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The only comprehensive database on international exchange
operations and the global trade system 2016 Annual Report on
Exchange Arrangements and Exchange Restrictions This is the 67th
issue of the AREAER, which provides comprehensive descriptions of
the foreign exchange arrangements, exchange and trade systems, and
capital controls of all IMF member countries. It describes each
country's market operations, international trade policies, controls
on capital transactions, and financial sector measures. AREAERs
from 1988 on are available on IMF eLibrary, and cumulative data
from each annual report dating back to 1999 are available in a
single online database, AREAER Online. The 2016 AREAER includes an
overview and key summary tables with 192 individual country
chapters.
The yearbook presents annual data covering 12 years for countries
appearing in the monthly issues of IFS. There are some additional
time series in country tables and some additional tables of area
and world aggregates. The International Financial Statistics
Country Notes presents, in two sections, brief information on the
data published in International Financial Statistics. Country Notes
is designed to be a companion volume to IFS: the monthly print
edition, the Yearbook, the CD-ROM, and the Internet version.
Financial authorities face a number of key challenges, including
maintaining financial stability; ensuring long-term finance for
stable economic growth; promoting greater access to financial
services for both households and small and medium-sized enterprises
(SMEs); and fostering a competitive financial industry. Access to
finance for SMEs is particularly important, given their large
shares in economic activity and employment in Asian economies.
Striking the appropriate balance in achieving these objectives
through financial supervision and regulation is an important policy
issue for financial regulators. This book is the record of a joint
conference in 2014 organized by the Asian Development Bank
Institute; Financial Services Agency, Japan; and International
Monetary Fund Regional Office for Asia and the Pacific on the topic
of financial system stability, regulation, and financial inclusion.
Participants included noted scholars, policymakers, and financial
industrial participants from Asia. Â ADB Institute The ADB
Institute, located in Tokyo, is the think tank of the Asian
Development Bank. Its mission is to identify effective development
strategies and improve development management in ADB’s developing
member countries. Â Financial Services Agency, Japan The
Financial Services Agency, Japan is responsible for ensuring the
stability of Japan’s financial system, the protection of
depositors, insurance policyholders and securities investors, and
smooth finance through such measures as planning and policymaking.
 International Monetary Fund Regional Office for Asia and
the Pacific The International Monetary Fund Regional Office
for Asia and the Pacific contributes to economic surveillance and
research, leads the IMF’s involvement in regional cooperation,
manages regional capacity building programs, and promotes the
understanding and two-way dialogue of the IMF in the region.
Financial authorities face a number of key challenges, including
maintaining financial stability; ensuring long-term finance for
stable economic growth; promoting greater access to financial
services for both households and small and medium-sized enterprises
(SMEs); and fostering a competitive financial industry. Access to
finance for SMEs is particularly important, given their large
shares in economic activity and employment in Asian economies.
Striking the appropriate balance in achieving these objectives
through financial supervision and regulation is an important policy
issue for financial regulators. This book is the record of a joint
conference in 2014 organized by the Asian Development Bank
Institute; Financial Services Agency, Japan; and International
Monetary Fund Regional Office for Asia and the Pacific on the topic
of financial system stability, regulation, and financial inclusion.
Participants included noted scholars, policymakers, and financial
industrial participants from Asia. ADB Institute The ADB Institute,
located in Tokyo, is the think tank of the Asian Development Bank.
Its mission is to identify effective development strategies and
improve development management in ADB's developing member
countries. Financial Services Agency, Japan The Financial Services
Agency, Japan is responsible for ensuring the stability of Japan's
financial system, the protection of depositors, insurance
policyholders and securities investors, and smooth finance through
such measures as planning and policymaking. International Monetary
Fund Regional Office for Asia and the Pacific The International
Monetary Fund Regional Office for Asia and the Pacific contributes
to economic surveillance and research, leads the IMF's involvement
in regional cooperation, manages regional capacity building
programs, and promotes the understanding and two-way dialogue of
the IMF in the region.
Pacific island economies depend heavily on remittances - more than
many other regions in the world. For example, remittances account
for 27 and 21 percent of GDP for Tonga and Samoa, respectively.
Reliance on foreign exchange inflows makes access to low-cost
financial services and correspondent banking for cross-border flows
critical for these economies. Australia, New Zealand, and the
United States each account for approximately one-third of the
remittances to the region
Global growth remains moderate and uneven, and a number of complex
forces are shaping the outlook. These include medium- and long-term
trends, global shocks, and many country- or region-specific
factors. The April 2015 WEO examines the causes and implications of
recent trends, including lower oil prices, which are providing a
boost to growth globally and in many oil-importing countries but
are weighing on activity in oil-exporting countries, and
substantial changes in exchange rates for major currencies,
reflecting variations in country growth rates and in exchange rate
policies and the lower price of oil. Additionally, analytical
chapters explore the growth rate of potential output across
advanced and emerging market economies, assessing its recent track
and likely future course; and the performance of private fixed
investment in advanced economies, which has featured prominently in
the public policy debate in recent years, focusing on the role of
overall economic weakness in accounting for this performance.
