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Governments could be missing out on growth due to inefficient spending, IMF report finds
Governments can boost economies by spending smarter. Reallocating funds to areas like infrastructure and education drives growth. Improving how money is used, not just spending more, is key. This approach can lead to substantial economic gains, especially for developing nations. Countries like Rwanda show efficiency can achieve remarkable progress.
Governments around the world could unlock significant economic gains simply by spending more efficiently. According to the International Monetary Fund's latest Fiscal Monitor, adopting best practices in public expenditure could increase output by one-third on average, with emerging markets and developing economies seeing growth rises of up to 11 percent, and advanced economies around 4 percent over the long term.
As per the report, reallocating public funds toward high-impact areas like investment, education, and innovation, not just increasing spending, can drive lasting growth. It highlights how smarter public spending is more than a fiscal tactic; it is a strategy for sustainable development.
Rwanda provides a striking example. Over the past 20 years, nearly every household in the country gained access to mobile phones and primary education, more than half of the population now has electricity, and one in five enjoys clean drinking water and sanitation services.
Consumption of electricity has tripled, and life expectancy has risen by 20 years. These gains were achieved with per capita public spending rising from $150 to $420, below the sub-Saharan African average, proving that efficiency, rather than sheer volume, makes the difference.
What spending smarter really means
At its core, smarter spending involves two elements. First, allocating existing funds more effectively. In many countries, public investment, which directly fuels growth, has fallen by two percentage points of total expenditure over the past two decades.Education spending remains modest, averaging only 11 percent of total expenditure. Meanwhile, public wage bills consume roughly a quarter of government spending on average, limiting room for growth-enhancing investments.
Second, it involves improving the technical efficiency of spending, the output achieved per unit of expenditure. Canada illustrates this principle. While spending about $2,500 per person annually on education, roughly $300 less than other advanced economies, Canadian adults average 13.7 years of schooling, second only to Germany. It's not just how much is spent, but how effectively it is used.
The scale of economic gains
The potential payoffs are substantial. Redirecting just 1 percent of GDP from low-impact government consumption into infrastructure can raise output by 3.5 percent in emerging markets and 1.5 percent in advanced economies over 25 years.Channeling the same share toward human capital, upgrading education systems or workforce skills, can boost growth by 3 to 6 percent. Beyond output, smarter allocation can also reduce income inequality.
Efficiency gains further amplify these benefits. Improving investment efficiency by 10 percentage points can add another 1.4 percent to long-term growth. Complementary policies enhance results: pairing R&D with education in advanced economies improves productivity, while combining infrastructure and human capital investment in emerging economies balances short-term and long-term gains.
Challenges and examples of reform
Implementing spending reforms is not easy. Around a third of global public expenditure is effectively “locked in,” with advanced economies facing the highest rigidity. Legal mandates for minimum spending in areas like health and education, fixed public salaries, and pensions can limit flexibility.Yet some countries have shown the way forward. Estonia and Sweden reduced rigidity by linking budget allocations to past performance and using multiyear fiscal planning. Togo improved investment efficiency by 5 percentage points after introducing cost-benefit analyses and long-term project planning in 2016.
Other measures, like combating corruption, strengthening procurement rules, and digitalising public finances, can further boost efficiency.
Long-term strategies also matter. Aligning retirement ages with life expectancy, emphasising disease prevention, benchmarking public sector wages against the private sector, and conducting rigorous spending reviews can uncover savings and ensure sustainability. For instance, Slovakia's spending reviews revealed potential savings of 7 percent of public expenditure.
What this really means is that smarter spending is not about spending more, but spending better.
By reallocating resources, improving efficiency, and tying budgets to clear performance goals, governments can strengthen public finances, reduce fiscal pressures, and generate significant long-term growth, up to 11 percent in emerging markets.
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Source: EconomicTimes
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