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November 17, 2023
IMF and University of Oxford launch "PortWatch" Platform to Monitor and Simulate Trade Disruptions
PortWatch is an online platform designed to monitor and simulate disruptions to maritime trade due to climate extremes and other shocks. The platform helps policymakers and the public assess the impact of actual and future trade shocks and international spillover effects in affected countries.
PortWatch is a collaborative innovation between the International Monetary Fund (IMF) and the University of Oxford.
Washington, DC, November 16, 2023 — The International Monetary Fund (IMF) and the University of Oxford collaborated to create an online platform called “PortWatch.” The forum utilizes satellite-based vessel data and big data analytics to monitor and simulate trade disruptions caused by climate extremes and other unpredictable events. PortWatch provides policymakers, analysts, and other stakeholders with timely indicators of actual and expected disruptions and simulates international spillover effects from natural and hypothetical disasters.
One of the critical features of PortWatch is that it enables users to assess the impact of disruptions on maritime trade. In addition, the platform can simulate the potential indirect spillover effects of port disruptions on other countries in the marine network and global supply chains. By conducting climate scenario analysis, PortWatch helps identify vulnerabilities within the maritime trade network, which can be crucial for informed decision-making.
Bert Kroese, IMF’s chief statistician, data officer, and director of the statistics department, states that PortWatch aims to provide actionable insights based on data about how shocks, such as extreme weather events and disasters, impact trade and supply chains. The platform utilizes innovative data sources and visualization tools to facilitate international dialogue and inform policy decisions.
Jim Hall, Professor of Climate and Environmental Risks at the University of Oxford, emphasized the significance of PortWatch by stating that unexpected events can significantly affect global trade and supply chains, causing economic disruptions and real consequences for people. The platform enables decision-makers to monitor shipping disruptions worldwide at ports and critical shipping lanes, providing the latest updates.
The International Monetary Fund (IMF) is a global organization comprising 190 member countries. It promotes global monetary cooperation, facilitates international trade, secures financial stability, and encourages sustainable economic growth and employment worldwide. The IMF provides its members with policy advice, lending services, and capacity building to achieve these goals.
Source: IMF
|GlobalGiants.Com|
— The editor holds certificates from the IMF Institute for Capacity Development, Washington DC, and the School of Government, University of Oxford.
Edited & Posted by the Editor | 5:56 AM | Link to this Post
