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Asia and Pacific > India

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Cover IMF Staff Country Reports
India: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for India
International Monetary Fund. Asia and Pacific Dept
The ongoing COVID-19 pandemic has created a prolonged health crisis. Economic activity was slowing prior to the pandemic. Two COVID-19 waves have resulted in a deep and broad-based economic downturn with the potential for a longer lasting impact. The authorities have responded with fiscal policy, including scaled-up support to vulnerable groups, monetary policy easing and liquidity provision, and accommodative financial sector and regulatory policies. Despite the pandemic, the authorities have continued to implement structural reforms.
Keywords:
headline consumer price inflation; The Authorities; potential GDP; labour market functioning; monetary policy easing; privatization of government enterprise; COVID-19; Government debt management; Global; Eastern Europe
Cover IMF Research Bulletin
IMF Research Bulletin, Summer 2017
International Monetary Fund. Research Dept.
The Summer 2017 issue of the IMF Research Bulletin highlights new research such as recent IMF Working Papers and Staff Discussion Notes. The Research Summaries are “Structural Reform Packages, Sequencing, and the Informal Economy (by Zsuzsa Munkacsi and Magnus Saxegaard) and “A Broken Social Contract, Not High Inequality Led to the Arab Spring” (by Shantayanan Devarajan and Elena Ianchovichina). The Q&A section features “Seven Questions on Fintech” (by Tommaso Mancini-Griffoli). The Bulletin also includes information on recommended titles from IMF Publications and the latest articles from the IMF Economic Review.
Keywords:
IRB; product market reform; research journal; journal of the International Monetary Fund; capital account regulation; IMF liquidity provision facilities; appendix I. Labor; Income inequality; Structural reforms; Fintech; Labor market reforms; Global; Caribbean; Middle East; North Africa; East Africa; Africa
Cover Policy Papers
2017 External Sector Report Individual Economy Assessments
International Monetary Fund
The external sector assessments use a wide range of methods, including the External Balance Assessment (EBA) developed by the IMF’s Research Department to estimate desired current account balances and real exchange rates (see IMF Working Paper WP/13/272 for a complete description of the EBA methodology and Annex I of the 2015 External Sector Report for a discussion of more recent refinements). In all cases, the overall assessment is based on the judgment of IMF staff drawing on the inputs provided by these model estimates and other analysis. Since estimates are subject to uncertainty, overall assessments are presented in ranges. The external sector assessments are based on data and IMF staff projections as of June 15th, 2017. The external assessments discuss a broad range of external indicators: the current account, the real effective exchange rate, capital and financial accounts flows and measures, FX intervention and reserves and the foreign asset or liability position.[1] The individual economy assessments are discussed with the respective authorities as a part of bilateral surveillance.
Keywords:
PP; deficit; economy; surplus; fiscal policy; deficit country; protectionist policy; deficit economy; surplus country; CA gap; assessment methodology; Real effective exchange rates; Current account; External balance assessment (EBA); Global; Africa
Cover Policy Papers
Staff Background Paper for the G20 Surveillance Note - Priorities for Structural Reforms in G20 Countries
International Monetary Fund
provide a powerful lift to growth—both in the short and the long term—if they are well aligned with individual country conditions . These include an economy’s level of development, its position in the economic cycle, and its available macroeconomic policy space to support reforms. The larger a country’s output gap, the more it should prioritize structural reforms that will support growth in the short term and the long term—such as product market deregulation and infrastructure investment. Macroeconomic support can help make reforms more effective, by bringing forward long-term gains or alleviating their short-term costs . Where monetary policy is becoming over-burdened, domestic policy coordination can help make macroeconomic support more effective. Fiscal space, where it exists, should be used to offset short-term costs of reforms. And where fiscal constraints are binding, budget-neutral reform packages with positive demand effects should take priority. Some structural reforms can themselves help generate fiscal space. For example, IMF research finds that by boosting output, product market deregulation can help lower the debt-to-GDP ratio over time. Formulating a medium-term plan that clarifies the long-term objectives of fiscal policy can also help increase near-term fiscal space. With nearly all G-20 economies operating at below-potential output, the IMF is recommending measures that both boost near-term growth and raise long-term potential growth. For example: ? In advanced economies, these measures include shifting public spending toward infrastructure investment (Australia, Canada, Germany, United States (US)); promoting product market reforms (Australia, Canada, Germany, Japan, Korea, Italy) and labor market reforms (Canada, Germany, Japan, Korea, United Kingdom (UK), US); and fiscal structural reforms (France, UK, US). Where there is fiscal space, lowering employment protection is also recommended (Korea). ? Recommendations for emerging markets (EMs) focus on raising public investment efficiency ( India, Saudi Arabia, South Africa), labor market reforms (Indonesia, Russia, Saudi Arabia, South Africa, Turkey), and product market reforms (China, Saudi Arabia, South Africa), which would boost investment and productivity within tighter budgetary constraints particularly if barriers to trade and FDI were eased (Brazil, India, Indonesia). Governance (China, South Africa) and other institutional reforms are also crucial. Where policy space is limited, adjusting the composition of fiscal policy can create space to support reforms ( Argentina, India, Mexico, Russia). ? Some commodity-exporting EMs (Brazil, Russia, Saudi Arabia, South Africa) are facing acute challenges, with output significantly below potential and an urgent need to rebuild fiscal buffers. To bolster growth, Fund staff recommends product market and legal reforms to improve the business climate and investment; trade and FDI liberalization to facilitate diversification; and financial deepening to boost credit flows. IMF advice also aims to promote inclusiveness and macroeconomic resilience. The Fund recommends a targeted expansion of social spending toward vulnerable groups (Mexico), social spending for the elderly poor ( Korea), and upgrading social programs for the nonworking poor (US). Recommendations to bolster macrofinancial resilience include expanding the housing supply (UK), resolving the corporate debt overhang (China, Korea), coordinating a national approach to regulating and supervising life insurers (US), and reforming monetary frameworks (Argentina, China).
