Banking On the Go

By IMFBlog

June 23, 2017

Tayo Oviosu at IMF lecture (photo: Ryan Rayburn/IMF staff)

Worldwide, more than two billion people are without bank accounts, and only one in three adults in sub-Saharan Africa has access to any type of financial services. In this podcast, Tayo Oviosu, founder and CEO of Nigeria's leading mobile payment platform, Paga, reveals how his company is rapidly bringing millions of unbanked Nigerians into the banking fold. (more…)

Beheading the Hydra: How the IMF Fights Corruption

By Alistair Thomson 

May 18, 2017 

Versions in عربي (Arabic), 中文 (Chinese), Français (French), 日本語 (Japanese), Русский (Russian), and Español (Spanish)

Corruption drains public resources and drags down economic growth in multiple ways (photo: dareknie/iStock by Getty Images)

Corruption—the abuse of public office for private gain—is a many-headed monster. It is pervasive in many countries, but only a fraction of cases make headlines; fewer are successfully prosecuted. Yet the cumulative burden is massive. By some estimates, bribery alone amounts to $1 trillion each year, and corruption more broadly to much more. While the precise figures are the subject of debate, the importance of the problem is not. (more…)

Productivity, Technology, and Demographics

By IMFBlog

May 5, 2017

Hal Varian, chief economist at Google, says that if technology cannot boost productivity, then we are in real trouble.

In a podcast interview, Varian says thirty years from now, the global labor force will look very different, as working age populations in many countries, especially in advanced economies, start to shrink. While some workers today worry they will lose their jobs because of technology, economists are wondering if it will boost productivity enough to compensate for the shifting demographics—the so-called productivity paradox.

(more…)

IMF Spring Meetings 2017: Keeping Growth on Track

By IMFBlog

April 28, 2017

Panelists, including IMF Managing Director Christine Lagarde, discuss global gender challenges.

The world’s economic leaders and stakeholders came together at the 2017 IMF and World Bank Spring Meetings amid a more positive outlook on the global growth, which is forecast to hit its fastest pace in five years. A clear theme running through the meetings was the need to protect the growth momentum, given policy and political uncertainties, and to help ensure that everyone has the opportunity to share in the fruits of global integration and technological progress.

More than 10,000 people took part. In addition to central bankers, finance ministers and other officials, the meetings drew around 650 journalists, 160 parliamentarians from 68 countries, and a record 850 civil society representatives, who gathered to learn, listen, and share their points of view. (more…)

Chart of the Week: Sharing the Fruits of Growth

By IMFBlog

At last week’s Spring Meetings of the IMF and World Bank, economists and policymakers discussed ways to maintain the momentum of the global economic expansion—while also ensuring that the fruits of growth are shared more widely within their countries. Fiscal policy—government’s ability to tax and spend—has an important role to play.

The effectiveness of fiscal policy in mitigating inequality varies widely by country, as seen in our Chart of the Week. The chart shows the redistribution effect of fiscal policy before and after taxes, as measured by the change in the Gini coefficient. A Gini of zero expresses perfect equality, while a Gini of one expresses maximum inequality. (more…)

Global Policy Agenda Aims to Sustain Growth Momentum, Build Inclusiveness

By IMFblog

For the first time in years, the global economy is gaining momentum against the backdrop of a rapidly changing and uncertain world. Trade, economic integration, and technological progress have brought enormous benefits—but some groups are missing out on the rewards. Policymakers are increasingly grappling with how to ensure that these benefits are shared more broadly. Working within the multilateral framework, countries should strive for strong and more balanced growth and to provide economic opportunities for all. (more…)

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