America, Panama, and the Dominican Republic, co-hosted this year with the Central Bank of Costa Rica. I would […]
This article is published in association with IMF. Budget credibility is recognized as one of the key pillars of a sound PFM system. In the PEFA framework, it is measured by comparing the actual execution of the budget with the original estimate. The 2022 PEFA Global Report (2022 PEFA Report on Global Financial Management), found that […]
This article is published in association with IMF. By Ran Bi and Ken Miyajima A shift toward private sector-driven economic diversification requires ambitious reforms Qatar continues to enjoy economic gains after hosting the 2022 FIFA World Cup, which boosted its global profile. Visitor arrivals in 2023 were nearly twice pre-pandemic levels, and tourism this year reached […]
This article is published in association with IMF. Long periods of slow economic growth can cause a jump in inequality. But a balanced set of policies can stave off that outcome. Kristalina Georgieva The global economy is stuck in low gear, which could deal a major blow to the fight against poverty and inequality. Group of […]
This article is published in association with IMF. Currencies have depreciated to varying degrees in emerging market economies as interest rate differentials with the United States narrowed Tobias Adrian, Fabio Natalucci, Jason Wu In our blog at the beginning of this year, we flagged that emerging markets were navigating high global interest rate volatility. We also […]
This article is published in association with IMF. International Roundtable for Scaling Up Climate Finance for BeninTobias Adrian, Financial Counsellor and Director of the Monetary and Capital Markets Department July 17, 2024 I would like to warmly thank the authorities for hosting this kickoff meeting for scaling up climate finance for Benin. I would also like […]
This article is published in association with IMF. Major economies are becoming more aligned, but the world’s medium-term prospects remain weak Pierre-Olivier Gourinchas July 16, 2024 Our global growth projections are unchanged at 3.2 percent this year and slightly higher at 3.3 percent for next year, but there have been notable developments beneath the surface since […]
This article is published in association with IMF. Holger van Eden Too much. Ok, dear ministry of finance official, a little squeeze is fine, but decreasing existing expenditure commitments to bare bones levels has serious drawbacks. One of the unintended consequences of squeezing too much is that the baseline, the path of expenditure under unchanged policies, […]
This article is published in association with IMF. Unlike past episodes, emerging market capital flows have remained largely resilient in the face of global monetary tightening, even as global capital flows have fallen Cian Allen, Rudolfs Bems July 12, 2024 Interest rates in the United States are at 20-year highs and the dollar has appreciated sharply against […]
This article is published in association with IMF. Keynote Address by Abebe Aemro SelassieDirector of the African Department, IMFAfrica Economic Symposium (AES)Rabat, Morrocco July 11, 2024 Thank you for the invitation and opportunity to address you this afternoon for the second edition of the Africa Economic Summit. It is a great pleasure to be back to […]
This article is published in association with IMF. Data Gaps Initiative helps policymakers better understand the environmental impact of economic activities and the effectiveness of climate policies Jim Tebrake, Francien Berry, Darja Milic As economies worldwide strive to reduce emissions and achieve sustainable growth, reliable data is crucial. It forms the foundation for informed decision-making, guiding […]
This article is published in association with IMF. The Botswana economy is heavily dependent on diamonds, which account for around 80% of exports, one third of fiscal revenues, and one quarter of GDP. The country is the world’s largest diamond producer, by value. But the economy is small (with total GDP in the region of US$ […]
This article is published in association with IMF. The OECD Senior Budget Officials Committee (SBO) is a network of senior budget officials from OECD member countries. It serves as a platform for exchanging information and experiences on budgetary frameworks and procedures. The SBO conducts comprehensive surveys every few years, such as the 2023 OECD SBO Survey […]
This article is published in association with IMF. Ceyla Pazarbasioglu The global economy avoided what could have been a systemic debt crisis during the turbulence of recent years, but vulnerabilities remain amid high debt servicing costs that pose an important challenge for low and middle-income countries. Some may yet confront major tests. When countries do falter […]
This article is published in association with IMF. Giovanni Melina Artificial intelligence can increase productivity, boost economic growth, and lift incomes. However, it could also wipe out millions of jobs and widen inequality. Our research has already shown how AI is poised to reshape the global economy. It could endanger 33 percent of jobs in advanced […]
This article is published in association with IMF. Remarks by Kristalina Georgieva, IMF Managing Director, to the Eurogroup on a Strategy for European Competitiveness, Luxembourg Last year, when I spoke here about the European capital market union, I started by saying it was a topic close to my heart, one we at the IMF deeply cared […]
This article is published in association with IMF. Remarks by Gita Gopinath, IMF First Deputy Managing Director, at the NBU-NBP Annual Research Conference It’s a pleasure to be here with you today at this conference focused on the challenges that large shocks pose for the conduct of monetary policy. In my presentation, I will discuss the […]
This article is published in association with IMF. Serpil Bouza, Marcello Miccoli, Borislava Mircheva Almost two-thirds of countries in the Middle East and Central Asia are exploring adopting a central bank digital currency as a way to promote financial inclusion and improve the efficiency of cross-border payments. Adopting a CBDC, however, requires careful consideration. Countries across […]
This article is published in association with IMF. Era Dabla-Norris, Ruud de Mooij The AI transition will require stronger social safety nets, investment in education, and tax systems that support human workers and mitigate inequality New generative-AI technologies hold immense potential for boosting productivity and improving the delivery of public services, but the sheer speed and […]
