{ "title": "Spending Smarter: How Efficient and Well-Allocated Public Spending Can Boost Economic Growth", "publication": "Fiscal Monitor, October 2025", "sourceUrl": "https://www.imf.org/en/publications/fm/issues/2025/10/07/fiscal-monitor-october-2025", "canonical": "https://www.imf.org/en/publications/fm/issues/2025/10/07/fiscal-monitor-october-2025", "overlayPath": "/en/publications/fm/issues/2025/10/07/fiscal-monitor-october-2025/index.md", "summary": "This Fiscal Monitor explores how governments can improve economic growth prospects by enhancing the efficiency and composition of public spending.", "authors": [ "Vitor Gaspar Read" ], "publishDate": "2025-10-15", "sections": [ { "heading": "Key findings", "content": "- Redirecting public spending toward infrastructure, education, health, and research and development, without increasing overall spending, can deliver significant long-term gains in output.\n- Closing gaps in spending efficiency can further magnify these gains.\n- Institution-building is identified as the most effective strategy to improve spending efficiency.\n- The analysis provides new global and time-varying datasets of public spending efficiency and rigidity." }, { "heading": "Analytical focus", "content": "- Examines how governments can improve economic growth prospects by enhancing the efficiency and composition of public spending while keeping the overall spending envelope unchanged.\n- Emphasizes composition shifts (infrastructure, education, health, research and development) rather than increases in total spending.\n- Highlights the role of efficiency gaps and institutional reforms in amplifying growth returns to spending." }, { "heading": "Data and methodological contributions", "content": "- Introduces new global and time-varying datasets of public spending efficiency and rigidity." }, { "heading": "Engagements and dissemination", "content": "- Press briefing speakers:\n - Vitor Gaspar, Director, Fiscal Affairs Department, IMF\n - Era Dabla-Norris, Deputy Director, Fiscal Affairs Department, IMF\n - Davide Furceri, Division Chief, Fiscal Affairs Department, IMF\n - Moderator: Tatiana Mossot, Senior Communications Officer, IMF\n- Panel discussion at the Center for Strategic and International Studies: The Fiscal Monitor event starts @ 1:03:04 time stamp\n - Speakers: Arthur Asiimwe, Deputy Chief of Mission, Embassy of Rwanda; Shanta Devarajan, Professor of International Development, Georgetown University; Pjer Šimunović, Ambassador of Croatia to the United States\n - Moderator: Philip Luck, Director, Economics Program, Center for Strategic and International Studies" }, { "heading": "Publication", "content": "- Fiscal Monitor — Spending Smarter, October 2025\n\nSource: Fiscal Monitor — Spending Smarter (October 2025).\n\n---\n\n Content in this bundle\n\n- 2025octfiscalmonitordatabase\n - 2025octfiscalmonitordatabase (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 2025octfiscalmonitordatabase (XLSX){rel=\"external\" type=\"application/vnd.openxmlformats-officedocument.spreadsheetml.sheet\"}\n- Dataset overview\n - Dataset overview (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Dataset overview (XLSX){rel=\"external\" type=\"application/vnd.openxmlformats-officedocument.spreadsheetml.sheet\"}\n- Chapter 1\n - Chapter 1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter 1 Online Annex\n - Chapter 1 Online Annex (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 1 Online Annex (PDF){rel=\"external\" type=\"application/pdf\"}\n- Executive Summary\n - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}\n- Press Briefing: Fiscal Monitor Presentation; october 2025\n - Press Briefing: Fiscal Monitor Presentation; october 2025 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Press Briefing: Fiscal Monitor Presentation; october 2025 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Foreword\n - Foreword (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Foreword (PDF){rel=\"external\" type=\"application/pdf\"}\n- Introductory Remarks at the Press Conference - Fiscal Monitor; October 2025\n - Introductory Remarks at the Press Conference - Fiscal Monitor; October 2025 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Introductory Remarks at the Press Conference - Fiscal Monitor; October 2025 (PDF){rel=\"external\" type=\"application/pdf\"}\n- msa\n - msa (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - msa (PDF){rel=\"external\" type=\"application/pdf\"}\n- Preface\n - Preface (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Preface (PDF){rel=\"external\" type=\"application/pdf\"}\n- Full Report\n - Full Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Full Report (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Previous Fiscal Monitor Reports\n- Read the Blog\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/fm/issues/2025/10/07/fiscal-monitor-october-2025" } ], "bullets": [ "[Markdown version](/en/publications/fm/issues/2025/10/07/fiscal-monitor-october-2025/index.md)", "[Structured JSON version](/en/publications/fm/issues/2025/10/07/fiscal-monitor-october-2025/index.json)", "[Bundle manifest](/en/publications/fm/issues/2025/10/07/fiscal-monitor-october-2025/bundle-manifest.json)", "Authors: Vitor Gaspar Read", "Published: October 15, 2025", "Redirecting public spending toward infrastructure, education, health, and research and development, without increasing overall spending, can deliver significant long-term gains in output.", "Closing gaps in spending efficiency can further magnify these gains.", "Institution-building is identified as the most effective strategy to improve spending efficiency.", "The analysis provides new global and time-varying datasets of public spending efficiency and rigidity.", "Examines how governments can improve economic growth prospects by enhancing the efficiency and composition of public spending while keeping the overall spending envelope unchanged.", "Emphasizes composition shifts (infrastructure, education, health, research