## IMF Managing Director’s Introductory Remarks to the G20 DGI Global Conference _IMF News, June 13, 2023_ ## Source details **Canonical URL:** [IMF Managing Director’s Introductory Remarks to the G20 DGI Global Conference](https://www.imf.org/en/news/articles/2023/06/13/sp061323-md-introductory-remarks-g20-gdi) ## Other formats - [Markdown version](/en/news/articles/2023/06/13/sp061323-md-introductory-remarks-g20-gdi/index.md) - [Structured JSON version](/en/news/articles/2023/06/13/sp061323-md-introductory-remarks-g20-gdi/index.json) - [Bundle manifest](/en/news/articles/2023/06/13/sp061323-md-introductory-remarks-g20-gdi/bundle-manifest.json) ## Bibliographic details - Published: June 13, 2023 --- ### Context and why data matters - 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. ### Empirical findings and illustrative statistics - 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. ### Identified data gaps and consequences - 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: - measures to incentivize cuts in emissions; - regulation to mitigate risks of rapid financial innovation; - initiatives to boost financial inclusion. ### Three priorities recommended - Priority 1 — Broaden official statistics: - Go beyond gross domestic product in national statistics. - Produce broader, more detailed, and more frequent official statistics, including household distributional income and wealth measures and climate indicators. - Priority 2 — Invest in statistical infrastructure and capacity: - Establish robust data collection systems. - Strengthen national statistical agencies. - Integrate new indicators into existing frameworks. - Recognize the role of international support (including the IMF’s ‘Data for Decisions’ Fund) in helping developing countries build capacity. - Priority 3 — Collaboration and innovation: - Encourage cooperation across governments, international organizations, private sector, and civil society to develop new methodologies, technologies, and partnerships. - Promote data access and cross-border sharing for internationally comparable datasets. - Leverage private-sector data while maintaining ethical standards and protecting personal information. ### Role of the IMF and the Data Gaps Initiative - 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. ### Appendix I — Introduction to the book "Data for A Greener World" (summary) - 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: - Chapter 1: Estimates of quarterly greenhouse gas emissions by economic activity; methodology and applications. - Chapter 2: Emissions by consumption and the role of international trade using global input–output tables. - Chapter 3: Measurement of environmental taxes and expenditures; green budget tagging. - Chapter 4: Physical risk indicators for central banks; climate stress testing and new data sources. - Chapter 5: Approaches for measuring carbon pricing; World Bank’s indicators and framework for total carbon pricing. - 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. - Chapter 7: Experimental indicator—the carbon footprint of bank loans—to quantify banking-sector exposure to climate transition risks. - Chapter 8: Measures of carbon emissions associated with Foreign Direct Investment (FDI) from capital formation financed by FDI and production of foreign-owned firms. - Chapter 9: Estimating trade in low-carbon technology (LCT) products; trends, barriers to trade, and policy applications of experimental indicators. - 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. *Source: IMF Managing Director’s Introductory Remarks to the G20 DGI Global Conference (As prepared for delivery, June 13, 2023).* --- ## References - [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) _Source: https://www.imf.org/en/news/articles/2023/06/13/sp061323-md-introductory-remarks-g20-gdi_