The May 2011 Regional Economic Outlook: Europe anticipates that recovery in the region will solidify, with recoveries in advanced and emerging Europe likely to be mutually reinforcing. Advanced Europe continues to absorb most of emerging Europe's exports, while the role of emerging Europe as a...

KEY ISSUES Context. Macroeconomic and financial stability has been maintained despite the difficult environment globally—especially in neighboring Greece—and recent domestic discord, but growth remains tepid and unemployment high. Ambitious (and politically challenging) reforms are needed to...

KEY ISSUES Context. The economy is growing at a moderate pace. Abstracting from the impact of new large-scale natural gas production, GDP growth is estimated to have moderated to about 21⁄2 percent in 2013, owing in large part to weak investment and exports. Some pick up is expected in 2014,...

KEY ISSUES Context: Economic activity has accelerated, in part thanks to pro-cyclical macroeconomic policies. With domestic demand stronger, the current account deficit is widening again from a high level, and inflation remains well above target. Challenges: On current policies, Turkey can only...

The economic model of Belarus is increasingly untenable, resulting in poor policy outcomes. Strong and predictable macroeconomic policies are essential to promote stability. A further reduction in directed and subsidized lending operations is needed. The National Bank of the Republic of Belarus...