The IMF's Balance of Payments Statistics contains more than 425,000
data series including aggregate and detailed information for about
200 countries and reporting entities. BOP delivers data on
international economic transactions including total goods,
services, factor income, current and capital transfers, and changes
in an economy's external financial claims and liabilities. The
Balance of Payments Statistics (BOPS) Yearbook, usually published
in December, provides tables of data, featuring regional and world
totals of balance of payments and IIP components and aggregates as
well as detailed information in the form of analytical and standard
component presentations for economies. It is compiled in accordance
with the IMF's Balance of Payments Manual
The Balance of Payments Statistics Yearbook, usually published in
December, contains balance of payments statistics for most of the
world, compiled in accordance with the IMF's Balance of Payments
Manual. Part 1 includes aggregate as well as detailed information
in the form of analytical and standard component presentations for
countries. Part 2 provides tables of data, featuring area and world
totals of balance of payments components and aggregates. Part 3
presents descriptions of methodologies, compilation practices, and
data sources used by individual member countries in compiling their
balance of payments and international investment position
statistics.
The Global Monitoring Report 2014/2015 will, for the first time,
monitor and report on the World Bank Group s (WBG) twin goals of
ending extreme poverty by 2030 and boosting shared prosperity,
while continuing to track progress toward the Millennium
Development Goals (MDGs). This Global Monitoring Report examines
how a select set of policies in the areas of human capital and the
environment can create jobs and make development more inclusive and
sustainable, while highlighting how social assistance policies can
help end poverty and improve growth prospects. It discusses most of
these issues across a full spectrum of countries. This means the
Report not only addresses low- and middle-income countries but
also, for the first time, includes a discussion of high-income
countries as well. The Report will contain quantitative information
about the WBG twin goals: It will provide an assessment on how far
the world has to go to end extreme poverty by 2030 and how much of
prosperity has been shared with the bottom 40 percent of a country
s population. The report is prepared in collaboration with the
International Monetary Fund (IMF) and the Organization for Economic
Co-operation and Development (OECD)."
The October 2012 Global Financial Stability Report (GFSR) finds
increased risks to the global financial system, with the euro area
crisis the principal source of concern. The report urges
policymakers to act now to restore confidence, reverse capital
flight, and reintegrate the euro zone. In both Japan and the United
States, steps are needed toward medium-term fiscal adjustment.
Emerging market economies have successfully navigated global shocks
thus far, but need to guard against future shocks while managing a
slowdown in growth. This GFSR also examines whether regulatory
reforms are moving the financial system in the right direction, and
finds that progress has been limited, partly because many reforms
are in the early stages of implementation and partly because crisis
intervention methods are still in use in a number of economies,
delaying the movement of the financial system onto a safer path.
The final chapter assesses whether certain aspects of financial
structure enhance economic outcomes. Indeed, some structural
features are associated with better outcomes. In particular,
financial buffers made up of high-quality capital and truly liquid
assets tend to be associated with better economic performance
The Government Finance Statistics Yearbook delivers statistical
data on government financial operations for 133 IMF member
countries in one definitive volume. Detailed annual data are
presented on revenue, expense, net acquisition of nonfinancial
assets, financing transactions, other economic flows as well as,
balance sheet information; budgetary operations, extra- budgetary
operations, social security, and consolidated financial operations
of central governments; state governments, local governments, and
the consolidated general government when available. All data
conform to standards set forth in the Government Finance Statistics
Manual 2001, and are comparable from country to country.
Institutional tables list information on government units. A
section of the Government Finance Statistics Yearbook is devoted to
a cross-country comparison of data.
The April 2012 Global Financial Stability Report assesses changes
in risks to financial stability over the past six months, focusing
on sovereign vulnerabilities, risks stemming from private sector
deleveraging, and assessing the continued resilience of emerging
markets. The report probes the implications of recent reforms in
the financial system for market perception of safe assets, and
investigates the growing public and private costs of increased
longevity risk from aging populations.
