WASHINGTON, USA – The International Monetary Fund (IMF) has released the Second Progress Report on the implementation of the Third Phase of the G20 Data Gaps Initiative (DGI-3). This report, prepared in collaboration with the Inter-Agency Group on Economic and Financial Statistics and the Financial Stability Board, highlights ongoing efforts to close critical data gaps affecting economic and financial policymaking.
Key insights from the report indicate significant advancements made since September 2023, particularly in addressing challenges related to climate change, financial innovation, and inclusive growth. The G20 Finance Ministers and Central Bank Governors (FMCBGs) endorsed the report in their October 2024 communiqué.
- In 2024, an increased number of G20 and participating economies reported proactive measures to tackle data gaps based on several recommendations, showcasing enhanced commitment to narrowing these gaps. This progress is largely driven by the efforts of DGI Task Teams, which have focused on refining targets, methodologies, and enhancing capacities through tailored workshops.
- There have been notable improvements in closing data gaps concerning Greenhouse Gas (GHG) emissions and household distributional data. International agencies have made strides in developing metrics for physical and transition risks, as well as digital currencies. For various data issues, methodological frameworks and source data were readily accessible, facilitating quick progress, particularly in the distribution of household wealth.
- Significant advancements in measuring household distributional information have led to several G20 economies releasing data to inform policy decisions. The introduction of new experimental household wealth data by the European System of Central Banks for the Euro area represents a breakthrough in addressing DGI-3 recommendations. This data reveals a stark wealth distribution, with the top 10% holding 57% of total wealth while the bottom half possesses merely 5%.
- Efforts to close climate-related data gaps have provided critical insights into transitioning to a low-carbon economy. Data from DGI-3 illustrates that although GHG emission intensities across the G20 have seen reductions over the past decade, they are not declining rapidly enough to meet climate targets, compounded by ongoing data gaps in certain areas that obstruct a comprehensive global assessment.
Looking ahead, the DGI-3 workplan for the coming year aims to finalize methodological frameworks and reporting templates while developing and disseminating experimental estimates. Initiatives include a global conference scheduled for June 2025, along with thematic workshops and consultations. The IMF will closely monitor the DGI-3 implementation, collaborating with the Inter-Agency Group and the Financial Stability Board to report advancements to the G20 FMCBGs annually.
