IMF publishes progress report on G20 data gaps initiative
The International Monetary Fund (IMF), in collaboration with the Inter-Agency Group on Economic and Financial Statistics (IAG) and the Financial Stability Board (FSB), has released the Second Progress Report on the Third Phase of the G20 Data Gaps Initiative (DGI-3).
The report, unveiled on behalf of the G20, highlights strides made since September 2023 in addressing critical economic and financial data gaps affecting policy development on climate change, financial innovation, and inclusive growth.
G20 Finance Ministers and Central Bank Governors (FMCBGs) commended the report during their October 2024 meeting, recognizing the importance of enhanced data in formulating policies for pressing global challenges.
Key highlights from the report
Advancements in addressing data gaps
The report reveals a notable increase in the number of G20 and participating economies actively working to address data gaps, facilitated by the efforts of DGI Task Teams. These teams have focused on defining targets, developing methodologies, and conducting workshops to build capacity.
Progress on Greenhouse Gas (GHG) emissions and household wealth
- Climate Data: Significant advancements have been made in measuring GHG emissions and developing indicators for physical and transition risks related to climate change. Despite progress, emission intensity reductions remain insufficient to meet climate goals, and data gaps continue to limit a comprehensive global assessment.
- Household Wealth: New experimental data from the European System of Central Banks offer insights into wealth distribution in the Euro area. As of the second quarter of 2024, the wealthiest 10% held 57% of total wealth, while the bottom 50% held just 5%.
Inclusive growth insights
The report also highlights progress in capturing household distributional information, with several G20 economies publishing data to support policies aimed at reducing wealth inequality.
Next steps
The DGI-3 work plan for 2025 includes finalizing methodological frameworks, updating reporting templates, and producing experimental estimates. A global conference scheduled for June 2025, along with thematic workshops and bilateral consultations, aims to sustain momentum.
The IMF, in partnership with the IAG and the FSB, will continue to monitor implementation progress and report annually to the G20 FMCBGs.
Bridging the Data Divide As global challenges intensify, the IMF’s progress report underscores the vital role of robust data in shaping effective policies. While the strides made under DGI-3 mark significant achievements, the persistence of data gaps highlights the need for continued international collaboration to achieve comprehensive and actionable insights.
