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Business and Economics > Production and Operations Management

You are looking at 1 - 10 of 419 items for :

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  • IMF Staff Country Reports x
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Cover IMF Staff Country Reports
Qatar: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
2024 Selected Issues
Keywords:
AI readiness; AI adoption; B. Qatar's progress; artificial intelligence in Qatar; innovation policy; Export diversification; Capital spending; Exports; Human capital; Global; Middle East; Eastern Europe; Europe
Cover IMF Staff Country Reports
Republic of Korea: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper examines the impact of artificial intelligence (AI) in Korea. As a leading innovator and semiconductor producer, Korea is highly exposed to AI. Korea is widely recognized as a leading technology innovator and consistently ranks high on various global innovation indexes. AI usage is rising in Korean firms, notably among large, young, and tech-related firms. Empirical analysis confirms the significant role of firm size, age, and complementary assets in driving AI adoption. AI exposure tends to be higher for high-income groups, but potential gains from AI also increase with income. AI adoption leads to significant output and productivity gains, especially in Scenario 3 featuring both high labor complementarity and high overall productivity. Active and ongoing policy efforts are being made to promote AI adoption while managing potential risks. High labor market duality poses significant challenges for workers to switch jobs, especially for elderly groups. The authorities have taken proactive steps to advance AI development and adoption, expand the AI talent pool, and establish regulations to manage associated risks.
Keywords:
Korea export share; profitability regression; AI adoption; E. AI preparedness; AI usage; Exports; Productivity; Trade tensions; Competition; Global; North America
Cover IMF Staff Country Reports
Chile: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
The 2024 Article IV Consultation analyzes that the Chilean economy is broadly balanced but modest potential growth has constrained increases in living standards and makes it difficult to address fiscal and social needs. Policy priorities are therefore mainly of structural nature. They include boosting productivity and employment as well as strengthening fiscal, external, and financial sector buffers—particularly in the context of a challenging global environment. Real gross domestic product is expected to expand by 2–2.5 percent in 2025, in line with its potential. Inflation is projected to return to the 3-percent target in early 2026, after the impact of the significant electricity tariff hikes between June 2024 and early 2025 subsides. External risks remain elevated. A cautious data dependent approach to the Expediting investment permit applications and environmental evaluations, fostering an environment for the development of new industries, facilitating R&D, and increasing female labor participation are vital for boosting potential growth.
Keywords:
input-output linkage; housing wealth effect; growth slowdown; real estate sector; risk assessment; Pension spending; Exports; Mortgages; Loans; Global; Eastern Europe
Cover IMF Staff Country Reports
Czech Republic: 2024 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. European Dept.
The 2024 Article IV Consultation highlights that the Czech Republic is evolving from a heavily manufacturing-based, export-oriented hub to a more mature and diversified economy. Non-auto manufacturing, energy, and construction, once important Czech engines of growth, have run out of steam, hampered by decelerating productivity growth, higher energy costs, and sluggish demand. The auto industry has shown resilience so far, but the required transition to electric vehicles and exposure to foreign competition are set to exert significant pressures in the coming years. After stagnating in 2022-23, the Czech economy is slowly recovering, as consumer spending is sustained by a rebound in real wages. Growth is poised to gain momentum as the policy mix becomes more supportive of economic activity and external demand gradually strengthens. Concrete actions should focus on facilitating the allocation of labor towards higher value-added sectors and firms, addressing the gender pay gap to boost labor participation, reducing administrative burden and red tape, accelerating digitalization, and promoting a more ambitious green transition.
Keywords:
currency of the Czech Republic; FSAP update; FSAP participation; services inflation; managing inflation risk; Inflation; Productivity; Labor markets; Central bank policy rate; Global
Cover IMF Staff Country Reports
Czech Republic: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper discusses perspectives on the Czech Republic’s structural productivity slowdown. The Czech economy has underperformed European peers in the post-pandemic period and economic convergence has come to a halt. This outcome is often attributed to the country’s links to specific slow growing trading partners and to its energy-intensive economic structure. A decline in productivity, along with a slower increase in the labor force has been a crucial factor. The paper focuses specifically on the challenge posed by declining productivity, uncovering multifaceted factors and dynamics at play. Empirical analysis suggests that further R&D investment could reduce gaps with the total factor productivity frontier, sector-specific bottlenecks should be addressed, and productivity-enhancing labor reallocation could be better supported by more targeted policies. Though structural transformation may be inevitable, it does not need to adversely affect productivity as observed in recent years. The Czech Republic may evolve towards a more mature, diversified economy with certain services playing an increasingly significant role.
Keywords:
macro News; macroeconomics news; ECB monetary policy surprise; EU TFP frontier; inflation expectation; Automobile industry; Total factor productivity; Productivity; Asset prices; Global; Europe; Eastern Europe
Cover IMF Staff Country Reports
Niger: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper estimates the tax revenue gap, which reflects the difference between the actual tax revenue collected and the potential revenue for Niger's economic and institutional context. The tax revenue gap has been increasing since 2015 and reached 3.4 percent of gross domestic product in 2022, primarily due to gaps in the collection of taxes on goods and services, and international trade taxes. In order to enhance revenue mobilization in Niger, it is essential to rationalize value-added tax (VAT) exemptions and the reduced VAT rates on specific products, reform excise and property taxes, and strengthen tax administration. Furthermore, addressing informality and enhancing the ability to collect taxes from the informal sector, along with improving governance, will bolster revenue mobilization capacity in the medium to long term. Improving social acceptability will require a well-thought communication strategy and mitigating measures. Improving transparency and accountability of institutions are essential to gain support for revenue mobilization.
