Core Insights - The International Monetary Fund (IMF) has released its latest Fiscal Monitor report, highlighting the rising global public debt and the need for countries to improve fiscal spending efficiency [1][2] - Global public debt is projected to exceed 100% of global GDP by 2029, marking the highest level since 1948, driven by low economic growth, increased defense spending, aging populations, and rising interest rates [1] - There exists a significant gap in fiscal spending efficiency, with developed economies at approximately 31%, emerging markets at 34%, and low-income developing countries at 39% [1] Group 1 - The report emphasizes that improving spending efficiency can significantly enhance the returns on fiscal expenditure [1] - Closing the efficiency gap could potentially increase output by about 1.5% in developed economies and by 2.5% to 7.5% in emerging and developing economies [1] - Faster reform progress could yield even greater benefits [1] Group 2 - The report suggests implementing complementary policies, such as combining human capital investment with infrastructure investment in emerging markets and integrating public education with research spending in developed economies [2] - Promoting technology dissemination is also recommended to amplify positive outcomes [2]