The global economy has faced shock upon shock, testing the resilience of people everywhere. The IMF is collaborating with its members to take on these challenges and build economic resilience. The 2023 Annual Report emphasizes the work of the IMF's Executive Board and highlights the real-time advice, capacity development, and support the Fund has provided to its members since our last report.
Structural Reforms to Accelerate Growth, Ease Policy Trade-offs, and Support the Green Transition in Emerging Market and Developing Economies
This Staff Discussion Note focuses on emerging market and developing economies and proposes a framework for prioritization, packaging, and sequencing of macrostructural reforms to accelerate growth, alleviate policy trade-offs, and support the green transition.
Keeping banks safe and sound hinges on good supervision. The bank failures of March 2023 precipitated questions about the effectiveness of supervision. This paper reflects on lessons learned from this banking turmoil and reviews global progress in delivering effective supervision over the past ten years. It finds progress in areas like risk monitoring, stress testing, and business model analysis.
Digital divide across countries and within countries continues to persist and even increased when the quality of internet connection is considered. The note shows that many governments have not been able to harness the full potential of digitalization. Governments could play important role to facilitate digital adoption by intervening both on supply (investing in infrastructure) and demand side (increase internet affordability).
Tax capacity—the policy, institutional, and technical capabilities to collect tax revenue—is part of a deeper process of state building that is essential for achieving the sustainable development goals. This Staff Discussion Note shows that developing countries have made some progress in revenue mobilization during the past decades. However, much more is needed.
Financial inclusion is a key policy objective that central banks, especially those in emerging and low-income countries, are considering for retail central bank digital currency (CBDC). If properly designed to address the barriers to financial inclusion, CBDCs have the opportunity to gain acceptance by the financially excluded for digital payments. CBDC can then serve as an entry point to the broader formal financial system.