and development) rather than increases in total spending.", "Highlights the role of efficiency gaps and institutional reforms in amplifying growth returns to spending.", "Introduces new global and time-varying datasets of public spending efficiency and rigidity.", "Press briefing speakers:", "Panel discussion at the Center for Strategic and International Studies: The Fiscal Monitor event starts @ 1:03:04 time stamp", "Fiscal Monitor — Spending Smarter, October 2025", "**2025octfiscalmonitordatabase**", "**Dataset overview**", "**Chapter 1**", "**Chapter 1 Online Annex**", "**Executive Summary**", "**Press Briefing: Fiscal Monitor Presentation; october 2025**", "**Foreword**", "**Introductory Remarks at the Press Conference - Fiscal Monitor; October 2025**", "**msa**", "**Preface**", "**Full Report**", "[Previous Fiscal Monitor Reports](https://www.imf.org/en/publications/fm)", "[Read the Blog](https://www.imf.org/en/blogs/articles/2025/10/07/spending-smarter-to-boost-growth)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "related": [ { "title": "2025octfiscalmonitordatabase", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/fiscal-monitor/2025/october/data/2025octfiscalmonitordatabase.xlsx", "summary": { "path": "/-/media/files/publications/fiscal-monitor/2025/october/data/2025octfiscalmonitordatabase.xlsx.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/fiscal-monitor/2025/october/data/2025octfiscalmonitordatabase.xlsx", "mime": "application/vnd.openxmlformats-officedocument.spreadsheetml.sheet" } }, { "title": "Dataset overview", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/fiscal-monitor/2025/october/data/ch1database.xlsx", "summary": { "path": "/-/media/files/publications/fiscal-monitor/2025/october/data/ch1database.xlsx.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/fiscal-monitor/2025/october/data/ch1database.xlsx", "mime": "application/vnd.openxmlformats-officedocument.spreadsheetml.sheet" } }, { "title": "Chapter 1", "role": "chapter", "sourceUrl": "https://www.imf.org/-/media/files/publications/fiscal-monitor/2025/october/english/ch1.pdf", "summary": { "path": "/-/media/files/publications/fiscal-monitor/2025/october/english/ch1.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/fiscal-monitor/2025/october/english/ch1.pdf", "mime": "application/pdf" } }, { "title": "Chapter 1 Online Annex", "role": "online-annex", "sourceUrl": "https://www.imf.org/-/media/files/publications/fiscal-monitor/2025/october/english/ch1onlineannex.pdf", "summary": { "path": "/-/media/files/publications/fiscal-monitor/2025/october/english/ch1onlineannex.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/fiscal-monitor/2025/october/english/ch1onlineannex.pdf", "mime": "application/pdf" } }, { "title": "Executive Summary", "role": "executive-summary", "sourceUrl": "https://www.imf.org/-/media/files/publications/fiscal-monitor/2025/october/english/execsum.pdf", "summary": { "path": "/-/media/files/publications/fiscal-monitor/2025/october/english/execsum.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/fiscal-monitor/2025/october/english/execsum.pdf", "mime": "application/pdf" } }, { "title": "Press Briefing: Fiscal Monitor Presentation; october 2025", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/fiscal-monitor/2025/october/english/fiscal-monitor-pb-slides-1025.pdf", "summary": { "path": "/-/media/files/publications/fiscal-monitor/2025/october/english/fiscal-monitor-pb-slides-1025.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/fiscal-monitor/2025/october/english/fiscal-monitor-pb-slides-1025.pdf", "mime": "application/pdf" } }, { "title": "Foreword", "role": "foreword", "sourceUrl": "https://www.imf.org/-/media/files/publications/fiscal-monitor/2025/october/english/foreword.pdf", "summary": { "path": "/-/media/files/publications/fiscal-monitor/2025/october/english/foreword.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/fiscal-monitor/2025/october/english/foreword.pdf", "mime": "application/pdf" } }, { "title": "Introductory Remarks at the Press Conference - Fiscal Monitor; October 2025", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/fiscal-monitor/2025/october/english/introductory-remarks-press-conference-vitor-1025.pdf", "summary": { "path": "/-/media/files/publications/fiscal-monitor/2025/october/english/introductory-remarks-press-conference-vitor-1025.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/fiscal-monitor/2025/october/english/introductory-remarks-press-conference-vitor-1025.pdf", "mime": "application/pdf" } }, { "title": "msa", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/fiscal-monitor/2025/october/english/msa.pdf", "summary": { "path": "/-/media/files/publications/fiscal-monitor/2025/october/english/msa.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/fiscal-monitor/2025/october/english/msa.pdf", "mime": "application/pdf" } }, { "title": "Preface", "role": "preface", "sourceUrl": "https://www.imf.org/-/media/files/publications/fiscal-monitor/2025/october/english/preface.pdf", "summary": { "path": "/-/media/files/publications/fiscal-monitor/2025/october/english/preface.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/fiscal-monitor/2025/october/english/preface.pdf", "mime": "application/pdf" } }, { "title": "Full Report", "role": "full-report", "sourceUrl": "https://www.imf.org/-/media/files/publications/fiscal-monitor/2025/october/english/text.pdf", "summary": { "path": "/-/media/files/publications/fiscal-monitor/2025/october/english/text.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/fiscal-monitor/2025/october/english/text.pdf", "mime": "application/pdf" } } ], "alternates": { "markdown": "/en/publications/fm/issues/2025/10/07/fiscal-monitor-october-2025/index.md", "json": "/en/publications/fm/issues/2025/10/07/fiscal-monitor-october-2025/index.json", "bundleManifest": "/en/publications/fm/issues/2025/10/07/fiscal-monitor-october-2025/bundle-manifest.json" }, "generatedAtUtc": "2026-09-23T17:06:21.447Z" }