Global Financial Stability
Financial stability risks globally have increased. The continuation of the war in the Middle East, inflationary pressures, the potential tightening of financial conditions, and heightened market volatility have challenged the outlook for global financial stability. Meanwhile, cross-border portfolio investment flows, despite their important role in resource allocation, can become a driver of financial instability due to high dependency on changes in risk appetite in global markets.

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 Financial Monitor
Global public debt reached approximately 94% of GDP in 2025 and is projected to reach 100% by 2029—one year earlier than the April 2025 estimate. Rising social, defense, and strategic autonomy expenditures, alongside growing interest costs, have placed increasing pressure on government financial resources. Meanwhile, the financial consequences of the Middle East conflict and structural developments in the government debt market have exacerbated the financial system's vulnerability to repricing and heightened financial risks. Therefore, implementing credible, gradual, and coordinated fiscal reforms is an urgent necessity for countries.

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Global Policy Agenda 2026

The world is facing the spillover effects of a new conflict. Moreover, the economic repercussions of the war in the Middle East extend beyond the region’s borders, affecting vulnerable and low-income countries the most. Amid a narrowing policy space and weakening international cooperation, managing these shocks requires realistic, agile, and framework-based policymaking. The International Monetary Fund (IMF) has also reaffirmed its readiness to support member countries and provide the necessary financing.

Finance & Development: A Look at Global Economic Developments

F&D is the specialized magazine of the International Monetary Fund (IMF), focusing on the examination and analysis of the most significant global economic, financial, and development trends and challenges. Drawing on the insights of experts and researchers, the publication explores a wide range of topics, including economic policies, trade, financial stability, development, technology, and geopolitical transformations.

Achievements of Ghana's Economic Reform Program and Upcoming Challenges

The IMF's Extended Credit Facility (ECF) program in Ghana, following the 2022 debt crisis, has contributed to improving macroeconomic stability, reducing inflation, strengthening international reserves, and alleviating financing pressures. Despite these achievements, Ghana's economy still faces challenges including the dependence of fiscal adjustment on expenditure cuts, high risks in the financial sector, and fiscal risks stemming from state-owned enterprises (SOEs).
 

Economic Consequences of the War in the Middle East and Regional Spillovers

This report examines the economic effects of the war in the Middle East on Middle Eastern, North African, Afghan, and Pakistani countries, as well as its spillover effects on the Caucasus and Central Asia. Disruptions in energy production and exports, air transport, logistics supply chains, and financial markets have shrouded the region's economic outlook in significant uncertainty. The continuation of the war could be accompanied by rising energy prices, intensified trade disruptions, declining confidence, and narrower fiscal space for governments. The report also emphasizes the necessity of adopting disciplined yet flexible policies to mitigate the effects of this shock.

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Economic Consequences of the War in the Middle East and Regional Spillovers

This report examines the economic effects of the war in the Middle East on Middle Eastern, North African, Afghan, and Pakistani countries, as well as its spillover effects on the Caucasus and Central Asia. Disruptions in energy production and exports, air transport, logistics supply chains, and financial markets have shrouded the region's economic outlook in significant uncertainty. The continuation of the war could be accompanied by rising energy prices, intensified trade disruptions, declining confidence, and narrower fiscal space for governments. The report also emphasizes the necessity of adopting disciplined yet flexible policies to mitigate the effects of this shock.

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Energy Shock and the Outlook for the European Economy
The war in the Middle East, by creating a supply shock driven by rising energy costs, has weakened European economic growth and intensified inflationary pressures and uncertainty. Early signs indicate declining investment and consumption, with Eurozone economic growth projected at 1.1% in 2026 amidst rising risks. Under these conditions, policymakers must keep fiscal support targeted and temporary while anchoring inflation expectations and maintaining financial stability, simultaneously reducing energy dependency and enhancing productivity to boost the European economy's resilience against future shocks.

Outlook for the Sub-Saharan African Economy in 2026
Sub-Saharan African countries, following 4.5% growth in 2025 and achieving progress in macroeconomic stability, have entered 2026 under differing conditions. The war in the Middle East, through rising fuel and fertilizer prices, has weakened the region's economic outlook, while declining foreign aid and rising food prices intensify pressure on poverty and food security. Regional growth for 2026 is projected at approximately 4.3%. The report emphasizes short-term management of this shock and the implementation of structural reforms to boost productivity, employment, and economic resilience.

Economic Outlook for Asia in 2026
The Asian economy enters 2026 backed by a relatively strong foundation (despite trade tensions last year) and remarkable resilience. However, the war in the Middle East and rising oil and gas prices have exacerbated inflationary pressures and trade deficits, narrowing policy space for governments—especially in energy-import-dependent economies. Asia will continue to lead global economic growth, but the persistence or escalation of this shock heightens risks facing the region. Strengthening social protection, structural reforms, and transitioning to clean and reliable energy sources are key priorities to boost the region's economic resilience.

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Current Account Imbalances in the Global Economy
Based on 2025 data, this report examines the external position of 30 major global economies. Global current account imbalances increased in 2025, with China and the United States being the primary drivers of this trend. Persistent large surpluses and deficits can signal unbalanced economic growth across countries and increase the risk of abrupt, disorderly adjustments in the global economy. The report emphasizes national economic policy coordination to reduce internal imbalances—an approach that can help reduce global imbalances and foster international economic growth and stability.

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Assessment of China's Financial System Stability
This report assesses the financial stability status of the People's Republic of China. Based on the report's findings, China has made significant progress since 2017 in strengthening financial supervision and regulation, implementing international standards, and monitoring systemic risks, with risks from non-bank financial institutions also declining. However, the ongoing real estate downturn and rising financial pressures on local government financing vehicles (LGFVs), alongside slowing economic growth, could impact credit asset quality and bank profitability. The report emphasizes continuous strengthening of financial supervision and regulation, enhancing analytical capacity, and improving the crisis management framework to effectively address systemic risks.

Egypt: 2025 Article IV Consultation – Staff Report

This series examines critical, contemporary macroeconomic and policy developments across national, regional, and global economies. It delivers expert perspectives, policy insights, and technical analysis from International Monetary Fund (IMF) staff regarding ongoing economic challenges and structural policy design.

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Impact of External Shocks on the Egyptian Economy
Ongoing external shocks have complicated policy-making conditions in Egypt. The war in Sudan since April 2023 has led to a large inflow of Sudanese refugees into Egypt, with approximately 603,000 Sudanese refugees registered in the country by the end of 2024. On the other hand, disruptions in Red Sea shipping since December 2023 reduced Suez Canal foreign exchange revenues by about $6 billion in 2024, cutting transit trade volume to roughly one-third of pre-conflict levels. These developments have placed further pressure on economic growth and government revenues.

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Specialized Departmental Reports of the International Monetary Fund
These reports are typically dedicated to examining a specific economic topic, country, or region, prepared to provide rapid and cost-effective responses to the research and communication needs of the IMF's regional and specialized departments.

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 Staff Discussion Notes

This series examines critical and contemporary economic and policy issues at national, regional, and global levels, offering expert insights and technical analyses from International Monetary Fund (IMF) staff on key economic challenges and policy options