Policy Papers

This paper sets out Management’s response to the Independent Evaluation Office’s (IEO) evaluation of IMF Forecasts: Process, Quality, and Country Perspectives.<br> The implementation plan proposes specific actions to address the five recommendations that received broad support from the Executive Board, namely<br> (i) maintaining the practice of commissioning external evaluations of IMF forecasts,<br> (ii) enhancing the processes and incentives for learning from past forecast performance,<br> (iii) extending guidance to desk economists on forecasting methodologies,<br> (iv) publishing a description of the WEO forecasting process, and<br> (iv) improving the public availability of data related to forecasts and outturns.<br><br> Several of the proposed actions to address the Board-endorsed IEO recommendations have already been implemented following the Board discussion, while the implementation of some other actions is underway. This paper also explains how implementation will be monitored.