Keywords:
B. revenue potential; output gap estimate; governance weakness; output gap estimation; tax revenue potential; Potential output; Output gap; Sub-Saharan Africa; North Africa; Global; West Africa
Cover IMF Staff Country Reports
Finland: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Finland
International Monetary Fund. European Dept.
The 2024 Article IV Consultation discusses that the Finnish economy is recovering from the 2023 recession, supported by easing inflation and real wage growth. Falling energy prices and weak domestic demand have temporarily reduced inflation below 2 percent. The economic recovery is expected to gain momentum in 2025, but downside risks, especially from abroad, remain elevated. The economic downturn and increases in expenditure are expected to drive the fiscal deficit to 3.7 percent in 2024, further increasing public debt. Banks are well capitalized and have sufficient liquidity to withstand all but the most severe shocks. Ambitious labor market reforms initiated in 2023 will continue to support employment as the economy recovers. However, there is potential to increase participation rates further, strengthen educational outcomes, and attract more high-skilled talent from abroad. While Finland performs well on many business and innovation metrics, deeper structural reforms are needed to raise productivity growth. Attention should be given to increasing the availability of risk capital, reducing barriers to entry into the services sector, and continuing to pursue the deepening of the EU’s single market.
Keywords:
Ministry of Finance estimate; R&D expenditure; transparency policy; population growth boost housing demand; FIN-FSA favor; Finland's economy; strengthening growth momentum; Productivity; Fiscal stance; Baltics; Global
Cover IMF Staff Country Reports
Republic of Poland: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper analyzes various factors that show potential growth in Poland. Poland has achieved substantial economic convergence within the EU. Labor productivity growth was robust until the disruptions from coronavirus disease. Poland’s economic convergence within the EU is expected to continue albeit at a slower pace. Using a production function approach, IMF now estimates that Poland’s potential growth to remain solid, but gradually decline, reaching 2.7 percent by 2029. Moving forward, the labor supply is expected to comprise a substantial drag on potential output. Policies should focus on deepening capital, facilitating resource reallocation, supporting labor supply, and enhancing innovation capacity. Strengthening vocational training and skill-matching could improve skills and allocative efficiency. Raising labor force participation among older cohorts should be complemented by enhancing adult learning. Poland has closed on Europe’s productivity frontier in most sectors. In order to sustain growth, it will need to transition from technology adoption. Government incentives and the financial system should be geared toward creating a conducive environment for R&D and other innovation activities, including by promoting private equity and venture capital.
Keywords:
D. pension inequity; convergence success; firm investment trend; B. pension projection; E. pension funds' role; pension benefit; Pension spending; Pensions; Productivity; Aging; Total factor productivity; Global; Europe
Cover IMF Staff Country Reports
Philippines: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper focuses on potential growth and demographic dividend in Philippines. Output and employment in the Philippines were severely impacted by the coronavirus disease 2019 pandemic. While the Philippines recovered strongly after the pandemic, there is some evidence of scarring in output, and labor productivity remains below pre-pandemic trends. A comparison between the Philippines and peer countries along structural areas key to supporting higher growth can inform reform efforts to support higher growth. Strengthening anti-corruption efforts, while enhancing the legal system, regulatory quality, and improving the rule of law would support business certainty. At a structural level, the Philippines is on the cusp of a demographic transition but must close important structural gaps to take advantage of this potential dividend and boost growth. Under current policy settings, potential growth projections are estimated to be between 6.0–6.3 percent in the medium term. An upside scenario, which assumes ambitious and well-sequenced structural reforms, shows that growth could reach 7.0–7.5 percent over a longer time horizon.
Keywords:
supply and demand inflation decomposition; supply and demand food inflation decomposition; inflation volatility; inflation expectation; services inflation decomposition; supply and demand goods inflation decomposition; Inflation; Total factor productivity; Human capital; Labor productivity; Global; Asia and Pacific
Cover IMF Staff Country Reports
Denmark: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper discusses the macroeconomic impact of the pharmaceutical sector. The analysis focuses on Novo Nordisk, the leading pharmaceutical company in Denmark, and its productivity impact on the rest of the economy. Empirical evidence suggests only weak correlations between productivity shocks at Novo Nordisk and overall economic growth, as well as between Novo Nordisk’s productivity and that of other firms. The findings suggest there is limited risk that Denmark’s booming pharmaceutical company would become its “Nokia.” Although the pharmaceutical sector will be a key driver of growth, most of its production occurs overseas under Danish ownership. As a result, its linkages with the rest of the domestic economy, in terms of employment and supply chains, are somewhat limited. The empirical results also indicate limited spillover effects through productivity channels. However, the empirical results may underestimate the influence of Novo Nordisk due to limited data.
Keywords:
mitigating factor; productivity shock; E. policy option; Policy consideration; shocks to Novo Nordisk; energy firm; covered bond bond market; Nonbank financial institutions; Labor productivity; Covered bonds; Systemic risk assessment; Productivity; Global