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COVID-19 AND THE WAR IN UKRAINE
News & Publications
Republic of Serbia: Building A Framework for Tax Expenditures Reporting
This technical assistance report responds to the Republic of Serbia’s request for a comprehensive framework to report tax expenditures across the personal income tax (PIT), corporate income tax (CIT), and value-added tax (VAT). It defines benchmark tax systems for these three major taxes, outlines methodologies for estimating associated tax expenditures, and provides preliminary results. The analysis shows that VAT-related tax expenditures represent the largest fiscal cost, followed by PIT and CIT. VAT benefits are disproportionately captured by higher-consumption households, while CIT benefits are heavily concentrated among a small number of large firms. The report recommends institutionalizing regular tax expenditure reporting, improving data governance and inter-agency coordination, and strengthening capacity for microsimulation modeling to support ongoing fiscal analysis and enhance transparency.
Stock-Bond Diversification Offers Less Protection From Market Selloffs
Diversification has become harder since 2020 as stocks and bonds tend to move in tandem during sharp selloffs, adding to financial stability concerns
Global Economy Shakes Off Tariff Shock Amid Tech-Driven Boom
But risks are rising, including from the concentration of tech investment and the negative effects of trade disruptions, which may build over time
New Skills and AI Are Reshaping the Future of Work
Policy choices will determine whether workers and firms are adequately prepared for the AI revolution
Top 10 Blogs of 2025
Debt, Stablecoins, AI, and Global Economy’s New Era Drew Blog Readers
Top Five IMF Blog Charts of 2025
Chart of the Week visuals illustrate major developments during a year of uncertainty and resilience
How Stablecoins Can Improve Payments and Global Finance
New technology can foster innovation and financial inclusion, or cause fragmentation and turbulence in many countries
Podcast: Navigating a More Fragile World
With shock upon shock hitting the world economy in the last three years, IMF Managing Director Kristalina Georgieva's customary opening speech to the Annual Meetings warned of a darker global outlook and emphasized the need for the world to come together to deal with the consequences.
