The Wealth of Nations: Governments Can Better Manage What They Own and Owe

2019-03-13T12:34:49-04:00October 9, 2018|

By Vitor Gaspar, Jason Harris, and Alexander Tieman

October 10, 2018

عربي,中文, Español, FrançaisBaˈhasa indoneˈsia, 日本語PortuguêsРусский

A firefighter in Auckland, New Zealand: when governments know what they own they can put their assets to better use and can earn about 3 percent of GDP more in revenues to spend on citizens’ well being (Photo: Rafael Ben-Ari/Newscom)

What is the state of your personal finances? You probably think first about your debts: your mortgage, your credit card balance, and your student loans. But you probably also think about how much cash is sitting in the bank, the value of your house, and the rest of your nest egg.

Surprisingly, most governments do not approach their finances this way. […]

Economic Growth and Fairness in the Middle East and North Africa

2019-03-15T12:06:16-04:00January 18, 2018|

By Jihad Azour

January 18, 2018

Versions in  عربي (Arabic),  中文 (Chinese), Español (Spanish),  Français (French),  Deutsche (German), 日本語 (Japanese)

The people of the region are rightly demanding economic growth and fairness.  The IMF aims to help them in this effort (photo: Tunis, Tunisia, ZOUBEIR SOUISSI/REUTERS/Newscom).

Rising social tensions and protests in several countries across the Middle East and North Africa are a clear indication that the aspirations of the people of the region—for opportunity, prosperity and equity—remain unfulfilled. Their frustration is understandable, and precisely because of that, it would be a mistake if the economic reform process currently underway were to be thrown into reverse. […]

Shrinking Populations, Rising Fiscal Challenges

2019-03-27T14:27:01-04:00October 27, 2015|


By Benedict Clements, Kamil Dybczak, and Mauricio Soto

(Versions in 中文 and 日本語)

Populations are getting older around the world—that’s no surprise in light of declining fertility and improvements in health care. But in many countries, something more dramatic is going on—the population is actually shrinking. These demographic developments portend stark fiscal challenges. What should countries—whatever their degree of economic development—do to respond to these challenges?

[…]

Dams And Dikes For Public Finances

2017-04-14T01:45:14-04:00March 18, 2015|

By Vitor Gaspar, Richard Hughes, and Laura Jaramillo

Fortune, wrote Machiavelli five hundred years ago in The Prince, is like a violent river. She “shows her power where virtue has not been put in order to resist her and therefore turns her impetus where she knows that dams and dikes have not been made to contain her.” Managing the ebb and flow of government’s fiscal fortunes poses similar challenges today. We need a risk-based approach to fiscal policymaking that applies a systematic analysis of potential sources of fiscal vulnerabilities. This method would help countries detect potential problems early, and would allow for institutional changes to build resilience.

[…]

For Africa, Good Policies Bring Good Prospects

2017-04-14T02:02:09-04:00April 24, 2014|

Antoinette SayehBy Antoinette M. Sayeh

(Version in Français)

Once again, the latest review of growth prospects for sub-Saharan Africa shows that the region’s economy is in strong health. Growth in the region is set to pick up to 5½ percent in 2014 compared to 4.9 percent last year (see Chart 1). My view is that this growth momentum will continue over the medium term if countries rise to new challenges and manage their economies as dexterously as they have over the past decade or so.

So what explains this continued strong growth performance? Apart from good macroeconomic policies in the region, the growth has been underpinned by investment in infrastructure, mining, and strong agricultural output. And favorable global tailwinds—high demand for commodities and low interest rates—have played a major supporting role.

[…]

The Future of the State Revisited: Reforming Public Expenditure

2017-04-14T02:02:19-04:00April 16, 2014|

By: Sanjeev Gupta and Martine Guerguil

(Version in EspañolFrançaisРусский中文, and 日本語)

The global financial crisis brought to the fore the question of sustainability of public finances. But it merely exacerbated a situation that was bound to attract attention sooner or later—governments all over the world have been spending more and more in recent decades. Here at the IMF, we’ve been looking into the factors behind this increase in public spending, particularly social spending, and our latest Fiscal Monitor report discusses some of the options for spending reform.

[…]

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