One concern is the surge in global debt, which reached the record peak of US$164 trillion in 2016. Your browser is not up-to-date. Advanced economies should focus on seeking efficiency gains in spending, rationalizing entitlements, broadening tax bases, and upgrading the design of their tax systems. 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. Chapter 1 urges countries to implement policies to support medium-term growth by promoting human and physical capital, and by increasing productivity. Low-Income Developing Countries: General Government Gross Debt, 2009–23, A22. At their best, they can help promote higher economic growth and achieve development goals. The IMF Press Center is a password-protected site for working journalists. Advanced Economies: Definition and Coverage of, Table C. Emerging Market and Middle-Income Economies: Definition and Coverage of, Table D. Low-Income Developing Countries: Definition and Coverage of, A1. A key priority is to fully accommodate spending on health and emergency services. GDD Data (STATA) | 1 pandemic. At the international level, the report calls for a carbon price floor arrangement among large emitters, designed flexibly to accommodate equity considerations and constraints on national policies. Digitalization is already an overwhelming trend that will accelerate further. Emerging Market and Middle-Income Economies: General Government Cyclically Adjusted Primary Balance, 2009–23, A13. 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. The Fiscal Monitor is prepared twice a year by the IMF’s Fiscal Affairs Department. Emerging Market and Middle-Income Economies: General Government Primary Balance, 2009–23, A11. The chapter also discusses how digitalization can positively transform governments by improving tax policy and administration, increasing spending efficiency and enhancing fiscal management. It also requires a high degree of transparency of their activities. For optimum experience we recommend to update your browser to the latest version. Importantly, improving unemployment benefit systems and social safety nets can protect household incomes from adverse shocks and strengthen resilience against future epidemics. Several low-income countries need to mobilize revenues, rationalize spending, and improve spending efficiency. The Fiscal Monitor provides governments the tools to analyze the resilience of public finances. : 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. 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 Expenditure, 2009–23, A15. Chapter 3 discusses what governments can do to get the most out of SOEs. 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 Advanced Economies: General Government Revenue, 2009–23, A6. With the increase of massive data breaches and intrusions of privacy, the chapter highlights the vulnerabilities of public digital systems. by Quintile, US Central Government Corporate Tax Rate, 1990–2018, Broader Perimeters of General Government Could Help Provide a Better You can find out more about countries’ broader policies, including fiscal, monetary and financial policies to fight the pandemic in the IMF policy tracker. The chapter recommends that all countries promote inclusive growth to avoid excessive inequality that can impede social mobility, erode social cohesion, and hurt growth. Digitalization presents both opportunities and risks for fiscal policy. Finally, while digitalization offers many potential benefits, the chapter examines how it can create new risks, including a disproportionate burden on small businesses and vulnerable households with limited access to technology; opportunities for fraud, and disruption of government functions. Chapter 3 discusses how state-owned enterprises have Once governments understand the size and nature of public assets, they can start managing them more effectively, raising considerable additional revenue. © 2020 International Monetary Fund. Chapter 2 of the April 2020 edition of the. Low-Income Developing Countries: General Government Expenditure, 2009–23, A21. discusses how state-owned enterprises have discusses fiscal policies to support people in response to the COVID-19 Chapter 1 urges countries to implement policies to support countries with limited health capacity, A12 reform! Twice a year by the IMF Press Center is a imf fiscal monitor site working! Technology investments s largest corporations 2019 edition of the April 2020 edition of fiscal Monitor, April 2016 out! Taxpayers and the economy coordinated fiscal stimulus—where financing conditions permit—will become more effective in fostering and! 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