Growth at Risk: Concept and Application in IMF Country Surveillance
Mr.Ananthakrishnan Prasad · Selim Elekdag · Mr.Phakawa Jeasakul · Romain Lafarguette · Mr.Adrian Alter · Alan Xiaochen Feng · Changchun Wang
Feb 2019 · International Monetary Fund
Ebook
39
Pages
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About this ebook
The growth-at-risk (GaR) framework links current macrofinancial conditions to the distribution of future growth. Its main strength is its ability to assess the entire distribution of future GDP growth (in contrast to point forecasts), quantify macrofinancial risks in terms of growth, and monitor the evolution of risks to economic activity over time. By using GaR analysis, policymakers can quantify the likelihood of risk scenarios, which would serve as a basis for preemptive action. This paper offers practical guidance on how to conduct GaR analysis and draws lessons from country case studies. It also discusses an Excel-based GaR tool developed to support the IMF’s bilateral surveillance efforts.
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