Detailed annual data for Fund member governments are supplied on
revenue income by source (tax, lending, bonds, etc.), and
expenditure by sector (defense, education, health, etc.) for all
levels of government (national, state, local). Topics covered
include deficit/surplus or total financing, revenues or grants,
expenditures, lending minus repayments, domestic financing, foreign
financing, domestic debt or total debt, and foreign debt. The
Yearbook provides data on budgetary operations, extra-budgetary
operations, social security, and consolidated financial operations
of central governments. A section of the Government Finance
Statistics Yearbook is devoted to a cross-country comparison of
data
The COVID-19 pandemic has caused dramatic loss of human life and
major damage to the European economy, but thanks to an
exceptionally strong policy response, potentially devastating
outcomes have been avoided
After slowing sharply in the last three quarters of 2018, the pace
of global economic activity remains weak. Momentum in manufacturing
activity, in particular, has weakened substantially, to levels not
seen since the global financial crisis. Rising trade and
geopolitical tensions have increased uncertainty about the future
of the global trading system and international cooperation more
generally, taking a toll on business confidence, investment
decisions, and global trade. A notable shift toward increased
monetary policy accommodation - through both action and
communication - has cushioned the impact of these tensions on
financial market sentiment and activity, while a generally
resilient service sector has supported employment growth. That
said, the outlook remains precarious. Global growth is forecast at
3.0 percent for 2019, its lowest level since 2008-09 and a 0.3
percentage point downgrade from the April 2019 World Economic
Outlook. Growth is projected to pick up to 3.4 percent in 2020 (a
0.2 percentage point downward revision compared with April),
reflecting primarily a projected improvement in economic
performance in a number of emerging markets in Latin America, the
Middle East, and emerging and developing Europe that are under
macroeconomic strain. Yet, with uncertainty about prospects for
several of these countries, a projected slowdown in China and the
United States, and prominent downside risks, a much more subdued
pace of global activity could well materialise. To forestall such
an outcome, policies should decisively aim at defusing trade
tensions, reinvigorating multilateral cooperation, and providing
timely support to economic activity where needed. To strengthen
resilience, policymakers should address financial vulnerabilities
that pose risks to growth in the medium term. Making growth more
inclusive, which is essential for securing better economic
prospects for all, should remain an overarching go
After strong growth in 2017 and early 2018, global economic
activity slowed notably in the second half of last year, reflecting
a confluence of factors affecting major economies. China's growth
declined following a combination of needed regulatory tightening to
rein in shadow banking and an increase in trade tensions with the
United States. The euro area economy lost more momentum than
expected as consumer and business confidence weakened and car
production in Germany was disrupted by the introduction of new
emission standards; investment dropped in Italy as sovereign
spreads widened; and external demand, especially from emerging
Asia, softened. Elsewhere, natural disasters hurt activity in
Japan. Trade tensions increasingly took a toll on business
confidence and, so, financial market sentiment worsened, with
financial conditions tightening for vulnerable emerging markets in
the spring of 2018 and then in advanced economies later in the
year, weighing on global demand. Conditions have eased in 2019 as
the US Federal Reserve signalled a more accommodative monetary
policy stance and markets became more optimistic about a US-China
trade deal, but they remain slightly more restrictive than in the
fall.
The demand for high quality detailed public finance statistics
covering a globally representative sample of countries has
increased dramatically during the recent financial crisis. Due to
the complexity of public finance statistics, however, such data
tend to be either available in oversimplified high level aggregates
and lacking in methodological transparency, or, available with a
great level of detail and a unified methodological approach yet
overly complicated to understand. The IMF's Government Finance
Statistics Yearbook shows fiscal data of around 140 countries
following the Government Finance Statistics Manual 2001 framework.
The associated database includes data series covering over an
almost 40 year period. The IMF's Statistics Department embarked on
several initiatives to improve its accessibility
Just as uncertainty associated with COVID-19 pandemic was abating,
Russia invaded Ukraine. Uncertainty endured, shifting from pandemic
to war, affecting all countries but in different ways. Above-target
inflation rates and inflation surprises have helped reducing
debt-to-GDP ratios but such relief is often temporary. High
uncertainty and marked divergences across countries require a
tailored and agile fiscal policy response that is ready to adjust
as the outlook becomes clearer. Fiscal policy will need to shift
focus away from the exceptional pandemic-related measures as
central banks increase interest rates to fight inflation. Emerging
and developing economies that are net importers of energy and food
will be hit the hardest by surging international prices. Many of
these countries already experience scarring from the pandemic and
have little fiscal space to tackle new spending pressures.
