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Growth of digital economy outperforms overall growth across OECD

The information and communication technology (ICT) sector grew by an average of 6.3% between 2013 and 2023, about three times faster than the total economy across the 27 OECD countries analysed. The first volume of the OECD Digital Economy Outlook 2024 released today also shows the ICT sector maintained this strong performance during 2023 with an average growth rate of 7.6%. In many OECD countries, 2023 was a record year for ICT sector growth, with five OECD countries (the United Kingdom, Belgium, Germany, Austria, and the Netherlands) achieving growth rates ...

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IMF: U.S. should keep open trade, work with China to resolve disputes

The U.S. would be better served by maintaining its open trade system rather than imposing new punitive duties on Chinese goods, the International Monetary Fund said on Thursday, adding that Washington and Beijing should work together to resolve their trade tensions. IMF spokesperson Julie Kozack told a regular news briefing that such trade restrictions as those announced by President Joe Biden on Tuesday can distort trade and investment, fragment supply chains and trigger retaliatory actions. “Fragmentation of this type can be very costly for the global economy,” she said. Kozack ...

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Artificial intelligence hitting labour forces like a “tsunami” – IMF Chief

Artificial intelligence is hitting the global labour market “like a tsunami” International Monetary Fund Managing Director Kristalina Georgieva said on Monday. Artificial intelligence is likely to impact 60% of jobs in advanced economies and 40% of jobs around the world in the next two years, Georgieva told an event in Zurich. “We have very little time to get people ready for it, businesses ready for it,” she told the event organised by the Swiss Institute of International Studies, associated to the University of Zurich. “It could bring tremendous increase in ...

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IMF staff, Argentina reach agreement on latest review of $44 bln program

Staff of the International Monetary Fund (IMF) and Argentine authorities have reached an agreement on the eighth review of the country’s $44 billion extended fund facility arrangement, the Washington-based lender said on Monday. The IMF said the decision followed better-than-expected first-quarter performance in Argentina. Argentine President Javier Milei took office in December vowing to tackle triple-digit inflation, contracting economic activity and reserves in the red. He rolled out a sweeping fiscal reform, tightening the federal government’s belt. Milei’s plan “has resulted in faster-than-anticipated progress in restoring macroeconomic stability and bringing ...

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U.S. and China trade divisions threaten a ‘reversal’ for global economy, IMF official warns

Differences between U.S.-led Western and China-aligned economic blocs threaten global trade cooperation and economic growth, a top official with the International Monetary Fund warned. IMF Deputy Managing Director Gita Gopinath said in a speech at Stanford University that events such as the global pandemic and Russia’s invasion of Ukraine have disrupted global trade relations in ways not seen since the Cold War. “Increasingly, countries around the world are guided by economic security and national security concerns in determining who they trade with and invest in,” she said, adding that this ...

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Real household income recovers in the last quarter of 2023

Real household income per capita in the OECD rose by 0.5% in the fourth quarter of 2023, following a 0.2% fall in the third quarter. Growth in real income per capita exceeded growth in real GDP per capita of 0.2% (Figure 1). Real household income per capita increased in most OECD countries in Q4 2023. Of the 19 countries for which data is available, 11 registered an increase, 6 saw a decrease, and 2 were flat. Among G7 economies, real household income per capita rose in the United Kingdom, France, ...

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OECD headline inflation broadly stable at 5.8% in March 2024 despite rising energy inflation

Year-on-year inflation in the OECD as measured by the Consumer Price Index (CPI) remained broadly stable at 5.8% in March 2024, after 5.7% in February (Figures 1 and 2). Headline inflation fell in 19 OECD countries with the largest monthly decline recorded in the Slovak Republic. It was the highest in Türkiye (still above 60%) while it was below 2.0% in seven OECD countries. In March 2024, OECD energy inflation was positive for the first time since April 2023, at 0.6%. Energy inflation increased in 28 OECD countries, 12 of ...

