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Institutional research & analysis

Source: IMF

INSTITUTIONAL

Policy PaperApril 23, 2026

Development Committee: The Managing Director's Written Statement

The world faces the spillovers from the war in the Middle East. In addition to the human toll, its economic effects are global and uneven, once again hitting the poorest and most vulnerable countries the hardest. This comes at a time when policy space has been eroded and geopolitical tensions have been increasing. Spillovers to Low-Income Developing Countries (LIDCs) will transmit through supply disruptions, higher commodity prices, second-round effects on inflation and expectations, tighter ...

IMF1 min read
ReportApril 23, 2026

Housing Affordability in the Czech Republic: Drivers, Dynamics, and Policy Option

Worsening housing affordability in the Czech Republic reflects a structural imbalance between supply and demand, where income-driven demand has persistently outpaced construction capacity constrained by slow permitting processes and municipal fragmentation. Using a structural vector autoregression (SVAR) framework, this paper quantifies the contributions of demand, supply, and monetary shocks to movements in Czech house prices. The findings show that while monetary policy can moderate cyclica...

IMF1 min read
ReportApril 21, 2026

Productivity Dynamics and Long-Run Growth: Principality of Liechtenstein

This Selected Issues Paper analyzes productivity and long-run growth in Liechtenstein. Despite among the highest labor productivity levels in Europe, growth has been weak over an extended period, leading to declining relative performance. Sectoral differences persist between high-productivity manufacturing and lower-productivity services. Long-run growth is constrained by demographic pressures, skills shortages, reliance on cross-border commuters, and infrastructure bottlenecks, despite stron...

IMF1 min read
ReportApril 21, 2026

Long-Term Spending Pressures in Liechtenstein

Liechtenstein faces long-term fiscal pressures from population aging, climate transition, and enhanced security requirements. Using a Marginal Abatement Cost Curve framework, cohort-component demographic modeling, and cross-country benchmarking, staff estimates cumulative annual spending pressures of approximately 3½ percent of GDP by 2050—climate mitigation and adaptation (1.7 percent), pensions (1.5 percent), and security (0.3 percent). Liechtenstein's strong fiscal position—consistent surp...

IMF1 min read
ReportApril 20, 2026

Unpacking the Effects of Trade Policy Uncertainty on ASEAN Economics

Trade policy uncertainty (TPU) has reached record highs in recent years. This paper builds granular TPU measures for several ASEAN economies that distinguish between protectionist and trade agreement-based uncertainty, as well as differences between ‘own’-country TPU shocks and third-party TPU shocks (i.e., spillovers from TPU in trading partner economies). It finds that third-party TPU shocks are most detrimental to output per capita through weaker investment and private consumption, and des...

IMF1 min read
ReportApril 17, 2026

Unlocking Growth in Cameroon: Easing Financial Sector Constraints and Closing Infrastructure Gaps

Cameroon’s growth has been consistently below expectations and reflects structural constraints that limit private-sector development, including a shallow financial system, sizeable infrastructure gaps, and weak public investment efficiency. Access to finance and underdeveloped infrastructure are increasingly binding obstacles, keeping firms small and productivity low. Using firm-level evidence, cross-country benchmarks, and a panel regression for 88 economies, this Selected Issues Paper (SIP)...

IMF1 min read
ReportApril 17, 2026

Strengthening Domestic Revenue Mobilization for Fiscal Resilience in Cameroon

Cameroon is highly vulnerable to natural disasters and strengthening resilience is macro-critical. The government faces significant challenges, including weak infrastructure, insufficient protection against floods, and lack of financial resources. Simulations using the DIGNAD model illustrate the positive impact of investing in climate-resilient infrastructure and strengthening public investment efficiency on economic growth and debt, compared to ex-post disaster management and financial cont...

IMF1 min read
Policy PaperApril 17, 2026

Progress Report to the IMFC on the Activities of the Independent Evaluation Office of the IMF

Since the 2025 Annual Meetings, the Independent Evaluation Office (IEO) completed its evaluation on IMF Advice on Fiscal Policy and announced plans to launch evaluations of “IMF Advice on Monetary Policy” and “Political Economy Considerations in IMF Work.” The IEO is also progressing on its ongoing evaluations of “The IMF and Climate Change” and “IMF Engagement on Debt Issues in Low-Income Countries.”

IMF1 min read
Fiscal MonitorApril 15, 2026

2026年4月《财政监测报告》:面临压力的财政政策:债务高企,风险加剧

全球公共债务与GDP之比在2025年上升至略低于94%，预计到2029年将达到100%，比2025年4月预测的时间提前了一年。债务的这种积累在很大程度上是由世界主要经济体驱动的。公共财政面临几重压力：一方面是社会需求、国防和战略自主权方面的支出压力日益增大，另一方面是利息负担不断加重。中东冲突的财政影响进一步加剧了这些脆弱性。主权债务市场的结构性变化（包括杠杆化非银行中介机构的作用日益增强，以及美国国债的安全性溢价不断降低）加剧了重新定价的潜在影响。所有组别的国家都亟需实施可信、步骤得当的财政调整。

IMF1 min read
Fiscal MonitorApril 15, 2026

Moniteur des finances publiques, Avril 2026 | La politique budgétaire sous pression : endettement élevé, risques croissants

La dette publique mondiale a frôlé 94 % du PIB en 2025 et devrait atteindre 100 % d’ici 2029, un an plus tôt que selon les projections d’avril 2025. Cette accumulation est largement le fait des principales puissances économiques. La hausse des dépenses — sociales, de défense ou d’autonomie stratégique — et des charges d’intérêts met les finances publiques à l’épreuve.

IMF1 min read