Number of the Day


The longer-term cost of trade fragmentation alone could range from 0.2 percent of global output in a limited fragmentation scenario to almost 7 percent in a severe scenario—roughly equivalent to the combined annual output of Germany and Japan.

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Digital infrastructure seminar 


Digital first

It cost just a dollar per person to provide a unique digital identity to all Indians, Nandan Nilekani, the founding chairman of the Unique Identification Authority of India, told a panel on digital infrastructure. “Digital public infrastructure does not require deep pockets, it requires deep conviction,” he said. India’s experience creating digital public infrastructure proves that low-cost and scalable digitalization can help build resilience against shocks such as pandemics, spur economic growth and ensure inclusivity. Verification through digital identity has saved at least $27 billion in government welfare schemes and brought down customer acquisition costs to four cents from $6-9 previously, according to Nirmala Sitharaman, India’s finance minister. Digitalization, layered on top of public-funded infrastructure, as in the case of India, have sped up financial inclusion. “It brings in so many people who are on the margins of society to now participate in economic opportunity,” said Melinda French Gates, co-chair of the Bill and Melinda Gates Foundation. 

CHART of the Day

Our latest Global Financial Stability Report shows that risks to bank and nonbank financial intermediaries have increased as interest rates have been rapidly raised to contain inflation. As the Chart of the Day shows, such forceful rate increases by central banks are often followed by stresses that expose fault lines in the financial system.


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GSFR Chart of the day

The Flagship Reports in Rewind

pierre olivier gourinchas
World Economic Outlook (WEO)

Pierre-Olivier Gourinchas, the IMF's Chief Economist, announced during the release of the latest World Economic Outlook that global output growth is anticipated to decrease from 3.4% in the previous year to 2.8% in 2023, before increasing to 3% in 2024. The baseline forecast for global output growth is 0.1 percentage point lower than predicted in the January 2023 update. Global inflation will fall, though more slowly than initially anticipated, from 8.7 percent last year to 7 percent this year and 4.9 percent in 2024, he added.

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Tobias Adrian GFSR
Global Financial Stability Report (GFSR)

During a press conference on the latest Global Financial Stability report, Tobias Adrian, the IMF's Director of the Monetary and Capital Markets Department, stated that the rapid tightening of monetary policy after years of low interest rates is revealing weaknesses. These interest rate hikes could exacerbate vulnerabilities in the banking sector, but policymakers have the means to mitigate them. Central banks possess tools for combatting inflation as well as for ensuring the stability of the financial sector. 

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Vitor Gaspar
Fiscal Monitor (FM)

Launching the Fiscal Monitor on Wednesday, the IMF’s Vitor Gaspar said that fiscal policy has moved a long way toward normalization since the pandemic. Governments have withdrawn exceptional fiscal support, and public debt and deficits are falling from record levels. That is happening amid high inflation, rising borrowing costs, a weaker growth outlook, and elevated financial risks. Gaspar called for consistent policies to bring inflation back to target, address public finance risks while protecting the most vulnerable, and safeguard financial stability.

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An attendee taking a selfie at the Photo Booth.

An attendee takes a selfie at the Photo Booth during a reception.

Custom-designed treats are on display during the 2023 Spring Meetings of the World Bank Group and International Monetary Fund in Washington on April 13, 2023.

Custom-designed treats are on display at the publication booth inside the IMF building.

A participant enjoys a cup of tea at the Moroccan Tea Ceremony during the 2023 Spring Meetings.

A participant enjoys a cup of tea at the Moroccan Tea Ceremony in preparation for the 2023 Annual Meetings in Marrakech.