: Policies to Support People During the COVID-19 Pandemic, This chapter argues that fiscal policies are at the forefront of facilitating an economic recovery from the COVID-19 pandemic once the Great Lockdown ends. Several low-income countries need to mobilize revenues, rationalize spending, and improve spending efficiency. As the shutdowns end, broad-based, coordinated fiscal stimulus—where financing conditions permit—will become more effective in fostering the recovery. Several low-income countries need to mobilize revenues, rationalize spending, and improve spending efficiency. By identifying risks within the balance sheet, governments can act to manage or mitigate those risks early, rather than dealing with the consequences after problems occur. Emerging Market and Middle-Income Economies: General Government Net Debt, 2009–23, A17. Chapter 2 of the October 2020 Fiscal Monitor discusses how public investment can contribute to the recovery, create jobs, and strengthen resilience to future crises. Policymakers can achieve this objective with, : State-Owned Enterprises: The Other Government, IMF Members' Quotas and Voting Power, and Board of Governors, IMF Regional Office for Asia and the Pacific, IMF Capacity Development Office in Thailand (CDOT), IMF Regional Office in Central America, Panama, and the Dominican Republic, Financial Sector Assessment Program (FSAP), Currency Composition of Official Foreign Exchange Reserves, Fiscal policies to contain the damage from COVID-19, Fiscal policies for the recovery from COVID-19, State-owned enterprises in the time of COVID-19, CHART OF THE WEEK Tracking the $9 Trillion Global Fiscal Support to Fight COVID-19, Fiscal Policy Provides Lifelines to People, Economies, Tracking the $9 Trillion Global Fiscal Support to Fight COVID-19. 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The report analyzes the latest public finance developments, updates medium-term fiscal projections, and assesses policies to put public finances on a sustain- At the same time, the high uncertainty surrounding the outlook and high levels of public debt require a better understanding and managing of fiscal risks. 2 Medium Term, Digitalization Advances in Revenue Administration in South Africa and Estonia, Digitalization and Property Taxation in Developing Economies, Digitalizing Government Payments in Developing Economies, Using Real-Time Fiscal Data to Upgrade Macroeconomic Surveillance Systems, Small Business Taxation and the P2P Economy, The Digitalization of Public Finances: Country Case Studies, Estimating the Impact of Digitalization on Tax Evasion from Cross-Border Fraud, Estimating the Distribution of Tax Revenue Collection from Offshore Income and Wealth following Improved Cross-Country Information Exchange, Access to Public and Digital Services in Developing Countries, Selected Areas of Government Digitalization, Potential Revenue Gains from Closing Half the Distance to the Digitalization Indebted Poor Countries Initiative, General Government Debt Including Implicit Liabilities from Pension and Health Care Emerging Market and Middle-Income Economies: General Government Primary Balance, 2009–23, A11. Spending and Outcome, 2012–15, Low-Income Developing Countries: General Government Revenue, Low-Income Developing Countries: General Government Debt, 2007–23, Value-Added Tax, Compliance, and Policy Gaps, Public Investment Management Assessment (PIMA) Scores: Institutional Framework Excessive levels of inequality can erode social cohesion, lead to political polarization, and ultimately lower economic growth, but whether inequality is excessive depends on country-specific factors, including the growth context in which inequality arises, along with societal preferences. Disclaimer: The Fiscal Monitor is a survey by the IMF staff published twice a year, in the spring and fall. You can find out more about countries’ broader policies, including fiscal, monetary and financial policies to fight the pandemic in the IMF policy tracker. For optimum experience we recommend to update your browser to the latest version. This chapter argues that fiscal policies are at the forefront of facilitating an economic recovery from the COVID-19 pandemic once the Great Lockdown ends. At the global level, inequality has declined substantially over the past three decades, but within national boundaries, the picture is mixed: some countries have experienced a reduction in inequality while others, particularly advanced economies, have seen a significant increase that has, among other things, contributed to growing public backlash against globalization. This report discusses fiscal policies to prepare for the next downturn and foster long-term inclusive growth by adapting to changing demographics, advancing technology, and deepening global integration. Chapter 3 discusses what governments can do to get the most out of SOEs. Chapter 2 of the April 2020 edition of the Fiscal All rights reserved. The report discusses what governments can do to get the most out of SOEs. Fiscal measures can save lives, protect the most-affected people and firms from the economic impact of the pandemic, and prevent the health crisis from turning into a deep long-lasting slump. Your browser is not up-to-date. It provides a quantitative framework for understanding their effects and trade-offs with other instruments and applies it to the largest advanced and emerging economies. counter adverse macroeconomic shocks. You can read more country specific measures from the Fiscal Monitor here. Chapter 1 urges countries to implement policies to support medium-term growth by promoting human and physical capital, and by increasing productivity. Over the past decade, state-owned enterprises (SOEs) have doubled in importance among the world’s largest corporations. With the increase of massive data breaches and intrusions of privacy, the chapter highlights the vulnerabilities of public digital systems. GDD Data (STATA) | The chapter also discusses the design of future policy, focusing on the implications of the rapid expansion of digital firms whose business model—for example, sales with little