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Business and Economics > Production and Operations Management

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Cover Policy Papers
Development Committee: The Managing Director's Written Statement April 2024
International Monetary Fund. Strategy, Policy, & Review Department
The global economy has been resilient and appears headed for a soft landing. Inflation continues to recede and risks have become more balanced globally. Nonetheless, medium-term growth prospects remain at the lowest level in decades and a smooth completion of the disinflation process should not be taken for granted. While the outlook for low-income developing countries (LIDCs) is improving, risks are tilted to the downside. The pace of convergence toward higher living standards has slowed, making it increasingly challenging to achieve the Sustainable Development Goals (SDGs). In the last mile of disinflation, central banks should ensure that inflation moves durably to target: they should neither ease policies prematurely nor delay too long and risk causing target undershoot. Fiscal policies need to rebuild budgetary room and ensure debt sustainability. Fostering faster productivity growth and facilitating the green transition are keys to improving long-term growth prospects. Multilateral cooperation is key to enhancing the resilience of the global economy in a more shock-prone world.
Keywords:
inflation move; disinflation process; lending capacity; IMF surveillance; concessional facilities; Inflation; Climate finance; Climate change; Sustainable Development Goals (SDG); Disinflation; Global
Cover Policy Papers
Staff Guidance Note on The Implementation of The IMF Strategy for Fragile and Conflict-Affected States (FCS)
International Monetary Fund. Institute for Capacity Development
This note provides operational advice and information to help staff implement the IMF Strategy for Fragile and Conflict-Affected States (FCS) approved by the Executive Board on March 9, 2022. Topics covered include (i) the new IMF FCS classification methodology, which is aligned with that of the World Bank; (ii) the preparation of Country Engagement Strategies (CES) that will be rolled out across FCS to ensure that Fund engagement is appropriately tailored to country-specific manifestations of fragility and/or conflict; (iii) advice on tailoring the thematic focus of Article IV consultations and Fund analytics to FCS, as well as on the prioritization, design, and implementation of capacity development (CD) projects in fragile contexts; (iv) guidance on making full use of the flexibilities of the lending toolkit; (v) guidance on engaging in specific FCS situations, including building accountable institutions to exit fragility, cases of rising fragility risks, active conflict, post-conflict, and addressing the impact of external shocks and spillovers; and (v) strengthening partnerships with humanitarian, development, and peace actors, in accordance with the Fund’s mandate. Dedicated annexes provide additional information on the CES process, addressing good governance in FCS, program design, and country examples of Fund engagement in FCS.
Keywords:
fragility; conflict; fragile and conflict-affected states; political economy; inclusive growth; macroeconomic policy; absorptive capacity; balance of payments; country engagement strategies; capacity development; surveillance; partnerships; governance; FCS staff development; FCS strategy; FCS list; FCS classification; FCS circumstances; Balance of payments need; Capacity utilization; Climate change; West Africa; Sub-Saharan Africa; Global
Cover Departmental Papers
Accelerating Innovation and Digitalization in Asia to Boost Productivity
Ms. Era Dabla-Norris
,
Mr. Tidiane Kinda
,
Kaustubh Chahande
,
Hua Chai
,
Yadian Chen
,
Alessia De Stefani
,
Yosuke Kido
,
Fan Qi
, and
Alexandre Sollaci
COVID-19 hit on the back of weakening productivity growth in many advanced and emerging Asian countries, a trend that could be exacerbated by the pandemic. Interestingly, productivity growth in the region was slowing even amid increased innovation effort, as proxied by spending on research and development (R&D) and number of patents. A key element underpinning this disconnect is the growing dispersion in productivity growth, innovation effort, and digitalization across and within sectors. Asia has risen to become an innovation powerhouse, contributing to more than half of world patents. The rise of Asia as an innovation hub has been driven by a few frontier countries that have experienced a sharp increase in digital and computer-related patents, supported by solid R&D spending and a large share of researchers in the labor force. Within countries, R&D has become more concentrated in a smaller share of firms in frontier Asia. Empirical evidence using firm-level data highlight that the high concentration in R&D is associated with large dispersion in productivity. External exposure to competition and innovation, including through trade, supports innovation and help close productivity gaps for firms closer to the frontier. Non-frontier Asian developing countries have benefited from technology diffusion through a higher share of imported high-technology goods and by granting more patents to non-residents, supported by improvements in human capital and digital infrastructure. For these countries, further integration to the international economy, including global value chains, greater entrepreneurship, and expanding innovative labour supply could support productivity by encouraging innovation, including process innovation which is associated with larger productivity at the firm-level. Policies to foster innovation, reduce productivity gaps, and ultimately boost aggregate productivity can be grouped into two buckets. For countries close to the technological frontier, R&D tax credits and grants, business-university R&D collaboration, and lower trade barriers would support broader-based innovation and help close productivity gaps. For countries farther from the frontier, further improvements in digital infrastructure, skilled labor force, openness to trade and FDI, and patent protection, could promote resource reallocation to the most productive firms and enhance incentives for technological adoption, supporting diffusion and higher productivity.
Keywords:
Innovation digitalization technological diffusion productivity dispersion aggregate productivity growth; B. firm Heterogeneity; firm productivity distribution; productivity dispersion; capital-intensive firm; firm size; Productivity; Digitalization; Total factor productivity; Emerging technologies; Asia and Pacific; Global