{
  "title": "IMF Managing Director’s Introductory Remarks to the G20 DGI Global Conference",
  "publication": "IMF News, June 13, 2023",
  "sourceUrl": "https://www.imf.org/en/news/articles/2023/06/13/sp061323-md-introductory-remarks-g20-gdi",
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  "summary": "Ladies, gentlemen, and distinguished guests Welcome to the IMF, and welcome to the G20 Data Gaps Initiative Global Conference. Let me start today by taking a step back to think about why data matters in our current context.",
  "publishDate": "2023-06-13",
  "sections": [
    {
      "heading": "Context and why data matters",
      "content": "- The Data Gaps Initiative was launched in 2009 by the G20 Finance Ministers and Central Bank Governors to close data gaps identified after the global financial crisis.\n- A new phase was initiated in 2021 during the pandemic to cover climate change, household distributional information, data access, fintech and financial inclusion.\n- Data is essential for policy decisions, especially in times of crisis and uncertainty."
    },
    {
      "heading": "Empirical findings and illustrative statistics",
      "content": "- While global inequality has been declining since the 1990s, more than half of the countries and close to 90 percent of advanced economies have seen an increase within-country income inequality.\n- The number of registered mobile money agents has almost doubled worldwide between 2019 and 2021, mostly driven by increases in Africa and Asia.\n- A single drought in Africa can lower a country’s medium-term economic growth potential by 1 percentage point.\n- Official climate data are usually published with low frequency and much delay—annually, with a lag of 12 to 24 months."
    },
    {
      "heading": "Identified data gaps and consequences",
      "content": "- Aggregate statistics (GDP, government transfers, the Balance of Payments) conceal distributional differences across household groups and do not provide a complete picture.\n- Gaps impede the ability to develop and monitor policies across:\n  - measures to incentivize cuts in emissions;\n  - regulation to mitigate risks of rapid financial innovation;\n  - initiatives to boost financial inclusion."
    },
    {
      "heading": "Three priorities recommended",
      "content": "- Priority 1 — Broaden official statistics:\n  - Go beyond gross domestic product in national statistics.\n  - Produce broader, more detailed, and more frequent official statistics, including household distributional income and wealth measures and climate indicators.\n- Priority 2 — Invest in statistical infrastructure and capacity:\n  - Establish robust data collection systems.\n  - Strengthen national statistical agencies.\n  - Integrate new indicators into existing frameworks.\n  - Recognize the role of international support (including the IMF’s ‘Data for Decisions’ Fund) in helping developing countries build capacity.\n- Priority 3 — Collaboration and innovation:\n  - Encourage cooperation across governments, international organizations, private sector, and civil society to develop new methodologies, technologies, and partnerships.\n  - Promote data access and cross-border sharing for internationally comparable datasets.\n  - Leverage private-sector data while maintaining ethical standards and protecting personal information."
    },
    {
      "heading": "Role of the IMF and the Data Gaps Initiative",
      "content": "- The IMF serves as a partner to the Data Gaps Initiative and complements its institutional efforts across data and statistics.\n- The current phase of the Initiative is ambitious with a challenging timeline, reflecting its importance and urgency for climate change, economic inclusion, and financial innovation."
    },
    {
      "heading": "Appendix I — Introduction to the book \"Data for A Greener World\" (summary)",
      "content": "- Purpose: Present a structured discussion on measuring economic and financial dimensions of climate change; inform policymakers, economists, statisticians, academics, and the private sector.\n- Collaboration: Involves seven international organizations (ECB, Eurostat, IEA, IMF, OECD, WB, WTO).\n- Key themes and chapter highlights:\n  - Chapter 1: Estimates of quarterly greenhouse gas emissions by economic activity; methodology and applications.\n  - Chapter 2: Emissions by consumption and the role of international trade using global input–output tables.\n  - Chapter 3: Measurement of environmental taxes and expenditures; green budget tagging.\n  - Chapter 4: Physical risk indicators for central banks; climate stress testing and new data sources.\n  - Chapter 5: Approaches for measuring carbon pricing; World Bank’s indicators and framework for total carbon pricing.\n  - Chapter 6: IMF methodology for measuring fossil fuel subsidies and quantifying reform impacts; spreadsheet tool for estimating environmental, fiscal, and economic impacts of fuel-price reform.\n  - Chapter 7: Experimental indicator—the carbon footprint of bank loans—to quantify banking-sector exposure to climate transition risks.\n  - Chapter 8: Measures of carbon emissions associated with Foreign Direct Investment (FDI) from capital formation financed by FDI and production of foreign-owned firms.\n  - Chapter 9: Estimating trade in low-carbon technology (LCT) products; trends, barriers to trade, and policy applications of experimental indicators.\n- Common thread: Practical approaches exist to close climate data gaps using existing data sources; cooperation across institutions and fields is essential.\n- Availability: Many indicators presented are available on the IMF’s Climate Change Indicators Dashboard and can be replicated by other countries, including emerging and developing economies.\n\nSource: IMF Managing Director’s Introductory Remarks to the G20 DGI Global Conference (As prepared for delivery, June 13, 2023).\n\n---\n\n\n References\n\n- https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2023/06/13/sp061323-md-introductory-remarks-g20-gdi"
    }
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    "Published: June 13, 2023",
    "The Data Gaps Initiative was launched in 2009 by the G20 Finance Ministers and Central Bank Governors to close data gaps identified after the global financial crisis.",
    "A new phase was initiated in 2021 during the pandemic to cover climate change, household distributional information, data access, fintech and financial inclusion.",
    "Data is essential for policy decisions, especially in times of crisis and uncertainty.",
    "While global inequality has been declining since the 1990s, more than half of the countries and close to 90 percent of advanced economies have seen an increase within-country income inequality.",
    "The number of registered mobile money agents has almost doubled worldwide between 2019 and 2021, mostly driven by increases in Africa and Asia.",
    "A single drought in Africa can lower a country’s medium-term economic growth potential by 1 percentage point.",
    "Official climate data are usually published with low frequency and much delay—annually, with a lag of 12 to 24 months.",
    "Aggregate statistics (GDP, government transfers, the Balance of Payments) conceal distributional differences across household groups and do not provide a complete picture.",
    "Gaps impede the ability to develop and monitor policies across:",
    "Priority 1 — Broaden official statistics:",
    "Priority 2 — Invest in statistical infrastructure and capacity:",
    "Priority 3 — Collaboration and innovation:",
    "The IMF serves as a partner to the Data Gaps Initiative and complements its institutional efforts across data and statistics.",
    "The current phase of the Initiative is ambitious with a challenging timeline, reflecting its importance and urgency for climate change, economic inclusion, and financial innovation.",
    "Purpose: Present a structured discussion on measuring economic and financial dimensions of climate change; inform policymakers, economists, statisticians, academics, and the private sector.",
    "Collaboration: Involves seven international organizations (ECB, Eurostat, IEA, IMF, OECD, WB, WTO).",
    "Key themes and chapter highlights:",
    "Common thread: Practical approaches exist to close climate data gaps using existing data sources; cooperation across institutions and fields is essential.",
    "Availability: Many indicators presented are available on the IMF’s Climate Change Indicators Dashboard and can be replicated by other countries, including emerging and developing economies.",
    "[https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)",
    "[Speeches](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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