Posted on September 8, 2015 by iMFdirect
By Pritha Mitra
(Versions in Français and عربي)
Aspirations for greater fairness were at the core of the protests that triggered the Arab Spring almost five years ago—and remain largely unfulfilled today. In our new paper, we show that tax reform can go a long way towards meeting those aspirations.
Taxation is a critical interface between the state and citizens. How much revenue is raised, how the tax burden is distributed, and how taxation is implemented can all powerfully affect both the reality and the perception of economic opportunities—and the degree of trust in government.
Filed under: Economic Crisis, Economic outlook, Economic research, Employment, Finance, Financial Crisis, Fiscal policy, growth, IMF, Inequality, International Monetary Fund, Middle East, Reform, عربي | Tagged: Algeria, Arab Spring, income tax, Iran, Middle East and North Africa, oil exporters, oil importers, tax reform, tax system, taxation, taxes, Value-Added Tax, Yemen | 1 Comment »
Posted on July 16, 2015 by iMFdirect
Remember when oil was the big story? Yeah, us too. And we’re still thinking through the issues and what they mean for oil importers and exporters, as well as the global economy.
This week IMF economists released a new paper, and we interviewed the lead author in this podcast, that delves into the benefits of lower oil prices for consumers and for the global economy.
Filed under: Advanced Economies, Africa, Economic research, Emerging Markets, Europe, IMF, International Monetary Fund, Latin America, Middle East | Tagged: oil, oil exporters, oil importers | Leave a comment »
Posted on June 22, 2015 by iMFdirect
Inequality is one of the defining issues of our time, so you may want to tune in to this interview with the authors of a new study that shows that higher inequality leads to lower growth. You can also read their blog here.
Filed under: Advanced Economies, Africa, Asia, Civil Society, Economic research, Emerging Markets, Europe, Globalization, growth, IMF, Inequality, International Monetary Fund, Latin America, LICs, Low-income countries, Middle East, Politics, Reform | Tagged: economic growth, emerging markets, income distribution, middle class, poor, trickle down economics | Leave a comment »
Posted on June 15, 2015 by iMFdirect
By Era Dabla-Norris, Kalpana Kochhar, and Evridiki Tsounta
(Versions in Español, 中文 , 日本語, عربي,and Русский)
The gap between the rich and the poor is at its widest in decades in advanced countries, and inequality is also rising in major emerging markets (Chart 1). It is becoming increasingly clear that these developments have profound economic implications.
Filed under: Advanced Economies, Africa, Asia, Economic outlook, Economic research, Emerging Markets, Employment, Fiscal policy, growth, IMF, Inequality, International Monetary Fund, Latin America, Low-income countries, Middle East, Reform | Tagged: education, health care, income inequality, inequality, labor market, Latin America, middle class, Middle East and North Africa, poor, rich and poor, Sub-Saharan Africa | 5 Comments »
Posted on April 15, 2015 by iMFdirect
By Benedict Clements and Marta Ruiz-Arranz
(Versions in 中文, Français, 日本語, Русский, عربي and Español)
Plunging oil prices have taken the public finances on an exciting ride the past six months. Oil prices have fallen about 45 percent since September (see April 2015 World Economic Outlook), putting a big dent in the revenues of oil exporters, while providing oil importers an unexpected windfall. How has the decline in oil prices affected the public finances, and how should oil importers and exporters adjust to this new state of affairs?
In the April 2015 Fiscal Monitor, we argue that the oil price decline provides a golden opportunity to initiate serious energy subsidy and taxation reforms that would lock in savings, improve the public finances and boost long-term economic growth.
Filed under: Annual Meetings, Economic Crisis, Economic outlook, Economic research, Emerging Markets, Finance, Financial Crisis, Fiscal policy, growth, IMF, International Monetary Fund, Middle East, Reform | Tagged: Angola, commodiity prices, Egypt, energy prices, energy subsidies, fiscal balances, Fiscal Monitor, Gulf Cooperation Council, India, Indonesia, inflation, Malaysia, Norway, oil exporters, oil importers, oil prices, taxation | Leave a comment »
Posted on April 14, 2015 by iMFdirect
By Olivier Blanchard
(Versions in عربي and Español)
In our April 2015 World Economic Outlook, we forecast global growth to be roughly the same this year than last year, 3.5% versus 3.4%. This global number reflects an increase in growth in advanced economies, 2.4% versus 1.8%, offset by a decrease in growth in emerging market and developing economies, 4.3% versus 4.6% last year. In short, to repeat the words used by the IMF Managing Director last week, we see growth as “moderate and uneven”.
Behind these numbers lies an unusually complex set of forces shaping the world economy. Some, such as the decline in the price of oil and the evolution of exchange rates, are highly visible. Some, from crisis legacies to lower potential growth, play more of a role behind the scene but are important nevertheless. Let me briefly review them.
Filed under: Advanced Economies, Annual Meetings, Asia, Economic Crisis, Economic outlook, Economic research, Emerging Markets, Globalization, Government, growth, IMF, International Monetary Fund, Investment, Middle East, Reform | Tagged: Brazil, China, euro area crisis, exchange rate, forecast, Greece, India, infrastructure, investment, Japan, Middle East, oil exporters, oil importers, oil prices, Olivier Blanchard, Russia, Ukraine, United States, WEO, World Economic Outlook | Leave a comment »
Posted on April 6, 2015 by iMFdirect
By Mohamed Norat, Marco Pinon and Zeine Zeidane
(Versions in عربي)
Since the global financial crisis, policymakers have sought to press the “reset” button to strengthen financial intermediation that is performed by conventional banks and non-bank financial institutions. The aim has been to address the fault lines that helped trigger one of the most devastating financial crises in a century, and to enable a more inclusive, stable financial system that promotes stability as well as economic development and growth.
Islamic finance offers several features that are consistent with these objectives. Islamic finance refers to financial services that conform with Islamic jurisprudence, or Shari’ah, which bans interest, speculation, gambling and short-sales; requires fair treatment; and institutes sanctity of contracts. And these principles hold the promise of supporting financial stability, since a key tenet of Islamic finance is that lenders should share in both the risks and rewards of the projects and loans they finance.
Filed under: Asia, Economic research, Emerging Markets, Financial regulation, Fiscal policy, Globalization, Government, growth, IMF, International Monetary Fund, Investment, Middle East | Tagged: Asia, financial crisis, Hong Kong, Islamic banking, islamic finance, Luxembourg, Middle East, real estate, senegal, Shariah, South Africa, sukuk, tax, United Kingdom | Leave a comment »