Project in Georgia, California, and Arizona aim to strengthen America's leadership in cutting-edge substrate technology for critical industries like AI Today, the Biden-Harris Administration announced that the U.S. Department of Commerce (DOC) is entering negotiations to invest up to $300 million in advanced packaging research projects in Georgia, California, and Arizona to accelerate the development of cutting-edge technologies essential to the semiconductor industry. The expected recipients are Absolics Inc. in Georgia, Applied Materials Inc. in California, and Arizona State University...

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Improving fiscal policy frameworks, fostering education and skills, and supporting the green transition can help ensure strong, sustainable, balanced, and inclusive growth Blog post by Paula Beltran Saavedra, Nicolas Fernandez-Arias, Chanpheng Fizzarotti, Alberto Musso | For most Group of Twenty economies, growth is poised to weaken over the next five years and remain well below what was typical in the two decades before the pandemic. That’s one of the biggest shared challenges for the group, which accounts for about 85 percent of global gross...

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The average level of tax revenues among OECD countries was largely unchanged in 2023 as governments sought to ease cost-of-living pressures amid growing spending challenges related to climate change and ageing populations, according to a new report released today. Revenue Statistics 2024 shows that the average tax-to-GDP ratio for OECD countries was 33.9% in 2023, 0.1 percentage points (p.p.) below its level in 2021 and 2022, but above its pre-pandemic level of 33.4% in 2019. In 2023, the tax-to-GDP ratio increased in 18 of the...

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Understanding the drivers of the current downturn in commercial real estate (CRE) can provide insights into the outlook for the market and potential spillovers to the financial system and wider economy. The CRE market is facing the simultaneous effects of higher interest rates, falling demand due to a structural shift towards remote working and rising costs from higher sustainability-linked capex requirements. Understanding the role of each factor in driving prices and firms’ profits can provide some insight into how financial...

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By Kristalina Georgieva, Managing Director, IMF | Good morning, and welcome. Let me start by thanking Bert and the Statistics Department for organizing the 12th IMF Statistical Forum on ‘Measuring the Implications of AI on the Economy.’ You always choose a topic that is timely and important—and also fascinating! It has been just two years since generative AI emerged from the lab and became a tool that anyone with internet access can use. We still feel the excitement of something...

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