physical presence and reliance on online customers to generate commercially valuable information—raises new questions about the allocation of international taxing rights. pandemic. Fiscal policy has recently gained prominence, both in public debate and in governments’ policy. By identifying risks within the balance sheet, governments can act to manage or mitigate those risks early, rather than dealing with the consequences after problems occur. The chapter recommends that all countries promote inclusive growth to avoid excessive inequality that can impede social mobility, erode social cohesion, and hurt growth. This Fiscal Monitor focuses on how fiscal policy can help governments address high levels of inequality while minimizing potential trade-offs between efficiency and equity. At their best, they can help promote higher economic growth and achieve development goals. Fiscal measures can save lives, protect the most-affected people and firms from the economic impact of the pandemic, and prevent the health crisis from turning into a deep long-lasting slump. Advanced Economies: General Government Cyclically Adjusted Primary Balance, 2009–23, A5. In response, the Fiscal Monitor was launched in 2009 to survey and analyze the latest public finance developments, update fiscal implications of the crisis and medium-term fiscal projections, and assess policies to put public finances on a sustainable footing. Chapter 1 recommends putting deficits and debt firmly on a downward path toward their medium-term targets. In response, the Fiscal Monitor was launched in 2009 to survey and analyze the latest public finance developments, update fiscal implications of the crisis and medium-term fiscal projections, and assess policies to put public finances on a sustainable footing. Understanding of China’s Fiscal Risks, Local Government Financing Vehicle Spreads Rose Slightly in 2017 after a Series of Also, public sector balance sheet analysis allows for better risk management and policymaking. © 2020 International Monetary Fund. Emerging Market and Middle-Income Economies: General Government Cyclically Adjusted Primary Balance, 2009–23, A13. evolved in recent decades and how countries can get the most out of them. The April 2018 edition of Fiscal Monitor is focused on two broad themes: the burden of high global debt and the opportunities and challenges of digital government. This report emphasizes the environmental, fiscal, economic, and administrative case for using carbon taxes, or similar pricing schemes such as emission trading systems, to implement climate mitigation strategies. Policymakers can achieve this objective with IDEAS: Invest for the future—in health systems, infrastructure, low carbon technologies, education, and research; adopt well-planned Discretionary policies that can be deployed quickly; and Enhance Automatic Stabilizers, which are built-in budgetary tax and spending measures that automatically stabilize incomes and consumption. Importantly, improving unemployment benefit systems and social safety nets can protect household incomes from adverse shocks and strengthen resilience against future epidemics. discusses fiscal policies to support people in response to the COVID-19 Fiscal Monitor Database of Country Fiscal Measures in Response to the COVID-19 Pandemic: Public Sector Balance Sheet (PSBS) Database, Fiscal Monitor, October 2020 - Analytical Chapter, Fiscal Monitor: How to Mitigate Climate Change, IMF Fiscal Monitor: Managing Public Wealth, October 2018, IMF Fiscal Monitor: Capitalizing on Good Times, April 2018, IMF Fiscal Monitor: Tackling Inequality, October 2017, IMF Fiscal Monitor: Achieving More with Less, April 2017, IMF Fiscal Monitor -- Debt: Use it Wisely -- October 2016, IMF Fiscal Monitor -- Acting Now, Acting Together -- April 2016. Advanced Economies: General Government Gross Debt, 2009–23, A8. Its projections are based on the same database used for the World Economic Outlook (WEO) and the Global Financial Stability Report (GFSR). Therefore, fiscal policy has the difficult task of achieving more and better in a more constrained environment. Chapter 1 explores how strong and broad-based growth provides an opportunity to rebuild fiscal buffers now, improve government balances, and anchor public debt. Over the past decade, state-owned enterprises (SOEs) have doubled in importance among the world’s largest corporations. This report argues that fiscal policies are at the forefront of responding to the COVID-19 pandemic. Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website. Assets, 2016 or Latest, Advanced Economies: Change in Primary Balance, Advanced Economies: Change in Total Expenditure, 2012–17, Emerging Market and Middle-Income Economies: General Government Revenue, Emerging Market and Middle-Income Economies: Change in Expenditure Categories, Advanced Economies: General Government Net Debt, 2009–23, A9. The IMF Press Center is a password-protected site for working journalists. For optimum experience we recommend to update your browser to the latest version. Chapter 2 of the April 2020 edition of the. Advanced Economies: General Government Expenditure, 2009–23, A7. to the Digitalization Frontier, 2016, Median Offshore Wealth and Revenue Potential, 2016, Emerging Market and Middle-Income Economies: Progress, but Not Enough, Low-Income Developing Countries: Vulnerabilities Drifting Upward, Structural Fiscal Policies to Buttress Growth, The Digital Transformation of Governments, What Governments Can Do Now: Same Policies, Better Implementation, What Stands in the Way: Lessons from Country Experience, Table B. International Monetary Fund, Fiscal Monitor, October 2016, International Monetary Fund, Fiscal Monitor, April 2016. Government Measures, Deteriorating Performance among Local Government Financing Vehicles, Average Term to Maturity of Outstanding Debt, Selected Advanced Economies: Gross Financing Need, 2018–20, Selected Emerging Market and Middle-Income Economies: Gross Chapter 1 also urges countries to implement policies to support medium-term growth by promoting human and physical capital, and by increasing productivity.