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International Monetary Fund

Using official data from the Australian Bureau of Economic Statistics and a formal growth accounting framework, this paper shows that the rapid accumulation of information processing and communication technology (ICT) capital over the last two decades in Australia has played a significant role in explaining the impressive, structural acceleration of labor productivity. The following statistical data are also included: household income, expenditure and savings, labor market, fiscal indicators, credit aggregates, capital and financial account, external assets and liabilities, export by commodity group, and so on.

Mr. Paul Streeten

The general view used to be that development proceeded through a number of stages, along a linear path. Aid contributed missing components and thereby speeded up economic growth. A more recent view is that the developed rich “under-develop” the poor, and that the international system is biased against their development efforts. The poor should, according to this view, insulate themselves from that system. This article examines the validity of these views. The author argues that to achieve balanced, self-reliant development, countries should frame selective policies that maximize the beneficial and minimize the harmful impact of the international system.

International Monetary Fund

The conceptual framework of this paper assumes that macroeconomic performance depends on the interplay between the economic environment and policies. Declining labor shares, wage moderation, and employment performance in Germany and the Netherlands have been presented. A number of policy changes are under way, but additional reforms may be needed to fully reap the benefits of the new economy. The tax reform package marks a radical and constructive shift in German tax policy, and the pension system requires a sea of change in public policy reforms.

International Monetary Fund. Asia and Pacific Dept

The COVID-19 pandemic has put a spotlight on Japan’s uneven state of digitaiization. While Japan is a leader in various technology frontiers including use of industrial robots, it lags behind its peers in digital adoption by businesses (ICT investment and e-commerce), government services, and financial services. Cross-country empirical analysis suggests that an expansion of digital services and innovation in Japan, through an increase in ICT investment, could improve labor productivity. Japan also has scope for a sizeable expansion of e-commerce and digital payments, which would help the country further reap the benefits of the digital economy. While the government’s digital transformation strategy would help accelerate digital adoption, strengthening policies to ensure data privacy, digital literacy, consumer protection, and cybersecurity are also important.