Implementation Plan in Response to the Board-Endorsed Recommendations for the IEO Evaluation of IMF Forecasts - Process, Quality, and Country Perspective
Policy Papers, September 18, 2015
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- Implementation Plan in Response to the Board-Endorsed Recommendations for the IEO Evaluation of IMF Forecasts - Process, Quality, and Country Perspective
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Bibliographic details
- Published: September 18, 2015
- Series: Policy Papers
Summary
- This paper sets out Management’s response to the Independent Evaluation Office’s (IEO) evaluation of IMF Forecasts: Process, Quality, and Country Perspectives.
- The implementation plan proposes specific actions to address the five recommendations that received broad support from the Executive Board.
- Several proposed actions have already been implemented following the Board discussion, while implementation of some other actions is underway.
- The paper also explains how implementation will be monitored.
Board-endorsed recommendations (as listed)
- (i) maintaining the practice of commissioning external evaluations of IMF forecasts,
- (ii) enhancing the processes and incentives for learning from past forecast performance,
- (iii) extending guidance to desk economists on forecasting methodologies,
- (iv) publishing a description of the WEO forecasting process, and
- (iv) improving the public availability of data related to forecasts and outturns.
Proposed actions and focus areas
- Maintain external evaluations of IMF forecasts to preserve independent assessment and learning.
- Enhance internal processes and incentives to ensure systematic learning from past forecast performance.
- Extend guidance and methodological support to desk economists on forecasting methodologies.
- Publish a clear description of the World Economic Outlook (WEO) forecasting process to improve transparency.
- Improve public availability of data related to forecasts and outturns to facilitate verification and external analysis.
Implementation status and next steps
- Several proposed actions were implemented following the Board discussion.
- Implementation of other proposed actions is currently underway.
- The paper outlines how implementation progress will be monitored (details of monitoring procedures are described in the paper).
Publication details
- Publication title: Implementation Plan in Response to the Board-Endorsed Recommendations for the IEO Evaluation of IMF Forecasts - Process, Quality, and Country Perspective
- Publication date: September 18, 2015
- Format note in source: Download PDF
- Citation example in source: Implementation Plan in Response to the Board-Endorsed Recommendations for the IEO Evaluation of IMF Forecasts - Process, Quality, and Country Perspective, (USA: International Monetary Fund, 0) accessed 9/14/2026
Source: Implementation Plan in Response to the Board-Endorsed Recommendations for the IEO Evaluation of IMF Forecasts - Process, Quality, and Country Perspective (September 18, 2015).
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- Policy Paper