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Business and Economics > Production and Operations Management

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Cover IMF Staff Country Reports
Euro Area Policies: 2024 Annual Consultation-Press Release; Staff Report; and Statement by the Executive Director for Member Countries
International Monetary Fund. European Dept.
The 2024 Article IV Consultation explains that the euro area is recovering gradually, with a modest acceleration of growth projected for 2024, gathering further speed in 2025. Increasing real wages together with some drawdown of household savings are contributing to consumption, while the projected easing of financing conditions is supporting a recovery in investment. A modest pickup in growth is projected for 2024, strengthening further in 2025. This primarily reflects expected stronger consumption on the back of rising real wages and higher investment supported by easing financing conditions. Inflation is projected to return to target in the second half of 2025. The economy is confronting important new challenges, layered on existing ones. Beyond returning inflation to target and ensuring credible fiscal consolidation in high-debt countries, the euro area must urgently focus on enhancing innovation and productivity. Higher growth is essential for creating policy space to tackle the fiscal challenges of aging, the green transition, energy security, and defense.
Keywords:
EU institution; EU industrial; headline inflation; EU climate; two-sided inflation risk; Inflation; Labor markets; Fiscal consolidation; Europe; Global
Cover IMF Staff Country Reports
Malta: Selected Issues
International Monetary Fund. European Dept.
This paper discusses infrastructure gaps vis-à-vis other EU countries that are most striking in road and energy networks, both in quality and quantity. This is reflected in an unparalleled gap in the approximated public capital stock. Long-term GDP benefits from increasing public investment are estimated to be substantial, ranging between 5¼ and 18¼ percent in net present value over 30 years. Malta’s authorities have started to tackle these challenges by upgrading and diversifying the energy system and by launching a comprehensive transport strategy. These efforts go in the right direction and should be implemented in a budget-neutral manner to support a further decline in the public debt-to-GDP ratio. Malta’s fiscal position has improved considerably in recent years, yet further buildup of fiscal buffers is needed against possible adverse macroeconomic conditions. Therefore, reallocating public spending from current to capital expenditure, as well as making public investment more efficient would help boosting infrastructure.
Keywords:
ISCR; CR; Malta; loan; IMF staff calculation; financing; gaming industry; loan financing; efficiency frontier; intercompany loan; Public investment and public-private partnerships (PPP); Infrastructure; Public investment spending; Loans; Capital spending; Global; Europe
Cover IMF Staff Country Reports
Malta: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper uses a multivariate filter approach to reassess potential output for Malta, given national account data revisions and the ongoing labor market changes. The analysis reveals that the impact of the global financial crisis on potential growth has been short-lived. The analysis of the sources of potential growth reveals that weak total factor productivity growth performance and sizeable investment declines post-global financial crisis have been more than compensated by significant gains in potential employment. Potential employment growth has been the key driver of potential growth in recent years, reflecting growing working age population, and rising labor force participation, particularly among women, albeit starting from low levels.
Keywords:
ISCR; CR; pension; Malta; retirement age; indexation; SME; indexation mechanism; IMF staff calculation; staff calculation; MVF method; financial crisis; Pension spending; Pensions; Labor force participation; Aging; Total factor productivity; Global
Cover IMF Working Papers
The Role of Inter- and Intraindustry Trade in Technology Diffusion
Ms. Dalia S Hakura
and
Ms. Florence Jaumotte
Research shows that international trade is an important channel for the transfer of technology. Building on this evidence, this paper examines the effects of inter- and intraindustry trade on technology transfer. The paper develops and tests the hypothesis that intraindustry trade stimulates more technology transfer than interindustry trade because countries are likely to absorb foreign technologies more easily when their imports are from the same sectors as their production and export sectors. The results of empirical tests for 87 countries during 1970–93 support this hypothesis.
Keywords:
WP; industry trade; IIT index; significance level; Technology spillovers; Intraindustry Trade; Interindustry Trade; trade sector; trade index; sectors to TFP gap; Total factor productivity; Imports; Technology transfer; Exports; Sub-Saharan Africa; East Asia; South Asia; Middle East; North Africa