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Economic outlook: Steady global growth expected for 2024 and 2025

The global economy is continuing growing at a modest pace, according to the OECD’s latest Economic Outlook. The Economic Outlook projects steady global GDP growth of 3.1% in 2024, the same as the 3.1% in 2023, followed by a slight pick-up to 3.2% in 2025. The impact of tight monetary conditions continues being felt, particularly in housing and credit markets, but global activity is proving relatively resilient, the decline in inflation continues, and private sector confidence is improving. The OECD unemployment rate stood at 4.9% in February, close to its ...

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OECD cuts UK growth forecast and warns of higher inflation than peers

Britain’s economy will grow slower this year and next than thought only a few months ago and it will suffer higher inflation than its peers, forecasts from the Organisation for Economic Co-operation and Development showed on Thursday. The OECD cuts its British economic growth forecast to 0.4% for 2024 from 0.7% in February, and growth next year is expected to stand at just 1.0%, compared with a previous forecast of 1.2%. It means the OECD expects Britain’s economy will grow more slowly next year than France or Germany. Consumer prices ...

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Asian central banks in good position to move independently of Fed, says IMF

Relatively lower inflation in Asia means the region’s central banks can focus more on domestic conditions and less on what the U.S. Federal Reserve might do when setting monetary policy, the International Monetary Fund said on Tuesday. The region is heading for a “soft landing” thanks to rapid disinflation creating room for easing monetary policies, the lender said in a report, although the pace of economic expansion is expected to slow over the next two years. “Don’t tie yourself too tight to what the Fed does, look at what’s happening ...

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Joint OECD – UNDP initiative continues successfully working with developing countries to boost tax revenues and mobilise domestic resources

A groundbreaking international tax initiative managed by the Organisation for Economic Co-operation and Development (OECD) and the United Nations Development Programme (UNDP) continues making strong progress assisting developing countries boost tax revenues and better mobilise domestic resources, according to a report released today. Effective taxation and fiscal policies are vital for development financing as they not only generate revenue but also foster accountable and inclusive governance. In this context, the Tax Inspectors Without Borders (TIWB) Annual Report 2024 shows the impact of the initiative’s work over the past nine years, ...

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Labour taxes rise across OECD countries amid persistent inflation

A second consecutive year of high inflation pushed up labour taxes across OECD countries in 2023, according to a new OECD report. Taxing Wages 2024 reveals that effective tax rates on labour incomes rose in a majority of OECD countries with the post-tax income of single workers earning the average wage declining in 21 out of 38 OECD countries. In a majority of countries, the increase in labour taxation was primarily driven by increases in personal income tax. While real wages declined in 18 OECD countries, nominal wages increased in ...

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IMF chief says productivity, Chinese consumer spending key to boosting global growth

International Monetary Fund Managing Director Kristalina Georgieva bemoaned the slow pace of global growth, saying that Europe needed to do more to boost productivity and China should work to unleash greater consumer spending. Georgieva told a news conference during the IMF and World Bank spring meetings in Washington that a number of factors are converging to hold back growth in Europe and China, from aging populations to sub-optimal allocations of capital, while the U.S. has far outperformed expectations. “This is what preoccupies us these days. How can we better stem ...

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IMF’s Gopinath says high U.S. deficits fueling growth, higher interest rates

The United States needs to raise revenues to bring down high budget deficits even though they are helping to fuel global growth by stoking domestic U.S. demand, International Monetary Fund First Deputy Managing Director Gita Gopinath said on Saturday. Gopinath told a fiscal forum at the IMF and World Bank spring meetings that U.S. deficits are projected to rise for years with one of the world’s steepest curves for debt. “The high levels of deficits are also supporting growth and demand in the U.S. that have positive spillover to the ...

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IMF urges Italy, France to spend less, Germany to loosen purse strings

Italy and France should cut spending faster than they currently plan to keep debt under control while Germany should loosen its own purse strings to revive growth, the International Monetary Fund said on Friday. Finance ministers from all over the world have descended on Washington this week to compare notes and hear from IMF and World Bank experts on topics ranging from fiscal policy to global growth and helping poorer countries. While the IMF’s advice is not binding for countries that do not receive its help, its latest musings on ...

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