Government should focus on those most affected by the crisis and
priority areas. Ensuring greater resilience through investment in
health, food, and energy security from cleaner sources has become
even more urgent. Global cooperation to achieve these objectives is
more important now than ever. As countries strive to promote an
inclusive and green recovery from the COVID-19 pandemic-and
formulate responses to the immediate impacts of increased energy
prices-they face shared challenges to secure tax revenues, address
inequalities, and reduce greenhouse gas emissions. National tax
policies are under pressure to deal with cross-border
spillovers-one country's action affects other countries. Chapter 2
discusses how international coordination on tax matters (i) reduces
profit shifting by multinationals and tax competition between
countries; (ii) improves tax enforcement by lifting the veil of
secrecy to tackle tax evasion; and (iii) limits global warming. The
current energy crisis reinforces the case for coordination among
major emitters to reduce reliance on fossil fuels, urging countries
to not allow near-term responses to detract efforts to establish
credible policies for emissions reductions in the medium term.
The war in Ukraine has triggered a costly humanitarian crisis that
demands a peaceful resolution. At the same time, economic damage
from the conflict will contribute to a significant slowdown in
global growth in 2022 and add to inflation. Fuel and food prices
have increased rapidly, hitting vulnerable populations in
low-income countries hardest. Global growth is projected to slow
from an estimated 6.1 percent in 2021 to 3.6 percent in 2022 and
2023. This is 0.8 and 0.2 percentage points lower for 2022 and 2023
than projected in January. Beyond 2023, global growth is forecast
to decline to about 3.3 percent over the medium term. War-induced
commodity price increases and broadening price pressures have led
to 2022 inflation projections of 5.7 percent in advanced economies
and 8.7 percent in emerging market and developing economies-1.8 and
2.8 percentage points higher than projected last January.
Multilateral efforts to respond to the humanitarian crisis, prevent
further economic fragmentation, maintain global liquidity, manage
debt distress, tackle climate change, and end the pandemic are
essential.
The Quarterly National Accounts Manual provides conceptual and
practical guidance for compiling quarterly national accounts (QNA)
statistics. The Manual offers a comprehensive review of data
sources, statistical methods, and compilation techniques to derive
official estimates of quarterly GDP. The new edition - which
upgrades the first edition, published in 2001- improves and expands
the previous content based on recent methodological advances, best
country practices, and suggestions received from QNA compilers and
experts
The economic recovery in sub-Saharan Africa surprised on the upside
in the second half of 2021, prompting a significant upward revision
in last year's estimated growth. This year, however, that progress
has been jeopardized. The Russian invasion of Ukraine has triggered
a global economic shock that is hitting the region at a time when
countries' policy space to respond to it is minimal to nonexistent.
Most notably, surging oil and food prices are straining the
external and fiscal balances of commodity-importing countries and
have increased food security concerns in many countries. Moreover,
the shock threatens to compound some of the region's most pressing
policy challenges, including the COVID-19 pandemic's social and
economic legacy, climate change, heightened security risks in the
Sahel, and the ongoing tightening of monetary policy in the United
States.
An economic recovery is underway in Latin America and the Caribbean
(LAC) but the pandemic still casts shadows on much of the region.
The recovery was robust in the first quarter of 2021 but lost
momentum in some countries in the second quarter, reflecting the
rebound in COVID-19 cases. Real GDP is projected to grow by 6.3
percent in 2021, followed by a more moderate growth of 3 percent in
2022, but would not catch up with pre-pandemic trends in the medium
term as persistent weakness in labor markets raises risks of
scarring. Broadly favorable external conditions, high commodity
prices, and pent-up demand support short-term growth, while
monetary and fiscal policy reversals work in the other direction.
Risks to the outlook are tilted downward. Main downside risks are
the emergence of more transmissible and deadlier COVID-19 variants,
tightening of global financial conditions, sovereign debt rollover
risks, and social unrest as a year with heavy election schedule
looms. Fiscal policy should allocate sufficient resources for
health spending, including vaccination, and continue to support
households and firms in a more targeted fashion while the pandemic
persists, backed by credible assurances of medium-term debt
sustainability to maintain access to finance. Monetary policy has
started to address inflationary pressures but should continue to
support economic activity insofar as the dynamics of inflation
expectations permit. If rising inflation threatens to de-anchor
inflation expectations, central banks should tighten monetary
policy to signal a commitment to inflation targets and avoid
persistent increases in inflation. Preemptive and decisive action
should be accompanied with clear and transparent communication.
Financial policy should shift from blanket support to targeted
support of viable firms, to ensure that necessary labor and capital
reallocations are not hindered. Supply-side policies should foster
inclusive growth, including through progressive and growth-friendly
tax reforms and measures to intensify climate change adaptation and
mitigation.
The pandemic continues to spread in Latin America and the Caribbean
(LAC), but economic activity is picking up. After a deep
contraction in April, activity started recovering in May, as
lockdowns were gradually eased, consumers and firms adapted to
social distancing, some countries introduced sizable policy
support, and global activity strengthened.
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