Growth That Reaches Everyone: Facts, Factors, Tools

By Rupa Duttagupta, Stefania Fabrizio, Davide Furceri, and Sweta Saxena

September 20, 2017

Versions in Русский (Russian) 

People lining up in front of a charity house in São Paulo, Brazil: Over 200 million people around the world are unemployed, despite overall economic growth (photo: Paulo Whitaker/Reuters/Newscom)

Economic growth provides the basis for overcoming poverty and lifting living standards. But for growth to be sustained and inclusive, its benefits must reach all people.

While strong economic growth is necessary for economic development, it is not always sufficient.

Over the past few decades, growth has raised living standards and provided job opportunities, lifting millions out of extreme poverty. But, we have also seen a flip side. Inequality has risen in several advanced economies and remains stubbornly high in many that are still developing. Continue reading “Growth That Reaches Everyone: Facts, Factors, Tools” »

End of the Oil Age: Not Whether But When

By Reda Cherif, Fuad Hasanov, and Aasim M. Husain

September 12, 2017

Versions in ربي (Arabic), 中文 (Chinese), Español (Spanish), Русский (Russian)

Filling up at a gas station in California: demand for oil could plummet with the rise of renewable energy (Xinhua/Newscom)

A transportation revolution is underway that could completely transform the oil market in the coming decades. Continue reading “End of the Oil Age: Not Whether But When” »

Back-to-School Blogs

By IMFBlog

September 5, 2017

Back to school in Paris, France: get caught up on our top blogs you may have missed over the summer (photo: LAURENT CHAMUSSY/SIPA/Newscom)

What a summer it’s been. To help you get a handle on all that has happened in the global economy, our editors have compiled a handy primer of our blogs published over the summer months. Continue reading “Back-to-School Blogs” »

Global Cooperation—An Uphill Battle: Finance & Development magazine

By Camilla Lund Andersen

August 30, 2017

As access to information burgeons, experts are more crucial than ever. 

This issue of F&D looks at what is arguably the clearest challenge the world faces: how to address complex global problems amid growing skepticism about the benefits of multilateralism and continued global integration.

Continue reading “Global Cooperation—An Uphill Battle: Finance & Development magazine” »

Chart of the Week: Electric Takeover in Transportation

By IMFBlog

July 31, 2017 

An electric car recharges at a meter in London: The UK is the latest country to announce plans to end fossil fuel vehicle sales by 2040 (photo: Sasha Fox Walters/iStock by Getty Images)

The switch from horses to automobiles in the 20th century paved the way for the rise of oil-based transportation and energy use. Today, electric vehicle ownership is picking up speed. Greater affordability of electric vehicles will likely steer us away from our current sources of energy for transportation, and toward more environmentally friendly technology. And that can happen sooner than you think.

Our Chart of the Week from a recent IMF working paper shows that the transition away from motor vehicles could happen in the next 10 to 25 years, based on parallel shifts in the 20th century. Patterns observed in the early days of the horse-car transition closely resemble present-day electric vehicle adoption rates. Between 2011 and 2015, the average annual growth rate of electric vehicle ownership was 120 percent. This is, in fact, slightly faster growth than that of motor vehicles during a comparable timeframe in the past. Using the horse-car parallel, the paper forecasts that by 2040 motor vehicles could mostly disappear in advanced economies, and could comprise about a third of the fleet of all cars in emerging market and developing economies. Continue reading “Chart of the Week: Electric Takeover in Transportation” »

No Time to Stand Still: Strengthening Global Growth and Building Inclusive Economies

By Christine Lagarde

July 5, 2017

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

The port of Hamburg, Germany: G20 leaders meet to discuss policies to strengthen the global economic recovery (photo: Markus Lange/robertharding/Newscom)

Nearly sixty years ago, a little-known band called the Beatles arrived in Hamburg, got a haircut, recorded their first song, and found their sound.

Taking a cue from the Fab Four, world leaders gathering for the Group of Twenty Summit this week can make the most of their time in Hamburg—and leave Germany with a sound plan to strengthen global growth.

Continue reading “No Time to Stand Still: Strengthening Global Growth and Building Inclusive Economies” »

Chart of the Week: Ireland’s Fight Against Income Inequality

By IMFBlog

June 30, 2017

Shoppers in Dublin, Ireland: the country has high income inequality, before taxes and transfers (photo: Caro Rupert Oberhaeuser/Newscom)

Ireland’s economy continues to recover after a housing market crash in 2008 plunged the country into a deep and severe crisis. The strong social welfare system provided an important cushion against the worst effects of the crisis.

Ireland’s tax-benefit system is one of the most effective in the European Union in redistributing income. The tax system is relatively progressive and funds a robust system of social benefits, a significant share of which is means-tested. Income inequality before taxes and transfers in Ireland is high—37 percent of income is held by the top 10 percent of income earners. Social transfers make up about 70 percent of income for the bottom 20 percent of earners.

Continue reading “Chart of the Week: Ireland’s Fight Against Income Inequality” »

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. Continue reading “Banking On the Go” »

Fintech: Capturing the Benefits, Avoiding the Risks

By Christine Lagarde

June 20, 2017

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

A signboard at a store in Guangzhou, China, lists various forms of mobile payment (photo: Imagine China/Newscom)

When you send an email, it takes one click of the mouse to deliver a message next door or across the planet. Gone are the days of special airmail stationery and colorful stamps to send letters abroad.

International payments are different. Destination still matters. You might use cash to pay for a cup of tea at a local shop, but not to order tea leaves from distant Sri Lanka. Depending on the carrier, the tea leaves might arrive before the seller can access the payment. Continue reading “Fintech: Capturing the Benefits, Avoiding the Risks” »

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