Keywords:
PP; labor market; reform; product market; labor market reform; policy; IMF staff analysis; IMF recommendation; IMF advice; policy measure; labor-market rigidity; product market deregulation; Structural reforms; Fiscal space; Commodity markets; Africa; Global
Cover Policy Papers
Managing Director's Global Policy Agenda to the International Monetary and Financial Committee: Confront Global Challenges Together
International Monetary Fund
Against a backdrop of declining oil prices, sharp variations in exchange rates, and market volatility, global growth remains uneven. The prospect of a new mediocre lingers as medium-term forecasts have been marked down since the last GPA. Promoting balanced, sustained growth requires an integrated policy package that bolsters today’s actual and tomorrow’s potential output, diminishes risks, and confronts emerging global challenges. Watch the Video The Executive Summary is also available in: Arabic , Chinese, French, Japanese, Russian, and Spanish.
Keywords:
PP; monetary policy; market; fiscal policy framework; debt; The Fund; fund staff; IMF-Middle East Center for Economics and Finance; market liquidity; monetary policy stance; effective demand; IMF training; monetary policy traction; IMF deliverables; monetary policy transmission; product market reform; Emerging and frontier financial markets; Structural reforms; Oil prices; Global
Cover Policy Papers
2014 Triennial Surveillance Review - External Study - Structural Policies in Fund Surveillance
International Monetary Fund
NULL
Keywords:
PP; structural policy; Fund surveillance; country authorities; surveillance work; core expertise; Fund involvement; policy reform; Fund staff; Fund advice; Fund knowledge of country experience; Structural policies; Public investment spending; Labor market reforms; Financial statements; Global; Europe; Africa
Cover IMF Working Papers
Structural Reforms and Regional Convergence
Mr. Antonio Spilimbergo
and
Ms. Natasha X Che
Which structural reforms affect the speed the regional convergence within a country? We found that domestic financial development, trade/current account openness, better institutional infrastructure, and selected labor market reforms facilitate regional convergence. However, these reforms have mixed effects on the growth of regions closer to the country’s development frontier. We also document that regional income disparity and average income are inversely correlated across countries so that speeding up regional convergence increases national income. We also present a theoretical model to discuss these results.
Keywords:
WP; Structural reforms; regional convergence; economic growth; income inequality; frontier region; cross-region mobility; region j; growth rate; development frontier; EU sample; Euro area debt crisis; development level; GDP variable; part of the country; country frontier; capital intensity level; Labor taxes; Minimum wages; Productivity; Tax wedge; Global
Cover IMF Research Bulletin
IMF Research Bulletin, June 2010
International Monetary Fund. Research Dept.
This paper analyzes the link between economic growth and structural reforms. The paper highlights that as the recovery from the financial crisis firms up, many country authorities will turn their focus from short-term stabilization policies to more structural policies to spur long-term potential growth. The paper discusses that the global financial crisis has affected growth in countries of all income levels and has led to substantial output losses that in many cases could be permanent. The paper also presents a discussion on monetary policy and asset prices.
Keywords:
IRB; IMF research bulletin; liberalization; price discovery in market; bulletin; IMF's Jacques Polak Conference; staff position note; IMF research; IMF department; policy coordination; Asset prices; Structural reforms; Capital account; Income; Global; East Asia; Africa
Cover IMF Research Bulletin
IMF Research Bulletin, June 2008
International Monetary Fund. Research Dept.
IMF research summaries on Latin America’s external linkages (by Shaun Roache) and on reaping the benefits of structural reforms (by Stephen Tokarick); regional study on the Eastern Caribbean Currency Union (by Paul Cashin and Evridiki Tsounta); listing of visiting scholars at the IMF during March–April 2008; listing of contents of Vol. 55 No. 2 of IMF Staff Papers; listing of recent IMF Working Papers; listing of recent external publications by IMF staff; and a call for papers for the Jacques Polak Ninth Annual Research Conference.
Keywords:
IRB; IMF staff paper; draft paper; product market; external shock; global economy model; model issue; product market liberalization; measuring exchange market pressure; Structural reforms; Commodity markets; Tourism; Currency boards; Labor markets; Caribbean; Global; Europe; Central America; Middle East; Eastern Europe; West Africa
Cover IMF Survey
IMF-World Bank spring meetings: Ministers to focus on sustaining global recovery
International Monetary Fund. External Relations Dept.
L’édition web du Bulletin du FMI est mise à jour plusieurs fois par semaine et contient de nombreux articles sur des questions de politique générale et de politique économique d'actualité. Accédez aux dernières recherches du FMI, lisez des interviews et écoutez des podcasts proposés par les principaux économistes du FMI sur des questions importantes de l'économie mondiale. www.imf.org/external/pubs/ft/survey/so/home.aspx
Keywords:
SV; ECOSOC official; IMF s; a lot of investor behavior; ECOSOC President; IMF Concludes